COLCO NEWS RELEASE

To:    Mr. Mike Corbeil, Deputy Minister
         Via Fax 250-387-6411

From:  Dr. James Balderson @ FAX 604-739-4109
           james.balderson@myleakycondo.com
          COLCO: Coalition of Leaky Condo Owners

Re:   Compensation for owners of leaky rotten condos/coops/houses
 

We received a copy of your August 25 letter to Carmen Maretic of CASH on September 13.  COLCO is a founding member of CASH.

We agree with your statements that much has been accomplished regarding the loop-holes in the residential construction industry. We disagree with your assumption that full compensation for victims is not a viable option.

You state that you are willing to work “with condo owners to identify their priorities and develop effective alternatives to compensation.”

COLCO suggests a four-step effective alternative to compensation:

1) have the Homeowner Protection Office (HPO) provide immediate no-interest loans via the banking system to ALL (not just a few) owners of leaky rotten condos for the full (not a portion of) cost to repair buildings damaged by premature failure of the building envelope; and

2) amortize the cost of the loan program over several years; and

3) charge the cost of the loan program to the industry and taxes collected as a result of the economic activity flowing from the program; and

4) forgive the HPO loans, less legal recoveries, over several years.

Eligibility should not be tied to the government’s definition of the leaky rotten condo owner’s “ability to pay.” The issue is leaky rotten condos developed, built and sold by an incompetent and fraudulent self-regulated industry, not the frugality of the purchasers. To do less rewards the industry and government while penalizing the innocent purchasers of leaky rotten condos.

Full compensation by any other name is fine with us.  Nothing less will restore confidence.. Please contact COLCO for further information regarding our views.

Yours truly,
 

COLCO
Dr. James Balderson, Q.S., CIA

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