No easy fix to BC strata issues - Really?

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FOMIKO1
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Joined: May 17th, 2008, 5:49 pm

No easy fix to BC strata issues - Really?

Post by FOMIKO1 »

Castanet has a report that BC Strata Insurance issues will take years to correct. Why don't we start by not creating any more and seeing whether any of the existing Stratas could be successfully started as/ converted to Limited Companies. If the issues are that there are too few companies willing to insure then lets not make the situation worse by creating more Strata Developments.

https://www.castanet.net/news/BC/321196 ... rect-BCFSA
Sparki55
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Joined: Feb 24th, 2013, 1:38 pm

Re: No easy fix to BC strata issues - Really?

Post by Sparki55 »

A strata council is made up of volunteers living in the building and one paid strata manager from a strata management company. Considering this, how are we to stop new stratas? Stop all new condo builds? How are stratas supposed to become limited businesses? Do the volunteers apply to run their condo as a business instead of a residence?

It's hard to get into underwriting insurance business. One needs a massive amount of startup capitol to ensure enough funds to pay for building damages when a claim is filed. The government will be working on creating more competition and seeing how to reduce rates.
LANDM
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Joined: Sep 18th, 2009, 11:58 am

Re: No easy fix to BC strata issues - Really?

Post by LANDM »

The issue isn’t how the property ownership is legally organized, it is that there are assets that present a risk to insurers and they have decided to jack their prices to assume that risk. Ownership as a limited company wouldn’t change anything other than the need to create a whole new set of regulations and laws to encompass this.
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