The Government of British Columbia announced today that it has stopped accepting new applications for the reconstruction loan program for leaky condos in the province and that the program will be completely wound up via legislation in the coming months.

The program was initiated 11 years ago to provide home owners with interest free loans to repair water damaged buildings that were built prior to July 1, 1999.  Funding for the program came via a $750 levy charged on new residential construction, however, the slowdown in construction during the last quarter of 2008 and the first quarter of 2009 has resulted in reduced funding.  Now, the Homeowner Protection Office has reached its 2009 borrowing limit before the end of the 3rd quarter, making the program unsustainable.

Full details in the Vancouver Sun.

Thanks for reading, please contact us for any of your real estate needs in Victoria, B.C.

Sean Farrell

My right eye brow went straight up when I read that headline in today’s Times Colonist.  I had visions of yet another reality show, not unlike Canada’s Next Top Model, somehow pitting Canada’s cities together in a walk-off (for the record, no, I don’t watch Canada’s Next Top Model).

Thankfully, the article is actually citing Next Generation Consulting, or NGC, a firm that has created a list of Canadian cities that are best suited for the next generation of workers to live and work in.

Victoria tops the list, which was generated using at least seven screens.  I did attempt to suss out the specific criteria, however, I’m waiting on an email reply from NGC that may or may not materialize.  In the near term, you can read the Times Colonist article here and I will update the blog if I hear back from them.

I always love the mixed reviews that articles like this generate as they lead to some good debates and further discussions.  Without a doubt a lot of these lists are flawed in their criteria, and indeed, no city is perfect.  That being said, even with a few flaws, I love living in Victoria, which makes it very easy for me to do my job.  Please contact me if you would like to discuss current trends in Victoria, positive and negative!

Thanks for reading, and please contact us for all of your real estate needs in Victoria, B.C.

Sean Farrell