Pretty sure most people that live in cities seeing condo towers don't know they have a lifespan.
After 40-50 years, the cost of maintenance becomes too burdensome, and the whole thing needs to be sold to be demolished and re-developed.
After 40-50 years, the cost of maintenance becomes too burdensome, and the whole thing needs to be sold to be demolished and re-developed.
2/Okay, I feel like I need to unpack this, because people are getting defensive. After 40-50 years, buildings require lots of repairs. The board then hits the insurance company to cover them, and your maintenance fees rise.
Except this isn't a one off issue in Canada right now.
Except this isn't a one off issue in Canada right now.
3/ One city that had a MASSIve building boom was Vancouver in the late 80s and 90s. That's about 40-50 years ago.
Guess what happened last year? Insurance companies said screw it, we don't want to be in the residential building insurance game.
Guess what happened last year? Insurance companies said screw it, we don't want to be in the residential building insurance game.
4/ This led to rapidly rising insurance rates, as fewer insurers received more demand for insurance. Over the past few years, BC has seen insurance costs rise 40%, and it's likely to continue. T
This is further complicated by a building boom, that places a premium on materials.
This is further complicated by a building boom, that places a premium on materials.
5/ Now, people in Vancouver, regardless of the age of their building, now need to socialize losses to the insurance industry.
This means those higher rates go to newer buildings too, and overall makes maintenance higher. To put it bluntly, it's a real crap show.
This means those higher rates go to newer buildings too, and overall makes maintenance higher. To put it bluntly, it's a real crap show.
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