@@tylerdurden7142 This is so scary. Makes me think twice (10 times!) about giving up my house and moving to a condo. They must be putting them up too quickly and scrimping on material and safety measures.
@@hreitz4169 No kidding. Many buildings in our neck of the woods have been clad in PLYWOOD for decades. Seriously !? Gotta a match ? The homeless are not just lighting minor fires, several buildings have been burned to the ground.
I've been in construction for over 30 years and you should tell FB who that manager was, so that nobody buys from that company. They are obviously as shotty as the builders in this condo!
I have friends in the trades that tell me the same thing. They tell me builders will spend money on visible things like high end counter tops, expensive light fixtures and faucets, hardwood and marble flooring etc. But to save money they go cheap on anything inside the walls that can't be seen and you end up with things like this video with leaks, broken pipes etc. I also had a coworker in a similar situation. Pipes broke and flooded entire floors. It is a huge mess sorting out how is paying for what and different insurance companies etc.
Of course, clearly the builder cut too many corners at the expense of the owners. The condo owners AND the board should sue the builder not allow the owners to pay any special assessment especially since it's only 7 years old, the building should still be close to brand new condition. I feel the board is clearly incompetent here.
Construction contractor here, from Calgary. Get more quotes!!! Commercial repairs are egregiously expensive because too many contractors are involved in the process. The general contractor gets a quote and the quotes go through 2-4 more contractors. Remember Arrivescam? Project managers that don’t set foot on a project sub out to a subcontractor who in turn subs out. I know this, because my company is a subcontractor. We are the actual contractors who show up to do the work. Our fees then go through 2-3 more companies before it gets to the general contractor (CANA, PCL, Ledcor, EllisDon etc), who then bills the province, provincial health authority, federal government. My bill will start at $10k-$30k and by the time the taxpayers get the bill, it’s now a $100k-$500k bill. It’s why a $150k app turned into $65M and a storage barn in Ottawa cost $9M. To the Condo board of this news story: Get a quote from a Concrete Resurfacing & Repair company, it’s who ends up doing the work anyway 😉
The condo management will get contractors to charge extra and then get payment back from them. Happens all the time with building superintendents and management's.
Only 7 years old? Isn't there a 10-15 year warranty for builder defects? No way should there need to be a $7 million repair this soon after completion.
@@syx3s We did a daycare between a twin tower on Expo Blvd. in Vancouver less than 5 years after the build (the Parks Board could NOT make up their mind in over 5 YEARS). Turns out the column we were to tie the elevator to was a METRE off! We did a double column!!!
The corporation is suing the builder (Decade Homes), but we are still being forced to pay for these repairs. We were told that even if the lawsuit is won, we will not get our 70k back. It will go into the condo reserve fund. Criminal
They will never sell their units. Any prospective buyer will immediately have their lawyer do a title and status certificate search, and this $7 million loan or $70K per unit owner issue will come up immediately.
I had a condo and they asked $5000, due within 2 months. New building and totally out of any money reserves. I sold it, we told the new owners but they still wanted it. My friend had a $60,000 bill on her place. Nope - never owing a condo again.
You own a condo over 5 years start to get ready for cash calls. Many condo associations do not keep enough money. Many also get robbed. 4 or 5 new owners run around snd get proxies. They vote themselves onto board. Then comes the bills as friends companies fix properties with kickbacks.
That’s why I’d never buy a condo again!! I’d bought a condominium townhome years ago and a few months after moving in we get a letter from the board saying we owe 10k towards siding repair!!!???? Never again
That's what happened to me. But there was more warning that it was coming and we had to vote on the type of siding to get. Ended up being almost $28k each. Got three years to pay it off, or take a loan.
Condo board members are part of public record. Same with builder documents and permit applications by sub-trades. A little bit of investigation into this report wouldve gone a long way. The reporters should be ashamed
Everyone needs to thank the CAO (Condominium Authority Ontario) for all of this. The board should have made sure that this was inspected by Tarion before the time was up! CAO will destroy everyone that lives in condominiums (soon Townhouse Associations) in Ontario! CAO are still making $1 a month per unit per month without lifting a finger!
