If you’ve been in Vancouver for a while you might remember the ‘leaky condo crisis’.
That crisis peaked about 15 years ago, and its still a common site to see condo buildings under tarps.
Unfortunately there are some reports we’re not out of the woods yet on building maintenance and construction quality.
This article in the Vancouver Sun talks goes over the crisis and how many moist condo units may still be out there.
In response to the last round of the crisis, the government introduced a new requirement for depreciation reports on strata property.
However, stratas have the option to exempt themselves from the requirement by agreement of three-quarters of their members.
Gioventu said that provision was put in to accommodate commercial-property stratas or strata-ownership arrangements on bare land where owners build their own homes and have no common services.
He said there there is no doubt some older residential strata corporations are exempting themselves because they know a depreciation report is “going to give them an ugly picture,” but the market is going to catch up with those situations when banks refusing financing on sales without the reports.
Gioventu said if there is a common theme, it is that “strata corporations have not been maintaining their buildings,” which is evident in problems that are cropping up with building decks and balconies, roofing systems and windows.
If you’re shopping for a condo how important is a depreciation report to you? Are you concerned about the history of leaky condos in Vancouver?