The Alberta Condominium Property Act (ACPA) was passed not so long ago. Just last year, on January 1, 2020, the condo property act of Alberta was passed. The owners were already following the condo rules and regulations. However, several new condominium property acts in Alberta came to light.
The fairly new condominium property act of Alberta was refurbished to ensure better regulations without burdening the overall industry.
Without further ado, let us go through the Canadian condominium act to avoid any breach of the newly set rules and regulations.
- 1 A Brief Understanding of Condominium Property Act in Alberta
- 2 Things that Changed in the New Condominium Property Act
- 3 3 Things You Must Follow in the Future
- 4 Frequently Asked Question
- 4.1 Question-01: What are the Changes to the Alberta Condominium Act?
- 4.2 Question-02: How Do I File a Complaint Against a Condo Board in Alberta?
- 4.3 Question-03: How Do I Change My Condo Bylaws in Alberta?
- 4.4 Question-04: Can a Condo Board Evict an Owner in Alberta?
- 4.5 Question-05: Is Condo Insurance Mandatory in Alberta?
- 5 Conclusion
A Brief Understanding of Condominium Property Act in Alberta
For years, the authorities tried to involve the Canadian government in the condominium property amendment act in Alberta. Initially, there were no major changes to the condominium property regulations for several internal reasons.
After an agreement in December 2014, the ACPA worked for 5 years to develop the act’s proper legislation. It took several debates, consultations, and date-change after finally launching the act on January 1, 2020.
The new bill has proposed a lot of changes to the condominium buying and selling regulations. Both owners and sellers need to get into the details clearly to conduct business safely. Know more about hiring a real estate lawyer to deal condominium property with maximum profit.
Things that Changed in the New Condominium Property Act
The new law of property act of Alberta brings several new changes to condominium buying and selling. In addition, it enforces several new ways for the board to operate in the industry. Here are 5 essential things you need to know in a new law.
Updates in the Condo Bylaws
The first thing you need to know is the updates in the condo bylaws. According to the new condominium property act, you get as much as a full year to update the current bylaws of your condos. You should be already done with the process if you are reading this now.
Standard Insurable Unit Description
Standard Insurable Unit Description (SIUD) is something that allows set levels with insurers and owners. The new act posted a unit description over the standard insurance on both insurers and owners. This acts as a factor that determines what the insurance will cover for the condo corporation. Standard finishing and fixtures are also involved in SIUD.
Resolution of Disputes
The third change the act brought is dispute resolution. The ACPA has allocated some specific resolutions to solve a dispute. This is between the condominium property management and the board. The board can maintain its governing council throughout the province while the dispute is being solved.
Studies of the Reserve Fund
The board has also altered the provider of the reserve fund study. The changes came in the stipulations and the amendments of the qualifications of the reserve fund study. Moreover, new requirements have been set to the provider of the reserve fund studies.
Rentals of the Condo Unit
The final change to get accustomed to is the rentals on the condo units. The act ensures condo owners’ rights of Alberta by adding a new law. According to the law, the corporation cannot change any bylaws that can prohibit owners from renting their condominiums. However, the new condominium property act in Alberta includes several conditions before an owner can get out of their condo and rent it out.
Check This: How to Buy a House in Edmonton, Alberta?
3 Things You Must Follow in the Future
There are several things to know from the new Alberta condominium property act regulations. Therefore, it is advised to give it a read before moving forward.
Nevertheless, there are things that you must know for future buying and selling purposes of condominiums. We have accumulated 3 key takeaways from the Alberta condominium regulations for you to make your life easier. Because going through a complete legislation act is never easy.
Insurance Premium Increase
The first thing to must know is that the new legislation has increased the insurance premium. If you are looking to buy a new condo, you will be paying for higher insurance. The premium feature will be a new experience for newcomers to the industry.
On the other hand, old owners will need to increase their premium on insurance from now on. But why did the premium on insurance increase all of a sudden?
The board designed the new legislation in a way that demanded an increase in insurance premiums. As a result, this has become one of the most crucial parts of the new act.
Most people are confused about needing new insurance. The shortest answer is yes, and you may need to change into new insurance. This is because you would ideally want to abide by the new laws.
Nevertheless, there is not much to worry about as an owner. The insurance company will be renewing its policy following the new act. Therefore, you may be reached out after the policy has been renewed.
Also Read: Do You Need a Lawyer While Buying a House?
The next part is about the documents of the condominium. The documentation gets significant importance in the new condominium property act of Alberta. The new law clears out when the documents should be available. In addition, the fee structure is also mentioned. Corporations must follow the fee payment with each document from now on.
There is a massive thing to note down here. There is a broad area of obligations that the management and condo board must maintain. This is regarding the documents’ delivery and their timeliness.
The new act has set strict regulations and fees with the relevant documents. These fee structures and regulations are particularly applied to meeting minutes and AGM.
It is recommended to go to the official file of the legislation act and find out these specific regulations. This can help you to not breach any strict rule in the Future.
Rules, Bylaws, and Sanctions Regarding the Condominium
The final area you need to be knowledgeable about is all the new bylaws, rules, regulations, and sanctions of your condo. The newest sets of rules and bylaws have been prepared for protecting condominium owners act.
It is mentioned that you must follow the rules, bylaws, and sanctioned mentioned the new legislation. They should be on top of your to-do list. Moreover, the act mentions the kind of practices accepted for the enforcement of all the new laws.
In the new law, the maximum sanctions have been increased. As a result, you should pay more attention to them now. In addition, the distribution system of the sanctions has been altered as well. It would help if you were responsible for ensuring that the management company abides by the sanctions in the most applicable manner.
Frequently Asked Question
Question-01: What are the Changes to the Alberta Condominium Act?
Answer: The new Alberta Condominium Act brought several changes to the condo business. One of the most significant changes is the increase in insurance premiums. Along with this, there are five other crucial changes.
Question-02: How Do I File a Complaint Against a Condo Board in Alberta?
Answer: The new act also brought changes to solve disputes in a better way. If you want to file a complaint against a condo board, you can talk to your property manager about it. Also, you can write a letter to the board.
Question-03: How Do I Change My Condo Bylaws in Alberta?
Answer: The condo bylaws can only be changed in Alberta by filing a special resolution. The special resolution filing is properly defined in section 1(d).
Question-04: Can a Condo Board Evict an Owner in Alberta?
Answer: Yes, a condo board can evict an owner if the homeowner breaches any of the bylaws. The Alberta court will back up the board.
Question-05: Is Condo Insurance Mandatory in Alberta?
Answer: Yes, condo insurance is mandatory in Alberta. This helps to recur any loss of the property due to damage or destruction.
The new condominium property act in Alberta brought about numerous changes to the condo industry in Canada. It is crucial that you read through the legislation Pdf thoroughly to understand everything. The article can work as your way in the condominium industry can act as an ultimate guide. It is essential to know the significant changes and key takeaways before everything else. We hope Now you understand the Alberta condominium property act.