Recently the Honorable Nate Glubish, Minister of Service Alberta, approved two very important changes to the Condominium Industry.
The first change are amendments to the Condominium Property Act Regulations which allowed for the emergency use of Reserve Funds. There were also changes to Schedule 3 which clarified some retention times but also was amended to fix some formatting.
The second change was to table the existing mandate of RECA and propose a new “Industry” governance model. The Real Estate Council of Alberta will still oversee different industry sectors, however, a more self-governed model for licensing and education will be put in place.
Below is a PowerPoint presentation that summarizes these changes. These are positive amendments and CS Management Inc. supports the Minister and Government’s actions in relation to these changes.