B.C. Housing sues the owners of affordable housing units
ฝัง
- เผยแพร่เมื่อ 4 มี.ค. 2024
- A series of lawsuits filed by B.C. Housing allege condo units in Victoria, meant to support new homeowners, were purchased by people who already owned property - in some cases multiple homes worth millions.
Connect with CBC Vancouver online:
Website: www.cbc.ca/bc
TikTok: / cbcvancouver
#CBCVancouver #CBCNews #BritishColumbia #bchomes #housing #housingmarket #affordability #scam
Pretty much sums up Canada. ‘I’ve got mine. Screw all young people and anyone else who needs affordable housing.’
The issue is when homes are not bought because you need a place to live, they are bought because they are an investment, "money spent is money earned", "it will protect you from inflation"
So people dont buy and sell to move, they "need to make more money than they spent"
Liberals in a nut shell
@mvpsoldier6364 That's also how they stole land from each other.
@@123brendan100This is a Provincial body and BC has an NDP government, not Liberals. Also, the BC Liberals have no affiliation with the Federal Liberal Party, they are a conservative Provincial party. Also, if you were paying attention, the government plan was to make housing affordable for first time home buyers, it was the corporate, private sector faction that cheated the deal and the Provincial government is working to hold them accountable. Did you watch the video?
@@clarissathompson ummm do you think the ndp and liberal party are different?
The Realtor should also be accountable for this scam.
Ban for life
It says in the video they will
Apparently her excuse was that she doesn't speak English well enough to understand what was going on.
@@alissareed9827 I believe it.
@@alissareed9827 yet she passed her realtor exam no problem.
I would love to see criminal charges filed against these sleazy liars, and huge punitive fines!
Would love that. And have the fines to create more affordable housing.
the reality is everything far delaying the process till people forget. then, the court closes with no conclusion to this mess and never be reported again. so, rich always becomes richer and poor becomes poorer everyday.
You’d have to start a riot for anything to be done.
Jail time.
And confiscate everything from them, show them the feelings they elicit so uncaringly from others.
So generous of them trying to help the low income millionaires
You are right 150 000.00 a year is not low income...
@@phoenixman8569 When _i saw that part in the video I thought I need to ask for a raise.if $150K is low income.
@@phoenixman8569that’s exactly what I was freaking thinking I’m not even close to half of 150k
@@ryuuguu01 *cries in 1350 monthly disability payments*
@@phoenixman8569yah I was surprised too but if you do the calculations with cost of living (food, housing, basic car, insurance for everything...) you barely make it by with $100k/yr after tax. And if you rent a Bach.... Forget about it. I'm not even talking about lux. life. I'm saying used car and a simple roof. I lived in an old space where the pumping would shoot out dark brown water from time to time and I was paying $2100/mth and that was 6ish years ago.
Fraud. Criminal. These people should go to jail
Or fined, or flagged, or get probation & ongoing oversight. Jail is one option, but not the only one; That said, depriving people of affordable housing is heinous.
@@William.Driscoll agreed. not into paying to house these people in jail. fined, flagged and 'chained' but let out to fend for themselves is more my speed
We can comment but never I have seen any fraudster be it “the CRA caller” or a real estate agent ever gone to jail. This is what the fraudsters (local and international) are taking advantage of by phone looting, malwaring, ransomwaring and not the least but also through real estate crimes and cops whom we pay from our after tax dollars are of no use.
it's just 1 instance everywhere it's like this
Oh silly we don’t send people to jail come on, they will have to sell making hundreds of thousands and boom nice slap on the wrist.
I freaken wish they would jail these people for 10 years.
So BC housing trusted the developer to "vet" the buyers for eligibility. Ya, don't see a problem with that 🤡
Canada has a balance of governmental oversight & personal responsibility. Here, oversight caught fraudsters. They may not audit every transaction (resources?), but some credit may be due.
Probably just the tip of the iceberg due to BC Housing incompetence
@@user-xo6xp2fb7cYou pronounced 'underfunded' wrong.
We can keep pushing to make sure that the developers are brought into question.
Due diligence left up to developers!! That's naive.
i get charged for a speeding ticket and these people don't get charged for lying on a govt document? huh?
💯
Your eyes aren't slanted enough
The real estate market must be the deepest rabbit hole in canada
It's not a government document, it's a declaration.
Criminal charges against all of them, that will send a message. This is scandalous.
The units should be seized and no money returned to the purchasers.
