Friday Free-for-all!

It’s the end of another work week and that means it’s time for our regular end of the week news round-up and open topic discussion thread. Here are a few recent links to kick off the chat:

‘House of cards’will implode
Inventory squeeks back to record level
May sales to list so far is 41%
CEO welcomes Vancouver price drop
Are Canadians ready for higher rates?
Condos need depreciation reports
Rennie wants to see numbers
20% drop in Toronto condo sales
Canadian Mortgage Market Primer
No US style 30 year mortgage
Money contracts in China
How to format a link on VCI

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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Guest

I liked what I read and I enjoy Facebook.

Anonymous
Guest
Anonymous

@Patiently Waiting: This is a scam

Patiently Waiting
Member
Patiently Waiting

@Anonymous: “I recently vacated my apartment (had lived there for 10 years during which time the landlord did no painting or carpet replacement. I have now moved out and he is insisting it is up to me to have carpets replaced and walls repainted.
What is the protocol here?”

When did you move? Was it at the end of April? If so, your landlord can’t get your deposit (assuming you paid one) unless he applied for it by about May 15th. It is too later for him if he hasn’t.

And guess what, you get double your deposit back. Check with RTO to verify, but that is my understanding of the regulations. In this case, the landlord fully deserves to be penalized like this.

Also, did you have opening and closing inspections? He can’t apply for your deposit without those.

xyz
Guest
xyz
@Anonymous: Ugh his property, his responsibility. What an A$$hole. Tell him to go visit the RTO. He can only deduct from your deposit an amount you BOTH agree to in Writing, or provide receipts for DAMAGE that you caused to the suite outside of normal wear and tear. Replacing carpets and painting walls NEVER falls under that. If you had damaged a small area of the carpet or put a big hole in the wall, then he could have that area repaired, but if he feels the entire carpet is too old, or the paint needs a freshen up, well than that is his problem and expense to deal with. Landlords have to have a reasonable expectation of wear and tear when renting out their property. You paid him for 10 years, he should have more than enough left over… Read more »
Devore
Member
Devore

@Anonymous: Wear and tear has to be built into the financial formula, just like property taxes, maintenance fees, vacancy allowance, property management and repairs. If the carpet (or paint, or appliances) isn’t actually destroyed or damaged by you, you don’t have to do anything. Just leave it reasonably clean. Damage deposit is for damaged things. If you don’t get it all back, contact the RTO and file a case.

rp1
Guest
rp1

#158 @Anonymous: “I have now moved out and he is insisting it is up to me to have carpets replaced and walls repainted.”

Preposterous. You paid him for the use of the property. You didn’t destroy anything. Regular maintenance is his responsibility. You don’t owe him anything, and if makes an issue of it tell him that he is wrong, hand him supporting information, e.g. from http://www.rto.gov.bc.ca/. If he still refuses, tell him you will sue him in small claims court. And if he still refuses, then go sue him in small claims court.

Anonymous Help
Guest
Anonymous Help
@Anonymous: I don’t think you’re on the hook for a damn thing unless you purposely damaged the carpeting. If it’s simply normal wearing of the carpeting or some stains here and there that falls under wear and tear and I doubt tenants are bligated to pay for a full replacement under those circumstances. He can try to take your damage deposit but I’m fairly certain you could dispute that via the Residential Tenancy Board of BC. Having said that, I’m fairly certain you ARE responsible for cleaning the carpets before you give up your tenancy. In my last apartment I had tacked up a couple of things in the bedroom I used as an office and I simply filled the holes with some drywall filler (you can buy a small tube of the stuff at most hardware stores) or even… Read more »
bubbly
Member
bubbly

@Anonymous:

Tenant Responsibilities

You must keep your place reasonably clean and notify your landlord in writing when something needs to be repaired. If you don’t notify your landlord and the problem gets worse, you could be held responsible.

You are not responsible for reasonable wear and tear — that is, what happens over time with normal use. However, if you or one of your guests causes damage beyond wear and tear, you are responsible for the damage.

http://www.tenants.bc.ca/main/?Repairs

Also: http://www.tenants.bc.ca/ckfinder/userfiles/files/Chapter%209%20Moving%20Out.pdf (pages 5 and 6)

SunBlaster
Guest
SunBlaster

So I couldn’t get Rennies “you need $52800 income to get $315000 property” cause obviously regular math didn’t make sense. So plugin the number into RBC mortgage calculator I got:

Property cost: $315000
Ammort: 25 years
Interest rate: 2%
Income: 52800

So based on these number you need a $118100 DOWN PAYMENT to afford a $315000 property on $52000 income.

