Frequently Asked Questions for Condominium Managers
1. What are condominium management services?
The Real Estate Act will define condominium management services as performing or attempting to perform duties on behalf of a condominium corporation, such as collecting, holding or disbursing contributions, enforcing rules and bylaws, negotiating and entering contracts, and supervising employees or contractors hired by the condominium corporation.
2. What is a condominium manager?
The Real Estate Act will define a condominium manager as a person who represents themselves as a condominium manager or who provides condominium management services to a condominium corporation, either alone or as part of a team, for compensation.
3. What will the licensing eligibility requirements be?
Once the legislation takes effect, licensed condominium managers will need to:
- be at least 18-years–old
- have a Canadian high school diploma or an assessed foreign equivalent
- meet English language proficiency requirements
- hold either Canadian Citizenship, a Permanent Resident Card or Work Permit
- submit a Certified Criminal Record Check along with their licence and registration application form.
4. Will I have to take courses to become licensed?
Yes. RECA will be taking past experience and current licensing into account when setting education and exam requirements.
5. What will the licensing fees be?
RECA has not set licensing fees yet, but they will align with other industry sector fees. For information about licensing and related fees click here.
6. Will there be any licensing exemptions?
RECA will not license or regulate self-managed condominium corporations or condominium corporation employees, accountants or other parties exempt according to the Real Estate Act regulations.
7. Will my condominium manager licence be combined with my licence in another sector of the industry, such as real estate?
No. Condominium management will have its own education and exam requirements. The licence is separate from other sectors and it will have a separate fee.
8.How will condominium managers protect condominium corporation funds?
Council approved bonding as the means to protect condominium corporation monies with the following structure:
- If the condominium manager brokerage is holding the condominium corporation’s monies in trust, the condominium manager brokerage must have its own bond; and
- If the condominium corporation holds its monies in its own bank accounts, the condominium corporation will likely have a bond which should also cover the condominium manager brokerage (subject to the Condominium Property Act amendments). The condominium manager brokerage may also have a separate bond.