I agree. Lying on a statutory declaration is a criminal offence. And if the real estate agent encouraged them to do it, toss her in there, too.
Scandals are what runs Canuckistan.
canada full of scandals from top to bottom and ordinary citizens love to scams other😂
Maybe it's been happening for years, but now foreign nationals are using it to eat up tons of property in our country and it's becoming a security threat. If people with no interest in not destroying Canada hold the majority of the real estate they can manipulate the system to create massive market chaos.
"Lying on a statutory declaration is actually a criminal offence under the criminal code; maybe it's time in one of these kinds of cases that someone actually gets punished..."
Unbelievable. Does a law even mean anything if it's never enforced?
Everyone can see a jaywalker, and so they get prosecuted. Nobody sees the white-collar criminals. They get away with it all the time.
Greed, corruption disgusting. People are sleeping in cars have no roof over their head but it just not enough for these greedy monsters.
This is just a drop in a bucket the entire housing market is infested with fraudsters.
Very well said!!!!
Made me sick too 😣
That real state agent needs her license REVOKE and be investigated on previous sales. A permanent ban on renting should be issued to those who abuse the system and if they owned more than one properties they should be LAST in acquiring new property. This people are ruin it for everyone.
Absolutely. Realtors HAVE to be held to a higher standard.
Realtors have a code of ethics I think but it's not a legal repercussion. Tons of realtors do shady things 🙄 for their benefit, not the client
💯
Every person and company involved in this scam should be charged and the CRA should do a financial audit on all companies and persons.
💯 👏👏👏
No doubt they have a trail of shady dealings. This can’t be their first “mistake”.
Feels like this is isn’t even scratching the surface of BC’s problems.
What's funny is that this isn't even really "affordable housing" for most people. 😂
Just looking at one of the qualifications is you have to make less than $150k. What an utter mess Canada is in when that kind of salary is considered poor and needing help to buy even a one bed condo. Seeing how all these speculators bid in shows one of the root problems in the system.
ya if i made 70-150k i'd be wealthy. lmfao its still catering to WEALTHY people
1 bedroom in Victoria for 308k is way below market and then they only need to stay for 2 years and then get to sell it at market value!!!!
Should be more years and only sell under proven duress if needed before the end date.
Yeah this program should be scrapped.. full of loopholes & weak rules…
Plus no capital gains taxes on principal residences. What a mess. Once the initial buyers sell it’s back to market unaffordable prices again.
There should be a limit to the resale price increase
Exactly two years is not an incentive for fair ownership and does not give our opportunity to build community. Canada is build on foreign investment and corporate investment. It isn't for Canadians and our property laws were designed for this.
Wow what a novel idea, persecute criminals who have committed crimes. No wonder Canada is in the shape it's in. So many people have to either be terrible at their jobs or receiving kick backs for this disaster to occur. It's just too egregious to be a clerical error. The developer for one knew exactly how affluent or not these purchasers were. I've worked in the sales and marketing departments of a new home builder, we expressly targeted the types of people who purchased these units.
DEI and corruption drove this country to the state it is is now.
This is happening a lot in B.C I know developers who raised rent which took away opportunity for low income seniors who were assured there would be affordable housing in the New building slated for that purpose.
So disgusting. So evil
Yeah this is happening in the Okanagan as well.
City has helped with funding for buildings that were supposed to be for "low income" people. They marketed that rent would be around $900-1200 and that same building set the prices of their units min 1200 open opening for a tiny bachelor apt. That was years ago, and last time I checked they were 1600. Of course, whoever owns the building is also getting rent from the small businesses beneath it that were meant to help subsidize renters. So some developers got free money instead of it being used for the community.
Shady things are happening all around BC when it comes to our housing. Even student housing has gone up significantly ~ because apparently charging between 5k-25k + fees a semester isn't enough already, they're charging people between 1600-2000+ for a f'ing dorm.
350000 house. 3.5m damages. Sue them for every penny
Lots of Greedy Sharks here in Ontario having 10 and 20 houses
there was a leverage ponzi scheme in sudbury that had 150+
lots are doing the leverage ponzi route... gonna be flushed out with higher interest rates...
They should sue and take money back from those cheater
They should go to prison. Just taking the funding back is not enough of a deterrent.
@@aithneyprison absolutely. They stole hundreds of thousands of dollars.
@@althunder4269They also took possession of housing allotted for less-wealthy people, toward lining their own pockets.
Also, seize thier property to make this transaction as quick as possible
A huge fine + prison time to deter others from trying this again.
