Toronto condo owners will soon be subject to a new monthly tax. This is a provision resulting from revisions to Ontario’s current Condominium Act.
According to Toronto Condo News, “Condo owners are in need of education about condo living according to the Ontario government. They are less educated about their chosen form of housing than they should be – possibly less educated than renters or those who purchase single family homes. The situation is sufficiently serious that condo owners will soon be required to pay a monthly tax – starting at $1 per month per suite with the potential of increasing to some unknown amount over time – so that the government can provide this better education.”
The new Condominium Act is expected to be in force later in 2017.
Current rules and regulations will be updated to reflect newer wisdom and experience about how condo corporations should function. According to Toronto Condo News “This will be a new minimum standard to which a lower tier of condo corporations will be expected to meet. Better managed condo corporations are likely to already exceed this minimum standard and be less affected by most changes.”
The most significant change in the Condominium Act is the new Condominium Authority of Ontario which will be funded by a tax added to monthly condo fees. The Condominium Management Services Act will create a second bureaucracy likely to add further to costs of condo management.
The Condo Tax is Here, in the May 2017 Toronto Condo News and available at www.TOcondonews.com, provides these and further insights into the newly established Condominium Authority of Ontario.
SOURCE Toronto Condo News
Photo from: www.movesmartly.com