It is well known that the Condominium Act, 1998 is anything but perfect. With today's announcement of the government's intent to revisit and amend the Ontario Condominium Act, 1998, it appears this fact has finally been acknowledged by the McGuinty Liberal government. With this announcement, there is hope that some of the more serious issues created under the current legislation will be addressed.
For example, the clarification of: reserve fund requirements (in particular the requirement to fully fund a reserve fund); privacy of corporate records (access to information collected from owners); insurance deductibles (extending responsibility beyond an owner's unit); occupancy standards (implemenation); status certificates; additional common expenses or charge backs (created by a declaration or otherwise); maintenance and repair after damage definitions; and, changes made by owners (addressing minor alteration issues, in particular in townhouse condominiums) etc.
There is also renewed hope that this time around, better protections will be introduced to protect condominium corporations and owners, such as: increased director qualifications; addressing professional management; fraud prevention (including borrowing funds); and, holding a declarant more accountable for its product (turn-over requirements, performance audits, termination of a first board's contracts and lease to own or rental arrangements, assumed loans such as green loans, retrofit or conversion condominiums where the little protection offered by Tarion in not even available etc.). Realistically, not all of the issues will be addressed and it is most likely that new issues will be created. Nevertheless, with the assistance and input of the condominium community including condominium law specialists, there is hope that some of the more important issues will be revisited and improved.