Village Whisperer has been following the MAC-gate ‘fake foreign buyer’ story for a while and recently reported the Real Estate Council of BC decision in that case: a temporary suspension and small fine for one Realtor.
But what about the other MAC employees who played rolls in this story, why no repercussions for that deceit?
Here’s the loophole: condo salespeople who are not realtors are not ruled by the Real Estate Council and can apparently make any claim they want before passing a potential buyer off to a realtor to sign the legal documents.
Read all about it over at Whisperers blog.
By now everyone knows about the high cost of the Olympic Village project.
Current estimates are that it will cost taxpayers between $400 – $600 million to pay this off.
There are 68 units still left unsold over the last six years, but over at the ‘Canada House’ building it looks like a number of units have been bought and flipped, at least one for more than $400k profit in a month.
Hat tip to Mac who pointed out this article in the Province.
So whats going on here? Should these units have been priced higher or considering the tough sales across this project were they right to unload them quickly even if there were buyers willing to pay more?
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).
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?
People aren’t buying condos like they used to and that means marketers have to get creative.
For instance, how would you get first time buyers without much savings to buy in a new building with no parking available?
Trade their old car in for a 2% down payment!
Car for a Condo lets car owners trade in their vehicles towards a condo unit in the gritty but fast-gentrifying neighbourhood just west of Main.
“Cars are a terrible asset,” said Cam Good, president of real estate marketing firm Key Marketing.
“For someone trying to get started in life and wanting to become a homeowner, taking a depreciating asset and literally turning it into an appreciating asset is a life-changing decision.”
The low buy-in of $5,400 is possible thanks to a two-per-cent down payment program offered by Vancity.
It allows qualified buyers to shell out only two per cent of, say, a $269,800 one-bedroom, 519-square-foot unit — although monthly payments will be required over the next 16 months of construction to get the buyer to at least a five-per-cent deposit before the building is completed in 2016.
We’re still waiting for the offer that lets you trade in your used helicopter as a down payment on a new condo in Whiterock or the one that lets you trade in your imaginary foreign investor parents on a new unit in the gritty but fast-gentrifying neighbourhood downtown near the Granville street bridge.
Remember when the area of False Creek that houses the Olympic Village was an semi-industrial wasteland?
Then we all pitched in and built an enormous number of high end condos at taxpayer expense.
Now everything is awesome.
…With the exception of a few problems.
It’s a busy Vancouver neighbourhood, that according to residents is riddled with problems reminiscent of the Downtown Eastside.
Police have been called to one building 215 times since May and that is more than 30 times a month, more than one call every day.
On Friday a cab driver was robbed in broad daylight and threatened with a needle.
The Olympic Village was marketed to families, retirees and young professionals. Some social housing was always on the table but condo owners say they did not bargain for this.
“I’ve seen an unfortunate drop in the cleanliness in the area because of random pets that people have,” says one resident. “There’s definitely a lot of garbage that has been left on the street, and graffiti, some people sleep on the stoops outdoors.”
“It’s become quite strange.”
Read the full article here.