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What you need to know about strata insurance rate increases

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The benchmark rate used to determine the minimum qualifying rate for insured mortgages, known as the “stress test" is changing.

In today’s Throne Speech, the BC government, building on it’s housing plan, promises to continue working to fix the housing crisis by building housing for people of all incomes, from people experiencing homelessness to middle-income families.

Strata owners in BC are facing insurance rate increases of between 50 and 300 per cent this year, according to the Condominium Home Owners Association of BC.

Home buyer demand increased in January compared to this time last year while the supply of homes listed declined below historical averages in Metro Vancouver.

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