More regulations pending for condominium managers

Ontario legislature considering bill

By Mark Schadenberg

Once again, it appears the provincial government is modifying an old law, to make sure everything is working well within a 20-mile radius of Queen’s Park.

The new or proposed changes to the Ontario condominium act are all good ideas, but reflect mostly issues surrounding high-rise condo projects in the Greater Toronto Area – the GTA.

Quite honestly, it’s hard to believe there has not been stricter rules in place already for property managers and their qualifications. Could you imagine a real estate office, where just the broker had passed a zillion courses, but the sales staff could walk in with a resume and a firm hand shake, and then be given a desk and a phone.

Stats in the below story are based on province-wide numbers, but obviously in the GTA they are building up and not as many detached homes in suburb subdivisions. In fact, old buildings are getting retro-fitted all the time into condo apartments.

Approximately one million residents in the province of the Trillium, reside in some form of a condo.

In Woodstock, there are just two condo apartment projects you can buy and both are well over 15 years old – Ferguson Drive (159 and 161) and the walk-up condo apartments on Hiawatha.

Old Shell Game

The ‘act’ loop hole I would like to see erased is where an ‘investor’ can buy a condo that doesn’t exist because a developer wants a large nest egg to begin construction. Then, before any occupants actually move in, several of the units are re-sold for a profit. In theory, you could have a part-time job flipping condo units, and I’m sure many folks do. The risk would be that the condo you purchased three years ago has decreased in value. It’s not buying bricks and mortar, but rather stocks and bonds.  

THE TORONTO STAR LINK:
http://www.thestar.com/news/queenspark/2013/07/17/changes_to_condo_act_will_offer_greater_protection_for_residents_liberals_say.html

Mark Schadenberg, Sales Representative

Royal LePage Triland Realty

757 Dundas St, Woodstock

www.wesellwoodstock.com

(519) 537-1553, cell or text

Email: mschadenberg@rogers.com

Twitter: markroyallepage

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