The Minister of Service Alberta, The Honourable Manmeet S. Bhullar, held a town hall meeting tonight, March 26, 2013 with thousands of Alberta Realtors to get input and answer questions regarding condo developments, condo management and the property management industry. The scope is very large. We're talking about a lot of money here. The investments of thousands upon thousands of condo owners and how those investments are managed.
It was a very interesting town hall call and I am looking forward to future changes. Until May 2 you also have a voice and I encourage you to voice your opinion.
Why you should care:
1. If you own a condo unit, then you should care. Well built and well managed condos sell for more money. Special assessments are something none of us want to receive.
2. If you are considering a condo, then you should care. Understanding how a condo is run and managed affects your investment and its future value. You should have confidence in the quality and condo fees payable for a building under construction.
3. Developers. The best marketing plans shouldn't get top dollar. The best buildings should.
4. Tax payers. When bad things happen to lots of good condo owners, the end results are foreclosure, lower property values, lawsuits and some other unfortunate consequences. In the end, someone is helping these people get back on their feet and in the end we all end up paying.
As a realtor, I want to help you sell a condo unit for top dollar with the knowledge that your building is well run and well maintained. You shouldn't have to pay hundreds of dollars to get access to documents to find out it's not when you are making a move. I want to assist buyers in finding great new homes without concern that they will find out about issues after their purchase. They should find out before so that they pay appropriate market value. Every property has value, but disclosure is the key.
Voice your opinion. Service Alberta Condominium Consultation
Thank you for taking the time, now back to our regularly scheduled programming. :)