Released on June 13, 2014
Amendments to current legislation that will provide better protection to the condominium sector will take effect on June 16, 2014.The Condominium Property Amendment Act, 2013 and The Condominium Property Amendment Regulations, 2014 amends the existing legislation and will help safeguard the condominium sector in several areas including insurance, condominium conversion, dispute resolution and consumer protection.
“There is strong support for these amendments within the condominium sector,” Justice Minister and Attorney General Gordon Wyant said. “These amendments strike a balance amongst the varied interests in the condominium community.”
The amendments will clarify several insurance related issues, such as the need for directors and officers' liability insurance. They will also better outline the bylaw making powers of condominium corporations and expand dispute resolution options.
Audited financial statements will now be required for condominium corporations with generous opt out provisions upon the consent of unit owners. The amendments will also require developers to provide more information upon conversion of existing apartments and buildings into condominium units, and have condominium corporations file a new annual return with the Corporate Registry.
These changes are the result of an extensive consultation process with condominium owners, developers, lawyers, surveyors, insurers and others interested in the condominium sector.
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For more information, contact:
Noel Busse
Justice
Regina
Phone: 306-787-8959
Email: noel.busse@gov.sk.ca
Cell: 306-551-9405