The Condominium Management Regulatory Authority of Ontario (CMRAO) will license and regulate the condo management services industry as outlined in the Condominium Management Services Act 2015 which includes provisions for maintaining standards and handling disputes.
A survey by Ipsos found that 87% of Ontarians say that CMRAO will be of value including 43% who say that the regulation, education and licensing of condominium management services would be very valuable.
"As more and more people choose to live in condominiums, the growth and importance of the condo management sector is a crucial part of that development," says Aubrey LeBlanc, CMRAO Board Chair. "We are confident that the new licensing and education requirements will not only help improve the quality of condo management services, but improve the integrity of the sector as a whole, building confidence for Ontarians who choose condo living."
All condo management service providers and condo managers must create an online account and submit their licence application by January 29, 2018 although they can continue to operate while their application is being processed.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Ontario introduced its new condo regulator this month and most people in the province say that it will be of value to them.