The warranty insurance program in is basically worthless to homeowners, and allows corners to be cut in construction. “Buyer beware” remains a challenge, and even the best due diligence conducted by a buyer still presents unreasonable uncertainty.
Leaky Condo reconstruction costs have soared past $3 billion so far, and that doesn’t include the indirect societal costs borne by British Columbians that nobody is tracking. Since only about 20 percent of leaky condo owners met the government imposed “means test” of the Homeowner Protection Office loan program, the $670 million in HPO victim … Read more
http://www2.news.gov.bc.ca/news_releases_2005-2009/2008HSD0079-001459.pdf It is difficult to understand the motivation of our provincial government to throw so much of the housing ministry’s resources into another initiative (this time 6-storey wood frame buildings) that does nothing to improve homeowner protection in BC. How are the same people that can’t build a 4-storey building right, possibly going to achieve … Read more
With all the responsibilities of buying and selling real estate, the need for risk management is crucial. Whether pre-sale or resale, the onus for property evaluation is always on the buyer, although it is becoming more popular with sellers to have their own pre-sale inspection done to ensure that they are disclosing what needs to be … Read more