New Westminster Record February 20 2020

Page 1

NEWS 5

FOR THE BEST LOCAL

Budget process moves forward COMMUNITY 16

Seminar held on bullying COMMUNITY 13

COVERAGE

Your top events for the weekend THURSDAY FEBRUARY 20, 2020

LOCAL NEWS – LOCAL MATTERS

GO TO PAGE 30

There’s more online at

NewWestRecord.ca

HOUSING

Petition launched over insurance crisis Theresa McManus tmcmanus@newwestrecord.ca

Soaring insurance premiums and deductibles are causing panic among some condo owners. Asifa Lalji, who owns a condo in Anchor Pointe at the Quay, said her strata had been anticipating increases to their insurance rates, but it turned out to be far worse than anyone imagined. “We thought we were going to get a 40% increase in our insurance for our building, which would then translate to an increase in our maintenance fees,” she said. “Then January rolled around, when our insurance for the building actually came due, and we found out instead of a 40% increase that we had budgeted for, we actually ended up with a 300% increase.” Lalji said other stratas in the area are facing similar increases, which could result in increased maintenance fees and/or special levies – something many residents may not be able to afford. She said the increases are particularly challenging for seniors and people with disabilities. “Having a hit like that – where does the money come from?You dip into your savings, you dip into your home equity lines. There is no fiscally responsible way to cover these costs,” she said. “What do you do when all of a sudden you have like a $150 or $200 increase to your living expenses every month?” Bruce Campbell, Anchor Pointe’s strata president, said a 40% hike in insurance premiums would have seen in his monthly strata fees rise to about $480 a month, but it’s now more

CRISIS POINT: New Westminster resident Bruce Campbell says his building has been hit with a 300% increase in insurance premiums. than $600. “People are obviously in a panic and a crisis mode at this point in time,” he said of the 300% increase. “They just don’t know what is going to happen, what the rates are going to be next year.” Lalji has started an online petition, which will be forwarded to the premier and other provincial officials, the Office of the Superintendent of Real Estate Services, the BC Financial Services Authority, the Insurance Council of BC, the Financial Consumer Agency of Canada and the Financial

The Only Co-ed and Ladies Only Fitness in New West

10 DAYS for

10

$

WITH THIS AD

in Located t New Wes ation St in ra Skyt

ways it can be addressed. It is a matter of getting all the stakeholders together and figuring out what the best way to do this is,” he said. “The only way that is going to happen is bringing everyone to the table to discuss it. This petition is kind of the starting point for that.” Anchor Pointe representatives are also reaching out to the Quayside Community Board and other residents’ associations in the city, New Westminster MLA Judy Darcy, BurnabyNew Westminster MP Peter Julian and city hall for support.

“Although some of the regulatory bodies are trying to lobby the province, there is not a lot of consumer protection.We need to see that,” Lalji said. “We need to see the consumer, the strata owner, the tenant protected in all of this.We aren’t seeing that right now. … We want to see that protection and we want to see it get to a point where it is affordable again.” Lalji said the soaring insurance premiums and deductibles is an affordability issue on several fronts. She noted some people will be forced to sell their homes,

some people who want to buy condos may choose not to get into the condo market because of uncertainty about future costs, and tenants in units that are being rented out may lose their homes if the owners need to sell. “I think there is a sentiment that this isn’t a local issue, that it’s not something that the local government can do anything about.The effect, the consequence at the end, will very much impact the social and economic base here in New Westminster,” she said. Continued on page 3

BUY ONE,

GET ONE FREE!

00

FIRST TIME VISITORS ONLY. Must be 18 years or older.

Institutions Commission. The petition, called Stop the Unfair and Unprecedented Increase to B.C. Strata Insurance Premiums, is found at change.org. The petition is an attempt to bring some calm to the crisis by sparking a conversation and a process that aims to bring everyone to the table. Campbell believes part of the problem is the current insurance model means owners are dependent on commercial insurers, who need to show a profit for their stakeholders. “There is any number of

PHOTO JENNIFER GAUTHIER

COMMITTED TO FITNESS, COMMITTED TO YOU!

#335 - 800 CARNARVON ST NEW WESTMINSTER

604-521-TRIM • www.dynamichealthandfitness.ca

2 Hou rs FREE Parkin g

Ask about our “ONE ON ONE PERSONAL TRAINING SPECIAL”

Excluding drapery, shutters & Lutron

Offer valid until February 29th, 2020. *Some restrictions apply.

604.359.9655 www.budgetblinds.com/newwestminster

IPPOLITA CORCIONE 778.838.7069 | www.ippolita.ca Call for a complimentary home evaluation


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.