Understanding the Condominium Management Services Act.
One of the proposed changes that has been set out in Bill 106, deals with establishing mandatory qualifications, licensing and regulation for condo managers.
Many are surprised to learn that given the high values of properties that are being managed throughout Ontario and budgets that regularly top millions of dollars a year per corporation that condo managers and management firms have never been subject to any mandatory qualifications or regulation.
Legal restrictions. The proposed Bill will introduce legal restrictions to ensure a minimum level of qualifications exists for all condo managers and management companies, similar to the standard that has always existed for board members.
Regulatory Body. A governing body will be created to oversee and maintain information pertaining to not only property managers, but management firms. Owners and board members will have access to the history of the people they are working with.
A new world. With the complexities facing boards today, human rights, occupational health and safety, construction contracts, CASL, and much more, the landscape has forever changed, and now requires a solid educational foundation and continuous learning. A better-educated manager will be a better manager.
Insurance. Condominium corporations will be protected by having a system in place that not only ensures adequate insurance is in place for the condo manager and management firm, but ensures that these policies do not lapse.
By setting minimum mandatory standards, licensing and regulation for condo managers and management firms, many concerns that raised and addressed for years, will become less, empowering the industry and ensuring board of directors are protected.