Subsidizing the rich with tax dollars.
Utterly disgraceful… Investors buying taxpayer subsidized condos… Even the ‘honest’ buyer here making
Yeah that's a joke 😅
In Victoria, $150k is low income (if it comes to ability to afford our overpriced homes).
It is a medium income or affordable housing program. It's meant to help those who have ongoing potential to pay a mortgage vs low income initiatives where ownership/mortgage isn't realistic.
In America a low income family would make about $25,000 a year. Since when is 150 grand a year low class?
@@parkerbohnn when 150k CAD is only 112k USD and our dollar is worth even less in Van and Toronto.
I am building my own home. BC Housing demands we write a 100 question exam before we are allowed to build. Yes, here in BC we are required to write a 100 question exam and pay a $460 blackmail fee to Homeowner Protection Office (HPO) before we are allowed to build our own home.
What is HPO protecting us from ? They will not say. They require their $460 blackmail fee anyway.
And we as owner builder are specifically prohibited from building rental housing.
Yes, BC Housing specifically prohibits us from building rental housing.
Did any of you know this ?
It was a 3 year fight and cost me $46,000 in red tape for a build permit on this small 1000sqft home. 3 years and $46,000 in red tape and we have not even broken ground as yet. We expect the government red tape to be close to $100,000 before final occupancy - this is an expense that rivals the cost of build materials.
Have tried several times to interest media into looking into this scandal, no media will touch it. I wonder why ?
No question in my mind why we have a housing shortage.
BC Housing is part of the problem they are not the solution.
Pierre for PM
BC for you.. you need to pay the ‘right guy’ or have the ‘right friends’. The whole system needs to be flushed out.
Media is stoking the fires of class war here over housing affordability without going into all the costs and looking at incomes of the area. Wake up people! Over 20 years ago I was of the opinion that the city of Vancouver was effectively a "gated community", where only those in the highest 5% of incomes could afford a life here. Permit regulations and fees, a customized set of Building Codes, a hostile and unhelpful municipal government in all departments (whose major objective is to subsidize their own existence), coupled with poorly thought out low-income housing initiatives - neither the mainstream media, nor government would be able to organize a decent booze-up in a brewery!
Income under $150k as being "low income" is kind of a joke... no?
LOL yeah I noticed that
When a bungalow costs millions, it kind of is 😂
That's a couple making ~$75,000 a year each. Not exactly affluent. Plus, there is a minimum income level required to sustain the mortgage rates (and qualify for a mortgage), strata fees, taxes, etc.
This isn't 10 years ago where the middle class wasn't being ravaged by income and cost of living taxes, and had savings. Plus the strategy of introducing lower priced units was to counter the RE bubble in certain areas, not provide housing for welfare recipients.
For purchasing? Yes. Combined income for most people capable of buying is usually around that much these days. For anyone making less they're better off renting.
so is the $350,000 affordability asking price.
That realtor should be convicted and sentenced to jail, she should NEVER be allowed to work as a realtor again.
All realtors should be audited.
Excellent government initiative !!! Please seek annulment of property rights (with due reimbursement minus damages) and criminal prosecution.
Finally, some accountability
Worked on this site. Was a total mess and filled with people like this.
It's not a law if it's not enforced. 😠
Sue them for 10 times damages
Canada's real estate game sicken me.
One human = one property. Period. This is rediculous. Capitalism cannot keep going in this direction
But socialism is still not a viable alternative unless you don't mind crumbling buildings and no basic utilities.
So what happens to all the cottages and vacation properties??? The government just takes them .
@@garetthewitt9976 one human = one property.
You have a family and each member can own a property.
I disagree, nothing wrong with making investments and owning multiple properties. However committing fraud to purchase properties that are for first time home buyers or low income buyers should be charged to the fullest.
@@sikhnation1990 investment properties are the number one reason for outrageous rental prices amd scum of the earth landlords. Necessities like food and shelter should not be so heavily monopolized.
Rules/laws without consequences for breaking them are not rules/laws, they are merely suggestions.
Low income is sub $150,000 yearly?
It's about damn time! These types of people all need to be sued ! We all know that there are way more than 13 cases out there, especially in this area.
No doubt. They probably covered their tracks a bit better like using a proxy like a child or family member to buy through. I heard some even rented out the unit and told the tenant to not say they were renters.
Why govt did not check it before approval , waste of money and time
Government employees couldn’t run a hotdog stand.
