New NB Condo rules for 2010

The Province will implement new condominium rules on January 1, 2010.

The rules will require a “reserve fund study” for condo developments with more than 10 units.  A reserve fund is designed to create an account with enough funds to cover structural repairs.  Also, a 10-day “cooling off period” has been put in place for purchasers to obtain advice after entering the world of condo purchasing. 

The new rules were drafted due to the increasing prevalence of condominium ownership in NB.

A Government of New Brunswick website has been set up for those interested in condo development and ownership.