Published July 11, 2019. This article reflects the rules and conditions at the time of writing and may not be current — always confirm against the latest provincial legislation.
A number of revisions to the Alberta Condominium Property Act came into effect, with the majority effective July 1, 2019 and a few effective January 1, 2020. Most updates relate to how boards manage the property — documentation, voting procedures, meetings, and the rights of both board members and owners. The revisions specific to reserve fund studies are below.
1. Reserve fund study qualifications were defined
- A professional engineer
- A professional technologist
- A registered architect
- A licensed real estate appraiser (Accredited Appraiser Canadian Institute designation)
- A certified reserve fund planner (accredited by the Real Estate Institute of Canada)
- An individual who has completed training recognized by the Director
2. The study timeline was extended
The horizon for a reserve fund study was extended from 25 years to 30 years.
3. Required study methods were defined
- An on-site inspection
- Interviews with members of the board
- Interviews with the property manager(s)
- Review of relevant documents — condo plan, construction documents, maintenance records, and more