2020 Condo Fees

[Tik-Tok]

This quote is hidden because you are ignoring this member. Show Quote

Yeah so how is UCP's decision to allow for up to 12-storey wood-framed buildings (previous limit was 6) going to affect future insurance rates?

Source? Can't find anything on this. Google is only showing BC upping to 12.

[msommers]

This quote is hidden because you are ignoring this member. Show Quote

WTF! hopefully mine doesnt sky rocket.... I started out at around $150-15 years ago and now im at $264

Lol I wish. Mine started at $225, now nearly $400 6 years later. No elevator, pool or major issues. Just utilities, waste/recycling disposal and insurance constantly going up Reserve is good but certainly not ballin'

[dirtsniffer]

6 years ago we also didnt need to have organics and recycling. That alone has increased our fees by $30 a month over the last 5 years

[Masked Bandit]

This quote is hidden because you are ignoring this member. Show Quote

Do you notice any difference in wood framed buildings vs concrete? Or is everything going up.

I can't speak to that as I don't write policies for condo corporations, the one specific policy I referenced is for an individual client of mine who brought it to me and asked me if it was normal. The increased deductibles were her main concern (rightfully so) because that's the angle that can impact the individual unit owners the most.

[duaner]

Condo fees will be $30 more, an 8.3% increase (insurance went up 77%). On the bright side, property tax will be down $10 per month.

[duaner]

This quote is hidden because you are ignoring this member. Show Quote

Relevant?

https://ca.yahoo.com/finance/news/co...145100939.html

According to my property manager, it isn't just due to problems in Canada but worldwide--floods, hurricanes, fires (California, for example), etc. It all feeds through London, which apparently is the world's insurance hub, so things happening anywhere in the world now affect insurance rates everywhere else. And there have been too many catastrophic events as of late.

Condos, at least in Canada (perhaps just Alberta), are paying out $6 for every $1 they bring in, which is obviously bad for business. So many insurers are either dumping or under-insuring condos. Our complex has been hit with two major hailstorms within the last 8 years or so (one at the end of August last year, which was repaired this summer) and our hail deductible sits at $250k. One more hail claim will bump that to $500k, at which point it would be cheaper to just pay for the repairs. Of course, we would likely just pay for it rather than file another claim. I tried to convince the rest of the board that we should put rubber shingles up after this latest round of repairs but no one would bite. I think in the long run it would have saved a lot of money.

Now would be the time to get out and move into a house. As it is, with all the negative news about condo insurance, it's going to be more difficult to sell.

[sexualbanana]

I don't know if it's just me, but insurance seems like such a idiot-proof revenue scam. Like "It's better to have it (insurance) and not use it, than not have it when you need it" followed by "Yeah, sorry. Your policy doesn't cover that" or "I know it has nothing to do with you, but we're going to charge you more because of it."

[Xtrema]

This quote is hidden because you are ignoring this member. Show Quote

Source? Can't find anything on this. Google is only showing BC upping to 12.

I recall that's CoC and not ABGov. I think they raise it from 6 to 8 or 10

EDIT: 4 to 6
http://www.calgaryherald.com/homes/c...020/story.html

Ironically, the 1st one that went up was this 6 storey unit during construction:

This quote is hidden because you are ignoring this member. Show Quote

I don't know if it's just me, but insurance seems like such a idiot-proof revenue scam. Like "It's better to have it (insurance) and not use it, than not have it when you need it" followed by "Yeah, sorry. Your policy doesn't cover that" or "I know it has nothing to do with you, but we're going to charge you more because of it."

Yes and no. You need $150M to underwrite $300-400M of policy. It's very capital intensive. And if you are stupid enough to not spread the risk around, you could be upside down on major claims.

[J-D]

You're not wrong, it is going to 12 storey here too.

https://edmontonjournal.com/news/loc...ctoral-officer

• Removing a restriction limiting wood-constructed buildings to six storeys. A new 2020 building code will allow them up to 12 storeys

[ExtraSlow]

By far the greatest fire risk for any building is during construction.

[Rocket1k78]

This quote is hidden because you are ignoring this member. Show Quote

Lol I wish. Mine started at $225, now nearly $400 6 years later. No elevator, pool or major issues. Just utilities, waste/recycling disposal and insurance constantly going up Reserve is good but certainly not ballin'

Mines a townhouse so no elevator, pool or major issues either.

I should probably know this but is it a good thing to have the fees creep up only $110 in 15 years or is this a bad thing as in theres a potential for a major special assess because there might not be a ton of money in reserve?

[Xtrema]

This quote is hidden because you are ignoring this member. Show Quote

Lol I wish. Mine started at $225, now nearly $400 6 years later. No elevator, pool or major issues. Just utilities, waste/recycling disposal and insurance constantly going up Reserve is good but certainly not ballin'

Wait til deck/balcony water issue that causes special assessment.

[vengie]

12 storey wooden structure...
That’s a hard no from me... wood frame condo in general.

[msommers]

This quote is hidden because you are ignoring this member. Show Quote

Mines a townhouse so no elevator, pool or major issues either.

I should probably know this but is it a good thing to have the fees creep up only $110 in 15 years or is this a bad thing as in theres a potential for a major special assess because there might not be a ton of money in reserve?

Your board should be doing a reserve assessment every 5 years to keep an eye on how well the reserve fund is stocked. Their ranges are on the high end so even if you're within their tolerances on the low end it's sufficient imo.

This quote is hidden because you are ignoring this member. Show Quote

Wait til deck/balcony water issue that causes special assessment.

Not worried about it.

[dirtsniffer]

This quote is hidden because you are ignoring this member. Show Quote

Wait til deck/balcony water issue that causes special assessment.

I had a good friend get hit with this for $10 grand this year. Sounds like a common issue?

[J-D]

This quote is hidden because you are ignoring this member. Show Quote

12 storey wooden structure...
That’s a hard no from me... wood frame condo in general.

I lived in one for a few years... Never again. Lol.

[Xtrema]

This quote is hidden because you are ignoring this member. Show Quote

I had a good friend get hit with this for $10 grand this year. Sounds like a common issue?

Very common. Takes about usually 10-15 year to rear ugly head. I have seen 2 properties in Coventry Hills gone thru this BS already. One has distributed the repair cost to townhouse units that shares the same complex to keep assessment down to $6K and those owners are pissed because they weren't affected.

[Mitsu3000gt]

Friend of mine got hit with a $56K special assessment recently and for something that largely doesn't affect his particular unit. He was hoping to move out, but not anymore...It's a large townhome-style complex.

There is also a condo complex up near Aspen where everyone got hit with $100-150K assessments since the entire exterior was apparently done wrong. I'm so glad I got out of my condo when I did.

[Xtrema]

This quote is hidden because you are ignoring this member. Show Quote

There is also a condo complex up near Aspen where everyone got hit with $100-150K assessments since the entire exterior was apparently done wrong. I'm so glad I got out of my condo when I did.

That's harsh, I and I thought the $40K in Edgemont in the 2000s was bad.

[pheoxs]

This quote is hidden because you are ignoring this member. Show Quote

Friend of mine got hit with a $56K special assessment recently and for something that largely doesn't affect his particular unit. He was hoping to move out, but not anymore...It's a large townhome-style complex.

There is also a condo complex up near Aspen where everyone got hit with $100-150K assessments since the entire exterior was apparently done wrong. I'm so glad I got out of my condo when I did.

That seems crazy. How the heck can you spend 100k per unit to redo an exterior?