New Home Warranties in Strata Corporations

The BC Home Owner Protection Act requires that all newly built homes (including strata properties) or buildings that have been substantially reconstructed to be covered by third-party new home warranty insurance. You may often hear this referred to as the “2-5-10 New Home Warranty”. Basic coverage typically includes:
  • 15 months for defects in labour and materials

  • 2 years for building cladding and delivery systems (plumbing, HVAC, etc.)

  • 5 years for building envelope defects

  • 10 years for structural defects

While some consumers may worry when hearing that a strata corporation is working on addressing warranty defects, we typically see this as a good thing. The reality is that almost no building is built with zero defects, and addressing problems while the warranty coverage is still active shows that the strata is being proactive and committed to addressing deficiencies, while still under warranty.

Finding no information pertaining to the building's warranty is therefore worrisome. As part of our review process, we always recommend that consumers obtain the strata corporation’s warranty certificate, as well as all documents and reports pertaining to the warranty and any warranty claims.

By doing so, consumers are able to better understand the actions the strata has taken when it comes to warranty deficiencies, as well as get a better sense of the extent of warranty deficiencies that the strata has been dealing with.

Copyright (C) 2023 Condo Clear Services Inc.. All rights reserved.


No comments

Post Your Comment:

Your email will not be published
MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.