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There are a lot of "how-to" articles online that regurgitate the same advice about real estate related topics such as getting a good mortgage or prepping your home for the market. While those things are obviously very important, in this blog we try to write articles that are enlightening and valuable for visitors to our site. Rather than write about the same-old, same-old, we endeavour to create interesting and compelling articles specifically for people interested in (BC) waterfront real estate.

Asbestos Class Action Suit to Help Canadians

   

Recently, my husband and I found out that we have asbestos vermiculite insulation in our attic. Asbestos fibres can be dangerous when enhaled as they can cause a type of lung cancer called Mesothelioma. Appartently, the asbestos is safe so long as it is left untouched and undisturbed; (which at this point it is) however, this is putting a huge wrench in our plans as we hoped to add a 3rd floor to our house this spring. In order to get the asbestos out safely, we have to hire an asbestos abatement firm to come with their big suits and all. Of course, this comes with a hefty price tag. We have been quoted anywhere from $15,000-$18,000 to have this done. Plus we have to move out of our house for a week. After spending all this money, you don't end up with a deluxe new bathroom with soaker tub and walk-in shower, you end up with a big fat zero!

You can imagine how happy I was when I heard that the class action lawsuit in the US against Zonolite (the company that sold the vermiculite) had been extended to Canadians! Now, I thought perhaps we might get these costs covered. What a happy day! I started to look into how to get our claim filed and after several phone calls, was given the information that the maximum refund to be given was $600 (US, I believe)-a far cry from the $17, 000 we have been quoted to remove the vermiculite.  Somewhere in the back of my mind I am hoping that I heard this amount incorrectly and that miraculously the entire sum of the removal cost will be covered (haha). In the meantime, it's back to the drawing board for our house plans. If you suspect you have asbestos insulation in your home, you can get further information about the Canadian lawsuit here: http://www.graceclaims.com/
 
Update: We had the asbestos removed for $10 , 000! 2013 and still no info or money from Grace Claims!
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Market Insights - Waterfront Real Estate

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