By The Canadian Press

Alberta to roll out new rules to better protect condo owners, buyers in 2018

Oct 13, 2017 | 11:13 AM

EDMONTON – Alberta plans to roll out new rules next year that aim to better protect the owners and buyers of condominiums.

The changes will require developers to provide realistic estimates of condo fees, firm move-in dates and hold buyer deposits in trust while units are being built.

The Condominium Property Amendment Act also gives the government more power to investigate developers and impose fines if rules are broken.

Some of the legislation goes into effect in January and the rest in April.

Stephanie McLean, minister of Service Alberta, says these changes are just the first steps at improving consumer confidence in Alberta’s condo market.

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She says the government wants to hear from people on a second set of rules that are bring developed aimed at improving condo living.