Ontario Consumer Protection Laws announced this morning address changes to the way condo boards are governed.
Over the last few months a number of stories were revealed like this one by CBC Toronto. It turns out many downtown condo dwellers were having issues with their boards. CBC Toronto mentioned concerns such as corruption and conflicts of interest when they reported the “alleged hijacking of boards of directors”.
Following on the heels of these issues, the Ontario government is hoping that by creating new consumer protections they’ll create more sustainable and healthy condo communities.
The changes include:
• Regular mandatory updates about a condo corporation to help improve communication between boards and owners.
• Improving condo corporation governance and addressing conflicts of interest by introducing new disclosure requirements for directors, including whether or not they are owners or occupiers of units in the condo or if they have interests in contracts involving the corporation.
• Mandatory training for condo directors.
• Clearer rules to make it easier for condo owners to access records.
• New notices, quorum and voting rules to make it easier for owners to participate in owners’ meetings.
• Mandatory education requirements for condo managers applying for a general licence.
Also announced to be designated this fall was the establishment of two new governing bodies, the Condominium Authority of Ontario (CAO) and the Condominium Management Regulatory Authority of Ontario (CMRAO).