The B-C government says it’s taking the first steps to address concerns about sky-high costs and the availability of insurance for condos. Premiums for condos have risen by as much as 50 per cent. Housing Minister Selina Robinson introduced legislation that proposes to amend the Strata Property Act and the Financial Institutions Act to bring more transparency to the insurance market. It also gives property owners more tools to deal with the challenges they face. A government-commissioned report released last week by the B-C Financial Services Authority said the insurance market isn’t healthy for about 1.5 million people living in condos, townhouses and other similar properties in the province.
