Vancouver's Real Estate Market

[EvoFire]

Originally Posted by PeanutButter

https://www.redfin.ca/bc/vancouver/1...home/155507034

Thought this house was pretty unique, with the open atrium in the middle of the house. My concern would be if it snowed a lot, you would have to pile up the snow somewhere. I hope the drainage is really good there.

Why is it so cheap? That should be worth more than 4.5

I agree it's pretty cool, I would like a house like that.

[Eff-1]

I could use some help on how to connect my new fire table to the NG outlet.

The distance from the NG outlet to the end of the 6ft hose that came with the fire table is about 22 feet.

The NG outlet already has a 3/8 quick connect (QC) connector already screwed on to the outlet, one of these: https://www.canadiantire.ca/en/pdp/u...-0852149p.html

So my idea is as follows:

Original hose is about 6 feet and one end is connected to the fire table. At the other end, it has a 3/8 male quick connect.

I would attach a QC connector to the end of the original hose. One of these: https://www.canadiantire.ca/en/pdp/u...-0852149p.html

Then on the other end of the QC connector, I screw on this male to male adapter: https://www.amazon.ca/Breezliy-Conne...dp/B08M8P9TRF/

Then I purchase this extension hose:

https://www.amazon.ca/GASPRO-Disconn...dp/B07MXTMKLN/

One end goes on to the male-to-male adapter. The other end connects to the QC connector on the outlet at the house.

Is this going to be effective? Or do you see any flaws?

[hud 91gt]

I believe natural gas uses JIC fittings, basicly a AN fitting for us car enthusiasts. 3/8” would be -6 if you got anything anything around (ok don’t do this, but it would work.

Saying that, your gonna have to see what those connectors actually use a Flared style fitting or NPT. It really could be either and at my quick glance don’t see it listed.

Besides that, your plan is fine.

If you want this like tomorrow. Go to Green Line and Hose. Fittings are cheap and they can get any line you want. Chance are you can ditch the line you have already, skip all the connectors and just get a line of the proper length to begin with.

[donk.]

Originally Posted by Eff-1

I could use some help on how to connect my new fire table to the NG outlet.

Is this going to be effective? Or do you see any flaws?

Depending on the BTU of the appliance, and the pressure of the gas you are connecting to, you may be ok, or you may be undersized.

Just because the scamazon link says 50kbtu does not mean its 50kbtu.

Most houses are at 7-8"WC, and depending on total run from meter to appliance, that will give you max BTU at 3/8 pipe (flex hose), need a gas fitter with a code table to give you a proper number.

Roll the dice, buy it, turn it on, if it doesnt work, upsize the pipe.

Spoiler!

homeowners "guessing" the pipe size, and it not working, has generated many side jobs for me lol

[Badhobz]

fire table... i read that and thought why would anyone try and connect an amazon tablet to the garden?

[xxxrsxxx]

Any one heard of or using Definity Insurance (or their other name Economical insurance) for their home? I recently got a quote from them and it's considerably lower than my current insurance. I also got a 3rd quote from Square one and it's more in line with my current insurance cost. On all 3 quotes, the coverage is the same.
Although I want to save money, I also don't want to have a nightmare with getting anything covered if sometime goes wrong. Couldn't really find too much on google so asking if anyone has personal experience.

[BIC_BAWS]

I think I or someone else asked about Economical Insurance a few years back. I hate to say it but try using the search function in RS.

Sent from my SM-G781W using Tapatalk

[Traum]

Both me and my parents place use Definity Insurance, formerly Economical Insurance. A few years back (before COVID) when they were still Economical Insurance, the basement at my parents' place was flooded. The entire claim process when dealing with them was extremely smooth and professional. Their recommended restoration company -- BELFOR Restoration -- was organized and pleasant to work with. We were glad they were there to take care of us.

Personally, I'm surprised to hear that the Definity Insurance quote is cheaper than Square One and that from your current provider. When we moved into our house, I think I got a quote from Square One too, and it was slightly cheaper than the one from Economical. My insurance agent also got me another quote from a different insurer, and that quote was quite a bit cheaper than the Economical Insurance quote, although that other provider was fairly poorly rated. So in my case, Economical was actually the most expensive quote I got, but I still went ahead with them because of the good experience we had with my parents' claim.

