1451 replies to this topic

[Victoria Watcher]

it's the one at the very top at ormond.

[sebberry]

it's the one at the very top at ormond.

 

That's the block, not the building, right?  The one I'm thinking of is mid-block.

[aastra]

 

Insurance costs for strata corporations have been skyrocketing in condo-heavy markets such as Vancouver, Toronto and New York...

Multiple factors appear to be behind the increases. They range from fewer insurers being able to take on more risk to aging buildings that in some cases haven’t been well maintained, expensive new construction, expensive high-end finishing in those new units and an increase in the number of high-rise developments.

...some new buildings have been hard hit because the cost of building replacement and finishings is so high.

That’s especially true of high-rises where a common problem such as water damage tends to affect multiple floors, inflating any claim.

From the Times-Colonist...

 

I just knew it would cause problems when places like New York and Toronto started building highrise apartments back in 2014 (or whenever it was).*

 

And those high-end finishings... could any insurer ever have imagined that highrise apartments in Manhattan might one day flaunt high-end finishings, like they do now?**

 

Don't get me started on the water damage. When water started flowing down instead of up back in 2008 (or whenever it was) I knew it was going to be trouble.***

 

*highrise buildings are actually not new things
**also nothing new

***also also nothing new
 

[Jason-L]

I just knew it would cause problems when places like New York and Toronto started building highrise apartments back in 2014 (or whenever it was).*

 

And those high-end finishings... could any insurer ever have imagined that highrise apartments in Manhattan might one day flaunt high-end finishings, like they do now?**

 

Don't get me started on the water damage. When water started flowing down instead of up back in 2008 (or whenever it was) I knew it was going to be trouble.***

 

*highrise buildings are actually not new things
**also nothing new

***also also nothing new
 

I notice that "generating more profits" (also nothing new) isn't given as a reason for the increases.

[aastra]

You're not convinced when insurers (or anybody else) tell you they didn't know winter was coming, they didn't know summer was coming, they didn't know water flowed downhill, etc.?

 

I feel like there's been an effort to portray modern apartment living (since the condo era really took off in the 1980s or thereabouts) as something luxurious, decadent, ostentatious, etc. It's breaking the back of civilization, this excessive decadence. You know, those half-decent cabinets in your 450 square foot condo are going to bring down modern society, they're so over the top. That sink that's actually large enough to wash a pot in is just too, too much.

[Mike K.]

This, perhaps, is a sign that the insurance industry is crumbling beneath its own weight.

Look at ICBC, a total disaster. Look at markets where there have been disasters and insurers simply walk away or declare bankruptcy. Look at our own province, where floods have forced property owners to seek government assistance because insurers are unwilling or unable to provide coverage.

What’s particularly worrisome, IMO, is we are often forced to have insurance and cannot opt out, but we have that feeling that the insurance will not cover us in the event of a large incident.

Consider a modern multi-family residential building and the layers of insurance that apply to it:
- the building has insurance
- the common areas have insurance
- the service providers maintaining the building have insurance
- the staff working at the building have insurance
- each unit has insurance
- each resident has at least one form of insurance (health, dental, mortgage protection, employment, life, and auto)

And I’m sure I’m missing some forms of insurance that may apply, like additional insurance for specific areas of the building or lands surrounding it.

[Matt R.]

Don’t forget underinsured insurance, and now they have deductible insurance for when the deductible is too high.

Matt.

[Victoria Watcher]

insurance is a big business for sure.  that's also nothing new.

Edited by Victoria Watcher, 13 February 2020 - 01:48 PM.

[LeoVictoria]

I just knew it would cause problems when places like New York and Toronto started building highrise apartments back in 2014 (or whenever it was).*

 

And those high-end finishings... could any insurer ever have imagined that highrise apartments in Manhattan might one day flaunt high-end finishings, like they do now?**

 

Don't get me started on the water damage. When water started flowing down instead of up back in 2008 (or whenever it was) I knew it was going to be trouble.***

 

*highrise buildings are actually not new things
**also nothing new

***also also nothing new
 

 

After reading a dozen articles on the insurance situation, the only useful point I've read is that the building code should mandate floor drains.  

The fact that someone forgetting to turn their taps off should cause flooding and damage to dozens of units is insanity.   Build in some simple failsafes like a drain near anything that uses water and you've likely solved 90% of water damage cases.

Edited by LeoVictoria, 13 February 2020 - 02:07 PM.

[Victoria Watcher]

better yet auto switch off. we have low price technology now for this.

[aastra]

 

insurance is a big business for sure.  that's also nothing new.

 

Complaining about how insurance is big business is nothing new.

[aastra]

Just imagine if the good people of Sao Paulo start getting on board with North American habits re: residential/property insurance. Somebody needs to warn the insurance industry ASAP about this. All of those thousands upon thousands of highrise apartments...

 

Oh, wait, the insurance industry gushes in their own documents about the potential to sell more insurance to Brazilians. So they claim the situation they've created in Canada & the USA is a crisis, but meanwhile they're trying to create the exact same situation but on a much bigger scale in other countries. The following excerpts are from Deloitte's document entitled "The insurance industry in Brazil: Transformation and growth in a country of opportunities":

 

 

It is exactly this search for security that the insurance industry worldwide seeks to address, offering people the sensation of being protected by a health plan or life or property insurance. The new Brazilian middle class, as they gain access to goods they did not have before, now also worries about protecting them.

