Federal money offered to B.C. leaky condo owners
The federal government is giving $75 million to owners of leaky condominiums in B.C.
The money will be offered as interest-free loans.
James Balderson of the Coalition of Leaky Condo Owners says while his members appreciate the offer, many can't take it up. They owe more money than their homes are worth.
About 50,000 condo owners face $900 million in repairs to fix their leaky units.
Balderson says his group will continue to push for full compensation from both the B.C. and federal governments
Jan Pullinger, B.C.'s housing minister, has introduced new protection for future condo owners. It provides warranties of five years on a building's waterproofing and 10 years on its structure.
Balderson says that does nothing to help the hundreds of current condominium owners who face bankruptcy.