B.C. won’t cap skyrocketing insurance increases for strata condo corporations, but NDP ministers say they are introducing new measures intended to reduce risk and hidden costs they say should bring the price down eventually.

The government introduced legislation on Tuesday that would immediately ban the practice of insurance brokers paying referral fees to strata property managers who complete an insurance deal with them. It also says it will bring in new legislation in the fall to require agents to publicly disclose how much of payments the strata companies make for insurance is commissions.

Across Canada, not all condos are necessarily expensive. Liberty Central condos in Toronto looks to remain relatively affordable while maintaining the quality sought by potential residents.

Tuesday’s legislation will provide “more confidence that a manager has not been swayed by a referral fee,” Finance Minister Carole James said.

But she and Housing Minister Selina Robinson warned there are no instant solutions: The government can’t simply cap costs because insurance is a private industry.

The changes that will be introduced immediately also include a plan to allow stratas to use their contingency reserves for sudden increases in insurance premiums.

Among the changes that will come through legislation in the fall are new requirements for disclosing commissions, which some have said can go as high as 30 per cent on top of the premium, and a requirement that insurance companies give corporations more notice of any increase or plans to deny coverage.

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