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Leaky Condos

Leaky Condos, Rainscreening, and Buying an Older Condo in Vancouver

There are very few expensive risks in the real estate market here in Vancouver. Buying into a building with a bad envelope or leaky condo is one of those few extremely expensive risks here in Vancouver. Why there are Leaky Condos in Vancouver Here in Canada, the federal government changed the building codes in the early 1980s to increase the Energy Efficiency of buildings in response to the energy crises of the 1970s and 1980s. Basically, the federal government mandated that between 1981 and 1999 buildings should have airtight or sealed walls. Traditional building technology in Canada allows for breathable…

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Leaky Condos in Vancouver and Getting a Mortgage: Fun!

 So You’ve Got an Accepted Offer on a Leaky Condo, Can you get a Mortgage? Chad Watts, a Vancouver Mortgage Broker and I recently worked on a file were a first time Buyer fell in love with a gorgeous suite in a condo building in Vancouver with the classic Leaky Condo Syndrome. Fun! The accepted offer on the suite in the leaky condo was of course subject to financing, documents (ESPECIALLY the Engineering Report), and inspection among others. To make a long story short, the Buyer could not get a mortgage on the property. And here's why: What Mortgage…

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What is a Leaky Condo and How to Avoid Them!

 Leaky Condos Are Everywhere in Vancouver. Keep this in mind if you're buying a condo in Vancouver. A condo that initially looks solid as a rock, maybe a festering rotten mess inside the walls or in other places you can't see. 4 ways to avoid buying a Leaky Condo 1) Use a qualified, experienced Realtor who specializes in the area you are buying in. Use a qualified Realtor specializing in the area you're buying.  They will know which buildings are or have been Leaky Condos. To make sure they know their stuff, Use this simple test: Ask them which…

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