Go look at the recent graduates from trade schools and current workforce in the building construction. I guarantee that aftet 10 years there will be leaky condos everywhere in canada. Mark my words.
Is there any precedence of condo owners ever successfully utilize that 10 year warranty to cover repair cost? Always sounds reassuring until you need to activate it .
As someone who works in commercial real estate, i can tell you with confidence to avoid buying anything built in the last 10 years in the GTA. Especially highrise, but single family homes are not exempt either. As a rule of thumb, anything built during a boom, is likely going to have some poor craftsmanship.
@@kenny1514 totally agree. As builder start buying marginal land - former gas stations, sites needing remediation come to mind - I can only imagine where the corners are getting cut.
@@my3dviews toronto and edmonton aren't really even comparable when it comes to cost of living. I am born and raised here in toronto, and my aunt pays nearly $1400 per month in maintenance fees for her condo, and its not even downtown , its at yonge and sheppard
@@rdh7393 Ya, I know that Edmonton is much lower than Toronto. Vancouver is high too. Glad that I live here. Cost of living is way lower. For $1400/month I can pay my condo fees and my mortgage payments. Should be paid off in a couple of years, then my cost of living will go way down. :-)
Imagine that. buying a condo outright. at insane prices and end up paying more in fees than it costs to rent an apartment of the same size. one bad tenant can cost you thousands by leaving a tap on, or starting a fire. and the building is only 7 years old. fools.
If someone leaves a tap on or starts a fire, then insurance would have to cover it, not the condo members. The condos as a whole have insurance and each condo needs to be insured as well to cover their own expenses.
@@my3dviews A fire can make a building unlivable this building is new and should not be falling apart already. the tenants should not have to pay anything.
Balcony glass falling off, rails falling off. Many unit's kitchen plumbing failing, undermounted kitchen and bathroom sinks simply falloff with load, complete floor flooding, concrete barrier seals failing. Seen it all. There is also a reason why developers incorporate a shell corporation everytime they start a new project. So when they do get liable for something, there is no money to be won.
Really bad advice in the toronto market. There are already mechanism in place to protect condo owners. They can go to legal but just like a new home a new condo can have issues.
I am tired of this kind of crap . I have in stalled a metal roof that is warranty for 50 years if the condo is seven hold the builder and designer responsible
Get another quote on the cost of the repairs. Or hire an independent engineer to look at the roof and give an assessment of what needs to be done. Is it surface water on the roof that is leaking through cracks? Maybe just redirect the water with drains and pipes and repair the cracks. Before you buy a condo check on how much of a contingency fund they have. Well-managed condos have large contingency funds that take of major work needed to be done. The building is only 7 years old? Why would there be a major issue with the parkade roof? Defective workmanship? Can the condo board go after the original construction company to fix the problem?
Govt must amend the condo board laws to protect the tenants right and specially the big repairs. Even the houses built are having a warranty for structural defects, like in this case.
Stories like this make me NEVER to want a condo. I’ll get an Acorn chair lift installed in my house before ever thinking about buying an overpriced condo.
To start, they should get a 2nd opinion from another engineering firm. If the result is the same, the owners can sue the developer and/or the contractor who built the building.
Never buy a condo. You never own it. A condo board can vote you out if they don't like you. Or up the condo fee with no warning, not like rent control where you have protection.
There's not a huge amount of Rent control. Where I rent, if I don't like the rent increase, I'm evicted. Even if I take the landlord to court, the landlord still wins.
Have an engineering report and assessment of the need for repair and the necessity to spend so much on a bldg which is only seven years old? Has the party which built the condo bldg been contacted, consulted, put on notice? What were the issues which caused the need for this entire proposal.
If you've seen the conditions of the construction industry in the last 10 years you wouldn't want the entire complex for free let alone pay hundreds of thousands for...
