New rules for condominium corporations will be brought in by the Government in coming months. They cover a number of areas as listed below but in the end are all designed to ensure the honest use of money that belongs to the condo board (and owners). Concerns have been raised that members of a board might initiate or support contracts for work or maintenance that benefit them personally. Below is a summary of planned changes as published by the CBC.
- Regular mandatory updates about a condo corporation to help improve communication between boards and owners.
- Improving condo corporation governance and addressing conflicts of interest by introducing new disclosure requirements for directors, including whether they are not owners or occupiers of units in the condo or if they have interests in contracts involving the corporation.
- Mandatory training for condo directors.
- Clearer rules to make it easier for condo owners to access records.
- New notices, quorum and voting rules to make it easier for owners to participate in owners’ meetings.
- Mandatory education requirements for condo managers applying for a general licence.
