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By Kamloops-North Thompson MLA Peter Milobar

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SOUND OFF: B.C. condo owners are in crisis

Jul 10, 2020 | 9:56 AM

LIFE IS FULL OF MANY MILESTONES and one of the biggest — if we are fortunate enough — is becoming a homeowner. A home is not just a base to build your life around, it is likely one’s greatest asset and is a massive financial commitment. Anyone who is trying to or has become a homeowner in B.C. knows the many challenges you face and the steps you need to take to protect you home. For condo and townhome owners, strata insurance serves as one of those protections and helps prepare us for the many curveballs that life can throw at us — and as we all know, life can throw some pretty big curveballs.

Unfortunately for the millions of people living in condos and townhomes across B.C., strata insurance rates have skyrocketed to unreasonable amounts in recent months and what was built to be an assurance for condo owners has now become a financial burden that may force thousands of British Columbians out of their homes. How bad has it become? We have heard stories of insurance premiums skyrocketing by as much as 800 per cent. In a city like Vancouver where nearly half of all residents live in townhomes and condos, the consequences of this crisis will be catastrophic.

This issue is not just limited to Vancouver either as we are hearing similar stories from condo owners all across British Columbia. During a virtual town hall hosted with BC Liberal leader Andrew Wilkinson and my colleague and fellow Kamloops MLA, Todd Stone, along back in June, we heard horror stories from Penticton to Williams Lake where row-house strata complexes are facing an 800 per cent increase to their policies — premiums that were once $18,000 per year are now ten times that.

This is nothing short of a crisis and British Columbians have turned to this government for some form of relief, but after months of government inaction, the situation is no better. What makes this even worse is that the Official Opposition has offered solutions for government to implement but has been stonewalled at every possible opportunity.

Back in February, BC Liberal Housing Critic Todd Stone introduced legislation which proposed solutions to incentivize preventative maintenance as well as control costs and increase the accountability of insurance providers. BC Liberal Leader Andrew Wilkinson also wrote a letter to Premier John Horgan back in June which suggested a series of measures that would relieve the financial burden on property owners and help to keep strata rates under control, including a temporary tax holiday on the Insurance Premium Tax on strata property so that this money can remain in the pockets of condo and townhome owners.

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The longer this government shuffles its feet, the more people run the very real risk of losing their homes. So if you are reading this from your own home right now and are just as concerned as I am, please don’t hesitate to reach out to my office. Together, we must push this government to keep home ownership a reality for British Columbians — and help those who are lucky enough to own homes keep them.

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Editor’s Note: This opinion piece reflects the views of its author, and does not necessarily represent the views of CFJC Today or the Jim Pattison Broadcast Group.