Condominium Property Act

What is the Condominium Property Act?

The Condominium Property Act sets out the rules for operating and managing Condominiums in New Brunswick. The current Act, from 1969, will be replaced by a more modern Act on January 1, 2010. The new Act contains a framework created to protect consumers during the approval, purchase and sale process for Condominiums. It will be administered by the Director of Condominiums.

When will the new Condominium Property Act take effect?

The new Condominium Property Act c16.05 will come into effect on January 1, 2010. Until then, the Condominium Property Act c-16 (1969) will remain in effect.

Properties under construction before January 1, 2010, will be grandfathered under the old rules, providing that a building permit has been issued.

Why is the new Condominium Property Act c-16.05 being introduced?

The new Condominium Property Act will make Condominium development more in line with other Canadian jurisdictions. It will provide Condominium Corporation directors and officers with better tools for managing the Corporation, such as increased transparency, mandatory reserve fund accounts, better financial reporting, and the requirement for reserve fund studies (for larger corporations). Additionally, a 10-day cooling-off period will help potential buyers better evaluate the documents and rules governing the Condominium project they are about to become part of.


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