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