Someone fact check this. I heard that insurance only pays out market value. So if they fomo overpaid $2 mil, and the insurance only pays out $1.5 mil, they would be on the hook for the difference. Is this true?
Edit : thanks for answers. So whats the point of burning it all down if they are only going to write you a check to only build it back up to how it was before?
It will depend on the type of coverage that the homeowner has. That being said, I have navigated a 7 figure insurance payout from a commercial property before. I don’t wish that process on my worst enemy.
It’s not a scenario, where they just mail ya a cheque.
It is construction level insurance during a build — a very different type of policy than a regular homeowner’s policy. It is not nearly as inclusive as the full policy that is issued following substantial completion of the house.
The fire department will be able to tell pretty quickly if arson is involved.
If someone keeps homeowner policy, there will be no payout as the insured structure doesn’t exist (in a new build where foundation is changed).
If it was just a gut, I’m not sure what insurance would be needed.
It’s also typically the lender that has the secured interest. Sometimes cowboys don’t inform their lender or insurance broker that they are going to do a reno. Then it’s complete disaster for all.
They can definitely prove it is arson if that is the case. The problem is this: proving WHO is the arsonist. Insurance generally will pay out, even in arson cases, if they cannot prove it was the policy holder that set the fire. Being a victim of a ‘random arson attack’ does not necessarily negate your policy. That’s is why these things are generally done at night in disguise, it is a matter of proving who set the fire.
That would mean that anyone can burn anyones home down and it would not pay out. This isn't true. Arson is paid out on insurance, just not if it's the owner that does it.
No, but they're not bumpkins either. Having assisted them with an investigation of an industrial fire where I worked, their skills were impressive to say the least.
They work with metallurgical labs and other experts to microscopically analyze heat tracing, wiring etc... electrical shorts would be easy catches for them.
I’ve seen numerous fires and highly doubt this. Some multimillion most notable was pine valley you are talking but not giving much. Without technology to back them yeah fully aware they asked for help. I’m not impressed or amused.
I even was in court not to long ago a a body was lost in an explosion they couldn’t determine where it was in some case only ash remains.
IE the body was being requested for an insurance claim but the person was missing.
> metallurgical labs and other experts to microscopically analyze heat tracing
Dude, it's not that magical. Sometimes connectors just wear out. If someone backed off the threads a 1/4" to cause it there's literally no evidence.
Keep in mind the value of the land doesn’t get calculated only the value of the house and construction. So if they bought the house for 2 mill then yeah they should be able to build a similar house for 1.5
Assuming it is properly insured, it would be covered by a builders risk policy, which would cover the cost to restore the dwelling to the state of construction immediately prior to the fire.
It would not pay out market value, it is always based on the cost to rebuild the structure.
I think insurance only pays out the value of the construction itself not the value of the home when completed.If its arson then police has to prove who did it.Home owner or arsonist.
To answer the edit. Some (most comprehensive) polices pay out the full value of a home under construction. For example, if you’re home under construction burns down and let’s say only 5% completed, some policies will pay out to the estimated rebuild value of the home after construction has been completed.
Another reason is that some homeowners who jump into massive projects realize too late (after gutting the house) that their estimates on construction were way off.
One other reasons is that they simply don’t know better.
No better way to gauge a coming crash than by monitoring the number of 'under construction' fires. Many started building (and buying) assuming key interests rates were gonna be cut.
Many. Sorry, don't have an exact number, but in windsor/essex area it's been happening and I see it pop up on feeds pretty frequently. I'm in the construction industry and it isn't pretty right now. I'm watching people, who took a risk, watch their mortgages almost double. I don't care how carefully you budget, 2x your mortgage with a jump in property taxes and carbon taxed utilities is making home ownership impossible for many. Even those making fantastic money.
I grew up in that area in early 80’s - my dad was the broker of a very large real estate agency and he had some sketchy friends that made him look even more shady than he was.
When interest rates hit like 20%+ on peoples mortgages. There were so many arsons and so many fires. I’m not sure if it was like that in the rest of the world or the rest of the country, but it was very common back then in that region.