That’s like saying a person on WELFARE can get a $1million dollar place, sure, if he has a $995000 down payment.

bubbly
Member
bubbly

I visited an open house today. There was nobody else in there (except for the sad old realtor). After showing me the brutally overpriced unit, he asked me for my name and phone number. I told him that he won’t get my information and that I will not buy that condo. I am not sure if it was the way I said it, or if the realtor had a really bad day, but he turned his head down and his eyes got all wet!
Realtors are people too, but dang, it’s just a job, no reason to get that emotional…

Anonymous
Guest
Anonymous

Question to anyone who knows:
I recently vacated my apartment (had lived there for 10 years during which time the landlord did no painting or carpet replacement. I have now moved out and he is insisting it is up to me to have carpets replaced and walls repainted.
What is the protocol here?

Thanks for ANY help!

Anonymous
Guest
Anonymous

@Guy Smiley: I did some work in Guyana 10yrs ago…that could be the one place where nobody wants to live.

yvr2zrh
Member
Grout, Whistler and Woodwards– where to start. On the Woodwards PH7. Wow- what a tiny box. Sale has not posted yet but it would be a good price for the seller for this unit if it sold for asking. On Whistler- It’s been a while since I took the temperature of this dead place. This town needs to be looked at after many months of activity to get any meaningful and meausreable sales volume numbers. Detached YTD – 33 sold and 139 actives. Attached YTD – 129 sales and 469 active lists. (many in foreclosure) One more stat. We should have a further decrease in average price for detached this month. Not 5% but perhaps 3%. Attached (Townhouses) quite a large decrease in average. Condos /Apartments – There is an increase here. No matter how you slice the condo sales… Read more »
Anonymous
Guest
Anonymous

@ Cheap Landlords

http://www.youtube.com/watch?v=rRLwV2xafpk

Just think of the kids as investors……

Anonymous
Guest
Anonymous

@Makaya: ….this is an investment opportunity not to be missed. ….

I’d rather have syphilis than a Whistler Phase II condo. Of all the ways of pissing away money, the only thing worse would be a time share.

market stats
Guest
market stats

@makaya ‘whistler disaster’

any guesses whether buying that would fund rent in vanc? maybe not far off – hah

market stats
Guest
market stats
Makaya
Member
Makaya

Late Sunday night update from Fish:

Here are some numbers for you. They are SFH from April 23- May 23rd. Even if we assume some sales are still to be loaded on the system, I think they show the lay-of-the land pretty well.

Sales/inventory (SFH)

Maple Ridge: 68/715
New West: 23/110
Sunshine Coast 28/669
Squamish 10/222 !
West Van: 58/518
N. Van 109/393
Surrey 238/2309
Abbotsford 66/840
Van West 105/1043

Ravishing Rick
Member
Ravishing Rick

@Cheap Landlords

… Good story but by the way, they aren’t called third world or second world (that was a derogatory term used to describe countries behind the iron curtain during the cold war). They are called developing nations or emerging markets…. Third world is considered rude and a tad bit racist.

Heads up

Hit the Music!

Ravishing Rick
Member
Ravishing Rick

Cut the Music!

So is Li Kai Shing permanently banned from this place?

I missed our verbal spats and his broken Engwish.

Damn you Li Kai, this isn’t over.

Hit the Music!

Makaya
Member
Makaya

Whistler disaster…

$129000 / 1br – 500ft² – Whistler Investment Properties ************** REDUCED ****************

Renovated studio with mountain view – right in the heart of Whistler Village and within 2 minute walk to the ski lifts. Listing price is well below its 2010 assessed value – this is an investment opportunity not to be missed. These lofted studios were selling at $369,000 at their 2005 launch after the $5 million dollar upgrade to the lodge.

So if my math is correct, that’s a $240K hair cut, or 65% of the original price… Looks like ground zero for real estate to me… I wonder why Whistler RE crash never makes the news. Maybe that’s because the HPI index said prices went up up up!

Anonymous
Guest
Anonymous

ZRh2YVR can you please tell me what ph7 108 west Cordova street (woodwards building) last sold for?

Thank you

Cheap Landlords
Guest
Cheap Landlords

@Cheap Landlords:
Grout isn’t waterproof, how could any tile prevent water damage? It’s only the barrier underneath that can do that.
_______________

Grout coupled with a sealer will protect more than not having grout and a sealer. Grout can be porous, less so if its a good epoxy grout, but it still adds a level of protection.

Anonymous
Guest
Anonymous

@Anonymous: …I’m sure if he wanted to sell his house today he could do much better than your “offer”. Would you walk into Best Buy and offer them $50 for an Xbox because it’ll be worth that at some point in the future? Thought not….

Of course not, cause in a couple years the X Box will be worth the same. Interestingly enough though, you’ll be able to trade that X Box for a New West Condo in a few years. (but I think it would be a shitty trade).

emmi
Guest
emmi

@Cheap Landlords:
Grout isn’t waterproof, how could any tile prevent water damage? It’s only the barrier underneath that can do that.