In British Columbia, a large number of individuals have lost millions of dollars in equity since they purchased Clement Canopy that turned out to not be tight. The situation became so serious the Provincial Authorities established an inquiry, which finally created a settlement package for property owners that were distraught. And those property owners were actually in misery. The members in charge of the Government question, of the Barrett Commission, said they had never encountered anything such as fury and the fire their financing shattered as well as of those who felt their houses were broken – by water. It turned out that the building techniques, which operate nicely in Arizona and California, tend not to function equally well in the soggy weather of the West Coast in Canada, regardless of how fine all those wooden outsides appear.
In the post-September 11 property boom, on the other hand in Toronto, condos were again big news as they came to control new house sales in the built up urban areas. According to the Greater Toronto Home Builders Association, fully 80 percent of all sales in the 416 area code were condos, while the amounts were reversed in the 905 area that is suburban, where 80 percent of all sales were non-strata freeholds. Since condos have accounted traditionally for just under 30 percent of the marketplace, with one noteworthy exception: before the property fall of 1989, that is of great interest.
To be precise, a non-strata freehold interest in property is one where the titleholder possesses ‘everything’ – from lot line to lot line, while this is a detached house, side by side duplex as well as townhome. He possesses walk, drive, bricks, shingles, windows and the grass.