Today, Minister of Justice Tracy-Anne McPhee tabled Bill No. 16, which would modernize the legislative framework and adopt best practices for condominium ownership and development in Yukon.
Proposed amendments to the Condominium Act, 2015 focus on balancing consumer protection with development and economic opportunities. These amendments bring clarity to how condominiums will be developed and regulated, facilitating a stable housing market in Yukon.
The proposed amendments:
- modify insurance requirements to create greater flexibility for condominium corporations to respond to the changing insurance market;
- establish a clear reserve fund scheme;
- modify voting entitlements and proxy voting for condominium corporation boards;
- clarify rules related to condominium liens;
- modify timelines for developers and purchasers related to delivery of documents and funds;
- provide a legislative framework to create and manage mixed-use condominiums; and
- establish requirements for bare land condominiums.
The proposed amendments would also add and modify transitional provisions to allow owners and developers an opportunity to prepare for and implement the new legislative requirements, such as those pertaining to insurance, reserve funds, timing of agreements and management contracts.
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 . These amendments respond to concerns we have heard from Yukoners and support the continued development and availability of well-built and well-run condominiums as part of a healthy, diversified housing market for Yukoners.
Minister of Justice Tracy-Anne McPhee