Throughout Alberta, there are many condominium complexes specifically built and designed for adults.
They are typically apartment and villa-style housing developments.
Residents can enjoy a sense of community with the amenities, community rooms and social activities that many of these complexes offer.
During your retirement years, you can have a feeling of security, companionship and live a relaxed lifestyle.
Purchasing a condominium is different from buying a house. All the unit owners in the complex belong to the condominium corporation. There are corporation bylaws that govern the condominium and are registered at Alberta Land Titles. All owners, and anyone who occupies the unit, must follow the registered bylaws.
When you make an offer to purchase a condominium, there should be a condition made for you to review the corporation’s condominium documents, which include the bylaws. It is important to make sure that you are aware if any bylaws may affect your lifestyle. An example would be if pets are allowed, or if there is an age restriction.
There are many condominiums which have a minimum age restriction for the owners and residents who occupy the property. The minimum age requirement can vary from 18+, 25+, 40+ etc. Every complex is unique.
It is important to be aware that there were changes to Alberta’s Human Rights Legislation which applies to age‑restricted condominiums. All existing properties which have a current age restriction below 55 years of age will be affected.
The Government of Alberta amended the Alberta Human Rights Act and these changes took effect on Jan. 1, 2018.
The amendment to the Act was that the minimum age restriction for all “adult only” condominiums in Alberta will be 55 years of age or older.
All existing age-restricted condominiums with a current age restriction that is under 55 years of age are allowed a 15-year transition period, which ends on Dec. 31, 2032.
By Jan. 1, 2033, all existing age-restricted condominiums must convert to all-ages housing, or seniors-only housing (55 years or older).
If you are looking at purchasing a condominium that currently has a minimum age restriction below 55 years of age, it is important to know that there is a transition period and not all condominiums have updated their bylaws. If you have any questions, consult with your real estate professional, or obtain legal advice.
Making a move can be overwhelming but with a little research and knowledge, it can be an exciting time!