Boom quality construction

We’ve talked about this subject as recently as last weeks post on local stoned construction crews, but there’s an article on MSNBC about the problems caused by shoddy boom-time home construction in the US, with some blaming the high number of foreclosures partly on that issue:

“Everything you read says that the rise in foreclosure has to due with subprime lending,” says Nancy Seats, president of Homeowners Against Deficient Dwellings, a nonprofit consumer protection group for homeowners dealing with defective construction. “But [defective construction] absolutely has something to due with the rise in foreclosures. There were absolutely investors that pushed up the price of housing, but there is no question that there are home buyers that were taken in and scammed big-time.”

So will our experience with the Vancouver leaky condo debacle protect us from a similar problem or should we be taking an extra close look at construction quality during our own boom?

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markx
markx
13 years ago

VHB used to have detailed updates on new construction. The most recent graph show huge number of units under construction. On anecdotal experience, the Westbrook Place, a development in UBC endowment land, has 2000+ units under construction. It's probably not included in Vancouver statistics, as it's under jurisdiction of UBC.Completions have been slim. It would be interesting to see how the market fares when all units complete at once. Most current projects seem to be set for completion right before Olympics. The funny thing is, if a bail out is attempted on the US disaster, 2010 would likely be the lowest point in the coming recession. What a great time to have an Olympics. I'm sure everyone in the world would be in the mood of watching the games and snapping up RE when the economy is at its darkest… Read more »

Kaydee
Kaydee
13 years ago

Basically the building envelopes are pretty good. Developers are smart as far as public perception is concerned, building envelopes have a 10 year warranty. So where do they skimp if this is being watched? Everywhere else. Elevators, HVAC systems, plumbing you name it. The crowd is watching the building envelope, so make it a good one cut corners every where else!

Inwonderment
Inwonderment
13 years ago

The map is wonderful, do you know if the data came from the major projects inventory and did anyone try to figure how many condos will be coming on market. If know one has I may give it try using the map and data from the major projects and websites.

Deliverator
Deliverator
13 years ago

Take an extra close look at construction quality during our own boom. Leaky condo debacle phase II is just around the corner. It's just getting started in Yaletown with the high rise at Pacific and Drake(?).Incomplete and/or poorly installed flashings, window panes held by little more than caulking and poorly fitted window and door frames are just a few of the problems that many strata councils downtown are already dealing with.They can be proactive about it by fixing it and then trying to get their money back from the developers who will try and stall until the rainscreen warranty is up, or they can close their eyes and sell to the next round of investor/suckers.Which do you think will happen more often?

Crabman
Crabman
13 years ago

Speaking of construction, have you guys seen this map of current downtown projects?http://tinyurl.com/2p2m25