This tragic tale reads like a rather poorly written novel!
The plot line goes like this: “consumer are sold a bill of goods through builder misrepresentations on web site and contacts builder who sends brochures laden with intentional lies, misrepresentations and failed disclosures, is required to sign a contract that in no other circumstance would any rational person sign, gets jerked around for years after alleged closing dates with a house totally different than they were “sold”, gets forced into “Occupancy” in direct contradiction of Agreement originated by the Municipal Government, and get to live in the middle of a filthy, unorganized construction site, and gets a product that is seriously materially flawed so turns to the Tarion Warranty to little avail, then gets manipulated into a multi-year almost impossible to get out of property management contract where the property manager “owns the condo corporation’s bank accounts” and literally controls the finances of the condo corporation”!
So, my question to you is: “as a consumer do you feel comfortable being treated in this manner”?
It is really not a tough question as the answer is that this definition has been drawn from a real life, ongoing Case Study involving the purchase of a real life home in a real life community with real life players and real life money.
If any of it sits well with you you must be related to the builder!
This is a clear and precise example of the unethical and consumer exploitive workings of this industry!
We just caught this builder and it’s “Ringer” property management company (I’ve taken down their name as they sent one of these ambulance chasing litigators after me) locking our condo corporation into a totally ridiculous contract that flagrantly is contrary to the best interests of the owners of these homes but the much bigger threat is that at our turn over meeting they bragged of having upwards of 180 “condo corporations just like ours”!
This was days before I as the President of the newly formed board served them their Termination Notice.
With me this wasn’t even personal (despite them being observably unethical in their business practices) despite them having, in my opinion, taken money unlawfully from our Condo Corporation, possibly in conspiracy with the builder.
I have been working my way through the process and the one thing that I can say for sure is that there’s a whole lot of money legally required to be in the reserve funds of this corporation that simply are not there, and the money that is there is beyond the reach of anyone but this builder and it’s “Ringer” property management company (I’ve taken down their name as they sent one of these ambulance chasing litigators after me)!
You can rest assured that it is my intention to “claw back” all money unethically and/or illegally taken from our bank accounts.
My main issue with this builder and it’s “Ringer” property management company (I’ve taken down their name as they sent one of these ambulance chasing litigators after me) is that it has manipulated control of upwards of 180 other condo corporations according to their announcements at our turn over meeting!
You can rest assured that all of these boards are being run by inexperienced volunteer boards of directors that lack any experience in dealing with the matters so subtly hidden between this builder and this builder and it’s “Ringer” property management company (I’ve taken down their name as they sent one of these ambulance chasing litigators after me) in this matter, but more threatening is that you can replace this builder and it’s “Ringer” property management company (I’ve taken down their name as they sent one of these ambulance chasing litigators after me) name with every property management company out there.
This ethics void is systemic throughout the industry throughout north America as I have another Case Study of an almost identical situation with a “Home Owners Association of Deer Creek” in Deerfield Beach Florida where I caught a property management company exploiting owners!
Someone, somewhere, sometime has got to take on the mammoth challenge that this industry offers and bring some kind of ethical protection for the consumer who legitimately is the only party putting up any cash here!
I’m not proposing standing the industry one its head or we would choke the Provincial economy!
I’m calling for reasoned thought and rational discussion on every aspect of Condoland, from governance through OMB, through Tarion, through construction industry requirements, through Building Science and technology, environmental issues and most of all, consumer protection.
To date, Condoland represents a virtual unregulated speculative futures market, a “wild west” for small individual investors to fulfill their socially conditioned and much needed investment goals.
I’ve got absolutely no problem with that. My problem rests principally with the uneven playing field afforded those selling the dreams! My problem is the consumer getting shafted at every possible juncture while fat cat developers and builders flagrantly exploit them in the open!
My problem is with the social conditioning that leads consumers to believe that they are protected when they are not. The entire infrastructure of Condoland is corrupt and something drastic is long overdue.
Unfortunately consumers are limited to playing a very rigged game over which there is minimal supervision and/or regulation. Everybody wins so “biggly” as Donald Trump would say, that no-one wants to upset the apple cart by introducing anything new.
Even the poor little investor who claws his way out by selling at a higher artificially inflated price and passing the flawed product (condo unit) onto some other unsuspecting consumer! But after having to carry it by supporting the mortgage for a couple years, real estate commissions, not to factor in “risk” and “uncertainty (most these days seek to break even) and then comes income taxes, and well frequent those dreams end up nightmares and that doesn’t factor in the nightmares yet to come once you move in or rent out or whatever you do at Occupancy!
Condoland is an accident just waiting to on a number of levels and in my professional opinion that “light at the end of the tunnel in fact may prove to be a freight train“!
I’m Charles
We are talking about the single largest investment that most people ever make . . . . their home. Whether to live in or not it is always an “investment”. My home has always been my #1 investment.
I’ve been following your posts on this issue. This last post has me confused.
Are we talking about people purchasing a home to live in or and investment? There is a bid difference between the two despite what many real estate agents claim. Arguably, consumer protection, including Tarion, is not intended for investors.
Some of your comments may be less relevant if you believe that the purchase of a home is to be viewed as an investment vehicle.
I thought you had been writing as the purchaser of a home and not as an investor. Now I am not so sure.