MONTREAL - If you're a condo owner -- or looking to buy one -- the game is about to change.

Over the next few weeks, the Quebec government will be looking at ways to make condos a better and safer investment for Quebecers.

"We want them to know what they are buying," explained Quebec Justice Minister Jean-Marc Fournier Sunday. "We want them to be protected when they are buying something, and we want them to… live without problems."

The potential new condo regulations come as Montreal's condo market booms. Last year, the number of condos built surpassed the number of houses built.

The province has paired up with Quebec Notaries and will hold public consultations to find out what the most common problems are.

They'll then explore possible regulations such as:

  • Having developers insure customer deposits
  • Mandatory supervision of condo construction sites by architects

There's more, said Jean Lambert of the Chambre des Notaires.

"The value of the condo fees is under evaluated for marketing purposes, so this is one thing. For used property, the information about the quality of the building is just lacking," he said.

Condo owner Anne-Marie Masson said she's relieved, because her property isn't what she bargained for.

"The easy part is handing over your money. The hard part is dealing with everything afterwards," she said.

Her brand new condo quickly turned to hardship.

"They didn't follow through with most of their promises and you really have to be the one hassling them," she said, explaining that for example, she and the others in her building paid for a common area that was supposed to include a gym and a lounge. Eight months later, they're still waiting.

While these new regulations could protect condo owners and potential buyers, it could turn away developers looking to do business in Montreal.

"We want to protect that field of growth," said Fournier. "In Quebec, at the same time, we want to protect individuals."

Condo seller Roberto Trimarchi said it will likely increase the cost to build condos.

"I believe there would be an impact on the cost, relating to the purchase of the unit. I guess buyers, to be more protected, would have to assume this extra cost," he said.