Proceeds of crime - take the properties. Realtors involved should lose their license.
Thank you CBC for covering this sort of corruption. It needs to hit everyone hard that this has been going on for over two decades and the reason people can't afford a home where they grew up.
Corruption everywhere. All those involved must be brought to justice. The unqualified tenants, the developer, the vetting third party
👏🏻👏🏻👏🏻 Fake “affordability”. Build more homes and apartments! “Poor” $150k earner!
It said he makes less than 150k
I know crazy!!!
@@13odmanBut he'd still get government assistance to become a homeowner if he made $149K. Why do upwardly mobile white-collar types need a subsidy? Is it because they're the demographic who designs these programs?
The realtor should have her license taken away. From CBC article “In her response, Yu claims she "does not speak English as her first or principal language, and has limitations with respect to her understanding of English."
Why do I get this feeling that close to 100% of all the players in this scam are from offshore?
Don't you just love Canada's immigration policies?
It’s such a poor excuse and even worse she still thinks she didn’t do any wrong. I also saw she claims to not know it was sold below market rates. You’re telling me a realtor doesn’t know what properties are worth? I hope she gets punished by the full amount and is banned from the profession.
Realtors also in on it most likely real estate laws really need to tighten up real estate scams are rampant
What about the folks making 35k, 40k, 55k a year? I thought that was low income? 150k may be considered low in Vancouver I don’t know but that’s 3x the average worker salary
how is someone making 55k going to afford a 300k home...
Realtors be like. I wasn't there
fine them as well as criminal charges!
that realtor lady....gross! 🤢🤮🤑👹is no lady! Just shady!
Wow. Affordable housing for rich people. No offense to the guy making under $150k, but the rule should be for those under $80k. Over $80k, it's only about lifestyle choices
That's what I was wondering. How much is the living cost in BC -prob comparable to GTA.
That was a great deal for that guy.
My guess, the limit was based on income you’d need to have to qualify for a mortgage for a similar property at market value, meaning you would not qualify for it under usual circumstances and need help.
@@indocanadianadventure average rent for 2 bedrooms is above 2500 per month. Do the math. the average person making 5k per month then after taxes, leaves several hundred to live on after paying rent. The average condo for sale in Greater Vancouver is over 800k. It is stupid expensive here. Basically a person making 75k is barely able to make it if they are alone. A husband/wife combo can get by though
I'm guessing this guy gets take home pay after taxes about $70,000. After Condo fees, probably $65,000, minus utilities and food etc, he's got $50,000, He then has the mortgage to pay which would be minimum $20,000 a year. I would say, that someone pulling in $150,000 would be close to the minimum that would be able to comfortably finance such a purchase.
That guy was struggling to survive at 150k a year?
Lol yeap. 150k a year. If I was single Id have so many things to do with that 150k
They make it sound like he's not making much. He's making double what I make
I make around 25k per annum and the government thinks that's all most Canadians need to live a decent life.
He had personal finance issues.
@@db-ui8bwSame here...
My god $308k?! Where do i sign up??
Go to Jail! Go directly to Jail! Do NOT Pass Go! Do NOT Collect $200!
Why didn't they check these people out first?
Why would they? Realtors, developers tell their friends to buy. They're all in on the scam and they're doing it everywhere
I suspect they felt the contract was enough. These developers didn’t want to do the extra work and probably relied on the government to audit later. If you explain the rules and they still falsely signed on they probably felt they did their job and now government can go collect. Shame how this litigation will cost the government when it should have stopped at the developrs doing a background check.
incompetent government. housing is all wrong. do not give money to developers. Hold municipalities accountable, lower the cost of building, bring in the right labour and incentivize to build faster and cheaper, and more
Wow, CBC allowing comments!
😂 I know
It sucks that people took advantage, but I am happy that BC is suing them
Of course, they took advantage, People have always taken advantage of government services. It's the main problem of socialism. People will ALWAYS abuse the system, and the government must continuously become more authoritarian to stop the loop holes that allow corruption. People will always find ever more complicated loop holes and the government will always need evermore complicated regulations to stop it until the entire society is paralyzed with regulations. Corruption will always find away, but the honest people are suffocated by the same regulations.
I’m sure that this kinda thing goes on all the time !This was probably a one time where they got caught. !! Fraudsters 😡
wtf
below 150k?
how tf are there not more of those
Sounds more like a failure on BC housing's part. Terrible controls
greed
I kept on saying over and over that "lies, lying and liars" are the root cause of social problem.