It is common for engineering and construction contractors to take advantage of non professional condo boards. Apartments with professional management do not get taken advantage of that easily
A friend bought a stacked townhouse condo (similar to what seems to be pictured in this story), and in the winter had leaks from the roof deck into their unit. The response from the property manager was that it was they should have shoveled off the roof. (to where was not specified, as the only spot to throw snow off would be onto the lower walkway 3 stories down). It turned out the flashing detail was not done correctly. A separate leak from the facade into one of the bedrooms took over 18 months to fully resolve, with the drywall being cut back in that area for the entire time.
Um who exactly are they going to sell it to at this point? One look at the condo certificate and any potential buyer will immediately back out. They're stuck with their condos for a looooong time because even after they fix it, bad rap will stick to this building like a stink.
You own nothing and be happy. With a condo, in reality you don't control the building. You own nothing! The real owner is the bank. But you sign a contract, to pay for " your ownership " the maintenance.
condos maintenance fee almost the same as rent a place. why buying condo and still keep on endless paying fee the rest of our life ?. Sounds like you never own the place
@@tommyli8726 even if you own a home, then a flut or a tornado destroy your home, you loos the home insurance, and the bank take away your land. Or without problems the home insurance show up on your place, you don't cut your brushes or lawn, and they cancell your insurance. Same resultat, the bank take away your home. With every bad weather the insurance bill will go higher.
You can pretty much guarantee that the builder has legally insulated themselves by setting up a separate corporation for that specific development project.
That's the difference between renting and owning a condo. Similar thing happened to me several years ago. Had to pay a fairly large sum (not as much as this) over three years to change the siding and decks on the buildings.
What happened to the Ontario mandated guarantee on contractors for buildings up to 7 years ? Where is the contractor that built the Condo. Are they not liable ?
And the contract with be awarded to a friend of the strat and the quote will be 5 times higher than any other companie, this is why i wont buy a condo in canada, there is too many unskilled workers, 3/4 of the condos built in vancouver st this very moment are being built by illegal immigrants
Proof that the builders cut corners. We had to major parking garage repairs over the last few years. It was costly as well. Our building is 49 years old. The problem was because the rebar and concrete were failing because they used salt to make the concrete set/cure faster. What set of morons would allow salt which is corrosive to be added. Those should be paying for the costly repairs, not the owners.
I wonder if that's why a lot of coastal homes don't hold up during storms (e.g. hurricanes). They're already at a deficit due to the building materials. Hmm..interesting point. Thanks for sharing! @@thyjackal4156
This is consistent problem in Toronto. Underground streams and tributaries run throughout the city. We live in the Great Lakes in case the builder doesn’t already know. If water proofing is determined to be the issue then the tenants will take building management to court and have them extract the money from the shoddy developer
Also blame owners who Airbnb. What's to stop a stranger that obviously doesn't care about property from pouring hot oil down the pipes which you wouldn't know the damage until years later, not when they leave?
Share the name of the builder so we can avoid their other constructions.
Decade Homes is the builder. They don't have many developments in their portfolio.
@@tylerdurden7142 This is so scary. Makes me think twice (10 times!) about giving up my house and moving to a condo. They must be putting them up too quickly and scrimping on material and safety measures.
Decade Homes. Their buildings only last a decade before they fall apart. @tylerdurden7142
@@hreitz4169 No kidding. Many buildings in our neck of the woods have been clad in PLYWOOD for decades. Seriously !? Gotta a match ?
The homeless are not just lighting minor fires, several buildings have been burned to the ground.
@@tylerdurden7142 Now we know why.
Had a project manager tell me 15 years ago "Don't buy anything built today"
I've been in construction for over 30 years and you should tell FB who that manager was, so that nobody buys from that company. They are obviously as shotty as the builders in this condo!
If it's built by South Asians in that time frame then it's probably inferior. Canada is not the same anymore. PROVE ME WRONG
Well the condo is 869 Wilson Avenue. Shouldn’t be too hard to figure out who built it.
Decade Homes.