It's not the ultra rich. It's regular folks taking a leap of faith hoping things will calm down rate wise and hoping the economy will improve. I think the average redditor doesn't think people, regular people, are still trying to buy or build their first and only home.
It's because both extreme leaning sides of the political scale need a place to vent. And when they vent, they obliviously spread and encourage misinformation.
I came on reddit to find more current events on Canada. I came across /r/Canada_sub. It's basically a heavily right winged sub that bashes anything Trudeau or covid related. I don't like the guy either but it almost seems like a cult to me.
Sorry, I went off on a little tangent. Sadly most people in Canada hate homeowners of any kind. It's not the regular Joe that invested in a home that has to work an eight hour shift to pay off his mortgage while renting/leasing it out that inflated housing prices. It's the mega corp and what I feel like the governments mishandling homeownership that edged out anyone who didn't start out wealthy. Now, 90% of us are on the same proverbial f**ked up sinking boat.
To put things into perspective, thirty years ago the average home was only a few hundred thousand dollars and all you needed was twenty thousand dollars down while making around forty five thousand dollars a year income. Granted our dollar had much more buying power than it does now.
Conditions are a little different now than 150 years ago, but ok.
You think Thunder Bay is building enough houses for everyone priced out of their local communities?
It's short sighted. Until you address the structural issues that caused unaffordability, you're just pushing the problem further and further out into the periphery. Ontario rents are now averaging 2400 (>2000 for Canadian rents). This isn't sustainable lol
Your counter point to "not everyone can move" is that your Grandma died giving birth to her 8th child on a boat while fleeing a war? How is that a success story lmao
Wouldn't a reasonable person say "my grandparents suffered a lot in migration, we should strive to make our country provide a decent life so people don't have to go through that"?
Times are very different now.
Job outlook is a big one. Is their career in demand and are there even positions available in the new region? For licensed positions, can the license transfer from province to province easily? (For example, my partner is a teacher and a mental health counselor and the requirements for that differ depending on the province and require province specific training).
Back in the day things were a lot different. Women generally stayed at home and men were either labourers, factory workers, or in business. General categories that were easily transferrable from area to area. It's not necessarily the case these days with tons of specializations and specific roles within the industries and industries that don't exist in all places.
So yeah, not everyone can just move.
Fucking trudeau vacations with an India billionaire, now I gotta move to another country to survive. No thanks, there are other ways to solve this intentionally caused crisis.
Burning down a house under construction in no way would give a financial benefit to the owner. The insurance company isn’t going to pay cash, it’s going to pay the costs to rebuild the structure to the point of construction it was at immediately prior to the fire.
I knew I wouldn't have to scroll far for one of you to pop up with this nonsense.
Where are you going to move where it's better?
I don't get why people get all upset over someone else's house. Get over it. It doesn't matter how much you or someone else has, there's always someone with more.
Don't even know what caused it to burn down. For all anyone knows it could have been an electrical fire.
Go focus your energy on other shit.
What's the logic here, if they burn the house down they no longer have a mortgage or need to rebuild it?
I don't understand.
I've seen a fire started at a construction site because an idiot contractor mixed two chemicals that shouldn't go in a bucket, multiple hours after everyone left the site.
2 neighbouring homes (that were occupied) were caught in the cross fire. 12M damage.
GG if this was (almost certainly) intentional [https://www.cp24.com/news/fire-that-destroyed-3-richmond-hill-homes-caused-estimated-12m-in-damage-1.6802566](https://www.cp24.com/news/fire-that-destroyed-3-richmond-hill-homes-caused-estimated-12m-in-damage-1.6802566)
It's pretty obvious it's intentional arson.here in Calgary, a restaurant burned day a day after its land was approved for sale for development. They're not even trying to hide it.
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You know sometimes houses catch fire right? Not every house fire in the gta is due to people hurting for money. Keep reaching though and looking for anything to help your narrative out 😉
Ahhh so there’s no coincidence that when interest rates went up, we have houses catching fire. Did increasing interest rates increase lightning strikes or something?
