[Surrey] 3 Civic Plaza | 164m | 48 fl | Completed

[Blease]

Originally Posted by e-clam9

Surrey future is bright and very modernized. It will happen. I just wish I live long enough to see it all :-)

https://www.youtube.com/watch?v=THw3314spmY

https://www.youtube.com/watch?v=peZwSh1KGTo

https://www.youtube.com/watch?v=4rpNuZ5XtEU
(this talks about the strip at 1:05, 3 free meals a day, police presence, nice)

For many early pre-sale buyers, they are having up to $300K in condo price appreciation now. If anyone really dislike the tent city and want to move somewhere, I don't mind to take your condo for your original buying price :-) I will pay for your closing cost and any agent fee. I can even hire a driver and take you anywhere to look for your next condo. Of course, I pay for your closing cost of the new condo too :-) Please let me know.

This week is the last week that banks don't perform the stress test for mortgage application. You better submit your mortgage application now before it is too late.

Again, I expect a slower market next 6 months due to the +2% interest rate stress test on all mortgage applications for the locals.

Merry X'mas to all. Enjoy your long weekend.

Banks will have to perform stress tests, but credit unions will not, and given that Vancouver is full of credit unions, the impact of the stress tests will be fairly diluted here.

[e-clam9]

Originally Posted by Blease

Banks will have to perform stress tests, but credit unions will not, and given that Vancouver is full of credit unions, the impact of the stress tests will be fairly diluted here.

Thanks for update. Another loop hole. It is good to know.

[Westbased]

Just heard that completion has been pushed back again because of a water main break that damaged components of the elevator system.

Now scheduled between June 2018-August 2018. (Official amendment)

Yikes.

[pok3mytummy]

Originally Posted by Westbased

Just heard that completion has been pushed back again because of a water main break that damaged components of the elevator system.

Now scheduled between June 2018-August 2018. (Official amendment)

Yikes.

Did they send the amendment to homeowners already?

[Westbased]

Originally Posted by pok3mytummy

Did they send the amendment to homeowners already?

Yup, a friend received it via registered mail yesterday around noon.

Date on the amendment says December 15.

[Blease]

Does anyone know/remember what the initial completion date on this project was. I vaguely recall hearing fall 2014 in the media around the time this project debuted, and if that was indeed the initial completion date, then the four year delay is nothing short of shocking.

[rokim99]

Originally Posted by Blease

Does anyone know/remember what the initial completion date on this project was. I vaguely recall hearing fall 2014 in the media around the time this project debuted, and if that was indeed the initial completion date, then the four year delay is nothing short of shocking.

The initial start of construction was delayed , it was supposed to start in 2013 then it got pushed to 2014. Therefore the completion was also pushed to 2016 to 2017. From 2017 it was then delayed to 2018 Jan-March. Now its been delayed to 2018 June-August.

Sigh... i heard that if they don't complete the construction in 4 years then the developer might have to return the deposits.. obviously nobody would want their deposit to be returned now but still. Does this make Century Group as developer look bad overall ? like something like this wouldn't really happen for Concord or Bosa right ? having delays after delays like this..

[NewfBC]

Originally Posted by Westbased

Just heard that completion has been pushed back again because of a water main break that damaged components of the elevator system.

Now scheduled between June 2018-August 2018. (Official amendment)

Yikes.

Yep.. that was discussed last week... here!
http://forum.skyscraperpage.com/show...98363&page=100

Ron.

[Evo]

Originally Posted by rokim99

The initial start of construction was delayed , it was supposed to start in 2013 then it got pushed to 2014. Therefore the completion was also pushed to 2016 to 2017. From 2017 it was then delayed to 2018 Jan-March. Now its been delayed to 2018 June-August.

Sigh... i heard that if they don't complete the construction in 4 years then the developer might have to return the deposits.. obviously nobody would want their deposit to be returned now but still. Does this make Century Group as developer look bad overall ? like something like this wouldn't really happen for Concord or Bosa right ? having delays after delays like this..

Yep, was supposed to be done sometime in 2016, then almost immediately delayed to 2017 due to the difficulty of the guitar shaped windows. Then early 2018, and now mid 2018. At this point, no one would want their deposit back and they should just finish it up correctly even if it takes them till 2019. Water main breaking and electrical elevator problems could be a nightmare. At least all these fixes are on the developers own dime, glad they city of Surrey has an investment in this project. Sometimes buildings don't even get completed due to a depletion of money!

[Urbanmetro]

Originally Posted by Evo

Yep, was supposed to be done sometime in 2016, then almost immediately delayed to 2017 due to the difficulty of the guitar shaped windows. Then early 2018, and now mid 2018. At this point, no one would want their deposit back and they should just finish it up correctly even if it takes them till 2019. Water main breaking and electrical elevator problems could be a nightmare. At least all these fixes are on the developers own dime, glad they city of Surrey has an investment in this project. Sometimes buildings don't even get completed due to a depletion of money!

Would any future complications be on the developer or warranty because of the water main breaking? It still blows y mind it'll take 6 months to fix those issues...

