The Manitoba government has proposed a new condominium act to further protect buyers and owners when dealing with a condo on the market.
Among the measures are extending the property’s cooling-off to seven days from 48 hours, and enhancing cancellation rights that would allow buyers to cancel if any material changes are made to what was promised before they move in.
“We recognize the growing popularity of condo ownership as a housing option, and the new condominium act strengthens consumers’ rights when buying condominiums and provides better consumer protection for Manitoba condo owners,” said Tourism, Culture, Heritage, Sport and Consumer Protection Minister Ron Lemieux. “These protections will benefit new and existing condo owners now and for years to come.”
Condo owners would also benefit by receiving better information through a reserve fund study that would let them know what large repairs may be needed in the near future.
About 50,000 Manitobans live in condominiums.
The proposed legislation would take effect February 1, 2015.