Like that battery-marketing bunny, the leaky condo crisis keeps going and going.
Owners in a 71-unit building in Cloverdale say their builder repaired some leak problems a few years ago. At the time, the work was covered by warranty.
But recent testing found moisture in the building’s walls, and homeowners learned that they would be hit with a bill of about $45,000.
For some owners, that was too much to handle, and they just walked away. Eight owners have yet to come up with the necessary cash.
“They’re going to be foreclosing. I have until the end of December to come up with any monies,” owner Shirley Hall said. “I guess I have to walk away from it.”
The building was built in the 90s, at the height of the leaky condo crisis. For 11 years, the province gave interest-free loans to those facing massive repair bills.
A 2008 report done for the government said that after 2012, anywhere from 14,000 to 24,000 leaky condos would still near repairs, and that the demand for loans would be high until 2017.
..but as you all know, that interest free leaky condo repair loan program has been axed. Housing minister Rich Coleman suggests taking out equity to pay for repairs saying “Even seniors can get reverse mortgages — they’re pretty economical”.
Hat-tip to Bizznitch for the link.