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OC 340/2014 - The Condominium Property Amendment Regulations 2014 (Minister of Justice and Attorney General)
Description:

Title: The Condominium Property Amendment Regulations 2014

Minister: Minister of Justice and Attorney General

Summary:

  1. Subject to subsection (2), these regulations come into force on the day on which section 1 of The Condominium Property Amendment Act, 2013 comes into force.
  2. If section 1 of The Condominium Property Amendment Act, 2013 comes into force before the day on which these regulations are filed with the Registrar of Regulations, these regulations come into force on the day on which they are filed with the Registrar of Regulations.
These regulations will amend RRS C-26.1 Reg 2 to:
  • specify the contents of the new annual return that must be filed by condominium corporations with the Corporate Registry;
  • require condominium corporations to turn over additional information to a potential purchaser including:
    1. The name and contact information of the property manager, if any;
    2. In the case of a unit sold for residential purposes, the standard unit description for the unit if one exists;
    3. Any plans or agreements that establish a short term rental management pool for units within the development;
    4. A statement that indicates whether the unit has been converted from a previous use as an apartment, tenement or flat;
    5. A copy of the reserve fund study for a development that converts existing apartments, tenements or flats into condominium units;
    6. If the construction of the common property, common facilities and services units is not yet complete:
      1. a copy of the developer’s declaration or developer’s reservation, if one is required by the Act; and
      2. a detailed list of the expected attributes of those facilities and a proposed schedule of the construction and completion of any unfinished common property, common facilities and service units;
    7. A statement specifying any parts of the common property, common facilities or services units that the unit owner is not entitled to use;
    8. In the case of a completed unit, a copy of the final inspection report by the local authority detailing compliance with zoning requirements and building and fire code requirements;
    9. In relation to parking:
      1. The number and type of parking spaces, parking units and other exclusive use areas that are included with the unit; and
      2. Any additional monthly charges for the use of the parking space, parking units or other exclusive use areas.
    10. If the condominium corporation owns property outside of the condominium plan that the unit is in, a detailed list of the property that is owned including location and value;
    11. If the condominium corporation has agreements with any other condominium corporations, a copy of the agreements;
    12. A copy of any minutes of proceedings of any general meetings of the corporation and of the board for the preceding year; and
    13. Particulars of insurance obtained to cover common property, common facilities, service units and units as required by the Act;
  • build on the requirement in the Amendment Act to have the condominium corporation’s financial statement audited annually by:
  • establishing who can do an audit or review including that an auditor or reviewer must be a member in good standing of a recognized accounting profession that is regulated by an Act;
  • establishing when a condominium corporation can opt out of an audited financial statement until the next general meeting including:
  • if less than 12 units, dispensing automatically of an audit and allowing a review to be dispensed with consent of 80% of the owners of the units;
  • if 12 units to 50 units, allowing an audit, but not a review, to be dispensed with by consent of 80% of the owners of the units and allowing both an audit and review to be dispensed with by unanimous consent of the owners of the units; and
  • if more than 50 units, condominium corporations cannot opt out of an audit;
  • set 2.5% as the rate of availability of rental accommodations that must be maintained in a local authority when it is approving a plan to convert existing apartments into condominium units. This amendment was requested by the municipalities and is aimed at ensuring the availability of rental accommodation in Saskatchewan;
  • clarify or establish condominium parking requirements including:
    • requiring all parking designations and redesignations to a residential unit to be shown on title;
    • establishing the procedure for designating parking units and parking spaces when an application to issue titles is submitted to the Land Registry; and
    • establishing the procedure for the conversion of parking spaces into parking units;
  • clarify or change the developer’s security by:
    • increasing the required dollar amount of the developer’s security from a maximum of 10% of the value required to complete the facilities to a ceiling of $200,000 to a maximum of 20% of the value required to complete the facilities with no set ceiling;
    • adding a definition of “complete” to correspond with The Builder’s Lien Act; and
    • requiring the notification of the condominium corporation prior to the release of the bond or letter of credit;
  • establish limitations on fees charged by the condominium corporation by:
    • setting a maximum interest rate of 23% that may be charged by the condominium corporation on late payments of common expense and reserve fund contributions;
    • specifying that the administration and service fees cannot exceed the reasonable cost of providing the service; and
    • establishing a maximum fee of $200 that may be charged by the condominium corporation for an estoppel certificate;
  • change reserve fund study requirements by:
    • requiring condominium corporations to prepare a reserve fund study every five years rather than every ten years; and
    • requiring reserve fund study preparers to carry professional liability insurance;
  • establish requirements for a standard unit description;
  • clarify the requirements for the written report on insurance;
  • require plan submission to ISC to occur only in electronic format;
  • amend the initial bylaws by:
    • clarifying that the board may call a general meeting anytime without a request from the owners; and
    • requiring the board to disclose board minutes to all owners;
  • establish requirements for short-term rental management pools, including:
    • requiring the owner of a residential unit rented as a short term rental management pool to provide notice to the corporation in advance of their intention to rent for periods of less than one month and in advance of their intention to cease renting; and
    • requiring the owner to provide to the corporation the contact information for the manager of the short-term rental pool who will provide the name of the tenant on request;
  • update the forms to reflect amendments to the Act and regulations; and
  • address housekeeping issues.


See: The Condominium Property Act, 1993, section 112





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