If you’re involved in the Ontario condominium industry or even passively follow news with regards to it, chances are that you’re aware there will be a significant reform of the Condominium Act, 1998 (the “Act”), which essentially governs condo communities across the province. A refresh of the Act has been long overdue as there is a dire need for it to reflect today’s realities.
A Whole New World
Before addressing the major changes coming to the Act, context is required. The Act came into force in 2001, where the condo landscape was merely at the tip of what it is today. While the intense growth of the condo market is shared across the board in many North American cities, no other city has rivaled the explosive growth of Toronto’s landscape during the same period.