I have friends in the trades that tell me the same thing. They tell me builders will spend money on visible things like high end counter tops, expensive light fixtures and faucets, hardwood and marble flooring etc. But to save money they go cheap on anything inside the walls that can't be seen and you end up with things like this video with leaks, broken pipes etc.
I also had a coworker in a similar situation. Pipes broke and flooded entire floors. It is a huge mess sorting out how is paying for what and different insurance companies etc.
7 years only ??? SUE THE BUILDER WHAT THE HELL
Of course, clearly the builder cut too many corners at the expense of the owners. The condo owners AND the board should sue the builder not allow the owners to pay any special assessment especially since it's only 7 years old, the building should still be close to brand new condition. I feel the board is clearly incompetent here.
They signed the contract so it's not the builders problem 😂
Warranty is only one year.
@@JohnFilmore-x1q It is if the construction is defective or under warranty 🤣
Being a condo owner is like paying rent with more responsibility 😂
I work in construction and I will never buy a condo. I have seen how they're built
Older condos from the 60s to 80s are best to buy.
@@Xenomorph-hb4zf Agree, back when they were made with attention to quality, and they weren't the size of a shoe box.
@@Xenomorph-hb4zf right , because for one , they've already shown themselves to be well built
@@Xenomorph-hb4zf Re-manufactured companies are the best for condos
never buy a condo anyways, or somewhere with a housing authority/association, or in a trailer park. Buy a house on land you will own.
Construction contractor here, from Calgary. Get more quotes!!! Commercial repairs are egregiously expensive because too many contractors are involved in the process. The general contractor gets a quote and the quotes go through 2-4 more contractors. Remember Arrivescam? Project managers that don’t set foot on a project sub out to a subcontractor who in turn subs out.
I know this, because my company is a subcontractor. We are the actual contractors who show up to do the work. Our fees then go through 2-3 more companies before it gets to the general contractor (CANA, PCL, Ledcor, EllisDon etc), who then bills the province, provincial health authority, federal government. My bill will start at $10k-$30k and by the time the taxpayers get the bill, it’s now a $100k-$500k bill.
It’s why a $150k app turned into $65M and a storage barn in Ottawa cost $9M.
To the Condo board of this news story: Get a quote from a Concrete Resurfacing & Repair company, it’s who ends up doing the work anyway 😉
@tonysopranosduck416 I have a better idea. Sue the developer and contractor who built it.
The condo management will get contractors to charge extra and then get payment back from them. Happens all the time with building superintendents and management's.
Only 7 years old? Isn't there a 10-15 year warranty for builder defects? No way should there need to be a $7 million repair this soon after completion.
especially in the foundation of all things.
@@syx3s We did a daycare between a twin tower on Expo Blvd. in Vancouver less than 5 years after the build (the Parks Board could NOT make up their mind in over 5 YEARS). Turns out the column we were to tie the elevator to was a METRE off! We did a double column!!!
@@DwightStJohn-t7y what was the outcome of that extremely fun sounding situation?
SUE THE BUILDER, AND THREATEN LEGAL ACTION AND MOVE OUT OF THERE!!!
The corporation is suing the builder (Decade Homes), but we are still being forced to pay for these repairs. We were told that even if the lawsuit is won, we will not get our 70k back. It will go into the condo reserve fund. Criminal
@@jonor2z This is why I never buy a condo in Canada. Period. There is too much corruption at various levels.
@@jonor2zwtf what do you mean it will go to the condo funds they are stealing from you what the hell
@@jonor2z70k paid if you sell you won’t get any of it ? That’s scummy
They will never sell their units. Any prospective buyer will immediately have their lawyer do a title and status certificate search, and this $7 million loan or $70K per unit owner issue will come up immediately.
sounds like a shake down. somebody is going to make alot of money!
Wow, what a rubbery
They have asked $70k like it's $700
I had a condo and they asked $5000, due within 2 months. New building and totally out of any money reserves. I sold it, we told the new owners but they still wanted it. My friend had a $60,000 bill on her place. Nope - never owing a condo again.