--

Strategy should always meet the increasing demands of the insured, who are eager to preserve the incomes and property they have gained through the new winds of the Brazilian economy, by the addition of new services in the insurance policy, in order to charm them in the acquisition of their insurance protection.

--

Property insurance in general is expected to grow 7% on average per year through 2013.

--

The argument that Brazilians did not have an “insurance culture” was only partly true. After all, how could there be a practice of insuring if there was no property to be protected, no standard of living to be conserved?

--

Consequently, insurers longed for a time in which the country would finally form a mass of people inclined to consume.
 

 

 

 

pic from https://wallpapers.lunean.com

Edited by aastra, 16 June 2020 - 12:24 PM.

[LeoVictoria]

better yet auto switch off. we have low price technology now for this.

Sure, insurance companies could offer it with steep discounts if installed everywhere 

[Mike K.]

From the province:

To support people and prevent the spread of COVID-19, the Province is introducing a new temporary rental supplement, halting evictions and freezing rents, among other actions.

The new rental supplement will help households by offering up to $500 a month towards their rent, building on federal and provincial financial supports already announced for British Columbians facing financial hardship.

“With lost jobs and lost wages due to COVID-19, many tenants are worried they can’t make the rent. It’s a challenging time for landlords too,” said Premier John Horgan. “Nobody should lose their home as a result of COVID-19. Our plan will give much-needed financial relief to renters and landlords. It will also provide more security for renters, who will be able to stay in their homes without fear of eviction or increasing rents during this emergency.”

The funds will support renters experiencing a loss of income by helping them pay their rent and will be paid directly to landlords on their behalf, to ensure landlords continue to receive rental income during the pandemic. Benefiting people with low to moderate incomes, this supplement will be available to renters who are facing financial hardship as a result of the COVID-19 crisis, but do not qualify for existing rental assistance programs.

“People are feeling a lot of fear and anxiety and they need to be able to depend on the comfort and stability of home right now. Our government is taking steps to help take some of the pressure off renters and landlords and protect people’s health,” said Selina Robinson, Minister of Municipal Affairs and Housing. “We’re helping renters pay rent and giving them the peace of mind that they have a stable home in these unprecedented times, and ensuring that landlords can count on some rental income right now to keep them afloat too.”

Spencer Chandra Herbert, MLA for Vancouver-West End, who led the Province’s Rental Housing Task Force, consulted with a broad range of tenant and landlord organizations to inform the development of these actions that meet the needs of both landlords and tenants during the pandemic.

“As we work together to fight this pandemic, we can’t afford to leave anyone behind,” Chandra Herbert said. “That’s why I delivered recommendations that address the immediate concerns of both landlords and tenants who are doing their best at this difficult time.”

The Province is implementing a number of additional measures to keep people housed and protect their health. The full list of immediate measures includes:

🔹The new temporary rent supplement will provide up to $500 per month, paid directly to landlords.
🔹Halting evictions by ensuring a landlord may not issue a new notice to end tenancy for any reason. However, in exceptional cases where it may be needed to protect health and safety or to prevent undue damage to the property, landlords will be able to apply to the Residential Tenancy Branch for a hearing.
🔹Halting the enforcement of existing eviction notices issued by the Residential Tenancy Branch, except in extreme cases where there are safety concerns. The smaller number of court ordered evictions are up to the courts, which operate independently of government.
🔹Freezing new annual rent increases during the state of emergency.
🔹Preventing landlords from accessing rental units without the consent of the tenant (for example, for showings or routine maintenance), except in exceptional cases where it is needed to protect health and safety or to prevent undue damage to the unit.
🔹Restricting methods that renters and landlords can use to serve notices to reduce the potential transmission of COVID-19 (no personal service and allowing email).
🔹Allowing landlords to restrict the use of common areas by tenants or guests to protect against the transmission of COVID-19.

To further support renters and landlords, the Residential Tenancy Branch will implement several additional actions, including adjourning and rescheduling hearings in situations where people need additional time to prepare and extending timelines for filing applications for dispute resolution.

These latest steps are part of government’s $5-billion COVID-19 Action Plan to provide income supports, tax relief and direct funding for people, businesses and services.

[Nparker]

Where's the relief for homeowners who may be facing difficulties making mortgage payments?

[spanky123]

Where's the relief for homeowners who may be facing difficulties making mortgage payments?

 

Screw you you capitalist pig!

 

Ben will get his wish, the City will get the chance to own a lot of residential real estate after they buy it from the mortgage holders.,

Edited by spanky123, 25 March 2020 - 01:30 PM.

[Victoria Watcher]

Where's the relief for homeowners who may be facing difficulties making mortgage payments?

 

if you have equity you have all kinds of unfettered access to cash using that equity.  and/or ask your mortgage lender for relief.  it's probably available.  not everyone needs a government bailout.

[spanky123]

if you have equity you have all kinds of unfettered access to cash using that equity.  and/or ask your mortgage lender for relief.  it's probably available.  not everyone needs a government bailout.

 

Perhaps but I bet a lot of lenders are severely discounting the loan to asset value they are willing to fund against. If you purchased in the last 10 years you may not have any headroom.

[Nparker]

...not everyone needs a government bailout.

I agree. Not every landlord or renter needs a bailout either.

[Mattjvd]

The big banks announced 8 days ago that customers may defer mortgage payments by up to 6 months. So if you're a TD, BMO, CIBC,Soctia Bank, RBC, or National Bank customer, you're covered.