Condo Corporations Now Permitted to Access Reserve Funds in “Emergencies”

The blog post discusses a recent change to the Alberta Condominium Property Act that permits condo corporations to access their reserve funds in emergency situations. The article explains the circumstances under which a condo corporation may access the reserve fund, such as when there is damage to the common property or when there is a threat to the health and safety of residents. The post also outlines the procedures that condo corporations must follow when accessing reserve funds, including obtaining approval from the board of directors and notifying unit owners. The blog provides insights into how this change to the law may impact condo corporations in Alberta.