In the case of condos the condo corporation owns the elevator and therefore is the one that signs any elevator repair contracts.  This regulation will therefore be paid for by higher condo fees for condo owners.

In the case of apartment dwellers, the landlord/real estate company owns the building and the contract and will take on the cost.  They will try to pass it on in higher rents where they can, though will likely be limited by rent control.

The obvious outcome of this is decreased supply in apartment units.  Given that vacancy rates in apartments are already ridiculously low in most of Ontario (particularly Toronto), this will make finding a place to rent just a tiny bit harder.