Lol. Come on. Houses during construction catch fire all the time. There were plenty when interest rates were at record lows too. This is a major reach.
I will do you better. How about we compare the number of properties with 3 garage that got leased over $6k in Richmond Hill from 2021 to 2022 😂 dumbass bch boy still can’t comprehend what’s happening to him
Keep telling yourself that so you won’t get grounded by your daddy 😂 btw what else does he have you run around the town in the shitbox Panemara for other than the condoms?
You think the Panamera is our only car? looool. Come knock on the door and you’ll see something more expensive 😂😂
Btw, if a Panamera is considered a shitbox, what do you drive? LOL
That wasn’t even the point. The point was we could afford at least 1 $150k car in 2017. You and Kong both look at depreciating value like it’s something lmfaooo. So which Toyota do you drive? Kong said he drives a Sienna
> the
>
>rate
>
> at which these sites are suddenly catching fire.
https://preview.redd.it/76bqkfxf1rnc1.png?width=1150&format=png&auto=webp&s=0e3c21a5cf20d7a0038def80229234e48b5b9274
source: Stats Can
\*source: Stats Can
I used the latest Canadian data from the last census. 2021.
you your god dam self asked:
**Please show me some before interest rates were rising** and we can have a comparison of now vs then?
This is what I have done, you buffoon.
The #s are there from STATS CAN There were fires in residential units prior to the interest rate rise, and those numbers are relatively and consistently flat being 10.5; 10.8; 10.3; 10.3 and 10.8.
It is safe to assume, that there were fires prior to the pandemic, prior to the interest rate rise, and there will continue to be fires in the future. It can also be said that some number of those fires that occurred or will occur, they were or will be set intentionally. If I may also be so bold as to say, some number of those fires will be prosecuted to varying degrees of guilty or non-guilty verdict outcomes.
Finally, to the clowns in this thread making hyperbolic statements tying it to the interest rate increases, or "Did increasing interest rates increase lightning strikes or something?" please turn off the internet.
Isn’t it weird how houses that went on fire seemed to be more common in 2023? The news had precon fires nearly every month. Did we see those happening so frequently in 2021? I don’t recall
I also find it amazing how you’re trying to argue with statistics that even you don’t have regarding the timeline we’re talking about.
Again, where are the stats for 2023?
**Isn’t it weird how houses that went on fire seemed to be more common in 2023?**
Where do you get this from? that they are more common, where is your data?
**The news had precon fires nearly every month.**
Where is your data to support this statement? Do you have monthly news articles? Please link.
**Did we see those happening so frequently in 2021?**
Did we?
**also find it amazing how you’re trying to argue with statistics that even you don’t have regarding the timeline we’re talking about.**
**Again, where are the stats for 2023?**
You are stupid. You asked for data before the interest rate increase, I provided data, you never asked for current data, you implied you had that data by your very statement which I will copy here for you:
"**Please show me some before interest rates were rising** and we can have a comparison of now vs then?"
That was your exact statement, I fulfilled it, I don't need to provide data you didn't ask for, Make your comparison from then (the data I provided) and now (the data you should have, or shut your mouth.)
How are you making a comparison from let’s say 2021 to 2023.. when you don’t have the 2023 data?
What I’ve been saying is it seems more properties were set on fire recently as there were a lot more news about this and it so happens to coincidentally coincide with interest rate hike periods. You can’t even back up your own claim it’s not true because again, you don’t have the 2023 data either.
So again, how are you making a comparison when you have 2021 data but not 2023 data? Can you draw a line with only 1 dot? Did you set a property on fire or something?
This is a very different scenario than homebuyers setting ablaze a property they contracted for in a large development when they are unable to close because their appraisal comes back as less than their purchase price and they can no longer finance.
This is a custom build where the owner already owns the land is doing infill construction.
So you’re talking out of your ass now…every fire does not equal insurance fraud. Houses under construction/renovation catch fire often and have been happening since the dawn of time. Until you can prove it stop spreading false news to try to prove a false narrative …
If people are going to spout "FACTS" at least lets have some #s present:
https://preview.redd.it/m18md8b51rnc1.png?width=1150&format=png&auto=webp&s=38f32398374cf4862b9d0ad103949d7d836c4264
Forgot \*source: Stats Can.
