Improved Protection for Condo Buyers, Owners

New rules effective Sept. 1, will offer better protection for Nova Scotians who own, or are thinking of buying a condominium.

"A growing number of Nova Scotians, everyone from first-time homebuyers to seniors, are choosing condominiums. These amendments will make sure those people are well-protected when they buy their home," said Service Nova Scotia and Municipal Relations Minister John MacDonell.

Starting Thursday, there will be limits on how much rent a builder can charge condo buyers who choose to move into their units before the condominium corporation is registered. Buyers can not own the condominium before it is registered.

For the first six months, builders will only be able to charge 0.75 per cent of the net purchase price per month; that amount will go down to 0.5 per cent after six months, and to 0.25 per cent after a year. This protects condominium buyers from having to rent a unit they planned to buy for long periods of time.

There will also be Condominium Dispute Officers available through Service Nova Scotia and Municipal Relations to help owners and condominium corporations solve their disputes quickly and effectively.

Other amendments to the Condominium Act include:

• more ways for condominium corporations to deal with problem tenants in their buildings
• better information for those buying new condominiums about the amenities, such as gyms or pools, to be available, and the date they will be complete
• a requirement that buyers get a copy of a new condominium corporation's proposed budget, so they know what kind of fees they'll be paying for the first year
• a requirement for anyone converting a building into condominiums to do a reserve fund study to ensure buyers know what kinds of maintenance the building may require and how it will be paid for.

For more information, visit www.gov.ns.ca/snsmr/access/individuals/consumer-awareness/condominiums.asp.

There are about 12,000 condominium units in Nova Scotia.