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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Son of Ponzi
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Son of Ponzi

#35
perfect example is HongKong
HongKong proper, almost 100% ethnic Han. Kowloon (mainland), other Asians.

HAM MAN
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HAM MAN

http://www.news1130.com/2013/11/06/metro-vancouver-construction-sector-cooling/

“There’s another sign of cooling in the Metro Vancouver construction sector.

The value of building permits issued by local municipalities in September sank 29.2 per cent from a year earlier to $515 million on a seasonally adjusted basis. It was 11.3 per cent below the previous month’s total.”

Son of Ponzi
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Son of Ponzi

#34
agree, plenty of choices of hearty soup dishes in Richmond.
Beats the mostly crappy and expensive chain restaurants.

space889
Member
space889

@patriotz – I believe REIN members would disagree with your assessment about borrowing to buy principle residence. If she’s just withdrawing equity from the rental condo and hence changing the equity/debt ratio of that investment, the interest can still be deductible. Either way given the small amounts involved, I doubt CRA would really bother….

RealityCheck
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RealityCheck

HAM MAN,

I think we are going to end up with mini countries in the lower mainland. All bridge’s will be tolled so people will be less likely to venture into another ‘country’.

Doesn’t bode well for the future. Tensions will rise. Visit any highschool at the boundaries and you will see that Asian kids hang out with the Asians. Indian kids with the Indians… Etc.

This is what happens when immigration floodgates are opened. Zero assimilation.

The backlash will happen when ethnic municipal governments are elected.

space889
Member
space889

@Son of Ponzi – I would highly recommend Cattle Cafe and Deer Garden (2nd floor) in the mall close to Alexandra and Garden City for wholesome noddle soup that’s also cheap – $8.5!! I would go there at least once a week if I can. They also have two hotpot places and a XinJiang food restaurant there as well that’s always fully booked. Highly recommended.

Bull! Bull! Bull!
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Bull! Bull! Bull!

What happened to celebrity bear Ben Rabidoux? What about celebrity bear Rosenburgh?

When predictions are your job you can be wrong for only so long.

Maybe if they leaked a sex tape they would become relevant again.

patriotz
Member

@17:

I would recommend refinancing equity out of her rental property and applying it to a new home or condo in Toronto… she maximizes the tax-deductible interest on the rental condo

This is not only stupid, but wrong. You cannot borrow money against a rental property (or against any other asset) to buy a principal residence, and then deduct the interest on that loan against your income.

And she’d be very likely to be caught as CRA would see a big jump in interest expense claimed on the Ottawa property without valid reason (i.e. big jump in interest rates).

Aggregator
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Aggregator
#27 Thanks This mini-rally was abnormal from previous years as sales were sustained over the summer. http://i.cubeupload.com/Yvbhmr.png If the trend holds, sales are going to drop off a cliff soon and we may see the 20 day sales average as low as 45-55 in Jan-Feb. My call is November will grow by 10-15% and December 0-5%. By the new year y/y sales will be negative again. The thing to keep in mind is that Van or BC’s fundamental sales base (lowest sales possible) naturally rises with population growth, however, there is still potential downside risk of sales falling around 50% below 2012 annual sales. http://i.cubeupload.com/hoBZ9h.png The above chart is a broad measure that looks at sales transactions as a percentage of BC’s population. This gives a sense of how active the general public is in RE, and shows how low… Read more »
HAM MAN
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HAM MAN

Fact: There are many rich people in Asia and much of the wealth is relatively new.
Fact: Some of those people bring money to Canada to live here or invest here and that drives up prices.
Fact: China has 1.35 Billion people. Canada has 0.03 Billion people.

The only thing that should be up for debate is the magnitude of the impact and how it will play into the unwinding of the bubble. Anyone who is a flat-out HAM denier needs to spend some more time on the ground in Vancouver, Richmond and Burnaby.

Son of Ponzi
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Son of Ponzi

The stats and chart people are on a prowl.
But nothing beats on the ground information.
Confession: I used to be a stats and chart person myself.
But found out stats and charts are easily manipulated.

RealityCheck
Guest
RealityCheck

People who think that HAM isn’t the primary reason for the boom in home prices need to get their IQ’s checked… Unless they benefit in some way by arguing against it.

Maple ridge and Abby have been stable at best in the last 5 years. Why do you think that is? No immigrants have been settling in that area! Full Stop!

Surrey lot prices have continued to go up because everyone from India wants a brand new detached house. $500,000 for a lot now. Was $400,000 just 2 years ago.

If immigration was to be significantly cut, your future home would get significantly cheaper, you would probably get a raise, and your waiting time to see a specialist MD would significantly decrease.

But the powers that be don’t want that and the sheep are too brainwashed to realize what’s best for them.

VMD
Member

@22 Aggregator
I repost the stats on twitter

Interesting to note that while sales are still higher than last year in the first 3 days of November (343 vs 244), new listings are also higher (628 vs 469). Last November the highest Listing/day was 164, this November we already saw 171, 205, 252.

The result is Sale-to-List ratio of 54.6% vs 52%. (October was 62% vs 45%)

New Lists 2013 vs 2012 vs 2011
Sep: 5030 vs 5321(-6%) vs 5680(-11%)
Oct: 4315 vs 4323(+0%) vs 4374 (-1%)
Nov: 628 vs 469 (+34%) vs 548 (+15%)

Obviously too early in month to call a trend but interesting to watch.

Son of Ponzi
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Son of Ponzi

My Chinese wife and I always like to go Parker Place in Richmond for cheap but wholesome Chinese noodle soups.
What caught my eye was what used to be a clothing outlet being converted into Immigration Consulting office.
So, HAM MAN points may have some validity.

4SlicesofCheese
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4SlicesofCheese
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.
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!

Aggregator
Guest
Aggregator

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

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 »
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?

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?

hardy
Guest
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

Turkey
Guest
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 »
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.

mac
Member
mac

Nice graph, Aggregator.