Condo Corporations Now Permitted To Access Reserve Funds In "Emergencies"

In a significant move for Alberta condominiums, on June 1, 2020 the Lieutenant-Governor of Alberta, the Honourable Lois Mitchell, approved an Order in Council to amend the Condominium Property Regulation, AR 168/2000. Among other slight changes to document retention periods, the amendments notably give condominium corporations the ability to temporarily remove funds from their capital replacement reserve account to supplement their operating accounts, when certain conditions are met. You can read the Order in Council here.

Condo corporations can now access their reserve funds to fill shortfalls in their operation funds if a declaration or state of emergency has been declared at either the federal or provincial levels of government, and the state of emergency remains in effect. Other requirements that must be present in order to make use of this ability include confirming that: