...The condo liquidation phenomenon I am referring to here is likely to become more prevalent as more buildings realize that their short-sighted focus to keep the condo operating fees low is in fact destructive.
The concept of a longer-term (20-25 years) maintenance plan with a capital budget is not widely practiced by strata (condo) corporations in BC, when in fact it should be required by law to protect owners.
More strata corporations with artificially low fees will soon be discovering that the cost to restore their buildings will be beyond, or close to, the value of selling to recover land value (if they're lucky). An extra $25 to $50 each month per suite would probably have covered all costs and kept the building in great shape...
...With the lack of adequate legislation (Strata Property Act) and supporting regulations, I believe we have known the collapse of strata corporations was inevitable. These inadequacies have led to poorly prepared and insufficiently supported owners trying to work within a broken government imposed framework...
...The consequence is that many more British Columbian families will be losing their homes. [...]
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