Leaky condo crisis rears its wet ugly head again

If you’ve been in Vancouver for a while you might remember the ‘leaky condo crisis’.

That crisis peaked about 15 years ago, and its still a common site to see condo buildings under tarps.

Unfortunately there are some reports we’re not out of the woods yet on building maintenance and construction quality.

This article in the Vancouver Sun talks goes over the crisis and how many moist condo units may still be out there.

In response to the last round of the crisis, the government introduced a new requirement for depreciation reports on strata property.

However, stratas have the option to exempt themselves from the requirement by agreement of three-quarters of their members.

Gioventu said that provision was put in to accommodate commercial-property stratas or strata-ownership arrangements on bare land where owners build their own homes and have no common services.

He said there there is no doubt some older residential strata corporations are exempting themselves because they know a depreciation report is “going to give them an ugly picture,” but the market is going to catch up with those situations when banks refusing financing on sales without the reports.

Gioventu said if there is a common theme, it is that “strata corporations have not been maintaining their buildings,” which is evident in problems that are cropping up with building decks and balconies, roofing systems and windows.

If you’re shopping for a condo how important is a depreciation report to you? Are you concerned about the history of leaky condos in Vancouver?

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Snake
Guest
Snake

Investment opportunity! 2BR,2BR with in suite storage and laundry.This unit is on the quiet side of the building near 10th Ave. Building is currently under repair, may need 20-35% down 16 payments of $2361.20 are due quarterly from May 1 2008 to Feb 1 2012
http://flexrategroup.com/officelistings.html/listing.v777160-2418-e-broadway-avenue-vancouver-v5m-4t9.8879562

Why would they need $2300 every quarter from May 1 2008 to Feb 1 2012 is it because of leaky condo problem ?

Snake
Guest
Snake

1) space889 Says: May 27th, 2014 at 4:04 pm 154
@Snake – Fox Den?? Based on their advertising seems like the largest escort service in town. Surprised these type of services never ever get busted by police, even though it’s obvious what they do??
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Why BUST them when you can BANG them for free ,motto of the VPD & RCMP

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2) Bull! Bull! Bull! Says: May 27th, 2014 at 12:03 pm 147
Learn mandarin, grow your business, then take it to other cities in NA targeting rich Chinese.
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Yes learn Mandarin ,Cantonese a dying language – how can this madness be stopped?

http://forums.redflagdeals.com/cantonese-dying-language-how-can-madness-stopped-1485928/
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3) Royal Bank offers real estate agents mortgage referral fees

https://www.google.ca/search?q=Royal+Bank+offers+real+estate+agents+mortgage+referral+fees&oq=Royal+Bank+offers+real+estate+agents+mortgage+referral+fees&aqs=chrome..69i57j69i64&sourceid=chrome&es_sm=93&ie=UTF-8#cr=countryCA&q=Royal+Bank+offers+real+estate+agents+mortgage+referral+fees&tbs=qdr:d,ctr:countryCA

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4) Scotiabank offers 2.97% five-year rate

https://www.google.ca/search?q=Scotiabank+offers+2.97%25+five-year+rate&oq=Scotiabank+offers+2.97%25+five-year+rate&aqs=chrome..69i57&sourceid=chrome&es_sm=93&ie=UTF-8#cr=countryCA&q=Scotiabank+offers+2.97%25+five-

Uncle Tom
Guest
Uncle Tom
Vancouver realtor Lori Antunovic expects to be foreclosed on in her Fairview-area condo because she won’t be able to finance a possible $135,000 assessment for repairs. Antunovic had a property inspection done before she bought the apartment in an eight-unit strata on Eighth Avenue 19 years ago, “and everybody said it was fine here,” she said. It wasn’t until about seven years ago, Antunovic said, that she started noticing problems, leaks into her bathroom first, and then the dining room. More leaks became apparent around decks and planter boxes, she said. “And the exterior stucco just looks like a moss patch,” Antunovic said. She added that the strata has made spot repairs including new decks and, a couple of years ago replaced the exterior flashing and applied new paint. “That didn’t fix the problems at all,” Antunovic said, but her… Read more »
donnie
Guest
donnie

