Yes fungus. If the plant is old, I wouldn't try and resuscitate it as the problem is probably systemic. Instead I would concentrate on giving your new plant plenty of strong light and good ventilation - they will tolerate up to 4 hours a day of direct sun, probably more in Canada, morning and/or evening. You could use light shading in the summer. - Ian.

They can get way more than 4 hours up here! I don't have catts, mostly Oncids, and they took almost full sun all summer long and right now all of my house plants get an unfiltered south facing window, your catt will appreciate the move! also, i'm in Windsor, across from Detroit, the most Southern part of Canada, so if they can handle it here, i'm sure that they can in NW BC!

beanthere, you did not say what the plant is growing in.
Generally bud blast is either due to environmental conditions or root deterioration. Repot into fresh bark.
Then provide excellent humidity by spraying or watering daily, with high temps (75F to 85F) and AIR CIRCULATION.
And as much light as they can stand without burning.