The size and complexity of Ontario's condo market has changed drastically since the Condominium Act was passed in 1998.
Today, Ontario has about 700,000 condo units and 10,000 condo corporations. Approximately 1.3 million Ontarians live in a condo with more than half of new homes under construction in Ontario being condos.
Due to the vast change in the condo sector, the Ministry of Government and Consumer Services reviewed the existing legislation using an innovative and collaborative public engagement process, receiving over 2,200 submissions and 200 recommendations from condo owners, developers, condo managers and industry experts.
The review clearly revealed that Ontario needs:
1. New laws and tools to increase consumer protection for condo owners and buyers
2. Improvements to how condominiums are run and managed
3. Means to strengthen the financial sustainability of condominium developments
For more information about the Ministry's findings and plans, click here