BC Premier BREAKSDOWN as Condo Insurance EXPLODES 400% – Vancouver Market WIPED OUT!

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Condo insurance premiums in Metro Vancouver have increased by approximately 400% since 2019 — from around $100,000 per year for a typical building to nearly $500,000. This video traces the full sequence: why it happened, what it means for strata fees and mortgage approvals, and where the market data points from here.

This isn't a single event or policy decision. It's the compounding result of construction cost inflation, reduced global reinsurer capacity in BC, seismic and wildfire risk repricing, and a deductible structure that has shifted from $25,000 to $600,000 over six years. Each step made the next one worse.
We cover the full picture using verified data from the BC Financial Services Authority, Statistics Canada's New Housing Price Index, CMHC mortgage delinquency reports, the Real Estate Board of Greater Vancouver, and direct Realtor.ca market listings.

What this video covers:
The 2020 BCFSA interim report established the baseline: Metro Vancouver strata insurance averaged +50% in a single policy year, with 6% of buildings exceeding 100%. We examine the Mahogany Tower case (confirmed by eight independent sources: $66,000 to $588,000 in one year) as the clearest illustration of where the broader market was heading.

We explain the replacement cost mechanism — why insurance tracks rebuild costs, not market value, and why StatCan's documented 60% increase in BC construction costs since 2020 means this pressure doesn't reverse when interest rates fall.

The video also covers the 8-city arrears data from CMHC, the mortgage renewal wave affecting 1.8 million Canadian mortgages in 2025–2026, and what the current market data — 142 days on market for high-strata listings, -6.8% price discounts — reflects about where the segment is positioned heading into 2027.

2️⃣ VERIFIED SOURCES & REFERENCES
BC Financial Services Authority — Strata Insurance Interim Report 2020 (via CBC) https://www.cbc.ca/news/canada/britis...
Strata Property Agents of BC — Impact of Skyrocketing Strata Insurance Rates https://spabc.org/whats-the-impact-of...
Insurance Business Magazine — BC Condo Premiums +780% (Mahogany Tower) https://www.insurancebusinessmag.com/...
Global News — Abbotsford Strata Insurance Hike (Mahogany Tower primary source) https://globalnews.ca/news/6374159/ab...
Abbotsford News — 780% Insurance Hike Local Confirmation https://www.abbynews.com/news/abbotsf...
CBC — Insurers Change Pricing Method, BC Premiums Continue Rising (2021) https://www.cbc.ca/news/canada/britis...
CTV News — "Sort of Unprecedented": Experts on Looming Condo Insurance Crisis https://www.ctvnews.ca/vancouver/arti...
Business in Vancouver — Vancouver Home Insurance Premiums Rose Nearly 10% in 2025 https://www.biv.com/news/real-estate/...
CityNews Vancouver — Home Insurers Raise Prices as Weather Events Worsen (Feb 2026) https://vancouver.citynews.ca/2026/02...
Statistics Canada — New Housing Price Index (NHPI), British Columbia https://www23.statcan.gc.ca/imdb/p2SV...
CMHC — Housing Market Information Portal (Mortgage Arrears & Delinquency Data) https://www.cmhc-schl.gc.ca/professio...
Real Estate Board of Greater Vancouver — Monthly Market Statistics https://www.rebgv.org/market-watch/mo...
Bank of Canada — Residential Mortgage Data https://www.bankofcanada.ca/rates/ban...

Every claim verified with primary sources.

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Disclaimer:
We’re real estate enthusiasts—not licensed agents, appraisers, or financial advisors. All content is based on publicly available data, market observations, and personal opinions, and is shared for entertainment and general information only. Accuracy isn’t guaranteed. Always consult a qualified real estate professional, attorney, or financial advisor before making any property, investment, or relocation decisions.This video provides fact-based analysis without political bias—just economics, data, and real-world impact on families, developers, and the construction industry.