When I lived in a Condo I had insurance to cover any special assessments over 15K. Was about $20 a month.
That’s a great idea!
@@missindependent1973 Not a bad idea, but in this case each unit is being asked to pay 70k. Probably way above what any insurance would cover.
What state/province/canton can you GET this kind of insurance??? this is basically a "cash call".
@@DwightStJohn-t7y I got it from square one live in Alberta but I think they cover all provinces
Canada has become such a sleaze country.
It really has. I miss the way it was when I was growing up. When an average family could afford to buy a home without selling all their organs smh
Yes it's been taken taken over slowly ,, fasten yr seat belts
@@aquaabundance4077
So true. So do I. Things were so much simpler and better back then….
and so was the music☺️
Sadly it always was.
Buyer beware. Homes, condos, campers, vehicles are not built like they were +10 years ago.
You own a condo over 5 years start to get ready for cash calls. Many condo associations do not keep enough money. Many also get robbed. 4 or 5 new owners run around snd get proxies. They vote themselves onto board. Then comes the bills as friends companies fix properties with kickbacks.
💯💯💯
EXACTLY, EXACTLY THEY ALL GET RICH OUT OF IT
Never give up your proxy rule one and go to the meetings rule 2
bingo
That’s why I’d never buy a condo again!! I’d bought a condominium townhome years ago and a few months after moving in we get a letter from the board saying we owe 10k towards siding repair!!!???? Never again
That's what happened to me. But there was more warning that it was coming and we had to vote on the type of siding to get. Ended up being almost $28k each. Got three years to pay it off, or take a loan.
what kind of report is this? nobody is on the condo board? no mention of builder liability, by residents or the news?
+1
Condo board members are part of public record. Same with builder documents and permit applications by sub-trades. A little bit of investigation into this report wouldve gone a long way. The reporters should be ashamed
They should go after the builder or the contractor who was responsible building the parking garage.
Everyone needs to thank the CAO (Condominium Authority Ontario) for all of this. The board should have made sure that this was inspected by Tarion before the time was up! CAO will destroy everyone that lives in condominiums (soon Townhouse Associations) in Ontario! CAO are still making $1 a month per unit per month without lifting a finger!
Thank you for sharing. I will research this.
Tarion is a lifesaver. Builders are scared of them
Go look at the recent graduates from trade schools and current workforce in the building construction. I guarantee that aftet 10 years there will be leaky condos everywhere in canada. Mark my words.
DEI hiring will ruin countries.
My 6 year old condo here in Vancouver area has the exact same problem.
Sounds like a cash grab by the property management!!! Especially for a 7 years old building. They should sue the contractors that built it!!! Smh
They are told 7 million to repair but someone is also getting rich from this, guaranteed! 😢
Only 7 years old… Isn’t building still under warranty?? In B.C. structural 10 year warranty…
Ontario is 7 for structural. 2 for water…
If the warranty was 10 years, you wouldn’t hear about how there’s structural damage to the building until year 10 + a day.
@@kellyhou9594 the timing could not be more nefarious for this
@@kellyhou9594 well played by the builder.
Is there any precedence of condo owners ever successfully utilize that 10 year warranty to cover repair cost? Always sounds reassuring until you need to activate it .
As someone who works in commercial real estate, i can tell you with confidence to avoid buying anything built in the last 10 years in the GTA. Especially highrise, but single family homes are not exempt either.
As a rule of thumb, anything built during a boom, is likely going to have some poor craftsmanship.
7 years ago was before cov19 boom
@@fokana1 the real estate boom in the GTA started in the mid 2010s.
@@kenny1514 totally agree. As builder start buying marginal land - former gas stations, sites needing remediation come to mind - I can only imagine where the corners are getting cut.
25 students from India living in 403 sq feet condo in downtown Toronto most of them sleep in the kitchen, washroom and on the balcony
.... and 2 in the bathtub
Whats that got to do with this video? Rac1st much?
