City of Vancouver bails out Olympic Village
Remember that rumour that the construction of the Olympic Village is running into credit difficulties and the various assurances that taxpayers wouldn’t be on the hook?
Well funny thing.. It turns out the city has authorized a (until now) secret $100 million rescue for the financial troubled Olympic Village. Article in the Globe and Mail:
The new financial obligations are on top of a $190-million loan guarantee the city had to give Fortress Investment Group, which has provided a $683-million loan to Millennium to build the 1,100-unit village.
The village is destined to become a residential complex after the Olympics but most of the condominiums have yet to be sold. Meantime, the value of real estate in Vancouver has plunged in the past several months and is expected to continue to decline over the next couple of years.
This has raised questions about the future of the project and whether Millennium, which agreed to pay the city $193-million for the land on which the village is being built, can still make the venture financially viable.
The latest revelations come despite assurances over the last several weeks by civic officials that financing around the project was not a concern. Other civic officials stated publicly there had not been any changes in the agreement the city had with Millennium – even after council had secretly agreed to forward the company and/or its lender up to $100-million to keep the project afloat.
Now you’re all real estate speculators. This deal is of course, not without a bit of controversy:
Details of the city’s involvement in bailing out the project’s cash-strapped developer have until now been kept secret. Councillors are under a publication ban and have been told they face serious repercussions if they discuss publicly the decisions taken at the in camera meeting.
Growing controversy around the project also appears to be behind the yet-to-be announced resignation of the city’s chief financial officer, Estelle Lo. Ms. Lo tendered her resignation recently after months of apparently expressing concerns the city might be assuming too much financial risk in an effort to meet its obligation to get the Olympic housing built on time, according to a source.
Now that we’re all investors in this project, I find myself getting excited about the future of Vancouver real estate. I’m sure eventually this deal will pay off big – In Montreal it only took 30 years to pay off their Olympic sized debt, and just look at some of the great post-Olympic buying opportunities in Sidney!
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Brad Says:
November 6th, 2008 at 10:47 am
Repeat after me; I hate the Olympics. Always have, always will.
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NO -LYMPICS Says:
November 6th, 2008 at 11:05 am
OK :
I second the motion
I HATE THE OLYMPICS. ALWAYS HAVE , ALWAYS WILL.
PS I wish the Olympics could be turned into a cockroach under my steel – toed sh*t stompin boot. STOMP STOMP STOMP!!!
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Many Franks Says:
November 6th, 2008 at 11:06 am
Just like the property downturn — none of us could’ve possibly seen this coming.
(If you’re in East Van and wondering what that noise is, it’s my eyes rolling.)
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greed Says:
November 6th, 2008 at 11:12 am
This happens is world class cities time to time. But you think Vancouver is going bust, London and its Olympics will make our bust look miniscule. Just remember folks, even though your taxes will go up (I dont give a shit, I have been a renter for the last 18 months) and the province will bail the city out, Vancouver is a world class city (Bob Rennie sais so) and No. 2 most liveable in the world for now. We will be world No. 1 tent city in a year or two!
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Nobody!!!!! Says:
November 6th, 2008 at 11:17 am
Brad,
I think you like to recieve a GUEST OF HONOUR for yourself but you don’t like to HOST your friends,families, and people to YOUR HOME,it’s like a gay playing with his own toys without any opposition.
I LOVE OLYMPICS good to see some sports personalities,cheering up crowds,new faces rather than same drug dealers,hookers,laser gun shots,and lazy bears.
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poooooo Says:
November 6th, 2008 at 11:28 am
ah, can i get the city to finance my little project too?
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NO -LYMPICS Says:
November 6th, 2008 at 11:33 am
Here’s another good one Olympic Villages possibly needing a massive taxpayer bailout:
2012 Olympic Games in London
http://www.sports-city.org/new.....ategory=38
PS I think I better sell my ” OLYMPIC VILLAGE ” stocks.
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scullboy Says:
November 6th, 2008 at 11:34 am
Drug dealers and hookers, huh? YOu must have been doing an onsite of your new “investment”.
I think Vancouver’s Olympics will be a bigger bust, because the tax base there is so much bigger. I suspect that they already have a lot of the infrastructure in place to host that kind of event, so there may well be less “investment” required.