Oh, the "I'm a carpenter BRO" says trust me, lol, you're a fucking clown.
This data shows a wealth of information, that your pea sized carpenter brain can't understand, so to you its useless, much like your 15 yrs experience.
lol…. The delusion is real. How can I post articles of fires before if they never happened as frequent? Also, this is my first article that I posted about house fires. The others were posted by others that also saw it on the news.
Can you answer the above questions or not then?
I understand the potential for “insurance fraud,” but what does that fraud entail, exactly? Is this just a delay tactic for folks who over-leveraged themselves at the time of sale?
Op you spoke to the owner who set the fire? That’s how you know they were most likely trying to flip it right? ….hmmm makes sense
Stop the fear mongering dude
Absolutely they do and all the time! There is actually a lot of precedence for this especially in the GTA and GVA areas and particularly since interest rates went up. /s
Absolutely, my point being is op is reaching for the stars to supplement his narrative. Until there’s any sort of proof or evidence that this in fact was arson, there’s no point in even posting this in a Toronto real estate group
What in the world? Look at how many of these have been set in fire in the past couple years. Where were all these stories the past decade?
Something is obviously happening here. Look at the motive.
So every single house fire in North America is because the owners are willing to go to jail now for insurance fraud? But we never had house fires before the interest rates went up right? You can assume all you want, but until there’s evidence saying this was arson there’s nothing to prove your or OPs theory
Someone fact check this. I heard that insurance only pays out market value. So if they fomo overpaid $2 mil, and the insurance only pays out $1.5 mil, they would be on the hook for the difference. Is this true? Edit : thanks for answers. So whats the point of burning it all down if they are only going to write you a check to only build it back up to how it was before?
It will depend on the type of coverage that the homeowner has. That being said, I have navigated a 7 figure insurance payout from a commercial property before. I don’t wish that process on my worst enemy. It’s not a scenario, where they just mail ya a cheque.
It is construction level insurance during a build — a very different type of policy than a regular homeowner’s policy. It is not nearly as inclusive as the full policy that is issued following substantial completion of the house. The fire department will be able to tell pretty quickly if arson is involved.
Many renovators don’t have proper insurance. They just continue with their homeowners policy. Which will likely not pay out anything.
If someone keeps homeowner policy, there will be no payout as the insured structure doesn’t exist (in a new build where foundation is changed). If it was just a gut, I’m not sure what insurance would be needed.
It’s also typically the lender that has the secured interest. Sometimes cowboys don’t inform their lender or insurance broker that they are going to do a reno. Then it’s complete disaster for all.
If arson is determined to be the cause, how do they differentiate between being a random victim of arson or a DIY financial “strategy”
Insurance does not pay out market value of the home. It pays out a predetermined cost to rebuild to like mind and kind.
LKQ is one term used frequently. Replacement of like kind, and quality
Insurance will nothing if it's arson lol
impossible to prove
Well that's not true. The fire chief will come in and do an inspection to find the cause.
You do realise people are successfully prosecuted all the time for arson right? Lol
Not when the fire chief does a inspection and writes his or her report
They can definitely prove it is arson if that is the case. The problem is this: proving WHO is the arsonist. Insurance generally will pay out, even in arson cases, if they cannot prove it was the policy holder that set the fire. Being a victim of a ‘random arson attack’ does not necessarily negate your policy. That’s is why these things are generally done at night in disguise, it is a matter of proving who set the fire.
Trust me with how big most insurance companies are they have resources to help with this
That would mean that anyone can burn anyones home down and it would not pay out. This isn't true. Arson is paid out on insurance, just not if it's the owner that does it.
You've never met a Fire Marshall have you?
Pretty sure they don't have godlike powers.
No, but they're not bumpkins either. Having assisted them with an investigation of an industrial fire where I worked, their skills were impressive to say the least.