A few years ago when home insurance really started getting more expensive, my quote from Economical / Definity jumped from $2400-ish to $2800-ish, and my agent found me another place that offered a similar coverage for ~$2500. I still went with Economical / Definity because of the positive experience we had with them.

My parents' claim was from a few years ago, so I can't say Definity is still as good now as Economical was back then. And I suppose we could have gotten lucky with a good adjuster back then as well. But that was our experience, and I plan on sticking with them unless there is strong evidence or reasons to suggest I should do otherwise.

[6793026]

might be a bit off topic, i was told to get insurance that's other side of the province / country. this way, if say BC had an earthquake, and everyone tries to claim, it woin't go bankrupt.

not sure if there are any truth to that but it does make sense.

[noclue]

Originally Posted by 6793026

might be a bit off topic, i was told to get insurance that's other side of the province / country. this way, if say BC had an earthquake, and everyone tries to claim, it woin't go bankrupt.

not sure if there are any truth to that but it does make sense.

I think if there's an earthquake you are fucked even if you have insurance cause there's not enough trade workers to rebuild all the damage and they are going to prioritize infrastructure before residential.

They still havent fully rebuilt christchurch and that was in 2011...

[Hondaracer]

Originally Posted by 6793026

might be a bit off topic, i was told to get insurance that's other side of the province / country. this way, if say BC had an earthquake, and everyone tries to claim, it woin't go bankrupt.

not sure if there are any truth to that but it does make sense.

All these companies have giant underwriting that’s done from all over. There could be a gigantic bank or insurance company from the states that underwrites your policy, so it doesn’t REALLY matter where they are located..

I’m sure like most things, these underwriters have protection in terms of bankruptcy from the overarching company, so as soon as that insurance branch runs out of money, doesn’t really matter where they are located or how big they are.

Personally I am of the mind of the above comment in that if my home is damaged beyond repair by an earthquake, it’s not likely I’m ever getting paid out due to the scale of destruction that must have caused that scenario.

For me however, earthquake insurance almost doubles the cost of my policy so I feel like it’s not worth it.

[Eff-1]

Originally Posted by donk.

Depending on the BTU of the appliance, and the pressure of the gas you are connecting to, you may be ok, or you may be undersized.

Just because the scamazon link says 50kbtu does not mean its 50kbtu.

Most houses are at 7-8"WC, and depending on total run from meter to appliance, that will give you max BTU at 3/8 pipe (flex hose), need a gas fitter with a code table to give you a proper number.

Roll the dice, buy it, turn it on, if it doesnt work, upsize the pipe.

Spoiler!

homeowners "guessing" the pipe size, and it not working, has generated many side jobs for me lol

great advice, thanks. just checked and it's a 45,000 BTU unit.

i've thought about this over the last day or two and realized instead of joining an extension hose to the original hose, I can replace the original hose with one single 36ft hose. less connections to worry about. going to give that a try.

(when we renovate next year, I'll ask the gas fitter to extend the pipe from the current outlet location to the deck, to avoid having a super long rubber hose that's not tied down or anything. this is just a temporary janky solution I hope).

[AstulzerRZD]

Originally Posted by 6793026

might be a bit off topic, i was told to get insurance that's other side of the province / country. this way, if say BC had an earthquake, and everyone tries to claim, it woin't go bankrupt.

not sure if there are any truth to that but it does make sense.

Is not true because these insurers buy re-insurance.
Is also why BS that happens to insurers in other parts of the country and such can affect our rates.

My gut check is re-insurance for large multi-family condo stratas skyrocketed in BC, making the market unprofitable. If there's a leak on floor 41 on Brentwood and it his 40 units at 1M going down, that's fucking insane

[PeanutButter]

Originally Posted by xxxrsxxx

Any one heard of or using Definity Insurance (or their other name Economical insurance) for their home? I recently got a quote from them and it's considerably lower than my current insurance. I also got a 3rd quote from Square one and it's more in line with my current insurance cost. On all 3 quotes, the coverage is the same.
Although I want to save money, I also don't want to have a nightmare with getting anything covered if sometime goes wrong. Couldn't really find too much on google so asking if anyone has personal experience.

