B.C. Government Ends Leaky Condo Loan Program

by candice.tsuei | July 31, 2009 at 03:00 pm

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The British Columbia government announced today that it is ending the leaky condo loan program, due to the decrease of revenue coming in at a time of recession.

"The financial viability of the program has severely declined and can no longer be sustained," the government said in a news release.

For the past 11 years, the Homeowner Protection Office has funded the program through a $750 levy, charged on new residential construction, aiming to provide help for homes damaged by water and built before July 1st, 1999.

To date, the province has approved more than $670 million in no-interest loans through the program, helping to repair more than 16,000 leaky homes.

Rich Coleman, B.C. Housing Minister, said that no new applications to the loan program will be administered after July 31st, 2009.

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