Residents Increasingly Have Negative View of Developers

[whatnext]

Remember, I don't make the news I just report it.
Another poll I'm sure some will take issue with:

Many Metro Vancouverites describe real estate sector as corrupt: poll
New survey found Metro Vancouver residents much more likely to feel this way than other Western Canadian respondents

Residents of Metro Vancouver do not have much faith in the integrity of the real estate industry, according to the results of a new Western Canadian poll on public perception of corruption.

Transparency International Canada this week published a wide-ranging survey on perception of corruption across all levels of government and across various business sectors.

According to the survey, 37 per cent of respondents in the Metro Vancouver area agree with the statement that the real estate sector is “extremely corrupt” – this compares with just 15 per cent of Western Canadian respondents outside Metro Vancouver who agree with this statement...

https://www.vancourier.com/real-esta...oll-1.23537938

[misher]

Originally Posted by whatnext

Remember, I don't make the news I just report it.
Another poll I'm sure some will take issue with:

Many Metro Vancouverites describe real estate sector as corrupt: poll
New survey found Metro Vancouver residents much more likely to feel this way than other Western Canadian respondents

Residents of Metro Vancouver do not have much faith in the integrity of the real estate industry, according to the results of a new Western Canadian poll on public perception of corruption.

Transparency International Canada this week published a wide-ranging survey on perception of corruption across all levels of government and across various business sectors.

According to the survey, 37 per cent of respondents in the Metro Vancouver area agree with the statement that the real estate sector is “extremely corrupt” – this compares with just 15 per cent of Western Canadian respondents outside Metro Vancouver who agree with this statement...

https://www.vancourier.com/real-esta...oll-1.23537938

If you look at that report every industry has quite a bit, with federal political parties being #1

[WarrenC12]

Originally Posted by misher

Would be intersting if we had them rate all industries like stocks insurance etc and see which are seen as corrupt...hard to compare with just real estate.

RE is enemy #1 in this town, hard to argue with that.

[misher]

Originally Posted by WarrenC12

RE is enemy #1 in this town, hard to argue with that.

Made a mistake by posting without reading the report. It actually did get measures for other industries. Most ranked quite high for corruption with oil and politics being #1.

[fredinno]

How is this even news? I thought this was obvious by now, though I guess some numbers to quantify are nice.

[LeftCoaster]

Who is worse? Pipeline companies or RE developers?

1A and 1B?

[whatnext]

Originally Posted by LeftCoaster

Who is worse? Pipeline companies or RE developers?

1A and 1B?

That's kind of like choosing between herpes or genital warts.

But seriously, I know there are reputable developers who want to deliver a quality product, but apparently the dodgy ones are colouring the impressions of the general public. I've often wondered if that's because so many are privately held family companies, which aren't answerable to shareholders. It's an odd structure in such a capital-intense industry.

[misher]

Originally Posted by whatnext

That's kind of like choosing between herpes or genital warts.

But seriously, I know there are reputable developers who want to deliver a quality product, but apparently the dodgy ones are colouring the impressions of the general public. I've often wondered if that's because so many are privately held family companies, which aren't answerable to shareholders. It's an odd structure in such a capital-intense industry.

Besides ones who tend to have defects in their developments or some of the smaller ones that are outright scams I don’t see developers as being worse than any other business person? They advertise a product and you choose to buy or not.

In comparison most contractors generally charge you extra for a ton of misc. things. Developers rarely ask for extra money.

[fredinno]

Originally Posted by misher

Besides ones who tend to have defects in their developments or some of the smaller ones that are outright scams I don’t see developers as being worse than any other business person? They advertise a product and you choose to buy or not.

In comparison most contractors generally charge you extra for a ton of misc. things. Developers rarely ask for extra money.

People mostly hate them because they feel they are being scalped and because they're overbuilding.

[retro_orange]

Originally Posted by fredinno

People mostly hate them because they feel they are being scalped and because they're overbuilding.

and being so blatantly obvious about selling our housing in other countries for holding purposes.

[fredinno]

Originally Posted by retro_orange

and being so blatantly obvious about selling our housing in other countries for holding purposes.

TBF, that's not exactly uncommon, people have vacation homes in Mexico, for example. There are legitimate, non-investment reasons to leave homes empty. It wouldn't be much an issue if house prices were actually affordable.

The bigger problem is probably its involvement in laundered money, even though that's more in the luxury market, it doesn't give a good image.

