Tag-Archive for ◊ government of canada ◊

• Thursday, June 21st, 2012

Condo Owners Association are pleased to announce that they will be working to help the recent launch of the “Building a Better Condo Act” by the McGuinty Government.



Newsroom Press Release  – June  8, 2012 11:00 AM

McGuinty Government to Launch Condo Review Consultation

Ontario is taking steps to modernize the Condominium Act, 1998, so it reflects the current and future needs of owners, residents and other stakeholders in the condominium community.In an effort to respond to a booming and evolving industry, Ontario will launch a public consultation to identify a comprehensive set of issues, and long-term solutions relating to matters such as:

  • consumer protection for buyers
  • condominium finances and reserve fund management
  • condominium board governance
  • expertise/accreditation of condominium managers
  • dispute resolution, for instance between condo boards and owners

The review will directly engage the entire condominium community, including owners, residents, developers and property managers.  Members of the condominium community will have the opportunity to speak about their issues, hear the concerns of others and work together to develop solutions.  Details of the public engagement process and information about how to participate will be announced this summer.

Strengthening the Condominium Act is part of the McGuinty government’s plan to ensure a fair marketplace for Ontario families.



COA – Condo Owners Association

“The Condo Owners Association is thrilled that the McGuinty Government is launching a review of the Condominium Act. We are looking forward to participating in the review to help build a viable and sustainable future for condominiums in Ontario that protects the rights of owners, ensures best practices for condo corporations, and preserves the value of the investment people have made in their homes.”

– Linda Pinizzotto President and Founder, Condo Owners Association Ontario (COA)

• Thursday, June 21st, 2012

Ottawa announced changes in mortgage rules today that will go into effect July 9th, 2012.

There will be a cap of $1 million on insured mortgages. There will be a reduction to TDS ratio down to 39%.

The amortization period will be cut to 25 years maximum.

The maximum refinance LTV on insured mortgages will be cut to 80%.

Later today, OFSI will publish their underwriting changes to mortgages.