VANCOUVER (Jun 16, 2020) — The BC Liberals are renewing their call for government to act quickly on the strata crisis in B.C. Leader of the Opposition Andrew Wilkinson and Opposition Critic for Municipal Affairs and Housing Todd Stone, have sent a letter to the Premier outlining immediate steps that should be taken to help condo and townhome owners through this crisis.
“We have heard from countless condo and townhome owners about how rising strata insurance costs are affecting their ability to make ends meet and how the effects of the COVID-19 pandemic are only adding to their financial stress,” said Wilkinson. “The government has said they are monitoring the situation but now is the time they should be taking action.”
Today’s letter to the Premier suggests a series of measures that will relieve the financial burden on property owners and help to keep strata rates under control, including a temporary tax holiday on the 4.4 per cent Insurance Premium Tax on strata property so that this money can remain in the pockets of condo and townhome owners.
“The government cannot delay action on this issue any longer,” concluded Stone. “When I introduced The Strata Property Amendment Act in February, it was clear that strata insurance was a serious and growing issue, but after months of government inaction, it has only worsened. It is time to see the government take real steps to improve this situation and provide much-needed relief for condo and townhome owners around the province.”