[joeyiltlibw]

Any one has the experience of ordering an expensive vehicle at a car dealer, willingly pay premium for it; yet when time to pick up the car, they gave you a different model instead? Worse they also keep you deposit , instead tell you there is nothing they can do because supplier changed their plan?
This is what happens to me when I bought a Junior 2 bedroom from Starling, Lumina located in Brentwood, Burnaby. I willingly pay $10000 for a category jump to buy a junior 2 bedroom. ( they charged $10000 more from 1 bedroom and den to junior 2 bedroom category) . Except at a recent walk through, I discovered a section 3 ft X 6.5 ft removed from the so called second bedroom. Btw the second bedroom is windowless , and dose not has a closet.
Their lawyer replied " ..... the unit is well within the discrepancy permitted by the contract and the change was caused by a requirement of construction, which is also permitted in the contract...." What is even more outrageous is that you HAVE to complete the sales before your lawyer can even talk to their lawyer. Pay up first, if you lucky you get some money back after prolonged battle in court and costs you thousands more . Not to mention emotional wear and tear.

It is like pay for your expensive vehicle first, the vehicle now belongs to you. then you fight with you dealer.

[VarBreStr18]

Originally Posted by joeyiltlibw

Any one has the experience of ordering an expensive vehicle at a car dealer, willingly pay premium for it; yet when time to pick up the car, they gave you a different model instead? Worse they also keep you deposit , instead tell you there is nothing they can do because supplier changed their plan?
This is what happens to me when I bought a Junior 2 bedroom from Starling, Lumina located in Brentwood, Burnaby. I willingly pay $10000 for a category jump to buy a junior 2 bedroom. ( they charged $10000 more from 1 bedroom and den to junior 2 bedroom category) . Except at a recent walk through, I discovered a section 3 ft X 6.5 ft removed from the so called second bedroom. Btw the second bedroom is windowless , and dose not has a closet.
Their lawyer replied " ..... the unit is well within the discrepancy permitted by the contract and the change was caused by a requirement of construction, which is also permitted in the contract...." What is even more outrageous is that you HAVE to complete the sales before your lawyer can even talk to their lawyer. Pay up first, if you lucky you get some money back after prolonged battle in court and costs you thousands more . Not to mention emotional wear and tear.

It is like pay for your expensive vehicle first, the vehicle now belongs to you. then you fight with you dealer.

Seems like there is a similar story somewhere else??

[Vin]

Originally Posted by whatnext

Remember, I don't make the news I just report it.
Another poll I'm sure some will take issue with:

Many Metro Vancouverites describe real estate sector as corrupt: poll
New survey found Metro Vancouver residents much more likely to feel this way than other Western Canadian respondents

Residents of Metro Vancouver do not have much faith in the integrity of the real estate industry, according to the results of a new Western Canadian poll on public perception of corruption.

Transparency International Canada this week published a wide-ranging survey on perception of corruption across all levels of government and across various business sectors.

According to the survey, 37 per cent of respondents in the Metro Vancouver area agree with the statement that the real estate sector is “extremely corrupt” – this compares with just 15 per cent of Western Canadian respondents outside Metro Vancouver who agree with this statement...

https://www.vancourier.com/real-esta...oll-1.23537938

Only 37%? I guess most people here do not think they are that corrupt then.

[scryer]

Originally Posted by Vin

Only 37%? I guess most people here do not think they are that corrupt then.

Yeah I'm surprised by that number as well. Did anyone else actually take the survey?

I feel like there would have been multiple options like the following:

Extremely Corrupt
Moderately Corrupt
Neutral
Not Corrupt

This is just off the top of my head but I am just a little suspicious about what's being reported. After all if you think that making over 80k a year just to afford a 1 bdrm place to buy is normal then you have been living under a rock.

[giallo]

My main issue with (some) developers is that the finished product doesn't match what was promised. I'm still sour about the Telus residential building. What a bait and switch that was.

[whatnext]

Originally Posted by Vin

Only 37%? I guess most people here do not think they are that corrupt then.

Thanks for your timely comment, two years after the initial post.

[parseval]

Not only in Vancouver but almost in every country when it comes to real estate corruption is very high and in very big amounts. Imagine the money companies are ready to pay to build houses on territories that are not good for construction.
That's why before buying any type of estate you should hire a company that can diagnose the condition of the house and advice you to buy it or not. You should never believe the estate agents because it is in their interest to sell the house and get the % they have from that.

[trofirhen]

Originally Posted by parseval

I dont think this is the right site for politics.

Agreed, but the very nature of this thread, whose subject is a real "hot potato" impacting thousands of people, plus the title, inviting viewpoints on it, is bound to elicit such.
Perhaps anotheer thread about Finding Creative Solutiuons to The Vancouver Housing Crisis would be more apt to foster positive and costructive posts, although it's almost a non-starter.

[whatnext]

Originally Posted by parseval

I dont think this is the right site for politics.

I'm sure we'll all give the opinion of Mr. One Post the consideration it deserves.

PS in case you hadn't noticed, developers build skyscrapers.