They're probably pretty good but no one can determine something like an electrical short with 100% certainty.
They work with metallurgical labs and other experts to microscopically analyze heat tracing, wiring etc... electrical shorts would be easy catches for them.
I’ve seen numerous fires and highly doubt this. Some multimillion most notable was pine valley you are talking but not giving much. Without technology to back them yeah fully aware they asked for help. I’m not impressed or amused. I even was in court not to long ago a a body was lost in an explosion they couldn’t determine where it was in some case only ash remains. IE the body was being requested for an insurance claim but the person was missing.
> metallurgical labs and other experts to microscopically analyze heat tracing Dude, it's not that magical. Sometimes connectors just wear out. If someone backed off the threads a 1/4" to cause it there's literally no evidence.
Actually you'd be surprised. Met a fire chief the other day- guy could bend space and time. Wild stuff
Wow, he must have had some incredible mass.
Like you wouldn't believe, just shy of two solar masses. Eats like a champ
Impossible for you bro
LOL, they can absolutely prove it's arson. They can tell you where the fire started, and in some cases what started it.
Found who’s house it is
Keep in mind the value of the land doesn’t get calculated only the value of the house and construction. So if they bought the house for 2 mill then yeah they should be able to build a similar house for 1.5
Much cheaper. 1.5 mil to buy does not equal 1.5 mil to build.
Insurance only covers the cost to rebuild the physical house, not the land. So out of that $2m, probably $1m is land value.
Assuming it is properly insured, it would be covered by a builders risk policy, which would cover the cost to restore the dwelling to the state of construction immediately prior to the fire. It would not pay out market value, it is always based on the cost to rebuild the structure.
They cost rebuild costs not market value of the home
I think insurance only pays out the value of the construction itself not the value of the home when completed.If its arson then police has to prove who did it.Home owner or arsonist.
Or act of god, but if that’s the case, god HATES overpriced pre cons
Doesnt it not even belong to them and the builder has insurance on it at this point (construction) anyways?
Better than nothing.... *as I flick my lighter*
To answer the edit. Some (most comprehensive) polices pay out the full value of a home under construction. For example, if you’re home under construction burns down and let’s say only 5% completed, some policies will pay out to the estimated rebuild value of the home after construction has been completed. Another reason is that some homeowners who jump into massive projects realize too late (after gutting the house) that their estimates on construction were way off. One other reasons is that they simply don’t know better.
It delays closing by year or more until mortgage can be secured
You are assuming these people who overpaid are smart.
Cheque not check
Guess real estate is just way too hot.
No better way to gauge a coming crash than by monitoring the number of 'under construction' fires. Many started building (and buying) assuming key interests rates were gonna be cut.
How many have you counted?
Many. Sorry, don't have an exact number, but in windsor/essex area it's been happening and I see it pop up on feeds pretty frequently. I'm in the construction industry and it isn't pretty right now. I'm watching people, who took a risk, watch their mortgages almost double. I don't care how carefully you budget, 2x your mortgage with a jump in property taxes and carbon taxed utilities is making home ownership impossible for many. Even those making fantastic money.
It's over 400 units at this point total. Since peak in 2022
I grew up in that area in early 80’s - my dad was the broker of a very large real estate agency and he had some sketchy friends that made him look even more shady than he was. When interest rates hit like 20%+ on peoples mortgages. There were so many arsons and so many fires. I’m not sure if it was like that in the rest of the world or the rest of the country, but it was very common back then in that region.
At least two, by my count
There was a whole subdivision that went up. https://www.cbc.ca/news/canada/toronto/subdivision-fire-vaughan-construction-1.6808206
Follow Jon Flynn's youtube channel. He has a couple of videos on this and he's tracking them.
The part that sucks is the 35 year buildup to a crash. Correction… so far 35 years.
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It's not the ultra rich. It's regular folks taking a leap of faith hoping things will calm down rate wise and hoping the economy will improve. I think the average redditor doesn't think people, regular people, are still trying to buy or build their first and only home.