Definity is traded on the TSE. It's a big company. $6B market cap, they're making money, and even giving a dividend. From that perspective, they're a big fish.

[HonestTea]

Rumor has it, THIND declares bankruptcy.

[donk.]

Originally Posted by PeanutButter

Definity is traded on the TSE. It's a big company. $6B market cap, they're making money, and even giving a dividend. From that perspective, they're a big fish.

In other words, they are not paying out claims, and pocketing most profits like most insurance companies

[Manic!]

Looks like thind has gone bankrupt.

Twitter X

[JDMDreams]

Was that the"big" one that Reddit was hinting at?

[unit]

thind had a reputation for years for shoddy work. nobody will miss them.

[Manic!]

........

[Harvey Specter]

Thind seem to be riding a boom market and is was way overleveraged. He also owns land near Metrotown, which I assume will go into receivership as well.

Making money from the condo market, in general, is done. Too much inventory and no more Chinese money buying and flipping presales. Factor in Airbnb restrictions and now a massive reduction in immigration, and, well, good luck to any developer with a project underway.

Thind's District Northwest In Surrey Placed Under Receivership With $85M Debt
​The District Northwest project by Thind Properties is set for 13438 105A Avenue in Surrey and consists of two high-rise towers.
Howard Chai

November 18, 2024
04:01 PM

The District Northwest project in Surrey by Burnaby-based Thind Properties has been placed under receivership, according to filings in the Supreme Court of British Columbia, in what is one of the more severe insolvencies Metro Vancouver this year.

The site of the project is 13438 105A Avenue in Surrey, a two-acre site bound by 105A Avenue on the north, 134A Street on the east, 105 Avenue on the south, and University Drive on the west.

The property is located directly south of the BC Lions Football facility and is diagonally bisected by the Expo Line SkyTrain guideway, about midway between Gateway Station and Surrey Central Station.

BC Assessment values the property at $65,885,000 and Thind Properties owns the property under 105 University View Homes Ltd., which is controlled by District Northwest Limited Partnership, both of which are the subject of the receivership proceedings.
The Receivership

The application to appoint a Receiver of the property was initiated in October by Toronto-based KingSett Mortgage Corporation, also known as KingSett Capital, who holds both the first-ranking and second-ranking mortgage registered against the property.

For the first-ranking mortgage, the two sides entered into a loan agreement in February 2022 for the principal amount of $55,750,000, with interest accruing at the RBC Prime Rate + 4.55% per annum, with a floor rate of 7.00%. This loan agreement was then amended in October 2023 to increase the principal amount to $79,912,500, with the interest rate also increasing to RBC Prime Rate + 7.04% per annum, with a floor rate of 9.49%.

The second-ranking mortgage was then registered in November 2023 and was for the principal amount of $99,890,625.

According to KingSett Capital, Thind failed to make its monthly interest payment on May 1, 2024, defaulting on the loan agreement. The two sides then spent some time trying to remedy the situation, before KingSett ultimately issued notices to enforce security on August 30.

Thind was unable to remedy the situation and KingSett now says they are owed $85,695,102.47 as of October 1, pursuant to the first mortgage, with interest accuring at a rate of $31,661.89 per day.
District Northwest

Unlike many of the large real estate insolvencies that have occurred in Metro Vancouver, such as that of 1045 Haro Street or AimForce Development, District Northwest had already launched presales and had actually sold a majority of the units.

In an affidavit dated November 7, Thind Properties' Owner, Founder, and CEO Daljit Thind said they commenced presales around December 21, 2021 and have sold approximately 90% of the 1,023 units, with approximately $78,777,703.65 in deposits now held in trust. The project was being marketed by Rennie.

Thind added that on March 3, he was informed by Justin Walton, KingSett Capital's Managing Director of Mortgage Investments, that KingSett was not going to provide construction financing for District Northwest, citing KingSett's "overall exposure to my company, Thind Properties Ltd."

