Regulation - Minister
Condominium Act, 1998: Reserve fund extension
Regulation Number(s):
O.Reg.48/01
Instrument Type:
Regulation - Minister
Bill or Act:
Condominium Act, 1998
Summary of Decision:
The regulation was filed on February 18, 2010 and will take effect on July 1, 2010. Once in effect, condominium corporations that were registered prior to the Act coming into force will have an additional five (5) years to fully fund their reserve funds.
Further Information:
ONTARIO REGULATION 48/01
Proposal Number:
10-MCS005
Posting Date:
March 11, 2010
Summary of Proposal:
The Ministry of Consumer Services (MCS) amended O.Reg.48/01 to extend the timeframe for a condominium corporation that was registered before the Act came into effect in May 2001 to fully fund its reserve fund. The timeframe was extended from ten (10) years to fifteen (15) years. Reserve funds are required to pay for major repairs and replacements to condominium property.
Contact Address:
Ministry of Consumer Services
Policy Division
5th Floor, 777 Bay Street
Toronto, Ontario
M7A 2J3
Fax: (416) 326-8883
Policy Division
5th Floor, 777 Bay Street
Toronto, Ontario
M7A 2J3
Fax: (416) 326-8883
Effective Date:
July 1, 2010
Decision:
Approved