EDITORIAL: Condo concerns
Years after the leaky condo crisis threatened people’s investments and homes, a new danger appears on the horizon with the potential to devalue properties and cause heartache.
As revealed by industry insiders this week, many strata councils are voting to exempt themselves from the requirement of getting a depreciation report that outlines building deficiencies and long-term expenses.
According to some estimates, 75% to 80% of condos don’t have depreciation reports.
While some strata councils are admittedly concerned about the new rules because of the difficulty and cost of getting expert opinions, others think their building is in such great condition they don’t need one.
Unfortunately, despite the hassle, condo owners could be shooting themselves in the foot because smart potential buyers will likely want to see the documentation and will pay higher prices for condos that can show the paper work.
Conversely, condos without such a report will look like they’re trying to hide something. It’s extra bureaucracy, but one designed to protect current and prospective homeowners alike.