- New disclosures required for directors – whether they are unit owners/occupiers; if they have interests in contracts involving the corporation
- Mandatory training for condo directors
- Clearer rules so that condo owners can easily access records of their corporation
- Better notices/quorum/voting rules making it easier for owners to participate in meetings
- Mandatory education requirements for condo managers
- There will be 2 new administrative authorities:
- The Condominium Authority of Ontario (CAO) – to provide education and promote awareness of condo owner rights and responsibilities. Will also manage the Condo Authority Tribunal, designed to resolve disputes
- The Condominium Management Regulatory Authority of Ontario (CMRAO) will regulate and license condo managers and providers
Quick Condo Facts – Did You Know…
There are currently 1.6 million people living in condos in Ontario.
More than 50% of new homes being built in the province are condominiums.
There are currently more than 750,000 condo units in Ontario, up from 270,000 units in 2001.
The government received about 200 recommendations for condominium law reforms through its public consultation process.
From the Ministry of Government and Consumer Services