One third of BC residents live in a strata home, whether it’s a condo, townhouse, or multi-plex unit.

Strata homes are usually more affordable than their single-family counterparts. They can also lessen the burdens of home ownership, with strata residents sharing responsibilities for things like maintenance, snow shoveling, and security. And while these homes tend to be smaller, they may also have access to amenities like a pool or gym. 

Metro Vancouver’s real estate market has been picking up steam since last fall, culminating in record sales and new listing activity last month. In an active market like this, seeking professional advice from a REALTOR® is more important than ever.

With this in mind, the Real Estate Council of BC (Council) and the Office of the Superintendent of Real Estate (OSRE) released a joint statement advising home buyers and sellers to seek professional advice, do their research, and understand the risks involved before buying or selling a home.

Tony Gioventu doesn’t like referring to surging insurance costs facing B.C. strata corporations and condo owners as a perfect storm.

“It’s a bad description,” said the executive director of the Condominium Home Owners Association of BC.

Instead, Gioventu said a series of factors – many of which are global – have been compounding since late 2019 to create what he describes as a “nasty little storm” for British Columbians.

A February report from LowestRates.ca, which allows users to compare insurance, mortgage, credit card and loan rates, revealed condo insurance premiums in B.C. increased 18% between 2019’s fourth quarter and 2020’s fourth quarter.

According to LowestRates.ca’s estimates, about half of British Columbians live in strata housing, which can cover everything from condos to townhouses (the provinces pegs it closer to just under one-third of the population).

A December 2020 BC Financial Services Authority report...