Captain John’s was a landmark on Toronto’s waterfront, sitting at the base of Yonge Street – albeit a slightly cheesy one that many locals avoided. The old ship acted as a seafood restaurant for years before the city shut it down three years ago and the owner moved south. Nowadays, it’s looking for a buyer – and looking more and more like an eyesore. However, Ports Toronto’s demand for $50 million in insurance among other stipulations seems destined to kill any potential deals. Officials have noted that the high price tag for insurance is partly due to the presence of asbestos and other toxic contaminants on board.
It’s not the first – or the only by far – time asbestos, insurance and real estate sales have made an uneasy combination.
Asbestos and Real Estate Sales
On any given day, somewhere in the GTA, a home- or property owner is starting renovations and gets a nasty surprise that adds to the cost: asbestos removal. Similar situations routinely make headlines across North America as municipalities and other governments have to deal with aging buildings and all the issues that come from older construction standards – including asbestos.
Of course, it affects people not only when they want to renovate a building built before the mid-1980’s, it can also affect them when they go to resell.
The first thing that can be affected, naturally, are the costs. While it’s still not part of a typical home inspection (even though it should be!) more and more people are becoming savvy about the risks and are putting pressure on inspectors to specifically look for things like asbestos around pipe insulation and other areas where it may not be immediately obvious.
There’s no law just yet that says you can’t sell a house with asbestos in it – but there is one that says your real estate agent is obliged to disclose any relevant facts about the house to potential buyers, and that includes the presence of asbestos.
- That means that homeowners are typically stuck with the bill for asbestos removal before any sale can take place.
- In addition, some mortgage companies won’t finance the deal until any known asbestos is dealt with.
- Insurance companies may not provide insurance and will often require a clearance letter to ascertain whether asbestos removal has been accomplished or not.
- And no – your home insurance policy won’t cover the removal either.
Get Professional Help
When it comes to the derelict former floating restaurant at the foot of Yonge Street, observers expect that even finding an insurance company that will take the risk will be a challenge. Don`t take the chance. If you suspect or know of the presence of asbestos in your home, our experienced technicians offer professional, certified asbestos removal or asbestos remediation services.
Featured in Mike Holmes’ magazine, HGTV’s Income Properties, W Network’s Love It Or List It and chosen by Homestars.com as “Best Toronto Asbestos Removal Company” based on customer ratings and reviews, GreenStream Environmental Services are fully-certified, trusted and insured professionals in the removal and disposal of commercial, industrial, institutional and residential asbestos, vermiculite and mould (hazardous and non-hazardous). Providing emergency service 24/7/365 for all of Toronto and the GTA (North York, Mississauga, Markham, Brampton, Scarborough, Ajax, Oshawa, and beyond) GreenStream has over 40 combined years of experience serving clients such as the City of Toronto, the Toronto District School Board and many more. For a free estimate in Toronto, the GTA and Southern Ontario, call today at 416-818-9414. You’ll be glad you did.