Source? Can't find anything on this. Google is only showing BC upping to 12.This quote is hidden because you are ignoring this member. Show Quote
2020 fees lower than 2019
No change
0-1%
1-2%
2-3%
3-4%
4-5%
5-6%
6% or higher
Source? Can't find anything on this. Google is only showing BC upping to 12.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'This quote is hidden because you are ignoring this member. Show Quote
Ultracrepidarian
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
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.This quote is hidden because you are ignoring this member. Show Quote
"Masked Bandit is a gateway drug for frugal spending." - Unknown303
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.
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.This quote is hidden because you are ignoring this member. Show Quote
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.
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."
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I recall that's CoC and not ABGov. I think they raise it from 6 to 8 or 10This quote is hidden because you are ignoring this member. Show Quote
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:
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.This quote is hidden because you are ignoring this member. Show Quote
Last edited by Xtrema; 12-07-2019 at 06:32 PM.
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
By far the greatest fire risk for any building is during construction.
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Mines a townhouse so no elevator, pool or major issues either.This quote is hidden because you are ignoring this member. Show Quote
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?
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Wait til deck/balcony water issue that causes special assessment.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.
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
Not worried about it.This quote is hidden because you are ignoring this member. Show Quote
Ultracrepidarian
I had a good friend get hit with this for $10 grand this year. Sounds like a common issue?This quote is hidden because you are ignoring this member. Show Quote
I lived in one for a few years... Never again. Lol.This quote is hidden because you are ignoring this member. Show Quote
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.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's harsh, I and I thought the $40K in Edgemont in the 2000s was bad.This quote is hidden because you are ignoring this member. Show Quote
That seems crazy. How the heck can you spend 100k per unit to redo an exterior?This quote is hidden because you are ignoring this member. Show Quote