Team Fazi Real Estate

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CONDO BUYERS BEWARE!

According to the recent report by Blair Morrison, the CEO of BC Financial Service Authority (BCFSA), the strata insurance premium for condos you’re planning to purchase might have had an increase in excess of 100%! 
The report shows a majority (54%) of strata properties experienced a premium increase of less than 30% compared to premiums the previous year. 31% of strata properties captured by our data call saw increases in the 30% – 50% range, 9% of properties faced year-over-year increases of 50% – 100% and 6% of properties saw strata insurance premium increases in excess of 100% compared to the previous year.

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