Tag Archives: crisis

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?

FFFA! gas, bubble, soft landing

Well here we are, the end of another week.

That means it’s time for another Friday Free-for-all!

This is our regular end of the week news round up and open topic discussion thread for the weekend.  Here are a few recent links to kick off the chat:

Russia/China shakes up LNG market
No housing or mortgage crisis
Overdue for a full blown correction?
CMHC: get ready for soft landing
Rennie: focus on old people
Millenials richer with more debt
Greatest RE bubble not done bursting

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

Flaherty won’t ‘stand by’ in recession

The more things change the more they stay the same.

The president is back in the white house and there’s rumbling of a fiscal crisis again.

Flaherty has said he’s not going to take another recession lying down.

Finance Minister Jim Flaherty and Bank of Canada governor Mark Carney both pledged Wednesday to take action to support the economy if a shock from the U.S., or Europe, threatened to once again plunge the country into recession.

“We are a pragmatic, sensible government. If our economy goes into recession because of an external shock from the United States or the eurozone, or both, we will take steps to stimulate the economy,” Flaherty told the Commons finance committee in an evening session.

“What we have done before we will do again. We will not do exactly the same thing again…but we are not going to stand by and have the Canadian economy slip deep into a recession with high unemployment.”

Friday Free-for-all!

It’s that time of the week again so lets do our regular end of the week news round up and open topic discussion thread for the weekend!  Here are a few recent links to kick off the chat:

Inventory starts to climb sharply
‘Vancouver condo crisis’ to hit Calgary?
Pillar of sand and fog
Statscan warned on RE bubble
Selling like a couch on craigslist
Only see a bubble in retrospect?
Digital Domain sinking fast
Rates stay low, good or bad?
Genworth: Don’t wait to buy Toronto
Immigration crackdown causes fraud?
Canadian exports collapse

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!