Unless I miss my guess, at the local level the taxpayers who have to foot the bill are the home owners, correct? Has anyone considered that with the city’s increasing “investment” and the requisite higher taxes (which until now haven’t been considered on this blog) the Olympics may in fact aid in driving prices right back down?
oh, delicious irony…. you taste like the sweetest blackberry wine!
So, Brownstain…. thanks for footing the bill for the party! I think I speak for all renters when I say I *really* appreciate it! You and your little “wealthy offshore investor” buddies can suck on that one for a while….. your crap warehouse job is paying for:
Interest on the mortgage of your “investment”
Equity that is fast evaporating
Increased taxes to pay for condos that one of us bears will eventually snap up for around 30 cents on the dollar.
Is it just me, or does the day somehow seem brighter? Hey Skidmark, can you and your buddies please “invest” in some more units? C’mon…. you can take an extra few shifts are the whore….I mean WAREhouse? It isn’t like your family wants to see you or anything…..and the city needs your tax money!
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scullboy Says:
November 6th, 2008 at 11:35 am
Sorry, in that second paragraph I was comparing the Vancouver Olympic bust to the potential London one.
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bdk Says:
November 6th, 2008 at 11:43 am
Seriously Browntown what do you do?
You are semi literate at best and obviously quite stupid.
Are you one of those adults with special needs who got a job at a grocery store?
Nobody would hire you!
Nobody!
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Anonymous Says:
November 6th, 2008 at 11:44 am
can someone point me to a list of councillors who voted for the olympics?
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ted Says:
November 6th, 2008 at 11:50 am
The people of Vancouver voted for the Olympics, so its only fitting that they should foot the bill.
Is anyone honestly surprised by this news?
I just wish they could give the bill ONLY to the majority of voters who said YES to the Olympics and leave the rest of us out of it.
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NO -LYMPICS Says:
November 6th, 2008 at 11:55 am
Re 2012 London Olympic Village Bailout
Sorry…If the link I posted on POST # 7 doesn’t work, simply type in
” Olympic Village Bailout delayed ” in your search engine.
They are talking $ One BILLION “British Pounds” and scrambling for means to finance it, given the credit crunch and collapse in the housing market.
The main difference is London’s 2012 is still 4 years away . Vancouver, however, doesn’t have much time, the market and the financing has collapsed, so the writing on the wall is face – saving politicians and bureaucrats will cut some sort of Jean Drapeau like- deal(ie Montreal’s 1976 Olympics) the citizens of Vancouver will be paying for for years.
If the City of Vancouvers Chief Financial Officer is resigning of their own volition,(and not fired) , that’s enough of a warning sign this is one big mess in the making .
Maybe if Gregor Robertson becomes mayor, he can up Skytrain fines to $1000 (cash only !!!)to help pay for the Olympic Village.
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Bubble Lad Says:
November 6th, 2008 at 12:01 pm
I am OUTRAGED!!! I knew from the outside that it would be this way, BUT I’M STILL BLOWING A GASKET!!! So there’s no money for affordable housing and care for the mentally ill and drug addicted, schools and teachers, hospitals, nurses, cash to make university tuition affordable, improve public transit, but we’ve got MILLIONS to let the RE pimps put on a potlatch to try to drive up property values for personal gain using public money!!! I am practically shaking with anger as I type this, AND I KNEW FROM THE OUTSET IT WAS GOING TO END UP THIS WAY!!!
AARRRRGGGHHHH!!!!
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BringCash Says:
November 6th, 2008 at 12:04 pm
>> “The people of Vancouver voted for the Olympics, so its only fitting that they should foot the bill.”
Always been wondering: is it Greater Vancouver that will foot the bill, or Vancouver proper? I am a New West resident, who thoroughly detests Olympic games, any modern Olympic games. I don’t want to foot bills I did not vote for.
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patriotz Says:
November 6th, 2008 at 12:06 pm
The people of Vancouver voted for the Olympics, so its only fitting that they should foot the bill.
I have to agree. You get what you vote for.
BTW the deal with Millenium was made by the current council, not the old Larry Campbell council which gave Vancouver voters the opportunity to deep six this debacle.
