The rate of development of Condos in Canada is at the highest level in history. The multi-unit projects will likely continue for the next few years because of the presence of incentives and a booming market. Years of supply shortages and a sudden convenience and demand for condominium living are the primary drivers of the growth in the sector.
The population of the country is increasing because of record high immigration numbers across all provinces. Here are a few points on the role of the Canadian government in promoting condo living.
Government assisted housing
As the housing shortage bites, the governments come to the rescue of low-income earners by giving them subsidized options for renting or owning homes. Thus, renters and owners can move to condo living with their low incomes while the relevant housing agencies acting on behalf of the federal government continue to help with the remainder of the housing cost.
The legislation of condos in Canada rests with provincial authorities. The implication is that those who own or live in condos in different parts of the country might have different rules and possibilities for handling disputes or obligations. However, the federal government continues to work closely with the provinces to help them provide the right environment that enhances condo living to improve the housing situation in the country.
Condo boards have some significant power over condo owners, and they can dictate regulatory fees paid to the board by condo owners. The federal government provides regulatory oversight to help in improving the features of condo living Canadians enjoy especially with the understanding of laws.
Protection from fraud
The real estate market in Canada has many frauds. It is a lucrative market, and many people are investing a lot of money in condo ownership. Buying a condo is cheaper than going to a detached house. However, the frauds also understand that they have a chance to make money off the backs of ignorant house investors.
They come with enticing offers that eventually turn out as nonexistent. Some provincial governments are stepping up their mandate as representatives of the federal government, to reduce fraud. One way of doing that is by giving condo owners the rights to defend their choices and investments by dealing directly with boards and having power over unscrupulous property managers.
Here the role of government is to increase the transparency of financial and estate management practices to ensure there are no foul moves by administrators and boards or managers.
The role of government also includes the training of condo board members so that they understand the complex rules that influence the efficiency of condo living. Many condos in Canada belong to investors and finding owners with time and financial knowledge needed for handling the assets is often hard. Education through continuous workshops will be instrumental in keeping the sanity in the industry and protecting the investors’ wealth.
Condo owners find themselves living in close quarters with other owners. Sometimes they have difficulties in living together due to management issues for the shared amenities and expenses. Court battles ensue, and the government has to rely on these cases to formulate additional regulatory policies to reduce the problems affecting boards and the management of reserve funds for the condos.