The province of Manitoba has announced proposed legislation to create more protection for condo buyers.
The proposed new condominium act would ensure Manitoba condo buyers have a longer cooling off period, from 48 hours to seven days, enhancing cancellation rights, requiring developers conduct a reserve find study before selling units that are converted from apartments and ensuring unit owners have a voice on the developer's board.
The Winnipeg Realtors Association said 2014 could be the best year yet for condo sales. It said between January and the end of May, 755 condos were sold. That's up eight per cent compared to last year.
“Many of our members have been advocating for these changes for some time and we are pleased that Manitoba’s condominium laws are being modernized and strengthened," said Robert Giesbrecht, chair of the national government relations committee the Canadian Condominium Institute, in a statement.
An estimated 50,000 Manitobans live in condos. The proposed changes could take effect in February 2015.
It's not yet clear who will decide how much needs to be put aside to deal with unexpected costs through reserve funds.
