The BC Home Owner Protection Act requires that all newly built homes (including strata properties) or buildings that have been substantially reconstructed 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 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.
Next week we’ll look at alterations within strata units, as reported on the Form B. If you have any suggestions for other topics you’d like us to cover, please let us know at email@example.com