2013 my condo fee was 350. Now 2024 condo fee is 900. As much as my montage and this Canada Ontario
Yes but what do you pay for maintenance ? If you pay nothing now, what will you have to pay at some point ? New roof 10k+ new AC 3k+ etc
My fees are $405/month (in Edmonton). $900 is crazy. Hope mine don't get that high.
@@my3dviews toronto and edmonton aren't really even comparable when it comes to cost of living. I am born and raised here in toronto, and my aunt pays nearly $1400 per month in maintenance fees for her condo, and its not even downtown , its at yonge and sheppard
@@my3dviews Sometimes fees are high because you have a pool, a gym, an elevator and such. Some buildings even have theatres.
@@rdh7393 Ya, I know that Edmonton is much lower than Toronto. Vancouver is high too. Glad that I live here. Cost of living is way lower.
For $1400/month I can pay my condo fees and my mortgage payments. Should be paid off in a couple of years, then my cost of living will go way down. :-)
Imagine that. buying a condo outright. at insane prices and end up paying more in fees than it costs to rent an apartment of the same size. one bad tenant can cost you thousands by leaving a tap on, or starting a fire. and the building is only 7 years old. fools.
If someone leaves a tap on or starts a fire, then insurance would have to cover it, not the condo members. The condos as a whole have insurance and each condo needs to be insured as well to cover their own expenses.
@@my3dviews A fire can make a building unlivable this building is new and should not be falling apart already. the tenants should not have to pay anything.
“Construction deficiency repairs” a phrase I see way too often.
Our quality of work has massive gone down in Canada. Honestly feels like we're living in another county. This shouldn't be happening.
Why isn't the developer held responsible?
The company doesn't exist anymore. They form a company to build the building then dissolve it. There's no money.
Who’s the condo pres, and condo lawyer Don’t trust condo board and lawyer
Balcony glass falling off, rails falling off. Many unit's kitchen plumbing failing, undermounted kitchen and bathroom sinks simply falloff with load, complete floor flooding, concrete barrier seals failing. Seen it all. There is also a reason why developers incorporate a shell corporation everytime they start a new project. So when they do get liable for something, there is no money to be won.
That's why you NEVER buy a condo, EVER.
Seems a little odd. A 7-year-old building only started leaking AFTER the warranty expired?
No leaks in year 5 or 6?
OWNERS SHOULD GET THEIR OWN ENGINEERS TO EXAMINE FOR THEMSELVES. DON'T TRUST CONDO MANAGEMENT
I work in condos usually its shows up 10-15 years kinda weird
Buy a detached, duplex or a townhome without HOA. If you can’t afford it, then rent. But never ever buy a condo.
You couldn't pay me enough to buy a freehold anything. Been there, done that. Huge money and time pits.
Really bad advice in the toronto market. There are already mechanism in place to protect condo owners. They can go to legal but just like a new home a new condo can have issues.
@@alextube1101nope
Take loan and buy levered ETFs and stocks - rent.
@@mbogucki1 You’re out of your mind if you actually think that renting is better than owning.
I am tired of this kind of crap . I have in stalled a metal roof that is warranty for 50 years if the condo is seven hold the builder and designer responsible
Get another quote on the cost of the repairs. Or hire an independent engineer to look at the roof and give an assessment of what needs to be done. Is it surface water on the roof that is leaking through cracks? Maybe just redirect the water with drains and pipes and repair the cracks. Before you buy a condo check on how much of a contingency fund they have. Well-managed condos have large contingency funds that take of major work needed to be done. The building is only 7 years old? Why would there be a major issue with the parkade roof? Defective workmanship? Can the condo board go after the original construction company to fix the problem?
It’s an underground parkade, so foundational issue, that’s why it’s so expensive to repair.
Agree. The 7 million cost to repair the leak sounds ridiculously expensive.
Agree. The 7 million cost to repair the leak sounds ridiculously expensive.
How is the builder not on the hook???
The owner's brother will do the repair.
