Comments on: Correction: Federal government WILL review leaky condo crisis http://vancouvercondo.info/2006/09/correction-federal-government-will.html Bubble? What Bubble? Thu, 09 Feb 2012 10:10:43 +0000 hourly 1 By: DEFAULT NAME http://vancouvercondo.info/2006/09/correction-federal-government-will.html#comment-422 DEFAULT NAME Tue, 19 Sep 2006 05:06:00 +0000 http://vancouvercondo.info/?p=72#comment-422 Am I the only one who is looking forward to a Hurricane Katrina type disaster so we can clean house and get things on the right track. ;-)<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-422">0</span> <small>(to vote for this comment, please visit the site)</small></p> Am I the only one who is looking forward to a Hurricane Katrina type disaster so we can clean house and get things on the right track. ;-)

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]]> By: DEFAULT NAME http://vancouvercondo.info/2006/09/correction-federal-government-will.html#comment-421 DEFAULT NAME Mon, 18 Sep 2006 22:56:00 +0000 http://vancouvercondo.info/?p=72#comment-421 More bad publicity continues to generate. Jennifer Morreau, staff writer of Burnaby Now, reported on "Leay co-op faces foreclosure threat" (link online not found)<br/><br/>A leaky co-op in North Burnaby will likely face foreclosure unless a miracle happens, according to the co-op’s president.<br/><br/>The co-op’s two buildings are at the 8700 block of Centaurus Circle, a shady neighbourhood nestled at the foot of Burnaby Mountain. Everything about Norman Bethune is a little bit off. The floors are warped, the walls and door-frames don’t quite line up, even the shoring beams are bent. The spacious abandoned suites have a musty scent of mildew.<br/>...............<br/>Chopiak [Equitable Life Canada], wrote in his email that after two years of negotiations there is “no resolution in sight”.<br/>Chopiak referred calls from the Burnaby NOW to his lawyer, who confirmed he is sending a letter of demand, giving the co-op 30 days to pay the rest of the mortgage. If the resident can’t pay the $720,000 they will foreclose the property. Cena received the letter Thursday.<br/><br/>Cena says the situation is a double-edged sword: <b>the lender wonders why the CMHC won’t insure the mortgage</b> and <b>CMHC wonders why the lender is charging 12 per cent on the mortgage when the going market rate is five</b>.<br/>.................<br/>According to Shackleford, the CMHC is in the business of insuring mortgages, not fixing leaky condos and co-ops, and for them, insuring Norman Bethune is too risky. He says the CMHC can’t deal with unusual circumstances.<br/><br/>“What it is, is that the CMHC in essence is a bureaucracy and they like things to sit in little boxes”, he says. “They are totally incapable of dealing with leaky condos in B.C.”<br/>....................<p class="top-comments">Current score: <span class="top-comments-karma" id="karma-421">0</span> <small>(to vote for this comment, please visit the site)</small></p> More bad publicity continues to generate. Jennifer Morreau, staff writer of Burnaby Now, reported on “Leay co-op faces foreclosure threat” (link online not found)

A leaky co-op in North Burnaby will likely face foreclosure unless a miracle happens, according to the co-op’s president.

The co-op’s two buildings are at the 8700 block of Centaurus Circle, a shady neighbourhood nestled at the foot of Burnaby Mountain. Everything about Norman Bethune is a little bit off. The floors are warped, the walls and door-frames don’t quite line up, even the shoring beams are bent. The spacious abandoned suites have a musty scent of mildew.
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Chopiak [Equitable Life Canada], wrote in his email that after two years of negotiations there is “no resolution in sight”.
Chopiak referred calls from the Burnaby NOW to his lawyer, who confirmed he is sending a letter of demand, giving the co-op 30 days to pay the rest of the mortgage. If the resident can’t pay the $720,000 they will foreclose the property. Cena received the letter Thursday.

Cena says the situation is a double-edged sword: the lender wonders why the CMHC won’t insure the mortgage and CMHC wonders why the lender is charging 12 per cent on the mortgage when the going market rate is five.
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According to Shackleford, the CMHC is in the business of insuring mortgages, not fixing leaky condos and co-ops, and for them, insuring Norman Bethune is too risky. He says the CMHC can’t deal with unusual circumstances.

“What it is, is that the CMHC in essence is a bureaucracy and they like things to sit in little boxes”, he says. “They are totally incapable of dealing with leaky condos in B.C.”
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