Jump to content

      













Photo

If a condo project 'stalls'...


  • Please log in to reply
4 replies to this topic

#1 Szeven

Szeven
  • Member
  • 820 posts

Posted 16 October 2008 - 08:25 PM

How long do you generally have to wait when a project 'stalls' in order to ask and receive your deposit back?

What % of failed projects actually return deposits?

#2 VicHockeyFan

VicHockeyFan
  • Suspended User
  • 52,121 posts

Posted 16 October 2008 - 08:40 PM

What % of failed projects actually return deposits?


Pretty much 100% because deposits are in trust with Realtors on one side or the other, not with the developer.

#3 mat

mat
  • Member
  • 2,070 posts

Posted 16 October 2008 - 10:29 PM

Pretty much 100% because deposits are in trust with Realtors on one side or the other, not with the developer.


but then we get into insurers, like AIG and Dexia - one of the reasons the BOC has got into a bail out of mortages is that CMHC is the ultimate back up, and it insures liability through the same companies and markets that have recently collapsed. (CMHC = Canada's Fannie May, but for different reasons)

Banks are raising the bar for new mortgage clients - the 40 yr plan is gone, 0% is gone, credit checks are mandatory - that is all good. But get real on interest rates - anyone looking now for a new mortgage and the advisor should be going 'I have no frigging clue'. There maybe some mortgage bargains in the near future, which might make the real estate market here interesting.

#4 Holden West

Holden West

    Va va voom!

  • Member
  • 9,058 posts

Posted 05 April 2009 - 08:26 PM

There was a huge three-page spread in the Sunday TC detailing some of the stalled projects in the CRD. Great layout and a good example of the supremacy of print in making sense out of the information.
"Beaver, ahoy!""The bridge is like a magnet, attracting both pedestrians and over 30,000 vehicles daily who enjoy the views of Victoria's harbour. The skyline may change, but "Big Blue" as some call it, will always be there."
-City of Victoria website, 2009

#5 Caramia

Caramia
  • Member
  • 3,835 posts

Posted 06 April 2009 - 10:47 AM

Great story!
Nicely done.
Nowadays most people die of a sort of creeping common sense, and discover when it is too late that the only things one never regrets are one's mistakes.
Oscar Wilde (1854 - 1900), The Picture of Dorian Gray, 1891

 



0 user(s) are reading this topic

0 members, 0 guests, 0 anonymous users