HOUSING | Alberta's New Condominium Regulations: Rental deposits.

• Date: 01 March 2020
• Author: Feng, Judy

This article is part of a multi-part article series on Alberta's new condominium regulations. Stay tuned for our next article on condominium insurance.

On January 1, 2020, revised condominium governance regulations came into effect in Alberta. One of the changes has to do with rental deposits. As you may already know, whenever you (the condominium owner) rent out a condominium unit, the condominium corporation has the right to ask you for a rental deposit. Previously known as a "security deposit" under the Condominium Property Act, a "rental deposit" covers two things:

* repair and replacement of the corporation's real/personal property or common property and

* maintenance or repair of any common property.

The rental deposit cannot be more than $1000 or one month's rent, whichever is greater. The condominium corporation must hold the rental deposit in trust and repay it along with interest earned (if any) at the end of the rental period.

Tip: Did your condominium corporation collect a rental deposit from...