Isn’t this a problem for insurance??
WHO IS THE BUILDER?!!!
Decade Homes
Because the condo lasts only a decade?😂
IT'S BOB!!!!
the builder should be responsible for this
It is mind-boggling that a poorly constructed building should become the problem of residents.
its comforting to know the buildings are inspected to protect the buyers from getting ripped off .
Why isn't the developer being charged?
Have a Requisition Meeting and get rid of the current Board and Shibley
890k for a tiny box 📦 in the sky
Govt must amend the condo board laws to protect the tenants right and specially the big repairs. Even the houses built are having a warranty for structural defects, like in this case.
7 years old? Isn't the building still under warranty?
Stories like this make me NEVER to want a condo. I’ll get an Acorn chair lift installed in my house before ever thinking about buying an overpriced condo.
Homeowners need a lawyer to go see the builder and property manager in cahoots
Curious , which property manager company does this condo use?
To start, they should get a 2nd opinion from another engineering firm. If the result is the same, the owners can sue the developer and/or the contractor who built the building.
Pro tip: Do not buy a condo. Always get freehold.
Yea right sleazy ass condo boards......these guys with their backroom deals with these construction companies......mafia
100% they are thieves
depending on a board, but sounds about right.
Exactly!
Never buy a condo. You never own it. A condo board can vote you out if they don't like you. Or up the condo fee with no warning, not like rent control where you have protection.
💯
you can be a board member too
There's not a huge amount of Rent control. Where I rent, if I don't like the rent increase, I'm evicted. Even if I take the landlord to court, the landlord still wins.
Don’t the owners have to vote on increases in fees or any expenditure not in the annual budget approved at the AGM. In BC they do
No. There's no mechanism for that.
FRAUD. Sue the builder.
Have an engineering report and assessment of the need for repair and the necessity to spend so much on a bldg which is only seven years old? Has the party which built the condo bldg been contacted, consulted, put on notice? What were the issues which caused the need for this entire proposal.
Question is why 7 million ?
Condo Trap=Maintenance Fees
Buy an older home. They were made better.
Audit the books!!! Who's the builder? How much did they profit on construction and sales???????
Why are there no stories about parliament being shut down
because this is a video about a major water leak in a condo. You are on the wrong video.
If you've seen the conditions of the construction industry in the last 10 years you wouldn't want the entire complex for free let alone pay hundreds of thousands for...
“Real nice condo you have there… it would be a shame if anything were to happen to it”!
-Canadian real estate mafia
Sue the Builder dont put the owners on the hook. bunch of crooks
If the building is only 7 years old then obviously it not the tenants responsible to pay for repairs!
a solid example of the owners that built the building in question are 100% accountable . . who built this ?
It is common for engineering and construction contractors to take advantage of non professional condo boards. Apartments with professional management do not get taken advantage of that easily
Thanks for sharing this news 😮. I won't buy any condo 😮😮😮.
A friend bought a stacked townhouse condo (similar to what seems to be pictured in this story), and in the winter had leaks from the roof deck into their unit. The response from the property manager was that it was they should have shoveled off the roof. (to where was not specified, as the only spot to throw snow off would be onto the lower walkway 3 stories down). It turned out the flashing detail was not done correctly. A separate leak from the facade into one of the bedrooms took over 18 months to fully resolve, with the drywall being cut back in that area for the entire time.
@@VC-Toronto
What a bloody nightmare.
No way I would ever buy a condo again!!
Condo owners in Florida are also facing a huge contribution towards repair. Owners' last option Is to sell their unit.
Um who exactly are they going to sell it to at this point? One look at the condo certificate and any potential buyer will immediately back out. They're stuck with their condos for a looooong time because even after they fix it, bad rap will stick to this building like a stink.
@@XYZOxyz exactly! At a loss...
@@Kuya_Gil Very big loss. I don't see anyone paying for it at all. They're all screwed.
Building on unstable water laden foundations and seasonal huricanes takes it's toll on buildings.
