Condo Smarts: Borrowing for needed repairs not without risks

Dear Tony: Our strata corporation is trying to attempt a major project that includes our roofing and/or balcony deck renewals.  We have had the project detailed and prepared by an engineering company and the estimate of costs will be around $2.7 million. We have $1 million saved so the owners will have to pay a special levy of $1.7 million or an average of $24,000 per unit.    Read the Q&A…………..


Related Articles

How is a special levy calculated?

Dear Tony: We are a seven-unit townhouse complex that share the same roof. The roof needs to be replaced urgently

Smoke-free condos on the rise in B.C.

Smoke-free Housing B.C. has been pushing for a ban on smoking in buildings for 10 years, but advocates say the

Alberta proposing stricter rules to help buyers bound by condo construction delays

The Alberta government is proposing strict regulations that will help protect condo buyers frustrated with construction delays.  The rules would