DANGEROUS CONDOS. What REALLY HAPPENS in a Housing BUBBLE, 2024 Canadian Housing Market.
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- čas přidán 5. 09. 2024
- Both condo development sites in Niagara are riddled with Major Problems during and after construction. $10 Million Dollar lawsuit currently under way for previously constructed project due to safety and building issues and 2 collapses in current condo building project. Watch out!
Links/references:
www.cbc.ca/new...
www.chch.com/c...
www.cbc.ca/new...
• Upper Vista Welland Co...
www.theguardia...
Every new development of homes or condos in the last 4-5 years is advertised or pitched as "luxury" condos or "luxury" towns, drive me crazy. There is nothing luxury about them, just the luxurious prices you pay.
not just housing... everything ordinary is now somehow premium
Builder grade. Called luxury because it's white.
😂😂😂😂
@@randysalerno6274 if one can eat and breathe as human in Canada that’s a luxury 😂😂😂😂😂😂
It's been way longer than 4-5 years. When you have people who park their money in a condo and don't live in them, or even stay in the country, and renters that don't own them or may be renting with cash under the table, who is going to complain to the builders? I've been let into condos and townhouses by people who don't own them because their "friend" is out of the country. Sometimes the same person lets me into multiple townhouses and condos. They are the most basic units and houses because the person is just using them to hold their money. They are either rented out for cash or just have an internet connection with cameras.
As an engineer I am totally terrified. They absolutely must find out what exactly happened and why. There can be no guarantee otherwise that it will not happen again. People could die here.
what a disaster! Thanks for exposing what's going on with this project Jon!
I’ve said this for many many years! At least since the late 1980s ….
CANADA IS GOING THIRD WORLD ‼️… at record pace
Well, we imported the third world, so I guess it only makes sense no ?
Canada is a mess
That just about sums it up perfectly. New article out that shows our immigration numbers for 2024 so far are smashing those of 2023... so things are about to get even messier.
These people shouldn't have to sue over building code violations. The building has to pass code inspections before being given an occupancy permit. This is corruption on a scale I never would have imagined in Canada.
Long time follower, first time commenting.
PLEASE PLEASE PLEASE keep these “Field Trip” videos coming!
Keep up the great work Jon.
And how exactly did they get footage of the collapse occurring? That is suspicious. Think this guy did it? Lol
Funny you’d never hear about this on CTV news 😂
This was not recent, it happened almost a year ago.
Where is the local news reporters (CHCH 11) why are they not all over this.Where is the UNIONS ,they should be going crazy over this stuff...
@@mikebowers7719 czcams.com/video/HNfwOGpSC5U/video.html
Chinese engineering from a worker that worked on the project., experienced ironworkers tried to raise their concerns during the initial construction.
Bad sign.
This is a structural engineering responsibility.
@@susanstewart1402 you must feel the same confidence in the system as the Titanic's chief engineer.
Pierre poilievre policy..... all foreign credentials will be recognized within 60 days after arrival in Canada and they'll be given blue seal licenses!!!!
I thought everything that went wrong in the world was Putin's fault
Same thing Boeing says once the patch up a crappy airframe build. Blown plane doors and blown condo foundations, same incompetent attitudes.
exactly
If I spend 700K on a condo, I don't want to move into a building full of rentals and AirBnB's... everything the government is approving is 25ft. lots and speculative condos. If I wasn't tied down here with a seperated family, I would be moving out of this country.
It's not just limited to condos anymore. With the re-zoning of detached single-family homes, multiple units are added to the same house, and many of them go on AirBnB and rentals. Weird people show up all the time with suitcases and travel bags. I don't want to buy a detached family home for the same reason.
I was told by a realtor that downtown Toronto near the lake should be avoided at all costs as the percentage of renters is like 80% and are cheaply built where you can hear your neighbour sneeze. Who’s dumb enough to pay 800K for 700 square feet with safe injection sites and tent cities next door
This thing has collapsed twice in spots,who in the world would live in there! Where is the local government who are suppose to be inspecting these things as they go up...
That saddens me that I’m only hearing of that collapse now. You would think that would be a big deal but I guess they can’t scare people off condos since we’re so behind in supply.
Well done JON , hats off to your work
Great boots on the ground video, Jon. Many Thanks
They are allowed to continue construction even though they don’t know what caused the collapse? I wouldn’t walk near that building, let alone live in it.
