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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Son of Ponzi

Softy, a Freudian slip!
We know that deep down you are a bear. welcome to the club.


Should be “the BEARS complain about”.


“The smart money knows that there aren’t any policy-related incentives left to buy.”

You must have been born yesterday. Remember when the government had 40 amortizations and insurance on $1M + homes, and insurnace on investment properties and all the super loose mortgage regulations that the bulls complain about?

Those are policy related incentives. They are sitting their in the stimulous armoury of the department of finance. They are still there. They will be used if prices drop 10%, which is exactly what the Autralian government did to bring their boom back.


On today’s interest rate news:

To quote Warren Buffett: “Only when the tide goes out do you discover who’s been swimming naked.”

Hey bulls! Looks like it will take a little longer for the tide to go out than everybody thought. Of course, since “it will take a little longer” means that the tide will never go out, feel free to keep on pretending everything will be fine. 😉

One thing is certain: interest rates have almost no room to go down, so it isn’t possible to get another big boost in prices that way. The smart money knows that there aren’t any policy-related incentives left to buy.


Mortgage rates will fall. That means real estate prices will go up. Better luck next decade.


“1) Demand a moratorium on all immigration.”

he-he. you are funny guy. then the music(ponzi) stops if that is going to happen. do you really, i mean really, think that any politician would campaign on this platform?


Here is what the new 5 Year Bond Yields look like:

2 Months ago –> 2.17%

Today –> 1.73%

March, 2012 —> 1.70%

The gov couldn’t care less about ordinary Canadians.



>> we don’t export coal, man. are you that dumb.

>> 10 times less exports than No 1 exporter. Yeah right, that means a lot of money for our economy. it is peanuts compered to other stuff.

Shut up, idiot.


@Skook #22 Thank you for the Ron Neal link. Yup, what he said on the radio yesterday is echoed on the real estate site link you provided: “Surprisingly, as it hasn’t been big in our media, the incidence of defaulting mortgages here in Victoria has been somewhat extreme over the past couple years, extreme relative to the number during the time of our rising prices and seller’s market through 2007 leading up to the global financial crisis.” … “from my own observations and speaking with lawyers specializing in the sale of foreclosed properties we have had somewhere in the range of about 60-100 monthly over the past year for just Greater Victoria. That represents somewhere between 15-20% of our sale volume” Would it not be very, very beneficial for the people living in Victoria to know what is really happening?… Read more »


Bond yields are going down. B of C interest rate is going to stay pat. Looks like it will stay this way for a long time. Remember, Poloz is the former head of the Export Group that likes a low dollar. Meanwhile, (1) Stagnant wages as a result of oversupply of labour. (Corps/media fooling ordinary Canadians about a shortage of skilled labour). (2) Inflation of goods (C$ depreciation) (3) Decreasing consumer mortgage credit growth This will take a toll on the economy. The antidote will be not what you bears expect. You will be sacrificed. Here’s how: A) Immigration numbers will quietly be increased to fuel credit growth. B) Social programs will be cut…to balance the deficit. Ironically, it will be the Lower 50% rung of Canadians (wrt wealth) that will lead this initiative. Here’s what you can do: 1)… Read more »

Bull! Bull! Bull!

@fixie guy

where did i say they should be welcomed? you don’t seem to understand the difference between a fact and a value, which is why you suck at making money. they’ll come here because home is a crap hole. that’s a fact. how you feel about that is a value.

“So wonderful it’s worth quoting in full. People who turned their native lands into shit holes should be welcome here when they flee their mess because ….money!
Logic might dictate an alternative.”

hey buddy

Canadian dollar gets a haircut. … And the reason is…. OIL price gets a haircut.

We follow very simple rules in the one commodity country, Barber shop.

HAM Solo

BC New Foreclosure Filings Oct 22-23

Missed yesterday (at a meeting with Cam Good amongst others)

(2 day total / MTD)

New West: 10 / (35)
Vancouver: 5 / (90)
Victoria: 3 / (21)
Kelowna: 2 (26)
Nanaimo: 2 / (17)
Other: 2

Countrywide Cup Foreclosure Lenders League Table


TD: 24
Scotia: 23
CIBC: 22
First National: 17
Royal Bank: 13
BMO: 12
Paradigm Quest: 10
Home Capital: 7
Credit Unions: 18

Wednesday is traditionally a quieter filing day for Vancouver. New West (biggest day in a while)is pretty much the only other active foreclosure court in Greater Vancouver. Adding New West + Vancouver MTD is 125 Filings.


