You may have seen on the news this month that some condo owners have been hit with enormous increases for insurance.
The one that caught everybody’s attention was a high rise in Abbotsford, where owners were stunned by a 780 per cent increase, from $66,000 in 2019 to $588,000 this year.
For them, it’s a shocking hit to the budget. For baby boomers thinking about down-sizing from the family home and buying a condominium, it’s a warning.
Insurance can be one of those “sleeper costs” when people move into a strata-managed property, but it shouldn’t be.
Before taking that step, condo newcomers should be aware of all expenses beyond a new mortgage payment.
Property taxes, personal home insurance, utilities and repairs will still apply.
What’s new?
Strata dues and within them the potential for building insurance increases, upgrades and building repairs that in rare cases now could include the cost of restoring “leaky condos.”