‘This is going to be a long time in fixing. There’s going to be a lot more angst over it before there’s good news.’
Condos across B.C. could be hit by soaring insurance bills this year, a New Westminster strata council president is warning.
Campbell had expected strata fees for his two-bedroom unit would be around $480 a month, including building insurance with this year’s anticipated 40 per cent increase. But now, the monthly costs for his unit will need to rise by about $150, to $630. Other condo markets, including Toronto and New York, have had increases, said Tony Gioventu, executive director of the Condominium Home Owners’ Association of B.C.. It’s a particularly worrying issue for Metro Vancouver, where about half of households live in strata-titled properties.
Stratas having trouble getting insurance should contact the Insurance Bureau of Canada, a national industry association, the B.C. Ministry of Finance said Monday. Different groups point to different factors for premium increases, including rising global losses from severe weather.
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