REDMA changes, is this a big deal?

Ex-kitsie pointed out this story:

Justice Minister Susan Anton has introduced Bill 17 (Miscellaneous Amendment Act, 2014) which includes a proposed amendment to Section 23 of the Real Estate Development Marketing Act (REDMA).

Ex-kitsie explains:

This is the legislation that governs the marketing of real estate by developers to consumers. The amendment would make a purchase agreement enforceable against a purchaser where the developer’s disclosure agreement included misrepresentation of a material fact and the developer was not aware of the misrepresentation at the time the agreement was entered into. This amendment would remove the ability of the purchaser to terminate or renegotiate the agreement upon discovery of the misrepresentation. So… the developer can include unsubstantiated inaccuracies while still enforcing the purchase agreement against the purchaser who relied upon the misrepresentation. Of course, we all know developers would never lie.

We’re not sure if this is a big deal or not, here’s a link to the amendment, you’ll have to scroll down about half way to find the relevant section.  Any comments on whether this is a dramatic change to the Real Estate Development Marketing Act or just a minor adjustment?

 

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Don Lapre
Member
Don Lapre

FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!FIRST!!!

UBC in Crisis Mode
Guest
UBC in Crisis Mode

What are the total sales for Van West so far? Maybe the following is only showing sales of two weeks ago?

apartment/house/duplex
New listing 380 156 53
Sold so far 2 3 0
Listing(Feb)555 236 80
Sold (Feb) 223 136 35

patriotz
Member

In case the name doesn’t ring a bell Anton was the NPA’s candidate for Vancouver mayor last time around. She is keeping true to form as their major campaign plank was reducing development fees.

As to the amendment at hand, anyone buying a pre-sale today is a fool anyway.

UBC in crisis
Guest
UBC in crisis

Are you telling me that the developers are running our beloved city?

space889
Member
space889

Van and BC have the highest down payment percentage, highest first time purchase, and highest expectation of parental help.

Think RE prices will go down? Don’t bet on it…there is an army of stay at home adults or renters just waiting for that $50K drop to jump in and buy.

Looks like Dave (where is he now???) was and is still right.

http://www.vancouversun.com/business/mortgages/Metro+Vancouver+first+time+home+buyers+bank/9632573/story.html

space889
Member
space889
Son of Ponzi
Guest
Son of Ponzi

The cultural divide between Vancouver and Shanghai is getting smaller and smaller.

space889
Member
space889

@5 – And people say politicians here are not corrupt….

Ok, maybe not in corrupt in the sense of lining their pocket but that’s just selling themselves cheap cuz the end result is the same, they aren’t governing in the best interest of the people.

King bob
Guest
King bob

Doesn’t matter. The dollar is down over 10% relative to the USD year over year. That means a 1 million dollar home purchased by some HAM last year , even if prices rose 10% is only worth about 980k USD. Couple that with maintenance and taxes and transaction costs, and you’re down even more. Of course one can counter that you can rent it out but even at 3k a month, that’s only 36k a year. You’re barely up and likely down after all the costs. And this is assuming your house appreciated 10%, which is a stretch for most vancouver properties. Bottom line is you could’ve gotten a much better return for your money invested elsewhere

Credit Due
Guest
Credit Due

space899 yesterday @ – Sorry, but this sounds like one bitter dude who just can’t stand that other people potentially lives a better life because they get along with their family and support.

Or are we starting to blame stay at home adult kids now for high RE prices now that HAM influence should be much reduced if not eliminated??

space 899 today @ – Think RE prices will go down? Don’t bet on it…there is an army of stay at home adults or renters just waiting for that $50K drop to jump in and buy.

——————

Guess that I’m Out guy was right after all noting that the huge stay home adult population ‘simply adds fuel to the high priced fire that is Vancouver.’

Good thing you admitted that Spacey.

franko
Member
Active Member
franko
Yield on 10 year US treasuries jumped .097 after Yellin’s address today. Equity markets were a lot more confused as they bounced around wildly while trying to figure out the message in all the double talk…almost as bad as Poloz. Not like the good old straight shoot’n days of Paul Volcker when the only ammo they had was to adjust the FED funds rate and the discount rate. All the new tools and power the FED has acquired since Greenspan seem to have backfired. Despite ever longer speeches and more talk from appointees that do not appear less confused than the street, the only certainty is higher rates. Maybe they’re taking their cues from Obama the “great ditherer”, who insists on rephrasing and repeating the same thing at least 4 times, no matter what he’s talking about. Seems to me… Read more »
Son of Ponzi
Guest
Son of Ponzi

#11
he got voted in, because he is a great speaker.
So that’s what he’s doing.

Son of Ponzi
Guest
Son of Ponzi

#11
I think he should go to Kiev and give a “Ich bin ein Kiever” speech.

kabloona
Member
kabloona

Yeah, yeah…..Putin really won the Big Prize here with the Crimean Peninsula….what a genius.

😉

Crimea is whole lotta nothing for him, because he already had his rusting Black Sea “fleet” tied up there….with nowhere to go, basically. In case of a real conflict with NATO, he might find it awfully difficult “breaking out” into the Eastern Med through the Straights of Bosphorus.

Anyway, I’ll take Obama’s “jaw-jaw” over Bush’s “war-war” any day of the week.

🙂

BTW, Putin invaded Georgia while Bush was Prez and he didn’t do a thing except impose some sanctions….why? because he couldn’t do anything else.

tedeastside
Member
tedeastside

vancouver has the most stay at home adult children of any city in the world…and it shows! Vancouverites are the most coddled wimpy strange people you will ever meet

Best place on meth
Member
Best place on meth

SFH market is dead on west side, West Van and Richmond – barely a trickle of sales.

East Van on the other hand, while not exactly smoking hot does have activity. The strange thing is that only NEW listings are selling there and 3 out of 4 are going above asking.

The other 420 older listings aren’t being touched with a 10 foot pole.

Unplugged
Guest
Unplugged
Oh Grow Op!
Guest
Oh Grow Op!

The other 420 older listings aren’t being touched with a 10 foot pole.

*hehe* dude! 420!

Heard Herd selling
Guest
Heard Herd selling

Had lunch with my trustee and lawyer buddies today, they are swamped with debt issues, cra chasing real estate assets, divorces, they’ve never seen anything like it, retired folks, newlybweds even some stray doctors and lawyers, the leveraging people are using is unbelievable, the explosion is near, meanwhile in the car business, sales for February were down 70% yoy for the top MB salesman in BC

paulb
Member
Active Member

New Listings 226
Price Changes 66
Sold Listings 103
TI:15284

http://www.paulboenisch.com

patriotz
Member

West Coaster making $86,000 can barely afford his modest life

In buying out his wife’s share of the family home after a separation, Mr. Telford was left with housing-related costs that devour more than half his take-home pay.

Dumb de dumb dumb. This self-inflicted disaster was also common prior to the US crash.

Well at least the guy teaches poli sci and not economics.

Heard Herd selling
Guest
Heard Herd selling

Woooh, I’ve been away for a while… It appears some comedian has been using my user name and posting goofy drivel, funny but not me:-)

HAM is a MYTH!
Guest
HAM is a MYTH!
CanuckDownUnder
Member
CanuckDownUnder

Interesting developments in Hong Kong where mainland Chinese are heavily discounting properties to take care of liquidity problems back home.

As credit tightens at home, Chinese sell Hong Kong luxury real estate

http://www.reuters.com/article/2014/03/19/hongkong-property-chinese-idUSL3N0MG1B220140319

Liquidity is a 'Ho
Guest
Liquidity is a 'Ho
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