In condo insurance crisis, time for study has passed

Re: One-two punch: COVID-19 compounds B.C. condo insurance crisis

Regarding the current condo insurance crisis in B.C., I see that this problem has been “studied” by the government for several months. May I respectfully suggest that the time for study has long since passed?

This crisis is creating real and substantial problems for condo owners, prospective purchasers, real estate agents and others. If the condo market fails, there will be massive financial implications for many. Furthermore, it is having potentially devastating effects on those living on fixed incomes in condos in the province, such as retirees, the disabled, single parents and those on low incomes. It is just a matter of time before a condo complex that has not been able to secure insurance suffers a claim that results in owners losing their home, their life savings, or both. This would be a huge personal loss arising from the inaction of the government at this time to address this problem in a timely fashion.

There is another complication coming down the pipe. The qualification criteria for mortgages from CMHC are about to get tighter as of July 1. This is going to have a negative effect on the real estate market, including condo purchases. This lands on top of the insurance crisis.

This is a time for all parties to work constructively on a solution for the people of B.C. Is the government prepared to take legislative steps to protect the lives and interests of millions of residents of B.C. who have invested the vast chunk of their life savings in condo properties over the interests of the large insurance companies? David Bilinsky, barrister and solicitor (non-practising), Vancouver