Vancouver’s Tax Payers are on the Hook for Olympic Village

Vancouver City Mayor Gregory Robertson announced that the city Taxpayers might suffer a loss on the sale of Olympic village condos.

Where as news reports are announcing that real estate price is going up all over Canada, it seems the developers of the Olympic condo complex having a difficult time to find buyers for their highly inflated priced, state of the art green tech residential complex.

City of Vancouver is on the hook for $1 billion in the development of the Olympic condo complex.

City loaned the money to the condo developer and was hoping to get it back, by the sale of condo in the complex, after the Olympic is over.

It has been eight months since the Olympic ended and the condos are still not sold, because the price is too high.

Developer Millennium is negotiating with the City to reduce the price of the condos to move them

Unfortunately, if the condos are sold at a reduced price, Vancouver city will not be able to recover the $1 billion tax payer’s money, invested in the project.

The Mayor said, “It’s impossible to predict now. The challenge is if sales don’t make it and the city can’t recoup the gap from Millennium’s asset base, then there is a loss.”

The Olympic Village Condo Complex has become a “White Elephant” for the City of Vancouver. The city had problems with finding Management Company of the complex. Early buyers are trying to back out off their contract. Several open house failed to attract new buyers.

Our Tax Money At Work.