Quote:
Originally Posted by Calgary14
^Got it. But insurance would be irrelevant for a special assessment though as there isnt coverage for that, correct?
Geez imagine getting a bill for $50K+ as a special assessment, I bet some would just mail in the keys
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In Vancouver you frequently see six figure assessments to fix building envelopes. The city is full of rotting condos built from the 1960s to early 2000s that all need lots of work. If you've held the place long enough you'll have lots of equity to deal with the assessments. New buyers can really get F-ed though.