06/08/2012 09:52 EDT | Updated 08/08/2012 05:12 EDT

Ontario government will review condo legislation

Toronto's booming condo market could see some changes soon, after the province announced Friday that it's reviewing the 14-year-old Condominium Act.

The McGuinty government said it will launch a public consultation about changes meant to better reflect the needs of owners, residents and other stakeholders.

Toronto is at the epicentre of Canada's condo craze with the fastest growing high-rise condo market in North America in 2011, accounting for about 60 per cent of all GTA home sales.

But the boom has also brought concerns about safety and building quality to the fore — even million-dollar lawsuits brought against developers.

The province's decision to review the act is welcomed by the condo owner's association.

"There has to be governance," founder Linda Pinnazotto said. "Right now condo owners don't have a voice. If they're not happy with how the board is handling the building they have nowhere to turn to and that is a real problem."

Dispute resolution between boards and owners is one of the issues the government wants to review.

It's also looking at:

- Consumer protection for buyers.

- How condo reserve funds are managed.

- Accreditation of condo managers.

- Condo board governance.

The government did not announce a date for when the consultations will begin, but said it will release more details this summer.