New condominium legislation in place.May 5 marks the proclamation An act that formally declares to the general public that the government has acted in a particular way. A written or printed document issued by a superior government executive, such as the president or governor, which sets out such a declaration by the government. of Ontario's new Condominium condominium In modern property law, individual ownership of one dwelling unit within a multidwelling building. Unit owners have undivided ownership interest in the land and those portions of the building shared in common. Act. The new legislation enhances consumer protection by clarifying the board of directors' responsibility when repair and replacement of common elements are needed or when costs are incurred to change or improve them, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Norman Sterling, minister of consumer and business services. It also offers alter natives for resolving disputes between condominium corporations and unit owners. "This new legislation is very important because it affects the buyers and sellers of the more than 40 per cent of new housing starts in the Province that are condominiums," Sterling stated in a press release. "The legislation is vital to protect consumers and foster a thriving thrive intr.v. thrived or throve , thrived or thriv·en , thriv·ing, thrives 1. To make steady progress; prosper. 2. industry. We now have a modern law than can keep pace with the changing needs of consumers and businesses, supports a strong economy and helps create more jobs." The regulations to the Condominium Act were developed following extensive consultations with stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. , including unit-owner associations, condominium managers, developers, planners, engineers and architects. The new legislation increases the range of options in planning and designing community housing and resort-type developments. There are approximately 6,000 condominium corporations in Ontario, with some 500,000 units. |
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