How many Shades of Grey?

Actually its only one shade, but there are lots of grey areas in the new act. Well they'll be grey until the date of proclamation that is. I'm being quiet literal when I say this. If you follow this link to the e-laws version of the new act you will see lots of areas highlighted in grey. Each section that is highlighted in grey is an area that is either being repealed, replaced, or rewritten.

There are lots of sources of information and interpretations of the new Act. There are numerous articles, web sites, associations, publications etc. most of which tend to paraphrase, interpret, or opinionize it. My advice is if you really want to know what the Act says.....go to the source. Condominium Act, 1998, S.O. 1998, c. 19

What does this mean for you as a condo owner\seller? Glad you asked. For the moment it simply means that the landscape of condo ownership will be shifting somewhat. With all the attention around the new act its likely to heighten the awareness of potential buyers. Certainly the new act will engage, enlighten and educate both current owners and potential owners of condominiums which is a good thing.

One of the things I have learned as a Realtor and condominium manager is that a large majority of buyer’s don’t fully understand the ownership model they are buying into. This leads to some anxiety when problems arise down the road when an owner finds out they can’t just do “any dam thing I please in my own home” This is a sentiment many owners express after they have moved in and want to make changes to their new home.

I highly recommend becoming informed on this issue if you are considering the purchase of a condo. Becoming informed before you buy is the best time to understand what owning a condominium actually means. If you are already an owner the second best time to become informed is now!

Price Anderson