Port Coquitlam residents may lose homes over leaky condo crisis
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Port Coquitlam residents may lose homes over leaky condo crisis
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Port Coquitlam residents may lose homes over leaky condo crisis
| April 12, 2014
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Port Coquitlam residents may lose homes over leaky condo crisis
Description
April 12, 2014
There are growing concerns about a second leaky condo crisis in Metro Vancouver.
Residents of a 25-year-old building in Port Coquitlam have just been slapped with a huge repair bill, one that will cost each homeowner tens of thousands of dollars.
Many of the seniors living there may not be able to afford the repairs, especially with the loss of the government's interest- free loan program.
Cherif Abdallah was hoping to retire in two or three years, but recent news about his Port Coquitlam condo could put those plans on hold.
The leaky condo on Atkins street needs its entire envelope replaced at a cost of $1.5 million, meaning each condo owner must pay around $70,000.
The issue of leaky condos goes back to the 1980s and 1990s when thousands of homeowners faced massive repair bills, some so big they lost their homes.
Careless developers helped create the leaky condo crisis and some may be trying to capitalize on this latest round of problems.
Back then, it cost B.C. an estimated $4 billion. The issue is cropping up again because of recent rule changes to depreciation reports.
To make matters worse, the interest-free loans offered years ago no longer exist. The government suspended them in 2009.
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Port Coquitlam residents may lose homes over leaky condo crisis -
Video shows Interior residents trying to save pets01:05 | August 8, 2026 -
Wildfire evacuees arrive in Penticton03:51 | August 8, 2026 -
Thousands evacuated as Bald Range wildfire grows rapidly towards communities03:22 | August 8, 2026 -
Why did it take so long for BC to declare a State of Emergency?02:27 | August 8, 2026 -
BC declares State of Emergency due to wildfires01:02 | August 8, 2026 -
Video of Bald Range fire shows rapid fire growth00:45 | August 8, 2026 -
Wife carrying contest highlight of Burnaby Midsummer Festival01:04 | June 23, 2026 -
Emotional meeting between B.C. paramedics and cyclist01:42 | December 8, 2025 -
Surrey trucking company injunction02:33 | November 24, 2025 -
Variety Week 2025: Esperanza gets a customized orthotic back brace02:15 | October 26, 2025 -
Variety Week 2025: Tofino’s Sunshine Coach02:14 | October 25, 2025 -
Video shows EV charger explosion in Hope00:37 | October 20, 2025 -
Search for missing man and grandson, last seen on Vancouver Island00:29 | October 20, 2025 -
UBC Apple Festival underway00:46 | October 18, 2025 -
7th annual Butterfly Run held in Vancouver01:11 | October 9, 2025 -
Prince George brewery destroyed in fire may not rebuild01:02 | September 22, 2025 -
Assessing the impact of the Trump administration’s tariffs on Canadian businesses eight months later10:05 | September 22, 2025 -
Witness hurt in stabbing outside Vancouver liquor store02:09 | November 25, 2024 -
This is BC: Hospital staff help couple get married in ICU02:01 | September 30, 2024 -
Caribbean Days Festival returns to Coquitlam BC’s Town Centre Park01:30 | July 29, 2024 -
Nanaimo resident shares video of suspected arson01:47 | July 29, 2024 -
24-year-old man killed in latest Vancouver homicide00:32 | April 13, 2024
-
Global News Hour at 6 BC: April 1320:09 | April 13, 2024 -
B.C. evening weather forecast: April 1302:32 | April 13, 2024 -
Thousands celebrate 45th annual Vaisakhi Nagar Kirtan in Vancouver01:46 | April 13, 2024 -
B.C. Winter Games: Young gymnast’s family connection to games01:06 | February 25, 2024 -
B.C. Winter Games: Archery coach helps athletes reach goals, WR Bennett Award winner02:22 | February 25, 2024 -
B.C. Winter Games: 2024 Lhtako Quesnel games end01:55 | February 25, 2024 -
B.C. Winter Games events moved to Barkerville due to weather02:04 | February 24, 2024 -
