The BC Home Owner Protection Act requires that all newly built homes (including strata properties) or buildings that have been substantially reconstructed be covered by third-party new home warranty insurance. You may often hear this referred to as the “2-5-10 New Home Warranty”. Basic coverage includes: 15 months for defects in labour and materials 2…
After having completed over 1,800 reviews, we’ve come to get used to seeing strata fees calculated incorrectly.Yes, you heard it right. Strata corporations or management companies are not always calculating the fees correctly. The good news is that it’s easy to verify the correct amount, if you have the right information. The info you’ll need:…
The current insurance situation in B.C. has been difficult for many strata corporations. The average premium increase ranges from 40% to 50% depending on where the strata is located; however, some high value/high risk strata corporations have seen increases in the 200% to 400% range. I have even seen one strata whose premium increased 700%.…
As of December 13, 2013, the majority of strata corporations in B.C. were required to obtain a depreciation report. I’m not going to talk about what a depreciation report is, as that is something that has bee covered ad nauseum, but what I would like to discuss today is the shortcomings I see with depreciation…
At the core of every strata purchase is the information buyers rely on in order to determine the status of the strata and make a decision. One of the biggest, unforeseen, issues I have faced since starting Condo Clear is obtaining access to the appropriate documents. Nearly every review we receive (90% plus) we do…