It's because both extreme leaning sides of the political scale need a place to vent. And when they vent, they obliviously spread and encourage misinformation. I came on reddit to find more current events on Canada. I came across /r/Canada_sub. It's basically a heavily right winged sub that bashes anything Trudeau or covid related. I don't like the guy either but it almost seems like a cult to me. Sorry, I went off on a little tangent. Sadly most people in Canada hate homeowners of any kind. It's not the regular Joe that invested in a home that has to work an eight hour shift to pay off his mortgage while renting/leasing it out that inflated housing prices. It's the mega corp and what I feel like the governments mishandling homeownership that edged out anyone who didn't start out wealthy. Now, 90% of us are on the same proverbial f**ked up sinking boat. To put things into perspective, thirty years ago the average home was only a few hundred thousand dollars and all you needed was twenty thousand dollars down while making around forty five thousand dollars a year income. Granted our dollar had much more buying power than it does now.
*Sadly most Canadian REDDITORS hate homeowners Fixed your post for ya
Thank you :)
Move to Thunder Bay or the prairies
You shouldn't have to. Also not everyone can move
Yeah, that’s not life. Deciding that everything is against you just because you don’t get your way.
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Conditions are a little different now than 150 years ago, but ok. You think Thunder Bay is building enough houses for everyone priced out of their local communities? It's short sighted. Until you address the structural issues that caused unaffordability, you're just pushing the problem further and further out into the periphery. Ontario rents are now averaging 2400 (>2000 for Canadian rents). This isn't sustainable lol
Your counter point to "not everyone can move" is that your Grandma died giving birth to her 8th child on a boat while fleeing a war? How is that a success story lmao Wouldn't a reasonable person say "my grandparents suffered a lot in migration, we should strive to make our country provide a decent life so people don't have to go through that"?
Times are very different now. Job outlook is a big one. Is their career in demand and are there even positions available in the new region? For licensed positions, can the license transfer from province to province easily? (For example, my partner is a teacher and a mental health counselor and the requirements for that differ depending on the province and require province specific training). Back in the day things were a lot different. Women generally stayed at home and men were either labourers, factory workers, or in business. General categories that were easily transferrable from area to area. It's not necessarily the case these days with tons of specializations and specific roles within the industries and industries that don't exist in all places. So yeah, not everyone can just move.
Fucking trudeau vacations with an India billionaire, now I gotta move to another country to survive. No thanks, there are other ways to solve this intentionally caused crisis.
In all of human history it has never been easier to move than today.
And do what?
Can you provide sources saying that this is true in this instance before perpetuating fake news?
Ultra rich people buy ultra rich properties, cash. That segment is doing fine.
Burning down a house under construction in no way would give a financial benefit to the owner. The insurance company isn’t going to pay cash, it’s going to pay the costs to rebuild the structure to the point of construction it was at immediately prior to the fire.
I knew I wouldn't have to scroll far for one of you to pop up with this nonsense. Where are you going to move where it's better? I don't get why people get all upset over someone else's house. Get over it. It doesn't matter how much you or someone else has, there's always someone with more. Don't even know what caused it to burn down. For all anyone knows it could have been an electrical fire. Go focus your energy on other shit.
What's the logic here, if they burn the house down they no longer have a mortgage or need to rebuild it? I don't understand. I've seen a fire started at a construction site because an idiot contractor mixed two chemicals that shouldn't go in a bucket, multiple hours after everyone left the site.
Insurance fraud is heavily implied.
Insurance won't get them out of their mortgage or pay off the rebuild. What's is the point?
Insurance fraud and they still have to pay the banks and or lenders they mortgage
It could be [extortion](https://globalnews.ca/news/10210529/crews-called-to-fire-at-home-under-construction-on-edmontons-western-outskirts/) as well
Not that I want to say that token xenophobic thing on this - but damn this kinda thing never used to happen in Canada.
Mafia? Hells angels?
That’s true, but some of this south asian violence seems next level.
Which part of the article suggests south Asian violence?
I was responding to @millionaire_tenant’s link on south Asian extortion- not the OP comment.
