Tag Archives: strata

Class action against Airbnb?

Dude Chillin pointed out this article about a Vancouver strata lawyer preparing a class action suit against Airbnb:

A Vancouver strata lawyer says she is preparing a class action lawsuit against Airbnb, alleging the company is “profiting from the unauthorized use of other people’s property.”

Recently, Polina Furtula — who is on the strata council of her Yaletown condo tower — sent demand letters to Airbnb about unauthorized listings in her building. Airbnb notified the hosts of the complaints and shortly afterwards, the hosts decided to remove their listings.

Read the full article here.

What’s happened to condo prices?

With all the media focus on rising real estate prices in Vancouver you’d think all market segments must be doing pretty well right?

Well it sure looks like condo prices have been languishing.  First we had the CIBC world markets report showing Vancouver condo prices barely budging in the last five years, and now Ulsterman points out the following:

It’s easy to only see the big gains SFH’s have made over the past 5 years and overlook the many “homeowners” of condos who have not made much or even lost money (what!?!, but i was told it only goes…).

I noticed 303-1333 W 7th Ave (V1088944) listed in the Georgia Straight p72 of Nov 20-27 issue). It’s a 1bd/1bath unit listed for $355,000. The key detail was of course, “Amazing deal, listed $20,000 below where it sold in 2009.”

So after paying $70k in interest, $15k’ish in taxes and strata fees, $20k capital loss, CMHC fee when buying (10k) (3%?), $13k selling fees. This gets expensive really fast ($128,000 over 5 years or $2133/month). It probably rents for $1300/month.

Not such a slam dunk.

Are condos just hitting a price ceiling at the entry level? Shouldn’t condo prices be going up more in this market?

Joe Mainlander points out that the REBGV HPI paints a similar picture.

Even the REBGV HPI stats point to a sinking condo market (not 20% though);

Metro Van Apartment HPI;

July 2008 = $367k
July 2014 = $380k

There’s been 10% inflation since then, so HPI would need to be $403k just to keep up.

A 6% drop in real dollars.

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! Condo Hell.

Ladies. Gentlemen. Does anyone have a timepiece on them?

What time is it?

Oh, yes. I see. It’s Friday Free-for-all time!

So lets waste no more time and hop right into it.  This is what we do at the end of every week, our traditional link round up and open topic discussion thread for the weekend.

Let’s go!

Hell is life in a Condo
$91M saves $1.1B Boondoggle
Mo money, mo problems
$1M mouse infested house
Sad you can’t buy?
25% regret buying a house

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

FFFA! Renting, Towers, Market, Bubble, Depreciation

Well looky here!

You made it to the end of another work week!

And that means on this particular website that it’s Free-for-all time!

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:

Can the media predict a bubble?
EI numbers up 10% in BC
Is ‘Depreciation’ a dirty word?
Signs of overbuilding?
Toronto prices to double in 25 years
Get drunk with the kids
Put your face on a bus stop
The cheese loophole
Not pasta sauce, the Eiffel Tower
Is US housing set for another crash?

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