All the money and police will not stop people from lying.
Not only in this places looking around many places who are for low income families living with high income but pretends be low . That's completely unfair and disgusting corruption. Those people need to go the jail now .
Canaduh : corruption at every corner
In Ontario, the mortgage delinquency rate is up 135.2 per cent compared with a year earlier and B.C.’s rate rose by 62.2 per cent.
The economy is in shambles.
Shady realtors need to be banned from doing business.
So wrong😮😮😮they already own properties 😮😮😮
Yes your word is your bond very well said.
This behavior is unacceptable again lopeholes....valdition for sure
developers , landlords are gutting everyone who just can't afford a roof over our heads we have to choose roof over our head and pay rent , then starve
How about giving people who had no help when buying their homes and still have mortgages and need upgrades ?
Those dogs
Hmmm, let’s see the surnames of these criminals. I’m starting a “guess the foreign investors” pool.
WTF would you give grants or whatever to the owners, in order to give the renters a break? Government is FOS or stupid.
Since when is $300,000 for an apartment 'affordable' ?
When a random guy does more in depth investigation than the housing ministry, you can see how deep the the incompetency goes in our government
this and the $212k Kelowna tiny home. what else, BC housing?
Someone is not doing a simple task.
BC Real Estate board penalty: $5000 and 2 months of unpaid vacation to Real Estate Agent. Real Estate Agent “Thanks for the $50000 comissions. I will see you in 2 months” 😂😂😂
lol how great is the system…
What does a Condo have to do with Low Rent? You BUY a Condo Not Rent it!
This housing program or video isn't about rental properties. Try to pay attention.
@@squatch545 Affordable Housing means Renting! You need to use Proper wording now if you mean Affordable Purchasing that different.
@@1186wolf Lol...no it doesn't. Where heck did you get that idea from? Affordable housing means housing - it doesn't matter what kind of housing it is, renting or purchasing.
How about you ask how an 8'×10' shed/tiny home/pod costs $215,000..?
This is the per unit cost of the Kelowna B.C. slum units..!
Gets more exposed from here!
Charge them with fraud and if immigrant, deport.
Wow. I make half what he does that and my mortgage is the same as that condo. Why don’t I get any government grants or interest breaks?
There should be criminal charges. Especially the ones who "flip" the condo rifht after, making a profit. Like that realtor, she herself was supposed to live in that condo for 2 years before ever selling. And she couldn't even adhere to that.
Make them work at soup kitchens, homeless shelters, etc
The greed is at the root of the housing ..hope they r jailed
As a lawyer practicing civil litigation in BC, my own anecdotal experience is that there are never criminal consequences for lying in affidavits.
Hard to prove intent
Toronto wants to build the same on parking lots
the agent didn't pick up or defend herself - guilty 📌
So the govt handed $53 MILLION TAXPAYER DOLLARS to a DEVELOPER and expected the DEVELOPER to vet the buyers?? WTAF?
Pretty sure the owners are not from Canada..
Name them!
Can’t the government do ANYTHING right??? Those monitoring these sales all need to be fired
Why aren’t they checking them out when application are sent in?
Ah, so this is why I can't find or afford a place to live in BC
No criminal charge. If ppl are stealing and holding gun, there is no criminal charge, this will not be a criminal charge . This is Canada .
This country makes me sick
Please just hold them accountable, the state of this province is heartbreaking
if the developer didnt disclose the stipulations the onus is on the developer and the province not the people who bought condos.
They will spend more money and time suing them then anything they will get back.
To put this into perspective: I live in Toronto and pay $2,150/mo (Rent, Water, Electricity, Home Insurance). Then my phone and internet combined are an extra $110/mo. That's $2,260/mo and that's cheap right now considering the average rental prices here.
At the price they sold the affordable condo for, my mortgage, land tax, water, electricity, home insurance, phone, and internet combined would be less than $1,900/mo for me. I could actually qualify for a mortgage at that price as well. And I'm not one of these people who would resell either. I would be staying there until I'm dead or can't afford to pay the mortgage anymore.
What these people did here is disgusting and it's why those of us who do qualify can't find homes to buy.
3:39 please 🙏🏼 you can take the punishment money and create a budget to build eco-friendly income contingent housing. Keep it mixed, renters/owners 25% of income. Do not rely on developers- hire a contractor the government can oversee and share accountability for the results.
Hey, I make less than $150k per year...the government should subsidize my place too.
Where's my below market condo ?