Following explosive growth in Ontario’s condominium industry over the last two decades, legislative changes are on the way that will hopefully help protect consumers in a number of areas, Toronto condominium lawyer Armand Conant tells The Condominium Report with Joe Vero on AM 640.
Conant, partner and head of the condominium law group at Shibley Righton LLP, tells listeners that in the last 25 years, Ontario's condo industry has grown from a small number of condo corporations to over 10,000, with more than 1.5 million Ontarians living in condos.
As a result, he explains, disputes have become more complex, requiring further mechanisms to try to achieve a balance between individual unit owners versus the condo board and corporation as well as with the cost of dispute resolution.
Additional consumer protection for those buying condos is also needed, says Conant, in the form of adequate disclosure in the documents that are given to purchasers.
For example, there has been a trend in the last 15 years towards developers downloading certain costs to corporations, he says.
“No owner sees that when they’re buying, and all of a sudden the corporation is going to have to find $10 million to buy their own party room from the developer. It was disclosed, and that’s really where we see the shortcoming, where we’ve got to get better information to buyers so they understand what they’re buying - what is a condo, what does it mean to own a condo and live in a condo? - and go from there.”