Strata council fraud nets house arrest

George pointed out this this story about a strata council member who bilked condo owners out of $160K.

The moral of the story?  Check your strata documents carefully and don’t accept photocopies of photocopy receipts.

In court Monday, Patrick Au was also given two years probation and ordered to pay back the entire $160,000. He pleaded guilty to theft and fraud over $5,000.

Au was a volunteer member of the strata for Gardenia Villa, a 250-unit condo building near Broadway and Nanaimo Street in East Vancouver.

Over a four-year period, starting in 2001, Au slowly took control of the strata’s finances and started siphoning off funds for his personal gain.

If the name Gardenia Villa sounds familiar, it may be because it’s been in the news before as the unfortunate leaky condo where the repair bill was higher than the construction cost.

Read the full article here.

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

how were the October stats? did anyone bother looking?

porky
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porky

Oil down another buck-and-a-half
and news out that Encana is chopping its dividend and laying off 20%

uh oh

and the Prairies are awash in grain

Patrick Au, has a cool name, too bad he’s met his nemesis; Saturn in Scorpio, mutual reception sextile, Pluto in Capricorn…. ‘corruption and criminality’ stalks the planet…

Snake
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Snake

October stats

Balanced conditions continue in the Greater Vancouver housing market

http://www.rebgv.org/news-statistics/balanced-conditions-continue-greater-vancouver-housing-market

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

what happened to those vancouver condo info press releases which interpreted the stats in a bearish way? those where great. i’d like to see them again. you guys are so creative.

Son of Ponzi
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Son of Ponzi

Again, this proofs how soft the judges are on “property crimes”.
He should have been sentenced to condo arrest.

Snake
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Snake

Who wants to own a 1000sq condo for 500,000 in the middle of crack-town in front of united poultry processing plant & right next to The Vivian Transitional Housing where 24 prostitutes living in the hotel ?

i cant imagine people paying $500,000 but its vancouver anything could hapeen,To live there with the smells coming out from the plant and hookers doing their business all night it going to be fun

http://www.ecorealtyinc.ca/search?q=557+East+Cordova+Street

Aggregator
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Aggregator

Van’s mini housing rally is over. Next comes a sharp decline in sales and dollar volume heading into 2014. http://i.cubeupload.com/JHRRgn.png

The rally was all lender-driven. End of story.

Son of Ponzi
Guest
Son of Ponzi

Lender driven, buyer driven, seller driven.
This is all in the past.
The end game is on. Better cash in your chips or be left holding the bag forever.

Aggregator
Guest
Aggregator

#8

The notion that for every sale there must be a seller and willing buyer isn’t true when Canadians have no savings for a down-payment. Rather, the notion that for every seller, there must be a willing lender is true.

Rising mortgage rates is a perfect motivator for banks and brokers to execute pre-approvals and sell second mortgages. And yet that TD report spun it like sales across the country were being driven by the intention of buyers, and not motivated sales teams.

This was a pump and dump. And the reason why CMHC (on behalf of government) nearly exceeded its guarantees-in-force for MBS.

shrinkage willy
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shrinkage willy

“China’s leaders will lay out their reform plans at the Communist Party’s third plenary session from Nov. 9-12. They have made it clear they want to see industries with overcapacity, such as steel and shipbuilding, shrink. “

VMD@work
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VMD@work
Amid condo glut, Toronto developers luring buyers with fat discounts Nov. 05 2013 “Toronto condo developers are ramping up efforts to attract buyers, offering their biggest incentives yet amid a market glut. Inventory levels are creeping up in Canada’s most populous city, and a large number of new towers are still projected to come on stream next year. In a bid to make their unfinished projects stand out, the bells and whistles that developers are offering to buyers have become more valuable, industry players say. The incentives are less gimmicky than those that were seen when the market was hotter, and instead amount to a more sizable discount on the purchase price.” “In Toronto, sales of new condos during the first nine months of the year came in at 10,449 units, down 21.5 per cent from the average level of… Read more »
Son of Ponzi
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Son of Ponzi

Aggregator # 9.
I don’t disagree with you. Your argument appeals to the logic mind.
However, the last 10 years of RE in Vancouvsr, IMO, has defied reason and logic.
I don’t see any fundamentals that would support this insane run-up in prices.
It’s a herd mentality, plain and simple, driven by the RE marketing machine.

