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CHBA BC
The Insurance Bureau of Canada (IBC) says it is working to find a solution to astronomically high strata insurance rates. Rob de Pruis, IBC director of consumer and industry relations for Western Canada, says a task force has been created to engage with stakeholders and local governments across Western Canada. Global News article here.
On Wednesday MLA Todd Stone introduced a bill to help address the strata crisis — The Strata Property Amendment Act, 2020, which provides for the following legislative changes:
Adds a new defined term “standard unit” to better ensure correct insurance-product pricing and greater clarity in the claims process;
Requires a strata corporation to provide a copy of proof of insurance;
Requires that strata corporations be provided insurance renewal terms at least 30 days in advance; and,
Requires an owner of a strata lot to obtain and maintain liability insurance.
In addition, Stone is calling on the government to implement a water damage prevention program to provide financial incentives for preventative maintenance in strata buildings. News Release here.
The B.C. NDP government has asked that the British Columbia Financial Service Authority (BCFSA) monitor the situation carefully and report that they are "doing everything [they] can to financially protect British Columbians."
| New benchmark rate for qualifying insured mortgages |
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Government of Canada
The federal government is changing the stress test rate for insured mortgages starting April 6.
The government says the change will allow the rate to be more representative of the mortgage rates offered by lenders and more responsive to market conditions.
The new minimum qualifying rate will be the greater of the borrower’s contract rate or the weekly median five-year fixed insured mortgage rate from mortgage insurance applications, plus two percentage points. CBC News article here
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Georgie's Corner
We're proud to say we have over 800 attendees for the upcoming Georgie Awards! You can see all of our finalists being showcased via our Facebook page here. |
Skills Canada National Competition
Come to Young Women in Construction Trades Conference at the Skills Canada National Competition
Vancouver Convention Centre, Level 3
Thursday, May 28
9:00am – 12:30pm
Young women attending the Skills Canada National Competition are invited and encouraged to attend this fun, interactive networking event. Meet local Apprentices and Journeywomen, engage in one-on-one discussions, ask questions and see for yourself how rewarding a career in the skilled trades can be.
Special guests, HGTV celebrities Kate Campbell and Sebastian Clovis, will be participating in this unique event.
An opportunity not to be missed!
Register now
Travel subsidies are available: for more information and to apply click here.
B.C. Gov
The CleanBC Climate Change Accountability Report is now out as it details the progress toward meeting the 2030 emissions reductions target and CleanBC goals.
The report summarizes a wide range of actions launched to date, highlights early signs of success, and identifies areas of work still ahead.
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