“[I’ve been] living in Vancouver as a renter in the same building for 7 years. Have seen since moving in telling signs the building had moisture issues. Finally are going through rain-screening right now. It is costing each owner $120,000. So glad I am a lowly renter, and not the couple who moved in 2 years ago who were in a bidding war and decided to waive inspection.”
– machino at greaterfool.ca 30 Nov 2012 1:43pm
“We have friends that spent low six-figures in special assessments and had their buildings shrouded in green wrap for up to a year. Now many stratas are only able to get insurance with $100K deductibles (or more) and guess who pays the deductible when your sink leaks?
In our building (supposed high-end, granite, SS – etc) our landlord (who bought new in 2008) is in a tough spot. Bought as an investment for about $450K, could sell for about $380K today – not to mention their mortgage payments, strata fees, taxes and maintenance. At least they can write-off their losses, at least until CRA figures out there is no ‘expectation of profit’.
Their maintenance costs are high because of shoddy construction and cost-cutting.
No question renting is a ‘steal’ compared to ownership and certainly less risky.”
– Snowboid at greaterfool.ca 30 Nov 2012 12:27am
“Vancouverites labor under the delusion that we live in Southern California and not southern British Columbia. For this reason, we tend to build structures that would be appropriate in the Mojave Desert but certainly not in a rain forest such as the West Coast of Canada.
For the last 20 years, the landscape in the lower mainland has been covered with envelope reconstruction projects galore. Some are being done for the second time. We simply can’t get over our infatuation with Adobe stucco.
It’s absolutely appalling to see the soggy rot underneath these porous exteriors. Toronto has nothing on us when it comes to building inappropriate structures. We have hundreds upon hundreds of them in varying stages of repair.
On the bright side though, it does keep a lot of construction trades busy.”
– Mister Obvious at greaterfool.ca 30 Nov 2012