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...