Quote:
Originally Posted by 1overcosc
New laws passed by the province a few years ago make it a lot less likely for stories like this to happen to condos being built today (it makes it a lot harder for repair backlogs to go unnoticed like this) but for anything pre-2015, yes, they will become common.
I think in these situations the province should step in. Options could be to either:
1) provide low-interest loans to pay for these backlog repairs over a longer period of time so the payment hike is less dramatic.
2) operate a sort of insurance system, where a provincial fund will help pay for the cost of repairs in situations like this, and this provincial fund collects its money from a small tax levied on all buildings in the province. To avoid this being abused by buildings that don't want to invest in their proper operation, require copays/deductibles for the claims
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Should the province similarly subsidize owners of SFHs for their maintenance/repair costs? I don't see how these condo owners are in any different a position from other homeowners facing major maintenance/repair costs.
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