Big price for warmer weather and more sunshine.
This is a case of charging the builder.
There's condo fees for a reason, so wtf!!!!! This is why I will never buy a condo
You own nothing and be happy. With a condo, in reality you don't control the building.
You own nothing! The real owner is the bank. But you sign a contract, to pay for " your ownership " the maintenance.
not really.
you can be mortgage-free sooner or later
condos maintenance fee almost the same as rent a place. why buying condo and still keep on endless paying fee the rest of our life ?. Sounds like you never own the place
@@tommyli8726 even if you own a home, then a flut or a tornado destroy your home, you loos the home insurance, and the bank take away your land. Or without problems the home insurance show up on your place, you don't cut your brushes or lawn, and they cancell your insurance. Same resultat, the bank take away your home. With every bad weather the insurance bill will go higher.
@@tommyli8726 rent is over 2K, condo fee + tax under 1K
I'm scared of any build after covid
You can pretty much guarantee that the builder has legally insulated themselves by setting up a separate corporation for that specific development project.
Sue the builder
I own a home. I just had an assessment from myself for $45k for exterior work including a new roof.
This is why condos are a bad deal. A friend's sister had to cough up $20K for repairs. For her that was a lot of money.
Do the board members own units in the building?
Isnt this what insurance is for? Whos the property manager? Duka?
Builder should be required to warranty the building for at least a 10 year period.
We just bought a condo, not built yet but these stories scare me and regretting buying it
That's the difference between renting and owning a condo. Similar thing happened to me several years ago. Had to pay a fairly large sum (not as much as this) over three years to change the siding and decks on the buildings.
What happens if you don’t drive or own a car do you still have to pay?
Tell the condo board to take the $7m loan and sell the unit before they raise the maintenance fees
It's on the record and in the news. Any lawyer worth their salt would find out about it and warn their client from purchasing
LMAO, 95% of all condos will get this Special assessment. Cheap class condo will require major reno in less than 10 years. Best to get rid of it NOW!
More time for more water to penetrate compromising, rusting and delaminating the rebar in the concrete.
What happened to the Ontario mandated guarantee on contractors for buildings up to 7 years ? Where is the contractor that built the Condo. Are they not liable ?
And the contract with be awarded to a friend of the strat and the quote will be 5 times higher than any other companie, this is why i wont buy a condo in canada, there is too many unskilled workers, 3/4 of the condos built in vancouver st this very moment are being built by illegal immigrants
Shouldn't the builder be responsible!
I lived in a condo in downtown Toronto built by the same builder with the very same issues. We tried to go after them when I was on the board.
who was the builder?
@@m.a.omarkhail8294decade homes
So what was the final result?
The rich get richer, living standards fall for everybody else.
Proof that the builders cut corners. We had to major parking garage repairs over the last few years. It was costly as well. Our building is 49 years old. The problem was because the rebar and concrete were failing because they used salt to make the concrete set/cure faster. What set of morons would allow salt which is corrosive to be added. Those should be paying for the costly repairs, not the owners.
I remember my grandpa (born in the 1910s) told me bad builders used sea water to mix with concrete and the buildings would just crumble...
I wonder if that's why a lot of coastal homes don't hold up during storms (e.g. hurricanes). They're already at a deficit due to the building materials. Hmm..interesting point. Thanks for sharing! @@thyjackal4156
49 years? That lasted really long, these people's condo lasted 7.
They will always be future assessments. As the years pass, the more assessments
This is consistent problem in Toronto. Underground streams and tributaries run throughout the city. We live in the Great Lakes in case the builder doesn’t already know. If water proofing is determined to be the issue then the tenants will take building management to court and have them extract the money from the shoddy developer
Hay COUZINZ - LEST WE FORGET "Surfside condominium collapse" 🍀🇨🇦⚜️
What happened to insurance?
Also blame owners who Airbnb. What's to stop a stranger that obviously doesn't care about property from pouring hot oil down the pipes which you wouldn't know the damage until years later, not when they leave?