Under the new standards, the province’s 300 to 400 home inspectors will be required to meet the qualifications of one of the following organizations:

• The Canadian Association of Home & Property Inspectors – BC branch;
• The Applied Science Technologists and Technicians of British Columbia; or
• The National Certification Program for Home and Property Inspectors.

Licensing will be under the Business Practices and Consumer Protection Act. Home inspectors must complete examinations and field experience, undergo a criminal records check and pay a $100 licensing fee.

The Business Practices and Consumer Protection Authority (BPCPA) will be the regulatory body, overseeing licensing and complaints, and will monitor compliance through inspections and enforcement. Maximum penalties for non compliance will be $5,000. 

Until March 31, 2009, home inspectors who haven’t met the requirements of a BPCPA-recognized professional association or authority can apply to the BPCPA to have their experience, knowledge and ability assessed and may be issued a licence. “Grandfathered” inspectors must meet the requirements of one of the three recognized groups by March 31, 2011.

After March 31, 2009, when you contract a home inspector, make sure each inspector has a wallet-sized licence and make sure you ask to see it.  If you have a complaint about a licensed inspector they can visit the BPCPA website at www.bpcpa.ca or phone toll-free 1.888.564.9963for assistance. 

The place to look is New Westminster, a short ride on the Skytrain to Downtown Vancouver. Despite a “benchmark” price of a typical condominium at $304,000 in May, according to the Real Estate Board of Greater Vancouver, I found 78 condos under $250,000. (You can even find a handful under $200,000 as well). 

It is a buyers’ market right now and a good time to be checking out a lot of potential deals. The rental vacancy rate in each of these markets is tight, around 1%, according to CMHC. So for rental investors, New West may be worth a look.Condos in the $150,000 price range may best be avoided.   

Most of these are in three leaky condo buildings. (Eg: low-rise 312 Carnarvon – $1.5-$2 million in repairs needed – realtor’s estimate) and two high-rises on Agnes St. (assessments to $100,000 per suite for repairs).But there are renovated older New West condo buildings (watch for listings on Ginger Street) that offer decent value in the $200,000 range.