Condominium Act Reform: Bill 106 has Become Legislation
We have exciting news for those in the condominium industry following the Condominium Act, 1998 reform process: Bill 106, the Protecting Condominium Owners Act, 2015, has passed its third and final reading (by a vote of 89-0) and received Royal Assent on December 3, 2015!
Now that the bill has received Royal Assent, the Lieutenant Governor of Ontario in place of Her Majesty the Queen has formally declared the bill to become law.
With that said, the new legislation does not come into full force and effect right away. Instead, it will come into force on a future date to be named by proclamation of the Lieutenant Governor, once all supporting regulations have been finalized.
So, what does this mean? Basically, Ontario’s Legislative Assembly has approved the wording of the new act, but it is not in force yet. The Condominium Act, 1998, is still our main governing legislation for now.
In the meantime, we are waiting for the regulations that support the new act to be developed and formalized. Although the legislation’s wording is important, the regulations will add the substance and practical information to implement the principles and requirements of the new act. We do not have an estimated timeframe for the regulations to be completed; however, depending on their complexity, many in the condominium industry estimate this to be sometime in 2017.
As we have previously reported, Ontario’s Legislative Assembly has acted swiftly to review and debate Bill 106. In less than one year from being introduced on May 27, 2015, Bill 106 has received Royal Assent. This is an indication that the Legislative Assembly has recognized that amendments were needed to bring the legislation in line to better address the issues that condominium corporations, their property managers, owners, and Boards experience.
Our readers in the condominium industry are welcome to contact our Condominium Law group with any questions about the potential impact of this bill.