Best place on meth
Member
Best place on meth

“Van’s mini housing rally is over”

We had a rally? I must have missed it.

Oh, you mean when sales almost got back up to the 10 year average for a few months.

Yeah, pretty hot market there.

paulb
Member
Active Member

New Listings 252
Price Changes 83
Sold Listings 95
TI:15863

http://www.paulboenisch.com

mac
Member
mac

Nice graph, Aggregator.

Johnny-boy
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Johnny-boy

Anyone who doubts the effect of HAM/CCCC on prices should look at this stats package

http://www.rebgv.org/sites/default/files/REBGV%20Stats%20Package%2C%20October%202013.pdf

Wherever HAM is , is up 35-40% over 5 years.

Where they are not- the prices up very little, up minimally, or down. No HAM in MAple Ridge.

Turkey
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Turkey
There have been some rough financial advice columns in the Globe & Mail, but this one takes the cake. Young, affluent Erin needs to remove financial blindfold. So, our hero has moved from a condo in Ottawa (value: $250k; outstanding mortgage debt: $125k; rental income: $1200) to a rental in Toronto. She’s got $100k in non-real-estate assets, which seems like something to be proud of. Here’s where my jaw hit the desk: 2. Use equity from Ottawa condominium to help buy a home in Toronto. “Depending on the fees, I would recommend refinancing equity out of her rental property and applying it to a new home or condo in Toronto,” Mr. Wiart says. “Two things happen when she does this. First, she avoids Canada Housing and Mortgage Corp. fees on the properties, which can be up to $8,000 if putting… Read more »
hardy
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hardy

I’m a bear, but this 2yr ascending triangle (or W bottom) breakout on the TSX is not a good sign. Tis what it is.

http://stockcharts.com/h-sc/ui?s=$TSX&p=D&yr=3&mn=0&dy=0&id=p95696037966

mac
Member
mac

Chipman has a sell/list of 50% for today. It’s amazing how his numbers differ so much from Paul’s. Also amazing is that he considers a market slow it’s 35% and under. Why isn’t 50 the middle point of his scale of 0 to 100?

mac
Member
mac

Chipman has a sell/list of 50% for today. It’s amazing how his numbers differ so much from Paul’s. Also amazing is that he considers a market slow when it’s 35% and under. Why isn’t 50 the middle point of his scale of 0 to 100?

HAM MAN
Guest
HAM MAN
HAM is real in the lower mainland. The impact that it has on the overall market is harder to determine but anyone who flatly denies HAM has never walked through the parking garage of a new condo in certain areas. Lots of very young Asian folks who are new to the country, living in $500,000 condos and driving very expensive cars. (And yes, I can tell the difference between HAM and the Asian person who has been here for 20 years, is riding the skytrain and is working in retail.) I don’t have anything against HAM personally. If I had a lot of money, I’d do the same thing. However, I do object to anyone who lacks on-the-ground experience in the lower mainland who wants to claim that HAM is a non-issue with respect to affordability in this city. Prices… Read more »
Aggregator
Guest
Aggregator

Anyone have daily stats for September to date? I lost track of data.

mac
Member
mac

HAM MAN,

Those who deny HAM are plentiful on this site (just watch me being voted down). And Garth Turner. And Ben Rabidoux used to be that way but myself and a friend of mine may have talked him out of it at the speech he gave for LePoidivn Group. He also may have seen it for himself while he was here. He certainly got an earful from the HAM Denier Deniers!

HAM MAN
Guest
HAM MAN
mac: Yep, you’ve already got two downvotes. Amazing. Don’t me wrong people: HAM isn’t the entire market. I know lots of non-HAM buyers that are stretching themselves beyond reasonable limits to jump into this market and that is fueled by access to cheap credit and a belief that prices will always go up. However, anyone who has put in any kind of legwork in the lower mainland knows that HAM also has an impact. Without proper statistics, we’ll never know the actual magnitude of the impact but it is real and it’s not negligible. For what it’s worth, this is not isolated to the lower mainland. We’ve got a strong Asian community for historical reasons and given our proximity to Asia but this is happening around the world. Nov 9 – 12 will be interesting.
4SlicesofCheese
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4SlicesofCheese
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