Insurance hikes and strata fees

[Cory Sperle]

This has been in the news a lot. I have come to acquire a townhouse in BC and am hearing horror stories of strata fee hikes of 100% in some cases due to skyrocketing insurance premiums. Strata fees are about $250, and the insurance comes up in August, hence thinking of dumping it before then. Has anyone with a townhouse in BC experienced this? And if so how bad was the strata fee hike?

 

[Martin1968]

This has been in the news a lot. I have come to acquire a townhouse in BC and am hearing horror stories of strata fee hikes of 100% in some cases due to skyrocketing insurance premiums. Strata fees are about $250, and the insurance comes up in August, hence thinking of dumping it before then. Has anyone with a townhouse in BC experienced this? And if so how bad was the strata fee hike?

Just brace yourself, by the way its not just BC. And it’s not just condo/strata properties. You can expect Insurance rate hikes on owner occupied to rental props, from SFH to MF.

https://www.cbc.ca/news/canada/british-columbia/bc-strata-insurance-hike-1.5393035

 

[Matt Crowley]

'good news' is increases by 30%.

 

[Tina Myrvang]

I read such a sad story. An Alberta woman bought a condo 7 years ago. During the last 7 years she worked on paying it off. She got married and started a family in her home. She is surrendering her condo not because she can't afford the mortgage but because she can't afford the strata fee. Due to the insurance, her condo fee went up $1100 dollars. Her family does not have an extra $1100 a month floating around. It was devastating to read.....