[s211]

Originally Posted by Blease

Banks will have to perform stress tests, but credit unions will not, and given that Vancouver is full of credit unions, the impact of the stress tests will be fairly diluted here.

And which means that the Province is on the hook for any credit unions that crash. As I understand it, CDIC doesn't apply to credit unions, and the provinces backstop them instead. At least that's how it was explained to me about 5-10 years ago.

[SFUVancouver]

Originally Posted by s211

And which means that the Province is on the hook for any credit unions that crash. As I understand it, CDIC doesn't apply to credit unions, and the provinces backstop them instead. At least that's how it was explained to me about 5-10 years ago.

Yes and no. Deposits at credit unions are insured (up to the standard $100,000), but by whom depends whether it is a federal or provincial credit union.

Provincial credit unions are insured by provincial deposit insurance corporations (Provincial Crown Corps.). In BC the Credit Union Deposit Insurance Corporation British Columbia (CUDIC BC) insures deposits with VanCity, Interior Savings, etc.

Deposits at Federal credit unions are insured by the Canadian Deposit Insurance Corporation (CDIC), a Federal Crown Corp.

Coast Capital Savings is transitioning to being a federally-registered credit union and will have its deposits shift to CDIC coverage when that process is complete. Until this is complete, deposits will remain covered by CUDIC BC.

Some interesting facts about credit unions, care of Wikipedia:

Credit unions have a history of innovation in Canadian financial services. Here are some of the products and services that credit unions were first to market:

*First financial institutions to lend to women in their own names (in the 1960s)
*First to offer daily interest savings
*First full-service ABMs
*First fully functional online banking
*First loans based on borrower character
*First payroll deduction service for deposits and loan payments
*First open mortgages
*First home equity lines of credit
*First debit card service.
*First registered education plans.
*First cheque imaging service

https://en.wikipedia.org/wiki/Credit_unions_in_Canada

[e-clam9]

Originally Posted by rokim99

Sigh... i heard that if they don't complete the construction in 4 years then the developer might have to return the deposits..

I know someone who recently got a contract re-assignment for a unit at 3CP. He paid the big difference in "current" price to the seller. I wonder what would happen to this new owner if developer returns all deposit to the current owner. How can that current owner get re-pay the big difference already paid to the previous contract owner? As we know most are investors not living in this country. There may be no easy way to contact the investors again to get the money back. I am not expert in this but I know buying a condo contract always has a high risk, it is almost treated like an investments like buying a public stock of a company. It can go out of business and you get zero back !! It seems a mess to me...... There are still about 15 listings of 3CP to sell their contracts. Let's see if they reduce the price to get a quick but lower profit instead of waiting more and more months... I love to get a unit if it is low enough :-)

Happy new year to all.

[pok3mytummy]

Originally Posted by e-clam9

I know someone who recently got a contract re-assignment for a unit at 3CP. He paid the big difference in "current" price to the seller. I wonder what would happen to this new owner if developer returns all deposit to the current owner. How can that current owner get re-pay the big difference already paid to the previous contract owner? .

The difference or "profit" is not paid to the assignor until completion/closing or the Notary holds it in Trust until completion. Only the original deposit is paid to the assignor first.

Also it is pretty unlikely developer is returning deposits so close to completion and doubt owners will even want it back at this point.

[Urbanmetro]

I went by the site again yesterday. I'm trying to check it out weekly. Some progress made for sure. I see most hotel rooms are completed and the restaurant on the ground floor lookalike he'd as well. Some workers were looking at the finishings in the hotel lobby. I saw lights on all the way to the top of the tower on the residential side. Balcony glass is half installed on the east side of the tower and barely complete on the west. There is still lots of landscaping to do on the north side of the tower where the elevator still is.
I honestly can't see them taking more than two three months unless the work comes to a stop.

[rokim99]

Originally Posted by Urbanmetro

I went by the site again yesterday. I'm trying to check it out weekly. Some progress made for sure. I see most hotel rooms are completed and the restaurant on the ground floor lookalike he'd as well. Some workers were looking at the finishings in the hotel lobby. I saw lights on all the way to the top of the tower on the residential side. Balcony glass is half installed on the east side of the tower and barely complete on the west. There is still lots of landscaping to do on the north side of the tower where the elevator still is.
I honestly can't see them taking more than two three months unless the work comes to a stop.

You know it was been confirmed by multiple people in this board that the new completion date will be between June to August 2018 right ? that's 6-8 month away , not 3 month...

[Flynn86]

The building can get passed without landscaping done. If the elevator is still up there's still lots of work to go and won't be done in three months.

[rokim99]

Just wanted to let everyone know that my friend just spoke to the builder for construction who stated that 3CP will NOT complete until August of 2018. More delay is possible , but he said August move in is most likely at this point.

[Urbanmetro]

Originally Posted by rokim99

Just wanted to let everyone know that my friend just spoke to the builder for construction who stated that 3CP will NOT complete until August of 2018. More delay is possible , but he said August move in is most likely at this point.

Rather disappointing. Does anyone know when the water main break occurred?

[Nites]

They should just move the completion date to 2019 just to be safe.