Overall some great changes for the Alberta Condominium Industry. Removal of red tape in some areas while others may continue to be a challenge. Thank you Service Alberta for listening to the stakeholders in Alberta.
Released from Service Alberta (link)
Governance Regulations – Complete
Revised governance regulations come into force on January 1, 2020.
The revisions reflect feedback received during consultations in the summer of 2019 to ease the administrative burden on condo boards and corporations while protecting condo owners and their investment.
Key changes include:
Removing the requirement to provide the minutes of all board meetings in the package for annual general meetings (AGMs).
Changing the requirement to disclose draft AGM minutes from 30 days to 60 days after the AGM.
Changing the maximum fee for an estoppel certificate from $100 to $200, or $300 if rushed, and add a disclosure statement document fee of $100, or $150 if rushed.
Changing the per-document cost for paper documents from a $10 flat fee to $0.25 per page, or $10, whichever is more.
Allowing condominium corporations to borrow up to 15 per cent of their annual revenue as the default limit but also allow that limit to be changed through their bylaws.
Removing the requirement to provide 60 days preliminary notice of an AGM and accept owner submissions for the agenda.
Increasing allowed amounts for sanctions.
Eliminating tiered rates for deposits condominium owners provide to their corporation when renting out the unit they own and setting the maximum for these deposits at $1,000 or one month’s rent, whichever is higher.
Broadening the list of those who can conduct reserve fund studies.
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