Millennium Water Condos – Vancouver Condo Market (or just taxpayers) on the Edge?

Today's Province featured an article about unsold Vancouver condos in the Millennium Water (Olympic Village) development

. The interview is between the paper and Vancouver's Mayor Gregor Robertson, because the City of Vancouver is on the hook for the full amount of the outstanding Millennium Water development debt which, right now stands at $1.03 billion.

Sixty-six per cent of Vancouver's pricey Olympic Village condos remain unsold a total of 483 units at the massive False Creek development that served as athletes' housing during the two-week 2010 Games.

The Mayor defers to his confidence' in the professionals doing their job (project marketers), the market picking up and all the remaining units selling sooner rather that later'.

So, what if this loan (Fortess Hedge Fund) gets called??

It's not really a problem.If these Vancouver condos don't sell, Vancouver taxpayers could always cover it. It's a full recourse, full GSA loan and, as Vancouver tax payers, we'll allpay it back. That decision is made for us by our fearless leaders.

Did they actually ask us if our tax dollars could be used for this? OK I'm dreaming now, but you get my point.

Perhaps Gordo and Colin really didthink the HST through.

God Bless Democracy.

BY THE NUMBERS:

The City of Vancouver is owed $170 million for the land on which the Olympic Village sits.

The city holds a $750-million loan for the village and is currenty paying interest on the loan.

The city's affordable-housing component of the project cost $110 million, $45 million over budget.

Total: $1.03 billion

NUMBER OF UNITS

254 condos sold so far.

483 condos remaining to be sold.

61 units being rented (as of June).

Another 58 units available for rent.

252 affordable-housing units available.

Total: 1,108 units

Millennium Water Condos Vancouver Condo Market (or just taxpayers) on the Edge?

By: Greg Mitchell

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