Condo boards can be an enormous asset or challenge for condo dwellers. Ontario lawmakers are seeking to improve the quality of condo boards by requiring those who sit on their building’s board to be trained in the management and operation of the building. The new real estate rules also require directors and building managers to be specifically trained and licensed.
The goal of these new rules and procedures, is to give boards and management the tools to deal with issues internally or through a tribunal rather than taking on the tremendous cost and long-term commitment of hiring a private mediator and navigating the court system. This can lead to unresolved issues and high price tags. The tribunal offers an alternative to the current path for issues in their early stages.
Ontario has 1.6 million condo dwellers. The province also has 750,000 condominium units and 10,000 condominium corporations. Condo dwellers will pay an additional $12 per year to fund this new training and tribunal system. As these types of real estate developments continue to grow, pathways to proper resolution of issues are becoming more important for law makers, development companies and owners alike.
Legal training is an important aspect of this new policy. It is key for anyone in Ontario who is buying, selling or managing a condo to know their rights and responsibilities under real estate legislation. Lawyers across the province are also available to answer questions and should be used in cases of disputes, as they can help facilitate fair resolutions for condo dwellers.
Source: The Toronto Star, “Ontario to roll out new rules for condo boards“, Tess Kalinowski, July 25. 2017