If you live in a condominium or are thinking of buying one this is important information for you.
This morning I attended a seminar called 'What's New with Condo's'. The speaker, Tyler Hortie, Partner, Cohen Highley LLP spoke about some of the difficulties that have beset condominium owners. These difficulties have included unexpected costs, adherence to condominium rules and the legal problems of condominium board members. The problem is that the Condominium Act (1991) has not kept up with the challenges and problems that this burgeoning market has brought. In light of this the Ministry of Consumer Services is planning to bring together interested people, condo owners and builders, property managers etc. to discuss the problems that have arisen and to chart a way forward.
After these forums are over the Ministry will take this information and discuss it with a number of experts in the fields of concern to look for possible solutions. This report will then be presented to the Ministry with their recommendations resulting in beneficial changes to the Condominium Act. It is hoped this entire process wil commence before the end of 2013.
Condominium ownership is on the rise in Kitchener-Waterloo. Uptown Waterloo has seen the completion of the Bauer Lofts, Westmount Grand and Belmont Village condominiums among others. 144 Park Street is underway with the sales office now open for the twin tower, 155 Park Street.
If you are interested in reading more about the Ministry's plans, please click on the link below: