When the legislation takes effect, the Real Estate Council of Alberta (RECA) will be responsible for setting standards, licensing and regulating individuals who provide condominium management services. To that end, they are inviting condominium managers, boards, owners and consumers to weigh-in on the proposed regulatory model.
“In order to get it right, RECA is working in partnership with the condominium manager industry and other stakeholders, including condominium owners,” said the Council in a statement. “We want current condominium managers and stakeholders to provide insight into the condominium management industry and to help us plan the regulatory structure for the future.”
According to RECA, “condominium management involves exercising condominium corporation powers or performing condominium corporation duties for a condominium corporation, including collecting condominium fees or levies, enforcing condominium bylaws or rules, entering into contracts and supervising contractors for a condominium corporation.
“Property management involves advertising, negotiating, leasing or renting real estate for an owner, collecting rent money and holding that money for an owner.
“In other words, property management is about managing rental property for owners; condominium management is about carrying out condominium corporation responsibilities for a condominium corporation run by a board of directors.”
RECA has released a consultation paper and is hosting town hall meetings across the province to gather feedback from condominium industry stakeholders. The paper, which details the proposed regulatory model for condominium managers, is available on its website. In the new year, RECA will launch a second consultation on the standards of practice for condominium managers.
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The misconception that that condominium management is the same as property management is being cleared up in the wake of the Alberta government’s new legislation requiring licensing for condominium managers.