“the astute investor will focus on the downsizing boomer generation over the next 8-10 years”
http://thethirtiesgrind.com/2012/05/18/rennie-says-boomers-will-sell-homes-and-help-their-kids-purchase-but-will-the-kids-still-be-in-vancouver-when-this-happens/
I too believe condos will perform best next 10 years, but be sure to stay away from ’82-’99 leaky ones.

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

@ham

i saw your post in yesterday’s thread. i’m glad you are back posting real sales info.

david
Guest
david

Shoddy construction is 100% predictable in a frenzied market, and Vancouver has been in a frenzy for more than 25 years.

If you trust the finite time period selected by the government as the “leaky condo era”, then you deserve to get screwed more than the poor saps did in the first go ’round.

Fool me once,….

sheizen
Guest
sheizen

Heard a story from a cop: Stopped at a Richmond fender-bender and the lady said ‘push wrong colour’ – her pedals were painted green and red. She also produced a Chinese library card when asked for drivers license. Had no insurance either.

Yunak
Guest
Yunak

@sheizen

Ain’t that expected?

Shitake
Guest
Shitake

“Heard a story from a cop: Stopped at a Richmond fender-bender and the lady said ‘push wrong colour’ – her pedals were painted green and red. She also produced a Chinese library card when asked for drivers license. Had no insurance either.”

I think I’ve heard that story maybe 10 times since moving to Vancouver 8 years ago. The other times I’ve mostly heard it as “produced a license that wasn’t hers and said she thought only one person in the family needed one….a shared license”.

I’m only replying to say that the story is bullshit and has nothing to do with real estate.

mac
Member
mac

I haven’t got much sympathy for The lady realtor. The fact that she’s surprised by this bugs me. It also bugs me that she asked 20 years ago if the building is OK and then watched it grow mouldy over that time. $7K/yr or even 10K/yr is what it costs to maintain a flat-roofed multiple-balconied structure in a rain forest. I hate to think what kind of expectations this lady passed on to her clients. They must be the ones voting down depreciation reports!!!

Robin
Guest
Robin

Guerrero started gaining some notoriety at a young age and it’s hard to believe he is
only 27 years old as the Katsidis fight looms. Clan wars can by yourself be started by commanders
or co-leaders. However, the control of Zeno Clash 2 has been improved with one simple addition, locking on.

My site: clash of clans glitch (https://youtube.com/)

George
Guest
George
Barbara Yaffe has an article in the Vancouver Sun about the River Green condo development in Richmond. The developer is offering owners membership in a club. From the Vancouver Sun: “Membership, also available to buyers in other Aspac buildings in the region, will give 2,000 condo owners access to discounts and special services from eight corporate “Lifestyle Partners” participating in the innovative program. Among them are Holt Renfrew, Culinary Capers and Spa Utopia. Additional retail partners are to be added in future… River Green club members will receive a member’s card and be invited to partake in members-only events and charitable functions.” The article also notes that Toronto-based Canadian Olympic skater Patrick Chan has visited the development and he “lent his name” to it (whatever that means). Unusual for the Vancouver Sun, the article acknowledges a down side to condo… Read more »
paulb
Member
Active Member

New Listings 262
Price Changes 114
Sold Listings 145
TI:17195

http://www.paulboenisch.com

George
Guest
George

Sorry it’s not related to real estate but I can’t resist…

Forget about TFW, the next threat to fast food workers’ jobs might come in the form of robots, according to CBC:

“Panera Bread has announced plans to replace its cashiers with self-serve kiosks by 2016. Applebee’s and Chilli’s already allow diners to bypass wait staff by placing orders on tablets. And one San Francisco-based robotics company plans on changing the game completely with an industrial speed machine that churns out more than 360 hamburgers per minute.”

