I recall a lot of fanfare over the enactment of the Condominium Act in 1998. It was justified because until then, the industry was lacking in up-to-date regulations and guidelines resulting in many disgruntled condo owners. It looks like our celebration was perhaps a bit too hasty.
This editorial in The Star speaks to the effectiveness of the Act in today's terms and it's not good.
"Many of today’s residential towers are financed by foreign investors. Many developers have a history of promising more than they deliver, then ignoring complaints. Many property managers are simply not up to the job.
The result: Condo owners, led to believe they were buying a worry-free affordable home, discover — too late — that they are unprotected against shoddy construction, sudden hikes in condo fees or shocking repair bills."
From my experience as a Realtor who has inspected and sold many condos over the years, I can't say this is a massive problem. I do my research when listing and selling on behalf of my clients and try to suss out the behind the scenes problems with each building/corporation. It is frustrating. No, it's infuriating when I see some condo buildings with falling windows and low water pressure on the upper floors and so on. The developer builds, sells and then disappears into the night with the cash. This stinks and perhaps a revised Condominium Act will hold these characters accountable.
Don't hold your breath.