Surrey mayor refused to step down from police board02:42 | May 23, 2022 -
B.C. evening weather forecast: May 2202:47 | May 22, 2022
-
Port Coquitlam residents may lose homes over leaky condo crisis| April 12, 2014
-
Video shows Interior residents trying to save pets01:05 | August 8, 2026
-
Wildfire evacuees arrive in Penticton03:51 | August 8, 2026
-
Thousands evacuated as Bald Range wildfire grows rapidly towards communities03:22 | August 8, 2026
-
Why did it take so long for BC to declare a State of Emergency?02:27 | August 8, 2026
-
BC declares State of Emergency due to wildfires01:02 | August 8, 2026
-
Video of Bald Range fire shows rapid fire growth00:45 | August 8, 2026
-
Wife carrying contest highlight of Burnaby Midsummer Festival01:04 | June 23, 2026
-
Emotional meeting between B.C. paramedics and cyclist01:42 | December 8, 2025
-
Surrey trucking company injunction02:33 | November 24, 2025
-
Variety Week 2025: Esperanza gets a customized orthotic back brace02:15 | October 26, 2025
-
Variety Week 2025: Tofino’s Sunshine Coach02:14 | October 25, 2025
-
Video shows EV charger explosion in Hope00:37 | October 20, 2025
-
Search for missing man and grandson, last seen on Vancouver Island00:29 | October 20, 2025
-
UBC Apple Festival underway00:46 | October 18, 2025
-
7th annual Butterfly Run held in Vancouver01:11 | October 9, 2025
-
Prince George brewery destroyed in fire may not rebuild01:02 | September 22, 2025
-
Assessing the impact of the Trump administration’s tariffs on Canadian businesses eight months later10:05 | September 22, 2025
-
Witness hurt in stabbing outside Vancouver liquor store02:09 | November 25, 2024
-
This is BC: Hospital staff help couple get married in ICU02:01 | September 30, 2024
-
Caribbean Days Festival returns to Coquitlam BC’s Town Centre Park01:30 | July 29, 2024
-
Nanaimo resident shares video of suspected arson01:47 | July 29, 2024
-
24-year-old man killed in latest Vancouver homicide00:32 | April 13, 2024
-
Global News Hour at 6 BC: April 1320:09 | April 13, 2024
-
B.C. evening weather forecast: April 1302:32 | April 13, 2024
-
Thousands celebrate 45th annual Vaisakhi Nagar Kirtan in Vancouver01:46 | April 13, 2024
-
B.C. Winter Games: Young gymnast’s family connection to games01:06 | February 25, 2024
-
B.C. Winter Games: Archery coach helps athletes reach goals, WR Bennett Award winner02:22 | February 25, 2024
-
B.C. Winter Games: 2024 Lhtako Quesnel games end01:55 | February 25, 2024
-
B.C. Winter Games events moved to Barkerville due to weather02:04 | February 24, 2024
-
Surrey mayor refused to step down from police board02:42 | May 23, 2022
-
B.C. evening weather forecast: May 2202:47 | May 22, 2022
Port Coquitlam residents may lose homes over leaky condo crisis
Description
April 12, 2014
There are growing concerns about a second leaky condo crisis in Metro Vancouver.
Residents of a 25-year-old building in Port Coquitlam have just been slapped with a huge repair bill, one that will cost each homeowner tens of thousands of dollars.
Many of the seniors living there may not be able to afford the repairs, especially with the loss of the government's interest- free loan program.
Cherif Abdallah was hoping to retire in two or three years, but recent news about his Port Coquitlam condo could put those plans on hold.
The leaky condo on Atkins street needs its entire envelope replaced at a cost of $1.5 million, meaning each condo owner must pay around $70,000.
The issue of leaky condos goes back to the 1980s and 1990s when thousands of homeowners faced massive repair bills, some so big they lost their homes.
Careless developers helped create the leaky condo crisis and some may be trying to capitalize on this latest round of problems.
Back then, it cost B.C. an estimated $4 billion. The issue is cropping up again because of recent rule changes to depreciation reports.
To make matters worse, the interest-free loans offered years ago no longer exist. The government suspended them in 2009.
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