Changes will clarify rules on bare land condominiums, mixed-use condominiums, phased developments
Yukon’s Bill No. 16, table in early October, contains the proposed amendments that seek to update the legislative framework on condominiums in the territory.
“Condominiums make up a growing portion of the housing Yukoners are buying and our government is committed to modernizing our legislation to facilitate condominium ownership and development,” wrote Tracy-Anne McPhee, Yukon’s justice minister, in the news release from the territorial government.
If passed, Bill No. 16 or the Act of 2020 to Amend the Condominium Act, 2015 will adjust certain elements of the legal regime, including the insurance requirements, which will enable condominium corporations to more flexibly adapt to the shifting insurance market; proxy voting and voting entitlements for the boards of corporation condominiums; and the timelines for developers and purchasers to deliver documents and funds. The bill also clarifies the rights and obligations for developers and the rules for condominium liens.
Other proposed changes pertain to the establishment of a clear reserve fund scheme, of requirements applicable to bare land condominiums and of a legislative framework to create and manage mixed-use condominiums. There are also provisions tackling phased developments and the security for completing construction.
The transitional provisions intend to assist owners and developers in getting ready to implement the changes under the bill, including the requirements relating to insurance, reserve funds, timing of agreements and management contracts.
The proposed amendments aim to achieve a balance between consumer protection and economic and development opportunities, to promote the availability and the development of properly built and managed condominiums and to support a healthy, stable and diversified housing market in the territory.
The proposed changes reflect best practices for condominium ownership and development in Yukon and the concerns expressed by Yukoners.