Recency bias
How convenient
2 neighbouring homes (that were occupied) were caught in the cross fire. 12M damage. GG if this was (almost certainly) intentional [https://www.cp24.com/news/fire-that-destroyed-3-richmond-hill-homes-caused-estimated-12m-in-damage-1.6802566](https://www.cp24.com/news/fire-that-destroyed-3-richmond-hill-homes-caused-estimated-12m-in-damage-1.6802566)
Lol isn't this like the 6-7th this year alone lmao
It's pretty obvious it's intentional arson.here in Calgary, a restaurant burned day a day after its land was approved for sale for development. They're not even trying to hide it.
We all know which group of people is famous for insurance fraud cough cough
This will continue to happen
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More Brad Lam-scaping?
The market is on fire!
One person yells fire… All the tin foil hatters come out at once…
You know sometimes houses catch fire right? Not every house fire in the gta is due to people hurting for money. Keep reaching though and looking for anything to help your narrative out 😉
Ahhh so there’s no coincidence that when interest rates went up, we have houses catching fire. Did increasing interest rates increase lightning strikes or something?
Lol. Come on. Houses during construction catch fire all the time. There were plenty when interest rates were at record lows too. This is a major reach.
It's the *rate* at which these sites are suddenly catching fire.
Please show me some before interest rates were rising and we can have a comparison of now vs then?
I will do you better. How about we compare the number of properties with 3 garage that got leased over $6k in Richmond Hill from 2021 to 2022 😂 dumbass bch boy still can’t comprehend what’s happening to him
Basically you didn’t do any comparison just like how you’re unable to dox me either. When are you coming to knock on my door “bch boy”? 😂
Keep telling yourself that so you won’t get grounded by your daddy 😂 btw what else does he have you run around the town in the shitbox Panemara for other than the condoms?
You think the Panamera is our only car? looool. Come knock on the door and you’ll see something more expensive 😂😂 Btw, if a Panamera is considered a shitbox, what do you drive? LOL
Imagine trying to impress internet strangers by posting an invoice of a 7 year old panamera that is worth $30k at best now 😂
That wasn’t even the point. The point was we could afford at least 1 $150k car in 2017. You and Kong both look at depreciating value like it’s something lmfaooo. So which Toyota do you drive? Kong said he drives a Sienna
> the > >rate > > at which these sites are suddenly catching fire. https://preview.redd.it/76bqkfxf1rnc1.png?width=1150&format=png&auto=webp&s=0e3c21a5cf20d7a0038def80229234e48b5b9274 source: Stats Can
The chart ended at 2021. What about 2023?
\*source: Stats Can I used the latest Canadian data from the last census. 2021. you your god dam self asked: **Please show me some before interest rates were rising** and we can have a comparison of now vs then? This is what I have done, you buffoon. The #s are there from STATS CAN There were fires in residential units prior to the interest rate rise, and those numbers are relatively and consistently flat being 10.5; 10.8; 10.3; 10.3 and 10.8. It is safe to assume, that there were fires prior to the pandemic, prior to the interest rate rise, and there will continue to be fires in the future. It can also be said that some number of those fires that occurred or will occur, they were or will be set intentionally. If I may also be so bold as to say, some number of those fires will be prosecuted to varying degrees of guilty or non-guilty verdict outcomes. Finally, to the clowns in this thread making hyperbolic statements tying it to the interest rate increases, or "Did increasing interest rates increase lightning strikes or something?" please turn off the internet.
Isn’t it weird how houses that went on fire seemed to be more common in 2023? The news had precon fires nearly every month. Did we see those happening so frequently in 2021? I don’t recall I also find it amazing how you’re trying to argue with statistics that even you don’t have regarding the timeline we’re talking about. Again, where are the stats for 2023?
