Homeowners who bought a condo with faulty Kitec plumbing have been offered a lifeline by a Toronto real estate broker.
An estimated quarter of homes with Kitec pipes fitted between 1995 and 2007 are subject to a recall and that could mean costly repairs for homeowners.
"This is a crisis that no one saw coming," said Claude Boiron, of the Royal LePage Terrequity Realty - Boiron Group. "Many Canadians put their hard-earned savings into condos and expected to make equity for their futures and retirement. This is a curve ball that just isn't fair to Canadian condo owners."
The 17-year real estate veteran has pledged to cover the repair costs of up to $10,000 for anyone who buys or sells a property through his agency and intends to get other Realtors to do the same for their clients.
"We've seen the confusion, anger, and concern of condo owners at town hall meetings," added Boiron. "Many are wondering how they will be able to afford this unforeseen cost or how they will be able to sell their condos with a Kitec crisis stated on their status certificates. This is a way that we can take this considerable burden off the shoulders of our past and future clients."
Boiron has set up a dedicated website KitecCrusader.ca to explain the offer.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
More market watch: