So many reasons not to buy in a strata

Imagine that you own a nice apartment.

It’s cozy and comfortable with good neighbours.

Then these people move in upstairs.

With more than 1,100 complaints dating back to 2006, the strata council of the development in the 15200-block of Guildford Drive went to court to force Jordison to sell. While Jordison and her son Jordy obeyed a court injunction to move out, she appealed a B.C. Supreme Court decision forcing her to put her unit on the market — which would be the first such sale in B.C.

Residents alleged the Jordisons contravened the strata bylaws with excessive noise, abusive language, threats and harassment. Jordison also refused to pay $20,000 in fines.

Emmi brought up an interesting question on this bit:

She had been about $8,000 in arrears on her strata fees but her mortgage holder, TD Bank, paid those fees and added it to her bill. The bank halted its foreclosure hearings on the property pending the outcome of the case.

So . . . if the fee doesn’t push the total owed over the original mortgage amount, does CMHC cover this whole new amount for the bank?

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debt~paradigm
Guest
debt~paradigm

Amazing how the banks or lending institutions will do just about anything to keep people out of foreclosure… and keep them in bondage to financial debt.

here is another strange one:
I came across a letter from the local car dealer to people with vehicles bought in 2005, where the owner is still paying the auto-loan, saying the vehicle is currently obsolete to operate, not fuel efficient, and high maintenance. So it makes sense for the person to come in and buy a New car, and get a repackaged debt plan.

This is the world we live in now… a life of debt management and no end in sight (unless one reads more into Carney’s “Escape Velocity” paradigm)

FYI
Guest
FYI

@debt~paradigm

+10000
you got it.

FYI
Guest
FYI

elite gives debt not money.

patriotz
Member

@1: “Amazing how the banks or lending institutions will do just about anything to keep people out of foreclosure… and keep them in bondage to financial debt.”

I don’t think that’s putting it quite right in this situation. The bank would rather see the property sold than be foreclosed either by themselves or by the strata. So they are paying the fees and adding them to the balance, which they will get upon sale of the property. Looking at the purchase date there would appear to be adequate equity.

debt~paradigm
Guest
debt~paradigm

http://www.theguardian.com/money/2013/oct/21/london-house-price-50000-month

here in the West, Anglo-american countries, a few dozen European countries, and Japan in the Far East, debt is a strange canary, that sings and dies a hundred lifetimes… but if you’re from a country that is Emerging, and your first wave of millionaires feel that a buying a residence in a 1st world country is a sign of affluence that cannot be resisted… well, then, you get #50,000 increases in prices over one month… how else do you explain it? The debt crack up, seems to me, a drama for countries like China and India.

crikey
Guest
crikey
Listened briefly to Victoria talk radio this morning (CFAX1070). The guest on was Ron Neal, supposedly one Victoria’s most prominent used house salespersons. Anyways, although he can’t get exact numbers he estimated that 15%-20% of the area’s property sales in September were foreclosures. SERIOUSLY! And he mentioned that many of the public would be very surprised about this, since it the MSM has somehow not mentioned this. How does the MSM expect the public to want to keep the newspapers and TV stations alive if they only serve their advertising (real estate) masters, and dare not report anything that would upset them? This is yet one more in a long line of examples…(another good recent example is Barbara Yaffe’s Vancouver Sun article about all the poor-little-rich-borrowers that have to borrow the PTT…. I dare not even wipe my ass with… Read more »
Randy Randerson
Guest
Randy Randerson

I lived in Victoria from 2008 to 2011, and it’s a pretty depressing place to see all these hyped up RE developments turned into nothing but shattered dreams for regular Joes.

One girl that I worked with bought a place with her then boyfriend at Bear Mountain, I think for more than >$500K back in late ’09 early ’10. Because it was the next biggest thing in the CRD, and because RE can only go up. Funny thing was that she couldn’t have been making more than $25/hr, her boyfriend likewise. Then the whole Bear Mountain fiasco came out.

Haven’t heard from her since then. Looking at FB photos, I think they’ve been broken up for a while.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

Home prices in China’s four major cities jumped the most since January 2011

http://www.bloomberg.com/news/2013-10-22/china-home-prices-rise-led-by-record-gains-in-four-major-cities.html

BWilson
Guest
BWilson

If you go to ratehub.ca and check out the lowest posted 5 year fixed rates, which apparently is 3.39%. If you look at the True North Mortgage website (which is one of the providers at 3.39%) you’ll find that the actual best rate is 3.49% and it explicitly states NO CONDOs, the best rate for condo buyers there is 3.59%. If the most aggressive underwriters think that condos are a bad risk so should you.

Betty
Guest
Betty

This rampant inflation is just too much. The S&P just hit a record high. 2013 setting up to be the biggest year in a decade.

Everything going up in price…except working class salaries for the bottom 75%. Big business has done a marvelous job of flooding the market with labor in Canada compared with other countries.

GQ
Guest
GQ

I am making $40 an hour. How much mortgage i should carry?
I could get maybe $45 with some overtime but it is very tough to get more.

Loon
Guest
Loon

@GQ to live ‘comfortably’ go with a mortgage that is 2-3 times your annual household salary.

Of course that won’t even get you a pigeon coup in Vancouver, but renting is much better value.

space889
Member
space889

With regards to the posted story, some of the online comments lay the blame more with shoddy construction than the boy with the heavy boots, especially the part about the boy damaging joists and support beams. Proper building quality and sound suppression would help alleviate a lot of the problems between floors & neighbors. But I doubt that’s ever going to improve much…..

Son of Ponzi
Guest
Son of Ponzi

Robertson is learning Mandarin, Asian Art is taking over the VAG.
I’m glad I sold years ago and are now renting month to month.
Ready to pack and leave any time this get’s worse.

taylor192
Member

@Loon

That 3x income ROT needs to go. It comes from a time of reasonable rates, where a mortgage payment would be ~25% of your income. Since we live in a time of low rates that look here to stay, that 3x ROT becomes 4-5x.

I lived very comfortably when my housing costs were < 10% of my income. 🙂

Many Franks
Member
Active Member

Housing Industry Insiders Predict You Should Probably Buy Or Sell A House

B.C. housing rally expected to continue through 2014

Best place on meth
Member
Best place on meth

“Home prices in China’s four major cities jumped the most since January 2011”

So has air pollution.

http://www.cbsnews.com/8301-202_162-57608393/china-air-pollution-season-kicks-off-with-a-cough-and-a-wheeze-as-coal-plants-turn-on-for-the-winter/

My god, what a shithole.

check kiting
Guest
check kiting

http://www.timescolonist.com/business/investors-in-league-fear-millions-in-losses-from-capital-city-centre-in-colwood-1.667673

‘Investors who have millions of dollars tied up with the League group of companies are reacting with a mixture of fear, anger and disbelief, with many wondering if they will see a penny from any of their investments.’

new acronym to memorize
CCAA Companies’Creditors Arrangement Act

tune in at 1pm at tinyurl.com/m52p89t for the next chapter of Falling Hard, register for the conference call that will explain the Leagues next step on “How You Ain’t Getting yo REal EState speculation money Back”

ChinaOne
Guest
ChinaOne

http://mobile.bloomberg.com/news/2013-10-22/china-home-prices-rise-led-by-record-gains-in-four-major-cities.html

My Fatha 2 home in Shenzen up 20% this year. Now houses worth $7 million each. I tell fatha buy one more in Vancouver.

I post link at top. Local poor people I Shenzen no stand chance. If they have no house, they are working poor.

Same thing happen Vancouver. My cousin fatha may buy 2 more in Richmond. His houses in Guangzhou.

Randy Randerson
Guest
Randy Randerson

Did all those anti-fraud commercials that I see on TV came out after this League thing hits the fan?

Randy Randerson
Guest
Randy Randerson

@19 Please refer to #17

Skook
Member
Skook

@Crikey
#6

Here’s what Ron Neal has to say about the Victoria foreclosure situation on his own RE site:

http://victoriarealestateexpertblog.com/2013/10/15/foreclosures/

In his post, Neal says the Victoria foreclosure volume was on the decline. Of course, that post was written before the League investor nightmare began to unfold – so those foreclosures could start to rise, again.

jesse
Member

There are some valid reasons to own a strata, namely you are NFG at managing property yourself and need the help and oversight of others to save you from yourself. Of course the Lake Woebegone effect is in full effect, so instead complaints abound of mismanaged or expensive strata. I’m not so sure individuals can do any better, but I expect 90% think they can.

paulb
Member
Active Member

New Listings 205
Price Changes 97
Sold Listings 134
TI:16604

http://www.paulboenisch.com

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

“My god, what a shithole.”

Yes it is. Maybe the rich ones will take their money and move someplace nice? I wonder where they’ll go…

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