Comments on: Leaky condo loans dry up

By: Vancouverite

Vancouverite — Wed, 24 Jun 2009 11:41:42 +0000

DO NOT BUY A CONDO! DO NOT BUY A CONDO! DO NOT BUY A CONDO! DO NOT BUY A CONDO! DO NOT BUY A CONDO! 12 years ago you could not give away your Condo Here! WELCOME HOME!

Current score: 1 (to vote for this comment, please visit the site)

By: Moody Blues

Moody Blues — Wed, 24 Jun 2009 09:22:43 +0000

Thanks Pope. If I learn anything of real substance I will be happy to post it here.

Current score: 0 (to vote for this comment, please visit the site)

By: Crash

Crash — Tue, 23 Jun 2009 12:15:18 +0000

City inspectors are next to useless. My folks lived in a condo in Langley where one of the ground floor units in their building had the bathtub draining into the crawlspace because the bathtub drain was not connected to the sewer line during construction. It took the strata a long time to determine where all the water was coming from. By the time it was figured out, the unit's floor support beams were rotting and had to be replaced. But the place passed city inspection after construction.

Current score: 12 (to vote for this comment, please visit the site)

By: NO -LYMPICS

NO -LYMPICS — Tue, 23 Jun 2009 11:47:59 +0000

#14: Agreed re the disclosure: However, somehow the powers that be have felt that owners of new units should play banker for past wrongs and fix old problems. I wasn't aware of the funding source, I think many assume the Gov't funded it from general revenue( ya, I know its still OUR Tax $$$/ money, but not an extra $750 levy ). Gov't pulled a fast one and washed its hands again? My understanding is these loans are zero interest and I presume that as they get paid back they re-enter a pool of funds for future leaky condos. Now that this fund has dried up, and many condos still need to get fixed...what next ? Lots of lawsuits bankruptcies and foreclosures ? Those in stratas may feel "Im all right, Jack " as individual owners, but what about their neighbours? This latest development could cause quite a few sleepless nights for those in stratas.

Current score: 3 (to vote for this comment, please visit the site)

By: The Pope

The Pope — Tue, 23 Jun 2009 09:59:20 +0000

Moody Blues: Thanks for the update. If you want to write a topic post on this when you hear the results of the testing, I'd be happy to publish it here.

Current score: 5 (to vote for this comment, please visit the site)

By: Londonernow

Londonernow — Tue, 23 Jun 2009 09:38:37 +0000

This obviously has nothing whatsoever to do with Vancouver:

Carney Says Canada’s Slump Has Become as Deep as U.S.
http://www.bloomberg.com/apps/news?pid=20601087&a…

Current score: 10 (to vote for this comment, please visit the site)

By: M-

M- — Tue, 23 Jun 2009 08:27:51 +0000

Moody Blues: Good luck! Let us know how it turns out!

Current score: 2 (to vote for this comment, please visit the site)

By: patriotzed

patriotzed — Tue, 23 Jun 2009 08:04:15 +0000

Crumblestiltskin: Just as a thought experiment: wouldn’t an increased level of leaky condos increase the value of SFH and older condo buildings, due to scarcity of living spaces? No the opposite, because it decreases the market price and equity of existing condo owners (both the leakers, and other condos by association), and thus their purchasing power for other properties. This is exactly what happened in the RE bear market of the late 90's. Also, there is no scarcity of individually titled living space (SFH, condos, etc) in Vancouver, period. There is more living space per capita then there was a generation ago.

Current score: 6 (to vote for this comment, please visit the site)

By: Moody Blues

Moody Blues — Tue, 23 Jun 2009 03:24:50 +0000

Chinese Drywall Update:

Several of you replied to my post a couple weeks ago regarding my neighbor who believes he has contaminated Chinese drywall venting toxic sulphur compounds. Someone from Environment Canada is coming by this month to check it out–I will keep you posted. Meanwhile, saw this item on the drywall issue on a Toronto-area real estate blog:

http://www.movesmartly.com/2009/06/chinese-drywal…

Again, would be interested in hearing from anyone else with first-hand experience.

Current score: 8 (to vote for this comment, please visit the site)

By: Crumblestiltskin

Crumblestiltskin — Mon, 22 Jun 2009 22:41:47 +0000

Just as a thought experiment: wouldn't an increased level of leaky condos increase the value of SFH and older condo buildings, due to scarcity of living spaces? I have a feeling taxpayers are gonna eat this one again and again..

Current score: 2 (to vote for this comment, please visit the site)