GTA houses mysteriously catching fire

bigpoppa

bigpoppa

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anyone keeping track of these?
Been hearing lots about under construction houses going up in flames.
Will be an interesting season for home insurance
 
Yes, construction house fires are always suspicious.

Someone thinks they can benefit from it one way or another.
 
TK4 said:
Building costs go up, prospective buyers go down - insurance pays off in any circumstance. Hmm....
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Yup.

Chances are these houses hit the market several years ago at prices in those days. Their value has increased but they can't charge that to the incoming home owners. So lite a match and recover your costs.

Anyone remember when the whole Wasaga strip mysteriously went up in flames several years ago? The property owner tried to redevelop it for years but was getting push back from the tenants and city....... (at least that's the version I heard"
 
TK4 said:
insurance pays off in any circumstance.
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wouldnt count on that,
im sure there'll be fraud investigations
 
It does seem more common now. Also, before drywall is up they tend to go up fast as it is mostly a pile of lumber. As for why...

Keep in mind you have buyers that maybe can no longer get financing (higher rates and lower valuation) and the completion/closing is close. If they cannot close they lose their deposit and there may be additional costs if it sells for less. The developer may be sitting on unsold inventory but I bet they don't build many until they are mostly "sold". If I had to guess which group is the most in distress it is one more than two--but that is a guess.

It sucks for everyone else that was expecting to move in soon.
 
GreyGhost said:
And in this case for Vaughan fire as they lost a $1M aerial truck in this one. Not sure who picks up that bill but lead time for a new aerial can't be short.
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They have insurance for that. But too bad there is no dealership lot that they can go pick one from.
 
oioioi said:
They have insurance for that. But too bad there is no dealership lot that they can go pick one from.
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Many municipal police forces self-insure. I don't know about fire departments. This could be 100% on the taxpayers if they self-insure.
 
Someone didn't want government housing in the hood
 
Relax said:
I was thinking maybe it was the buyers who could no longer afford to close that set them alight, hoping to get out of their commitment if the builder couldn't close by a certain deadline.
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Thats plausible. Or a builder that sold when prices were low and was now paying more to construct every unit than they had sold them for. Moving closing dates back a few years and you may get some cancelled contracts to sell profitably.
 
Relax said:
I was thinking maybe it was the buyers who could no longer afford to close that set them alight, hoping to get out of their commitment if the builder couldn't close by a certain deadline.
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That was one of my first instincts as well.
 
GreyGhost said:
And in this case for Vaughan fire as they lost a $1M aerial truck in this one. Not sure who picks up that bill but lead time for a new aerial can't be short.
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I remember hearing it’s 8-12 months for a fire truck unless you pick a basic . I’m not sure any are made in Canada anymore either so that doesn’t help


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