No more interest free loans for leaky condos in BC

Owners of leaky condominiums in British Columbia built poorly during the building boom of the late 1980s and early 1990s would no longer be eligible for government funded interest free loans to repair their buildings. The B.C. government has put an end to a leaky condo loan program, saying a levy on new residential projects that funded it has dried up.

The program was established as consumer advocates called on the government to foot the entire bill for the leaky condo repairs because building codes and regulatory programs were blamed for the problem.

Homeowner Protection Office started lending money to leaky condo owners 11 years ago and stopped accepting applications last Friday. About 16000 people are said to have benefited from this interest free loan program which funded over $670 million in the last 11 years. There may not be as many leaky condos out there today but the ones with a leak problem will feel the pinch.   

Comment Notification

Subscribe to this post's comments using RSS