10 times less exports than No 1 exporter. Yeah right, that means a lot of money for our economy. it is peanuts compered to other stuff.


>> we don’t export coal, man. are you that dumb.

@55: in 2012, Canada was one of the top coal exporters in the world.


“i mean until now Seattle had Amazon, today Amazon is hiring THOUSANDS in Vancouver.”

More jobs is always good news, but thousands? It is “up to 1000”, and only IF they take the additional space. These are assumptions based on cubicle density; Amazon has announced no job numbers. Only a handful of jobs are actually posted on Amazon Vancouver for now, so until A) the office space is actually built, sometime next year maybe, and B) jobs are filled, no one should be counting any chickens just yet.


“It’s mind boggling that with all this money spent and the property’s not selling, we’re going to end up losing money,” Hu said.

Not the first person to point this out, but RE must be the only investment class where ‘all this money spent’ is supposed to automatically mean not losing money.


G&M: Bank of Canada warns of risk of housing ‘correction’ Oct. 23 2013 The Bank of Canada is warning about the risk of a housing “correction” given the latest strength of the market. While it believes Canadians are cutting back on their thirst for borrowing, and that all will be fine in the end, it nonetheless cites the risk of a bubble and the fallout on the broader economy. “The elevated level of household debt and stretched valuations in some segments of the housing market remain an important downside risk to the Canadian economy,” the central bank said today. “The continued slowing in household credit growth and the rise in mortgage interest rates point to a gradual unwinding of household imbalances,” it added in its monetary policy report. “However, recent data suggest some risk of renewed momentum in the housing… Read more »



we don’t export coal, man. are you that dumb.
it is oil/gas/automobiles/grain. and the world NEED those exports.

we just need to plug in to Asia and the growth is secured. Mayor is already learning mandarin. get with the program.


“Instead, “proximity to nightlife and shopping” was sufficient justification to pay basically any price for an aging apartment suite”

I know housing is a bad investment, you don’t need to convince me or pretty much everyone else reading here, but a large part of Canada’s GDP is consumption and there’s nothing necessarily right or wrong with consuming per se. One of my biggest beefs is people thinking they get the consumption part of housing on the cheap by pretending it’s also a shrewd investment.

Best place on meth

@fixie guy

“The report sent the Canadian dollar plummeting, down 0.93 cents against the U.S. dollar to to 96.27 cents US in mid-morning trading.

That won’t be the end, according to Pyle, who says he sees the Canadian dollar falling to 92 cents US within a month, and that he believes Poloz is attempting to push the dollar down to boost exports.”

So, our central bank is trying to sabotage the loonie.

Not good for international holders of Canadian assets.

I do wonder what exports they think they’ll stimulate this way – more coal sent to China?

Having those SOB’s pay us to help them pollute their country even more would be divine payback for all the toxic, worthless garbage they’ve sold us over the years.

This puts a smile on my face.


“The location is very close to ByWard Market. Excellent night life, restaurants, shopping. So we thought this would be a great investment,”

That basically sums up the sophisticated financial analysis conducted by your average Canadian real estate “investor”.

A proper analysis would have sounded something like “I did a present value calculation based on expected future rents, transaction costs, carrying and financing costs, and concluded that this unit presented a reasonable investment opportunity for its level of risk, so I bought”.

But no. Instead, “proximity to nightlife and shopping” was sufficient justification to pay basically any price for an aging apartment suite. This country is fucked.

fixie guy

@46 Best place on meth Says: “This means one thing and one thing only”

Give the man a cigar. Interesting and scary this comes on the heels of mortgage tightening, raising the question how much of that outlook hinges on construction.
Of course, window lickers incapable of juggling more than a single concept will ‘Rain Man’ interest rates and ignore every other element that makes mortgages available.


– BOC drops rate-hike bias while still mentioning “risk of exacerbating already-elevated household imbalances” – sounds like BoC is nudging Flaherty/OSFI to further tighten mortgage rules…

– CAD/USD just took a tumble after BoC cuts econ outlook, from 97.3 yesterday down to now 96.3. If CAD/USD continues its decline (which I think it gradually will), the big loser will be holders of illiquid, over-valued CAD assets.

– RE will still “correct” despite being in a persistent low-rate environment. For those who plan to buy in the next couple years, a good scenario would be having had a RE price correction & CAD/USD correction (provided you have liquid USD investments), while interest rate remains low (yes you can have the cake and eat it too).