Recent Changes To The Condominium Property Act of Alberta

The Condominium Property Act of Alberta was extensively amended in January and April 2018, with further changes to come. These changes will impact developers and purchasers of new condominiums in Alberta. The changes include new statutory language, the requirement for deposits to be held in a trust account by a prescribed trustee, a requirement for developers to provide a fixed occupancy date or range of dates, and explicit authorization for developers to charge occupancy fees. Developers are also required to pay contributions towards common expenses and disclose a wider range of documents and information to purchasers. A purchaser can claim damages or rescission of a purchase agreement if there is a material change in disclosure documents. The developer is required to pay any amount over a 15% variance in a proposed budget. Interim boards have a duty to act in good faith, and condominium corporations can terminate agreements without penalty. The CPA also allows for the appointment of inspectors and a Director who monitors compliance with the CPA.