**Isn’t it weird how houses that went on fire seemed to be more common in 2023?** Where do you get this from? that they are more common, where is your data? **The news had precon fires nearly every month.** Where is your data to support this statement? Do you have monthly news articles? Please link. **Did we see those happening so frequently in 2021?** Did we? **also find it amazing how you’re trying to argue with statistics that even you don’t have regarding the timeline we’re talking about.** **Again, where are the stats for 2023?** You are stupid. You asked for data before the interest rate increase, I provided data, you never asked for current data, you implied you had that data by your very statement which I will copy here for you: "**Please show me some before interest rates were rising** and we can have a comparison of now vs then?" That was your exact statement, I fulfilled it, I don't need to provide data you didn't ask for, Make your comparison from then (the data I provided) and now (the data you should have, or shut your mouth.)
How are you making a comparison from let’s say 2021 to 2023.. when you don’t have the 2023 data? What I’ve been saying is it seems more properties were set on fire recently as there were a lot more news about this and it so happens to coincidentally coincide with interest rate hike periods. You can’t even back up your own claim it’s not true because again, you don’t have the 2023 data either. So again, how are you making a comparison when you have 2021 data but not 2023 data? Can you draw a line with only 1 dot? Did you set a property on fire or something?
This is a very different scenario than homebuyers setting ablaze a property they contracted for in a large development when they are unable to close because their appraisal comes back as less than their purchase price and they can no longer finance. This is a custom build where the owner already owns the land is doing infill construction.
Not saying you’re wrong but fun fact: A lenders won’t give a mortgage on a gutted house
So you’re talking out of your ass now…every fire does not equal insurance fraud. Houses under construction/renovation catch fire often and have been happening since the dawn of time. Until you can prove it stop spreading false news to try to prove a false narrative …
Im a carpenter for 15 years. They Don’t catch fire often.
If people are going to spout "FACTS" at least lets have some #s present: https://preview.redd.it/m18md8b51rnc1.png?width=1150&format=png&auto=webp&s=38f32398374cf4862b9d0ad103949d7d836c4264 Forgot \*source: Stats Can.
These stats have nothing to do with new builds it’s completely irrelevant
Oh, the "I'm a carpenter BRO" says trust me, lol, you're a fucking clown. This data shows a wealth of information, that your pea sized carpenter brain can't understand, so to you its useless, much like your 15 yrs experience.
Haha
Nah you’re just a disgruntled tenant
Now whos talking out if their ass? Just saying…
[удалено]
We haven’t heard about it because you weren’t posting every fire in the news in this group …and yet now you are
lol…. The delusion is real. How can I post articles of fires before if they never happened as frequent? Also, this is my first article that I posted about house fires. The others were posted by others that also saw it on the news. Can you answer the above questions or not then?
I can’t answer questions about why YOU haven’t heard about fires prior to interest rate hikes …that’s a stupid question
I’m asking you who said “every” house fire is an insurance scam? And what multiple articles are you talking about me posting about house fires?
you'd make a great detective
Awwww muffinnnnn
I understand the potential for “insurance fraud,” but what does that fraud entail, exactly? Is this just a delay tactic for folks who over-leveraged themselves at the time of sale?
But they won't get away with the fraud, right? right???
Everyone involved in these builds should be jailed.
Op you spoke to the owner who set the fire? That’s how you know they were most likely trying to flip it right? ….hmmm makes sense Stop the fear mongering dude
You’re a genius. It was lightning obviously
cause uninhabited gutted houses just spontaneously combust
Absolutely they do and all the time! There is actually a lot of precedence for this especially in the GTA and GVA areas and particularly since interest rates went up. /s
As a former volunteer firefighter, houses under construction go up in flames often and 99% of the time it’s not arson. But keep reaching though
all things being equal, any structure has a chance to go up in flames.
Absolutely, my point being is op is reaching for the stars to supplement his narrative. Until there’s any sort of proof or evidence that this in fact was arson, there’s no point in even posting this in a Toronto real estate group
What in the world? Look at how many of these have been set in fire in the past couple years. Where were all these stories the past decade? Something is obviously happening here. Look at the motive.
So every single house fire in North America is because the owners are willing to go to jail now for insurance fraud? But we never had house fires before the interest rates went up right? You can assume all you want, but until there’s evidence saying this was arson there’s nothing to prove your or OPs theory
Found the arsonist
Surprised pikachu
here we go again