Thank you Jon for all great work you do
Great story for Easter Weekend. Another Condo has risen from the dead.
Thank you John for this video! Keep doing what you are doing and many will be grateful to you!
its neverending problems in Canada. we already had terrible inventory in BC due to a decade plus of the leaky condo crisis. in addition to that, i got tons of friends in the trades and im constantly hearing about problems with brand-new developments, not to mention seeing the issues with my own eyes (e.g. drywall being stripped out of newly built properties). meanwhile, prices have gone to the moon depsite rampant building issues
they have zoomed construction, but what trades will take the contract ? 🤔
There’s a reason why it’s an empty shell, with no heavy equipment on site to offload material and move material
No trades will take the contract
So strange….it doesn’t look like Canadian news matters!
God bless Canada…Amen
Thanks for sharing Sir…stay blessed!!
Jon thanks for doing this you may have made some of these shoddy developers think twice if they know they are being watched. But I would also wonder about the local government that approved these projects… is there no oversight, inspections, background checks on the contractors? Why have they not been disqualified from building again?
Another thumbs up for you Jon. People deserve to be informed. Your message here is important and I hope it helps even 1 buyer from making a mistake that will set them back emotionally and financially. Investors and speculators are taking risks that end up causing innocent and naive buyers to get caught up in their snares.
Wow. Very troubling
Wow! Great video and thanks for the information.
Don't these properties have to be inspected by engineers on a regular basis during the course of construction?
Exactly
Priceless Jon - Happy Easter
Why build next to a lake, just dig an big hole, turn it into a swamp, voila, luxurious waterfront
my guess is that info won't be on the pamphlet!
Wow this was so informative to help people aboid buying a sinking ship. Those speculators will lose their shirts probably.
Thanks for watching.
Well, the builder simply tried to save on quality of material in result collapse .
No diff other big biz now.
Same thing in the city where I am just north of Toronto.
These Developers are putting peoples lives in danger. What if it actually collapsed while people lived inside just like the condo in Miami?
Big fan of the channel. My conclusion is that the real estate market is malignant and even when people say it is a bubble, it isn't truly the case - its too big to fail and all the variables combined does not mean houses will ever again be affordable. This isn't so bad though - it makes Canada's real estate market the most similar to feudal England before the plague and the peasant's revolt (neither expected to happen here). Keep up the great work!
RCMP begs to differ. A couple weeks ago a declassified 2023 report ("Whole-of-Government Five-Year Trends for Canada") about 'future threats' states (not verbatim, but implied) that a renter's revolt is plausible. From a section titled "Popular Resentment":
"The coming period of recession will also accelerate the decline in living standards that the younger generations have already witnessed compared to earlier generations" ... "many Canadians under 35 are unlikely ever to be able to buy a place to live." ... "The fallout from this decline in living standards will be exacerbated by the fact that the difference between the extremes of wealth is greater now in developed countries than it has been at any time in several generations" ...
Nevertrust.....LOL .
That’s what my wife said lol
Jesus H collapsed twice and still going forward! Looks very open floor concept floor plan! Luxury condos with slum problems. So much for the amenities!
To be fair to the Chinese builder giant Evergrande, financially collapsed, however, haven't heard they had a single building collapsed and they probably built at least 1000 high-rise apartment buildings each year.
Google tofu dreg construction and you will have a different opinion
I just wanted to say that I like short format of the video.
I also like the long version run downs.
I would never buy a condo there, i would not take the chance of the building collapsing.
🤯 No F*king Way would I live in a building that had a history of collapsing during construction. This world is f*cked .
They owners and tenants should have to sign a waiver like when you go rock climbing
There is a new builder that offers the best buildings for almost half the price..
They own the whole process. From factory and down the the build and pass on the major savings to the home and condo buyers. They do full pre sales first and than build. This gives them buying power on all the way down the line.. They are also inventing new technologies for the builds just incredible.. Every unit has delivery systems on vacuum shoots. Also I dependant elevators mini ones that take Amazon deliveries up to you and everything….
This is literally a housing crash 😉
Canada is all about..................................quality. Right.
Typical Canadian: " Uh uh.........on paper I'm worth three million in negative equity.........uh uh."
Yes, starting with a quality government and all the way down. Quality country.