http://www.cbc.ca/newsblogs/yourcommunity/2014/05/robots-could-soon-replace-fast-food-workers-study-says.html

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!
Barb Rennie
Guest
Barb Rennie

Sale price of homes over listing in Richmond last 2 days:

5660 Stefanko Pl $998,000 List Price: Sold Price: $1,088,000
3855 McKay Dr $871,000 List Price: Sold Price: $878,000
10615 Truro Dr $848,000 List Price: Sold Price: $879,000
6420 Goldsmith $780,000 List Price: Sold Price: $788,000
8271 Minler $1,388,000 List Price: Sold Price: $1,401,000
4560 Cabot $498,000 List Price: Sold Price: $505,000

Son of Ponzi
Guest
Son of Ponzi

#15
where did you get this information?
I thought only realtors have access to this information.

johnyboy
Guest
johnyboy

Nothing will stop HAM because there are very other outlets for their money. Australia- where the locals are complaining, Europe is too unstable, London is too expensive for all but the richest, the US is an option and many are buying there and Canadian where the whole culture is to pump RE, with banks bribing realtors now, with CMHC still taking all the risk. they will never be refused here.

UBC in crisis mode
Guest
UBC in crisis mode

#14 Will cancellation of Immigrant Investor Program spark flight of Chinese money?

No, not according to some Chinese realtors on the Van West side. There was a bit of slowdown for about 3 weeks after the cancellation, then the sales pick up and they are busy than ever.

There may be 190-200 SFH sales in May for Van West, up from 162 in April. More than 80% of these sales are for properties over $2 million. Who are buying them? You guessed it. NOT local boomers.

TLL
Guest
TLL

In the last thread, someone asked for Facts and Figures. I googled.
http://www.cic.gc.ca/English/resources/statistics/facts2012/temporary/01.asp

Not only TFWs arrive with spouses (entitled to Open Work Permits) and school-aged kids, Foreign Students are sometimes accompanied by dotting mothers on renewable visitor visas.

Heard Herd selling
Guest
Heard Herd selling

The couple from China who bought my house in 2010, is selling it, my old neighbor friend says the husband lost hisChina job and no llonger sends wife $, thing’s are going sideways in China wirh credit tightening, and by end of 2014 will be headed backwards, watch the ham sell more Vancity real estate:-)

chip
Guest
chip

Surprised people voted down the story on robots. The reality is that the next decade will see millions of jobs replaced by automation, from driverless cars and trucks, to automatic fruit and vegetable pickers to checkout and fast food occupations.

Tyler Cowen and the recent book by Andrew Mcafee highlight this coming change. They don’t call it the “law of ACCELERATING returns” for nothing.

Joe Mainlander
Guest
Joe Mainlander

@#118

190-200 sales in Van West? April saw over 4000 sales both sides of the Fraser… probably will be close to that in May.

200 sales out of 4000 = 5%. If HAM is buying 80% of that, West Side HAM amounts to about 4% of Metro market.

You’re inferring a mountain, but it’s just a tiny mole hill.

Son of Ponzi
Guest
Son of Ponzi

#22
the hole under the mole hill can trip up a horse.
Year of the Horse, get it?

southseacompany
Member
southseacompany

What could really trip the horse. From the front page of the National Post;

“Slight rise in rates could hurt homeowners”
http://business.financialpost.com/2014/05/28/mortgages-interest-rates-debt/

“It hasn’t been this easy to pay the interest on your mortgage in almost 25 years.”

“Jeff Schwartz, executive director of Consolidated Credit Counseling Services of Canada Inc., said while the amount of interest may be low, the rising debt will be a problem. “Canadians are just buying too much house, we should be worried,” said Mr. Schwartz. “Even though interest rates are low, the amount of money we have to pay overall to our income is incredibly high.””

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