Which Canadian province has updated its Condo Act?

If you’re thinking about buying or selling a condo as an investment property in Manitoba, be prepared – the province’s Condominium Act has grown by 300 pages.

As of February 1, the Condominium Act was updated for the first time since it was created in the 1960s. It is now 300 pages longer, and addresses issues such as disclosure and the cooling-off period, which had previously been just 48 hours.

Condo sellers now have to provide buyers with a package that includes disclosure statements, a full reserve fund study – which each condominium must update to include a 30-year foresight period – and a survey plan for the unit. There are also new guidelines that dictate how this information package must be bundled.

“It provides the buyer with a lot of opportunity to do due diligence to feel comfortable in their decision making,” said Roberta Weiss, president of the Manitoba Real Estate Association (MREA).

“There are a lot of documents that offer more transparency and time. It’s great for the buyer.”

Once buyers receive this package – and sign a specially created receipt form – the extended seven-day “cooling-off period” begins.

“Buyers of condominium units have had very little protection, up until now,” said Robert Tyler, a lawyer with Atkins Law, who is working with the Manitoba Real Estate Association to educate members about the legislature changes.

“The buyer is now going to have all the information in front of them to be able to make a more appropriate assessment of what they’re getting into than ever before.”

The MREA is currently hosting seminars and information sessions to train its members on the new legislation and what it means for their real estate businesses.

Find out more about condo investing in the March/April issue of CREW.

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  • by Robert Harrington 2015-02-08 9:32:56 PM

    OK Just another note on how useless most Realtor(tm) Brand agents are, especially if they are involved in helping buyers and sellers buy and sell Condo or Strata Act homes, because as the owner of a property management company, the best advice I can give all potential multi family home buyers and sellers is RUN!... don't walk away from any agent who says he/she has the ability to help you buy and sell multi family housing and does NOT know how to read a financial statement.

    Because when dealing with this type of housing you are buying and selling DEBT in the form of Operating Budgets, Special Assessments, Contingency Reserves, Depreciation Reports.... and do you really want the engineering report when there is already a Confirmation of Substantial Completion in place? Do you even know?
    Well a tiny minority may know, but the vast majority have no clue and it is NOT their fault that the industry is focused on their Amway business model of recruiting any warm body that can pay fees and not on training and producing professional agents.

    So, real estate condo and townhome buyers, forget paying a huge buy side commission for ignorance, rather spend a fraction of that money for a home inspector, and a lawyer who can also read a financial statement.

    Oh yes, and RESA Real Estate Service Act rules prohibit anyone from selling property they have no expertise to do. So most agents are in breach of your own act.
    But of course, who cares?.... just keep paying your fees, because it is not real estate anymore.
    It's Amway.

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