Savings Lost for Families in Condos

Just as the NDP was congratulating itself for saving families up to $1,800 a year by eliminating Medical Services Plan premiums, those saving have been wiped out for condo owners due to runaway insurance premium hikes.

MLAs are getting a wave of complaints from constituents staggered by the increases. Many pundits are worried the rate hikes will chill a significant part of the real estate market, and the government isn’t sure what to do about it. Finance Minister Carole James has been essentially treading water in the house while the government reviews response measures.

Last Tuesday, opposition Liberals proposed some ideas in a private bill. It calls for clearer definitions between insuring a unit and insuring the strata corporation’s building, more stringent insurance requirements and a strata water-damage prevention program to help with preventative maintenance in stratas.

Reference: https://www.timescolonist.com/opinion/columnists/les-leyne-scrambling-for-a-fix-as-costs-go-sky-high-for-condo-insurance-1.24084392