Quebec City, April 4, 2019 – The Quebec Professional Association of Real Estate Brokers (QPAREB) welcomes the tabling by the Minister of Municipal Affairs and Housing, Ms. Andrée Laforest, of Bill 16: An Act mainly to regulate building inspections and divided co-ownership, to replace the name and improve the rules of operation of the Régie du logement and to amend the Act respecting the Société d’habitation du Québec and various legislative provisions concerning municipal affairs.
Co-ownership reform is at the heart of the QPAREB’s priorities and the growing popularity of this property type only reinforces the need to review the rules in order to better regulate co-ownership management.
The QPAREB believes it is important to regulate the rights, powers and obligations of syndicates of co-owners so as to adequately protect buyers and co-owners. We therefore welcome this bill which, among other things, requires co-ownership syndicates to maintain and periodically revise a maintenance log for the building, obtain a study of the contingency fund and determine the amount of the fund, in addition to addressing certain governance issues that could hinder proper co-ownership management.
The QPAREB is pleased to see that condominium buyers will benefit from greater transparency by having access to information about the building and the syndicate. This information is essential for assessing a co-ownership’s financial situation and making an informed decision about their investment.
Also, we are pleased with the protection provided to buyers, as their deposit will now be protected in its entirety, either by a suretyship, insurance, a guarantee plan or a deposit in a trust account.
In terms of regulation, it would also be beneficial to target the training of co-ownership managers who offer these services that have become increasingly complex over the years.
The QPAREB also welcomes the proposed measures for the regulation of building inspectors, as current regulations do not adequately provide for their quality of training or competence standards. The Régie’s new powers are a first step in the right direction in terms of consumer protection.
It is clear that this bill will bring several major changes to co-ownership management and building inspection. It is for this reason that the QPAREB will analyze the bill in detail and will then present the vision of Quebec’s real estate brokers on these reforms, as well as participate in the special consultations on this bill and work with the various stakeholders.
For more information about Bill 16, click here.
About the Quebec Professional Association of Real Estate Brokers
4The Quebec Professional Association of Real Estate Brokers is a non-profit association that brings together more than 12,500 real estate brokers and agencies. It is responsible for promoting and defending their interests while taking into account the issues facing the profession and the various professional and regional realities of its members. The Association is also an important advocate for the implementation of measures that promote homeownership. It provides training, tools and services relating to real estate and facilitates the collection, dissemination and exchange of real estate information. The Association is headquartered in Quebec City and has its administrative offices in Montreal. It has two subsidiaries: Centris Inc. and the Collège de l’immobilier du Québec.
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