Condo Act Reform - #1 Consumer Protection: Disclosure Obligations
The first of five areas to be reviewed is "consumer protection". Many critics of the current Condominium Act, 1998, suggest that it does not adequately protect consumers, especially from developers. As a result, there are a number of suggestions aimed at protecting purchasers and owners. Many of the suggestions are aimed at requiring more or better disclosure:
- The government should publish a guide on condo living for purchasers and owners.
- The developers should be required to create websites for each project so purchasers can search for key terms in the disclosure package.
- There should be a standard declaration defining the unit boundaries, maintenance and insurance obligations (like in other provinces), but the developer could add schedules with additional duties or obligations.
- The definition of "material change" should be refined to make it easier for purchasers to understand when they would be entitled to rescind their agreements with the developer.
- Status certificates should be improved to require additional information (i.e. pet restrictions). The fee should also be increased to $125.00.