MORTGAGE Blog & ARTICLES

+1 888 882 0786

Alberta, Canada Recommends Low Changes for Condo

condo alberta

The government of Alberta is suggesting certain changes with regard to the Condominium Law for the said province. Thus, the law is too weak because of the many concerns that are being brought about. That is why it is still under deliberation with careful weighing of every idea.

 

There are also several concerns that can be addressed upon the implementation of the law. That includes the following:

 

  1. Improvement of the management and regulation for dispute procedures.
  2. Better protection for the consumer and condo buyers.
  3. Giving clear information, protecting the deposits made by the developers with the use of the trustee accounts.
  4. Allowing developers of paying the shared fees in the unsold units.
  5. Better management for the condo boards.

 

The above proposal may sound good but according to John Donaldson, a condo owner advocate said that there may be an improvement but does not totally go beyond in protecting the condo owners.  Jim Rivait, a member of the Canadian Home Builder’s Association also said that the proposal must be carefully reviewed and checked upon. The must consideration should lies in the condo owners. Each of them must be given an assurance of legislatively sufficing the needs of the condo owners.

 

It is good that there are condo owners who have their own way of showing concern in securing their rights. But the process is not that easy and it takes time to be deliberately done. Every aspect of the law requires intense examination so that it can give maximum protection for every condo owner.

 

Share Button

Posted in Market Watch

Tagged : ,

Mortgage Rates
STOP! Before you apply for a mortgage through your bank, make sure you are getting the best rate! Compare the best mortgage rates in Canada right now. It will take only a minute, but you will be surprised just how much you can save! We at Resourceful Capital Financial Corporation source our rates from all financial institutions, not just the one's that deal with us. To make sure you make a sound and prudent financial decision and get the best possible mortgage.
BEST MORTGAGE RATES
Refinance Calculator
Resourceful Capital Financial Corporation's refinancing calculator will help you decide whether to refinance your existing mortgage at a lower interest rate.
REFINANCE CALCULATOR