Quote:
Originally Posted by Vancouverisfalling
1)People just starting to understand the seriousness of these changes
2)Some buildings simply cannot get Insurance without expensive repairs and maintenance, causing Strata Fees to Spike
3)Mortgage Lenders will not approve purchases of Condos which do not qualify for Insurance
4)Condo prices will be impacted and the market is already feeling the chill
https://www.msn.com/en-ca/video/news/condo-insurance-concerns/vi-BBXz0Nc |
Sounds like a planned system to make bulk purchases by developers. Strata s that are denied insurance are typically already beyond saving them. Councils would most likely chose to not do the depreciation report. This triggers a downhill spiral. Mortgage companies will charger higher rates across the board and insurance rates go up. These effects push owners out and assembly owners buy up units and turn a strata into buildings where rental units are more than owner occupied.
I believe it was about 6 years ago the mandatory reporting was made into law but votes at agm could delay the reports being done and this caused those buildings to see a lower climb in value and typically more investment owners that take control of the strata for personel gain