@@elim7228 Thanks for that, Cheers!
Not saying this is what happened here but i work in construction in alberta and alot of companies are too cheap to hire journeyman and just have a bunch of apprentices working. Definitely causes some amount of probelms here anywaysb
Unreal
Just wow
Shocking
It collapsed? What??
another "Like" for Jon Flynn
Yep sounds about right when you’re told to rush everything.
Evertrust sounds a lot like Evergrande if you know what I mean.
It appears that the rebuilt section has a steel frame, whereas the original was all concrete.. am I wrong??
I'd hope both had steel frame.
@@jonflynn A lot of these buildings cut costs by building them right out of concrete... They have steel reinforcing, but they don't actually have a steel frame that goes up first.
Yikes 😬
They don't know why it collapsed but they fixed it? LOL Who the hell would move into that now???
I understand you also have a Linamar Plant opening soon.
I would refuse to even enter that building and work on it again until they would out what the cause of the collapse was...what if people were working on it and all of a sudden it fell for a 3rd time. Better have good insurance and better be paying workers well.
Sounds like the "Tofu-Dreg" construction that's been going on in China ... also where rampant real estate speculation has been going on.
Have you ever heard of Grenfell Towers in London, UK? Not up to code and tragic ending. 2017.
This is where the authorities must step in and force the developers to repair things immediately and post oerformance bonds
Glad I found you channel, youtube actually recommended it, hopefully the algo-whatever will show your channel to more people!
Speculation in a huge margin except it’s just a huge gap. Value for nothing economy we are in..
Your best video to date Jon,keep them coming ..
Unstable ground. Due to wet soil near the lake?
Strata fee are out of control five years ago $250.00 per month today $1000.00 plus a month.
What's a strata fee? Condo monthly payment?
Dont worry, all those units will be listed on MLS soon.
The construction for these homes and condos are so trash I'm starting to wonder if it's just another money laundering operation.
I think Michael St.John and Jon Flynn are the same guy.
At least use the steel to make more iron rings for the engineers ??
Sure id buy a condo there
Yup that’s us Canadians… we ONLY build luxury now… we’re so “rich”
pouring concrete in the rain
The people living in the nearby tent encampment are better off!
Lower condo fees, easy momentary fix. And then work on your clients insatiable need for greed.
Sounds like heaven on earth
Apt building are just hotbed for bedbugs and roaches
It is not a homeless camp. It is a prestige neighbourhood of single familly houses. Worth the premium to live close
Nuts!!!!!
Who are the developers? Asking because these sound a lot like "tofu dregs".
Also see: "Security experts question political influence of Toronto developer with ties to Beijing" - The Globe and Mail, Dec 3, 2018
"The Globe and Mail reported in November that Mr. Zhou, who is a permanent resident, recently set up 10 non-profit organizations aimed at helping the federal Conservatives win support within the Chinese-Canadian community before next year’s general election." ... "A Globe investigation has found that Mr. Zhou has assisted candidates at all levels of government. " ... "Mr. Zhou has since declined to respond to questions from The Globe about his political activities in Canada and relationship to senior Communist Party officials in China. Mr. Zhou says he has 27 Chinese companies, including Shanghai Oriental Capital Group, that generate annual revenue of $2.6-billion. The Globe was unable to independently determine if most of the companies he listed exist." ...
I guess the Markham builders did their homework and picked a "luxurious" site not too far from the police station 😂
Deplorable…
I'll take a spot in the homeless camp. Sounds safer!
Lie flat ... let err ... rot.
Developer cheaping out on trades so he can line his pockets. Well ! hows that working for you now ?
only collapsed twice 🤣😂😂😂😂😂
Was this built by CCP engineers...
You bet. All for the love of money.
No
The Niagara was built by YYZed
And the GC was limen
DEI hires!!
She’s never seen anything like this? 😂😂😂😂😂😊😅😅😅
Tofu dreg... Chinada indeed.
this crash will be epic
Why real estate be so expansive in second largest country on the planet?And with such a poor workmen ship?
I'm taking these field trips as a sign that the market is not rebounding like last spring.
Please...don't have Chinese builders make their Tofu buildings here.
I’ve said this for many many years! At least since the late 1980s ….
CANADA IS GOING THIRD WORLD ‼️… at record pace