Don’t lend money to your real estate agent.

We know the readership of this site has a deep and abiding love of all things real estate so we figure you might need this public service announcement. Don’t lend money to your real estate agent.

Rita Fulciniti put a down payment on a new west-end condo, thinking that home ownership would bring her a little comfort and financial security in her retirement years. Instead, the 66-year-old is living in a homeless shelter, broke, and still chasing the Toronto real estate agent who borrowed her life savings.

In March 2014, Fulciniti’s $42,000 down payment was for a second-floor unit in the Vivid Condos on Michael Power Place near Bloor Street West and Islington Avenue. A year later, while the condo was still under construction, Fulciniti learned her potential roommate wouldn’t be moving into the building.

Fulciniti approached Chaim Smilovici — who also goes by the name Howard Smilovici, and was a real estate agent with Adenat Realty at the time — to find a tenant who would help cover the costs of carrying the condo. It was the beginning of her nightmare, she says.

The real estate agent did find her a room mate (that’s good!) but borrowed $95k (that’s bad!) with an agreement to pay in full plus a $5k bonus and a 12% annual interest rate (that’s good!).  He then lost all her money investing in a nightclub (that’s bad!).

Read the full article at the CBC.

Sort by:   newest | oldest | most voted
fomostyle
Guest
fomostyle

How did she get the loan for this place in the first place?? Should not have happened.

Confucius
Guest
Confucius

She had a pulse.

paulb
Member

New
50
Price Change
7
Sold
92

TI:8080

http://www.paulboenisch.com

Shut It Down Already
Guest
Shut It Down Already

Is the number of prices changes still the proverbial canary?

history
Guest
history

six US states ready to collapse

New Mexico, 148
West Virginia, 116
California, 114
Mississippi, 111
New York 108
Arkansas, 103

the numbers opposite the state are the dependants per every 100 workers. Gawd forbid if an analysis was done in Canada by city, curious to know the tallies in Victoria and Ottawa, Richmond anyone?

story from the Rußian site ZH..
. bwahhhha haaaaaa

space889
Member
space889

I wonder how much of that is due to state & city / county pension plans that are vastly underfunded. Also, US SS / Medicare / Medi Aid pays a whole lot more than Canada’s CPP/OAS/GIS too.

Either way, this problem is rampant everywhere in developed and a lot of developing world. I don’t know how it will turn out but so far kicking the can down the road, immigration and massive capital inflow seem to be prefer solutions.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

Wait, you mean they might give up their state’s electoral votes to the popular will?

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

(Sorry.)

Shut It Down Already
Guest
Shut It Down Already

http://www.statcan.gc.ca/pub/82-229-x/2009001/demo/dep-eng.htm

Not by city, but the nationwide average shows you the big picture. I guess using google is too difficult.

Laibach
Member
Laibach

So it’s them, but lets rather have locusts envoy to tell us what exactly is…

Tom Davidoff points to demand from overseas as playing a huge factor in these numbers. “My suspicion was that was in part driven by the difficulty of getting money out of China’s regime, No. 1, and No. 2, the loonie actually strengthened between the winter of 2015, 2016, and the late summer — the loonie strengthened. It’s strengthening again and yes, I think weaker foreign demand would be very significant for Vancouver real estate, because I think foreign demand was a very important part of price increases over the last year.”

http://www.news1130.com/2016/12/14/vancouver-home-prices-drop-second-month-row/

history
Guest
history

yeah, get your money outta china, sure as shit the garbage exported from this country lasts only a fewmonths at best, before it breaks or otherwise becomes useless. Chinese arent stupid. Read the playbook written during Weimer Germany… all that money disappearing outta factories, and a mad dash to get out to North America. Always said New Age Chinaman is most comfortable emulating Jewish diaspora, no lie.. go on censor this post..

space889
Member
space889

Right, cuz building a good quality long lasting product at below cost is just super easy, and no Western companies ever EVER does any QA on their suppliers, despite the fact that everyone knows Chinese companies are low quality crap suppliers who lies and cheat. No sane intelligent person at any Western company ever thought it is necessary to have some testing to assure minimal quality.

dan
Guest
dan

exactly spacecadet,now your catching on!

space889
Member
space889

btw, how long did your iPhone last? Cuz last time I check, it’s pretty much entirely manufactured in China.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

iphones are not a chinese product. they are made exploiting chinese labour but they were conceived deisgned and initially built elsewhere in a nursery far from china

Laibach
Member
Laibach

And Quality Assurance part was lead and managed by Apple US folks not Chinese, because that is the point in any outsourced production process when things start to go sideways.

