They existed 50 years ago, and they still exist now. There are always shoddy builders, and there are always buildings that need work. It's not unheard of for stratas to try to avoid doing the work that is needed to keep a building in good repair.
A leaky condo or building is one of the more gross things in the condo market. However, you might be able to buy a condo or building for a song if you know that it's leaking. The time that is known as the leaky condo era is around to If a structure was constructed within this period it is in the leaky-condo-syndrome era. My best advice to you would be overhang, overhang, overhang. No overhang run for the hills. Repaired buildings with no overhang or lack of overhang will have rot problems in about years just when all those warranties have expired.
Look for a building that has overhang. Overhang is like your umbrella in the rain, it keeps the building drier. I supposed the 'leakiness' appeared within months to a couple of years in the case of woodframe apts; perhaps others can confirm this. Only in the recent buying mania have people ignored the past 'leakiness' of condos. Even in a best-case 'soft landing' scenario, that attitude will change and leaky condos will again become the RE equivalent of a leper colony.
And, as others have pointed out, there's no guarantee against future leaks with bad design. Walk away. I share the same sentiment. Why buy in to an unknow product, esp if the developers are foreign-based!!! It's another story if it's a local developer esp one owned by a guy who was THEN the huncho of a crown corporation like BCH concerned about his reputation, the buyers were able to sue for a huge sum of monies. The monies generate interest income from GICs.
The reason why they still exist is because the owners choose to believe the less expensive solution will work. The most extreme example is a building most New West agents are familiar with. That means the reports put the building in a very positive light. And the owners, justifiably, want to believe the positive results of those reports. Meanwhile, the building has a number of sections that have had bulging stucco caused by moisture in behind that would pop sections right off the building.
Those segments have been repaired and rainscreened on an as-needed basis. The dead giveaway here is that the siding has proven to be vulnerable, and on a number of occasions. It has to be assumed that every section of wall on this building would one day suffer the same fate. The owners in that building hate us for it and suggest we are unfair. Use a qualified, experienced Realtor who specializes in the area and type of property you are purchasing Having a realtor on your side to represent you is one of the best tools that you can have to ensure that your purchase goes smoothly.
While reading through these documents, pay special attention to references to leaks, water ingress, water damage, and moisture issues. Never be Afraid to Ask Questions! When it comes to real estate, no question is a dumb question. If you have questions about the strata documents or the state of the building, ask your realtor, call the property manager, or talk to your home inspector. Never be afraid to ask questions and always be wary of those who beat around the bush or refuse to answer your questions.
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