The petitioner's failure to follow through on its commitment has forced the respondents to search for alternative joint venture partners resulting in the accrual of significant interest charges and the partial erosion of the respondents' equity in the Project," added Thind, opposing the receivership order. "The intrinsic value of the Project is well in excess of the debt owed to the petitioner. At this critical juncture, the respondents need additional time to secure new joint venture partners."

According to Thind, they are currently in discussions with a potential joint venture partner that will either result in KingSett being paid out by mid-January or not proceed at all, adding that KingSett is aware of this and has indicated that it would provide construction financing if an agreement with the new joint venture partner is reached.

Thind went on to ask for more time, saying he would not oppose a receivership order if an agreement with the new partner is not in place by January 22, 2025. Nonethless, the Supreme Court granted the receivership order on Friday, November 8.
Thind Properties

As first reported by STOREYS last month, Thind Properties made the decision to sell its Minoru Square project in Richmond, a year after cancelling the project.

According to Thind, the developer has also undertaken sales related to its interest in two other projects, both in Burnaby, that were also financed by KingSett. Those include Highline in the Metrotown neighbourhood and Eclipse Tower C in the Brentwood neighbourhood.

"The latter project, Eclipse (Tower C), is approximately 95% complete, with an occupancy permit expected in Q1 of 2025," said Thind in his affidavit. "The proceeds of sale from the units sold at Eclipse totaling approximately $144 million (net) will be paid to [KingSett] and reduce its loan exposure."

The other project, Highline, completed construction in Fall 2023, but there have also been signs of trouble there pertaining to the strata corporation.

"Unfortunately, on the balance sheet, the Strata corporation is not doing as well," said the property management firm, Tribe Management, in a notice to owners dated August 2024 previously provided to STOREYS. "The Strata is currently hampered by unpaid Accounts Receivable, primarily from the Developer, and is unable to pay its monthly bills."

According to the notice, Thind Properties had a bit over $800,000 in various unpaid fees, and the building's concierge and building manager services were suspended by the service providers as a result of non-payment. Thind is also in the process of converting the 10 floors of office space in the building into a hotel.

STOREYS has reached out to Thind Properties, but has not received a response as of publication.

For District Northwest, under normal circumstances, the receivership proceedings would now proceed towards a sales process. However, with a potential deal on the horizon, it may not come to that. Stay tuned.

https://storeys.com/district-northwe...-receivership/

[hud 91gt]

Originally Posted by Eff-1

great advice, thanks. just checked and it's a 45,000 BTU unit.

i've thought about this over the last day or two and realized instead of joining an extension hose to the original hose, I can replace the original hose with one single 36ft hose. less connections to worry about. going to give that a try.

(when we renovate next year, I'll ask the gas fitter to extend the pipe from the current outlet location to the deck, to avoid having a super long rubber hose that's not tied down or anything. this is just a temporary janky solution I hope).

green line will make you a custom length hose of your desired length.

I don’t think your idea is that janky. It’s a fire table, I don’t know anyhow who keeps those things cranked. For a patio heater or a BBQ I’d be worried about output, but not with a fire table. You’ll be fine.

I should say I really don’t know what I’m taking about and just enough to be dangerous lol. Perhaps someone knowledgeable could chime in, but if frictional loss is the main culprit to pressure drop, the new line could be made out of a larger diameter hose. Just use an adaptor. You should see less of a drop over that section…

[PeanutButter]

I talked to my dad about Thind yesterday and he said one of his acquaintances works for Thind and my dad remembers him saying that Thind was the best company he's ever worked for. Not sure what the guy did though.

[6793026]

^^^ really?

They were on the news on Van Sun page A3 i think. I tried to google where they bought, turns out it was the old school ICBC when (we old gheezers got our driver license), then became car wash... guess it'll never be developed)

[JDMDreams]

Was the giant hole across from Lansdowne where the old lordco and fish store used to be them too? Or some China company, I know one central auyoun did the same thing but they some how completed the building.