Best place on meth
Guest
Best place on meth

No asshole, it’s not manufactured in china. It’s assembled in china.

That means the various components are manufactured in other countries, sent to your shithole of origin, then put together by mindless robots who believe their beloved communist leaders have provided them with an enviable quality of life as they happily work 70 hour weeks, while sleeping 12 to a room.

Meanwhile, your scummy countrymen are copying and stealing the design because they haven’t come up with an original invention since paper.

nom nom nom
Guest
nom nom nom

I thought the Egyptians invented paper…. gunpowder?

Best place on meth
Guest
Best place on meth

The only reason your post should be censored is that you capitalized chinaman.

That’s like capitalizing Dog, or Locust, or Excrement.

Shut It Down Already
Guest
Shut It Down Already

Oh do shut up.

Whistler or Bust?
Guest
Whistler or Bust?
As mentioned on the previous thread, rates are going higher. I am not sure many posters understand that the market sets the rates and not the Gov’t in the end. The Canadian Gov’t is talking about cutting rates while the US is increasing them. The 5 yr Bond has gone from 0.75% or so to 1.15% over that period. Who is in control here? And the banks are following suit. Yet another nail in Vancouver RE. Toronto-Dominion Bank has hiked its main mortgage rate for the third time in a month, reversing earlier plans to compete with its biggest rival on price. TD raised the rate on its five-year fixed mortgages to 2.94 per cent, a jump of 10 basis points, or 0.1 per cent. The change follows Royal Bank of Canada’s decision in mid-November to hike its equivalent rate… Read more »
space889
Member
space889

Mortgage rate went up over 2% in 6 months in 08/09, almost everyone I know managed through when they renewed. Now a 0.5% or 1% rate increase is going to crashing everything down? I don’t think so.

Also, maybe you should learn something about forward yield curves too. It’s not the now and the known which causes most unexpected problems.

dan
Guest
dan

Yes but houses were less than half of todays price stoop!

Laibach
Member
Laibach

A grim artistic warning when there is still time left to dismantle arising shitholle while the clock is inexorably ticking…

“The protaganist in 2050 is a detective named Sara Fidelia. She moves her way through a shattered Eur-Asian Vancouver, which has become a victim of over-population, climate change and a growing gap between haves and have-nots.”

http://vancouversun.com/news/staff-blogs/writer-artist-imagines-a-grim-future-vancouver

space889
Member
space889

Sounds like every other b-level post apoplectic novel.

CanNeverThinkOfAGoodName
Member
CanNeverThinkOfAGoodName

As usual, space889 putting down Canadian culture. He never misses a chance. Why?

Laibach
Member
Laibach

An inferiority complex is a lack of self-worth, a doubt and uncertainty, and feelings of not measuring up to standards. It is often subconscious, and is thought to drive afflicted individuals to overcompensate, resulting either in extreme asocial behaviour.

space889
Member
space889

I’m sure the great Canadian justice system and police will help this poor woman recover her money from this slimball.

Never lend money personally without collateral unless you can break some appendages to get it back.

bullwhip29
Guest
bullwhip29
bullwhip29
Guest
bullwhip29

yes, a complete shocker that Nu Stream and Metro Edge have been flagged just as New Coast…not that it mattered at the end of the day

dan
Guest
dan

chinese…..must be a coincidence.

Laibach
Member
Laibach

Considering founders these “fast-growing brokerages” are just covers for triads affiliations and money laundering services. All staff most likely should be jailed before being deported.

Best place on meth
Guest
Best place on meth

We need the death penalty re-instated specifically to address the locust problem.

bullwhip29
Guest
bullwhip29

100,000 in Metro Vancouver could lose homeowners grant unless province ups cutoff limit
http://vancouversun.com/business/real-estate/100000-in-metro-vancouver-could-lose-homeowners-grant-unless-province-ups-cutoff-limit

>>> yes, they could lose grant, but everyone knows how this will play itself out…

Newcomer
Member
Newcomer

Oh, how sad! Their houses are now worth more 1.4 million so they will not get the $570 in welfare for poor wittle homey-womey owners. That’s just heartless. How will they ever survive the winter?

