Condo owners face soaring insurance costs in parts of Canada

Home buyers typically consider things like prices and mortgage rates when making purchasing decisions, but often overlook the cost of insurance premiums — which are soaring in parts of the country’s struggling condo markets.  A new report from LowestRates.ca looked at Ontario, B.C, and Alberta. It found insurance premiums for condos were up 3 per cent in Ontario in the third quarter compared to the same period last year.  But the situation is more dire in Alberta and Vancouver, where condo owners are paying premiums 16 per cent higher than last year, in large part because of skyrocketing deductibles.    Read the article…………………………………