Ontario Construction News staff writer
The Ontario government has launched a new Residential Condominium Buyers’ Guide to help condo buyers make informed purchasing decisions. Beginning Jan. 1, developers across the province are required to provide purchasers of new or pre-construction residential condos with a copy of the guide and the current disclosure statement.
The new guide will include up-to-date information on a variety of aspects of condo ownership including:
- The condo purchasing process
- Moving into a pre-construction residential condo unit
- Condo living and governance
- Resources for resolving issues with condo living
“Buying a condo is a significant decision, and it is important that purchasers are appropriately informed so they can be confident in their new home,” said Lisa Thompson, inmister of government and consumer services.
“Our government’s new plain-language condo guide contains up-to-date information about condo ownership and the condo purchasing process.”
The guide was developed by the Condominium Authority of Ontario (CAO), based on consultations with key stakeholders and the public. Stakeholders were overwhelmingly supportive of the condo guide proposal and the benefits for consumers.
There are about 900,000 condominium units and over 11,000 condominium corporations across Ontario.
According to Canada Mortgage and Housing Corporation, about 55 per cent of homes under construction in Ontario are condominiums.
The CAO is an administrative authority designated under Ontario’s Condominium Act, 1998 (Condo Act) to administer specific provisions and regulations of the Condo Act. A key responsibility for the CAO is to educate the public on rights and obligations under the Condo Act and its regulations. In addition to public education, the CAO’s services include administering mandatory training for condominium directors and overseeing online dispute resolution services available through the Condominium Authority Tribunal.