Shut It Down Already
Guest
Shut It Down Already

They should simply make the cutoff adjust dynamically so that it automatically catches the bottom X% of properties. People on the boundary can always request that their property get re-assessed to a lower value if the grant is that important to them.

Newcomer
Member
Newcomer

Why on earth should there be a homeowners grant? Do we need to encourage homeownership in BC? Is there nowhere else that the $570 could be more effectively spent? Did the province pay off all its debt while I wasn’t looking?

bullwhip29
Guest
bullwhip29

NDP asks PM Justin Trudeau to review lawsuits against Richmond MP Joe Peschisolido
http://vancouversun.com/news/local-news/ndp-asks-prime-minister-to-review-richmond-mp-case

fomostyle
Guest
fomostyle
Oracle
Guest
Oracle

TFW program is now officially called the “Foreign Workers Program”. The half a million now under the IMP and TFW programs will be rolled into one. Any Foreign worker here will not have to leave ever and can stay until retirement.

The Foreign Workers will qualify for free healthcare and will also qualify for free education of their kids. If they have kids, their kids will get automatic citizenship.

The next push is to get them permanent status.

Good luck Newcomer. Hope you don’t have kids who want a high paying job in the future.

http://www.voiceonline.com/migrant-workers-groups-welcome-repeal-of-4-and-4-rule-demand-permanent-status-not-tinkering/

Laibach
Member
Laibach

Until it takes off considerably, the next government will cancel it or something in that sense depending on circumstances and election promises. We saw that movie before…

Newcomer
Member
Newcomer

I cannot understand why anyone would not welcome newcomers. You, your parents, your grandparents — someone came here from somewhere else, and no you are here. It’s nice, no? It’s a good thing that you are here. How could it be a bad thing for someone else to be here, just because they are someone else?

If it get’s too crowded for your liking, you can go somewhere else. There is lots of space in the Peace, for example. But I would recommend a little happiness at the opportunity to share your freedom and prosperity with others. The more the merrier.

Zen
Guest
Zen

Um, why you here then newcomer?

Newcomer
Member
Newcomer

To talk about Vancouver condo information.

From your question, I’m guessing that you thought this was a blog dedicated to opposing immigration. That’s actually just a side thing among a few OCD folks. The rest of us talk about real estate. Feel free to join in.

Oracle
Guest
Oracle

And all caps of the Foreign workers program to be lifted. And timeline for approval reduced to 2 weeks from 3 months.

Got a good job Newcomer? Be prepared to work for less as the new workers will!

https://www.bloomberg.com/news/articles/2016-12-14/canada-considers-expanding-fast-track-work-visa-to-all-companies

Newcomer
Member
Newcomer

I don’t work in Canada. I just live here.

chilled
Member
chilled

The only thing that could possible explain this woman’s objective is a yet to be diagnosed condition called Rent-a-phobia

southseacompany
Member
southseacompany

“Asia stocks, currencies wobble as Fed flags more hikes”, Globe & Mail

http://www.theglobeandmail.com/globe-investor/markets/asia-stocks-bonds-struggle-as-fed-flags-more-hikes/article33328776/

“Asian shares and currencies struggled on Thursday after the Federal Reserve raised rates for the first time in a year and hinted at the risk of a faster pace of tightening than investors were positioned for.”

southseacompany
Member
southseacompany

“How a US interest rate hike affects Canadians, oil and the loony”, Global News video

http://globalnews.ca/news/3126521/us-fed-rate-hike-canada-oil-loonie-interest-rates/

southseacompany
Member
southseacompany

“House prices slide for 2nd straight month in Vancouver, rise in Toronto: report”, CBC News

http://www.cbc.ca/news/business/teranet-national-house-price-1.3895911

“A new report released Wednesday indicates house prices in Vancouver retreated for a second straight month in November, with one market watcher saying they have further to fall.”

Newcomer
Member
Newcomer

Oh, for the love of Pete! Is there no end to extent that this government is willing to help people screw themselves over?

http://vancouversun.com/news/local-news/b-c-government-offers-down-payment-loans-to-first-time-homebuyers

wpDiscuz