Keyword
Condo
Insurance partnership helps condo buyers bridge builder fees
August 21, 2023 Philip PoradoAviva Canada said it’s invested in OneClose Inc., a technology company that provides a financial solution to help owners of newly built condos save on what are called ‘interim occupancy fees.’ “Consumers who buy a newly built condo in Ontario face a…
Brokerage wins limited injunction against regulator’s new rule
July 19, 2023 by David GambrillFS Insurance Brokers (FSIB), a B.C. insurance broker that has common ownership with a strata property management company, has won a limited injunction against a new rule proposed by the province’s broker regulator, pending judicial review of the new rule.…
Why condo corporations need an extra ‘financial cushion’
April 27, 2023 by Jason ContantCanada’s national actuarial organization is recommending legislation that would require condo corporations to hold in their reserve funds a “financial cushion” above what’s required by a reserve fund study. “That cushion protects corporations from adverse deviations from increased expenditures (among…
How an insurer’s report on a condo ceiling leak won the day
February 8, 2023 Philip PoradoRepairs outlined in an insurance company’s assessment of damages at a British Columbia condo must be made by the strata, said a decision from the province’s Civil Resolution Tribunal (CRT). Applicants in Rolfe v. The Owners, Strata Plan EPS3064 claimed the…
Did negligence cause mice ingress and water leaks?
February 6, 2023 Philip PoradoA British Columbia condo owner failed to show a strata corporation breached its duty to repair and maintain the irrigation system or the building’s waterproofing membrane. In Yoon v. The Owners, Strata Plan, the applicant, Bori Yoon, claimed the strata negligently…
Landslides prompt B.C. city to declare state of emergency
January 20, 2023 The Canadian PressCAMPBELL RIVER, B.C. – The City of Campbell River, B.C., has declared a state of local emergency to help it better deal with landslides that have forced some people from their homes. The city says a temporary evacuation order has…
Condo association calls for changes to help corporations recoup losses
October 11, 2022 by Jason ContantQuebec’s association representing condo corporations is reiterating a call on the newly re-elected provincial government to amend the Civil Code of Quebec to allow condo corporations to better recover losses from co-owners. Currently, condo corporations (called syndicates in Quebec) are…
Condo insurance: Is market stabilization fleeting?
August 11, 2022 by Jason ContantCanada’s condo insurance market appears to have stabilized but the industry shouldn’t get lulled into the feeling that reforms are no longer needed, said Aaron Sutherland, the vice president of Insurance Bureau of Canada’s (IBC) Pacific region. Over the past…
B.C. seeks forfeiture of $2.8M condo owned by alleged COVID-19 violator
October 19, 2021 The Canadian PressVICTORIA – A civil action has been filed in British Columbia Supreme Court that could see the owner of a condo in Vancouver stripped of his property after allegedly violating COVID-19 restrictions. The director of civil forfeiture filed the claim…
For how long will condo insurance rates continue to climb?
September 20, 2021 by Jason ContantRising condo insurance premiums will continue at least through the first two quarters of 2022, according to LowestRates.ca’s latest Home Insurance Price Index. Condo insurance premiums are continuing to rise in Canada, sustaining a years-long increase, the rate comparison site…
Home insurance rates dropping but no reprieve for condo owners
July 28, 2021 by Jason ContantPersonal property premiums were a mixed bag in the first quarter of 2021, with insurance for condo owners continuing to rise, but home insurance rates trending down, according to a new report from LowestRates.ca released Tuesday. Year-over-year, home insurance premiums…
Flames destroy unfinished condo in Langley, B.C., force nearby residents to evacuate
April 20, 2021 The Canadian PressLANGLEY, B.C. – A huge fire has destroyed two six-storey condominium towers under construction in Langley, B.C. The fire broke out at around 9:30 p.m. Monday at the development in Langley’s Willoughby neighbourhood, about 45 kilometres east of Vancouver. The…