VANCOUVER -- The province announced the "first steps" of its plan to address B.C.'s rising strata insurance rates Tuesday morning.
The changes are meant to bring transparency to the industry, close loopholes surrounding depreciation reports and help strata owners and corporations more information when it comes to making decisions, the province says.
Rising strata insurance rates are a major financial pressure during what is an already challenging time, Finance Minister Carole James said.
"This is an extremely complex issue playing out in the private insurance industry, but that doesn't lessen our government's commitment to doing what we can to make the situation better," James said.
She said the province first became aware of "significant shifts" in insurance premiums late last year, that went "well beyond...