Manitoba’s new Condominium Act and Regulations came into effect on February 1, 2015. Under the new Regulations, major changes in the development, buying and selling, ownership and operation of condominiums came into force. These changes apply to all condominium developments in Manitoba and require that you must have a Reserve Fund Study completed before February 1, 2018, and then subsequently every five years thereafter. All condominium corporations and their boards, unit owners, developers, and property managers, now have to adjust to these new laws.
A Reserve Fund Study is a financial document that is meant to act as a guide to assist with planning condominium budgets.