Alberta Condominium Property Act - Revisions to the Act (December 17, 2018)

Alberta Condominium Property Act - Revisions to the Act    (December 17, 2018)

A number of revisions and updates have been completed with the majority coming into effect July 1, 2019 and few additional to be effective January 1, 2020.  The majority of the updates and revisions are related to the condo board's management of the property.  Primarily, the documentation, voting procedures, and meetings that are now required, as well as, the rights that both the board members and unit owners have.

Specific to the reserve fund studies, these are the revisions that will become effective in the next year.

1) Reserve Fund Study Qualifications have been defined as:

- a professional engineer

- a professional technologist

- a registered architect

- a licensed real estate appraiser (holds designation Accredited Appraiser Canadian Institute

- a certified reserve fund planner (accredited by the Real Estate Institute of Canada)

- an individual who has completed training recognized by the Director

2) Timeline for a given Reserve Fund study has been extended from 25 years to 30 years.

3) Additional definition around the methods that a reserve fund study provider must use when conducting a reserve fund study.

- onsite inspection

- interview members of the board

- interview manager(s) of the property

- review relevant documents - condo plan, construction documents, maintenance records, etc.

A complete document outlining all revisions and changes that will become effective in the next 6 to 12 months is available at the link below:

https://www.alberta.ca/assets/documents/condominium-property-regulation.pdf

For more information on reserve fund studies or to inquire about having Reserve Plus complete your next reserve fund study, visit:

reserveplus.ca

Bylaws & Rules - Condo Law for Albertans

Condominium bylaws govern how the condominium corporation is run. They often address matters such as the election and practices of the board of directors, the collection of contributions, and how rules are passed. Rules often supplement the bylaws. The rules focus on the day-to-day concerns of condo living to help ensure it is a pleasant and attractive place to live or work.

Condominium bylaws also govern the condominium complex and every condominium is legally required to have a set of bylaws and to enforce them. Bylaws apply to all owners in a condominium, as well as anyone renting or visiting the condominium.

Bylaws can cover a wide variety of issues, including but not limited to:

• Pets: whether they’re allowed, how many and types are allowed, whether board approval is required, etc.
• Age Restrictions: whether there is a minimum age to live in the building, whether children are allowed, etc.
• Aesthetic restrictions: colour of window coverings, whether planters are allowed on balconies, etc.
• Renovation guidelines: installation of hardwood flooring may require extra soundproofing, etc.
• Parking restrictions: types of vehicles that can be parked, visitor parking rules, etc.
• Use of amenities: hours of operation, maintenance standards, visitor policies, etc.
• Condo governance: electing board members, meeting schedule, voting procedures, bylaw amendments, etc.
• Bylaw enforcement: penalties for not following the condo bylaws.

Additional insights and information can be found at Bylaws & Rules - Condo Law for Albertans

This post brought to you by Reserve Plus.  For more reserve fund related information, visit our website at reserveplus.ca

Provincial Reserve Fund Study Laws

In Canada, there are laws that govern the development, sale, and management of condominiums. These laws have provincial jurisdiction and thus each province has a set of rules and guidelines outlined in a Condominium Property Act or equivalent. These provincial acts are what lays out the rules and requirements for reserve fund studies and depreciation reports. 

In Alberta, a reserve fund study is required every 5 years. The study must outline a capital replacement budget for the next 25 years. Alberta Condo Act

In Ontario, a reserve fund study is required every 3 years. The study must outline a capital replacement budget over a 30 year timeline for the condominium. Ontario Condo Property Act

In BC, a depreciation report is required every 3 years. The study must outline a capital replacement budget over a 30 year timeline for the condominium. BC Strata Property Act

In Saskatchewan, a reserve fund study is required every 5 years. The study must outline a capital replacement budget for the next 25 years. Saskatchewan Condo Property Act

For more information, visit reserveplus.ca. 

What is myRPlanner

Reserve Plus has developed a proprietary online tool called myRPlanner.  myRPlanner both generates the reserve fund study and creates a platform for property managers and condominium boards to update and track reserve fund expenditures, contributions and balances thus ensuring that the reserve fund study is always current.  Thus, your condominium’s myRPlanner is a live document that continuously updates budgeted expenditures and contribution with actuals and then extends and updates the budget based on the actuals.

For more information on myRPlanner, visit our website by clicking on the link - Reserve Plus