BC Leaky Condo Assistance to End

The program established approximately 10 years ago to help home owners deal with leaky condos is coming to an end in BC.  The provincial government announced their decision last week stating the program has "run its course" and "is no longer sustainable".  

The program was initially developed by the NDP government in 1998 as a 10 year, $250 million dollar effort to help owners repair leaky buildings built before 1999. Since then it has provided almost $670 million to the owners of 16,000 condos, mostly on the south coast.

A recent report by consulting McClanaghan & Associates estimated 44 to 55 percent of the 160,000 strata-owned units built in BC during the leaky condo period had suffered "premature building envelope failure." The report's author's estimate between 45 to 68 percent of the leaky units had not yet been repaired, and that by 2012, up to one third of them would still need fixing.

For more information on Vancouver's real estate market visit Dean Wegman of Royal LePage Westside website at www.deanwegman.com

 

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