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squidly77 Says:
November 6th, 2008 at 12:27 pm
when you deal with the pig men..dont be surprised when they act like pigs
they knew in the end that Vancouverites would have no choice other than to pay
i done know your mayor but both the mayor of calgary and the mayor of edmonton were big land developers
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Re-diculous Says:
November 6th, 2008 at 12:35 pm
Back in 2003, prior to the city wide referendum on the Olympics, I was in a course at SFU and we had a class poll. Being only one of 4 who voted against them (class size was about 30) I was made to feel as if I was a “bad British Columbian” (in the same way Americans in 2002 who were against the war in Iraq were labelled as “unpatriotic”). My – how I would like to re-assemble that class and give them all a giant “I told you so”.
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squidly77 Says:
November 6th, 2008 at 12:38 pm
oh boy..i did a wiki search on sam sullivan..unreal
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NO -LYMPICS Says:
November 6th, 2008 at 12:39 pm
My guess is each host City of each Olympic venue foots the bill. Vancouver stood to gain from the Millenium development, so it stands to reason it should bear all the risk too. I doubt any higher level of Gov’t(ie Provincial or Federal) would step in to bail out that type of venture , or else they set a precedent to bail out these and other P3’s that run into trouble.
That’s why Burnaby was secretly glad it lost the Olympic Skating Oval and Richmond was stupid enough to grab it, given the cost rose from $60 Million to $ 178 Million in 4 years.
It appears that Host cities rely on a lot of RE pimpimg to pay for the Olympics. Richmond pimped aces of public land adjacent to the Oval to a high density zoning to help pay for the Oval.
Remember, the 1976 Olympics, the CITY of Montreal( and not the Province of Quebec) was obligated to pay off the Olympics..and it took them approx. 30 years to do so.
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scullboy Says:
November 6th, 2008 at 12:48 pm
Bubble lad:
Dude, haven’t you been paying attention? There’s ALWAYS money for the wealthy. And the wealthy always bitterly complain about not having enough money. They wealthy are always about to take from the lowest among us, and sadly, they always will.
Unless I miss my guess there’s a municipal election coming up. You should be able to vote in someone who shares your priorities. Gordo et al will still be invited to the potlatch but at least you can deny him the pleasure of attending at premier.
In the end capitalism is al about greed. Regulation is all about channeling greed so it does something constructive. The recent free for all will son come to a sort of balance as greed feeds upon itself to the point of a collapse.
It’s grim, but that’s what will happen.
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dingus Says:
November 6th, 2008 at 1:10 pm
Completely OT, but this is terrific:
Hitler in foreclosure — http://tinyurl.com/6xdbcp
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Bubble Lad Says:
November 6th, 2008 at 1:23 pm
scullboy – I know, I know…just venting.
In the past I compared Vancouver and real estate to Oshawa or Windsor and GM. I guess I’m just overwhelmed every time at the hold RE pimps have in the entire province. Ontario has one-industry towns. BC has a one industry PROVINCE.
Robert Reich put it best: the current system is “socialism for the rich, capitalism for the rest of us”. If your small business fails, TS. If Millenium fails,get your rich friends in government to bail you out and call it “free enterprise”.
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Nobody!!!!! Says:
November 6th, 2008 at 1:35 pm
“In the end capitalism is al about greed”
Do you like ICBC monopoly?
People all over the world are paying only $100 for 10 year for insurance while british columbians pay average $2,000 per year.
Capitalism provide equall oppertunity and bring the per capita cost to bottom line while Monopoly can kill any class of human on earth.
It takes only $75 to replace breakin triangle car window but through icbc you must pay $300 deductible.
If you don’t know what is economy system like Capitalism,Socialism,and Monopoly why even bother pouring incoherent and non stopable rambling into blogs.
Fantastic!
That is a case of every single bear on the blogs it was interesting to see mickey finn asking a critical question about deposit against presale he is the one who earn most of star on blogs without even basic knowledge then it’s scullboy.
more interesting to see that nobody answered Mickey because nobody knows a dick here,Nobody!!!!!
The City of Vancouver’s next general local election will be held on:
Saturday, November 15, 2008
8 am – 8 pm
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greed Says:
November 6th, 2008 at 1:41 pm
I feel better now. The spokeswomen from the city told me on CKNW that this is the most beatiful site in North America, it is just beautiful and if there is a project to succeed it is this one. Obviously the only city in North America she has been to is Detroit. It is a shit hole down there; polluted water, polluted land, views of high rise condos beyond, industrial property just south of 2nd Ave and drug dealers, pimps and prostitutes nearby too. These people in power are so sophisticated, I feel blessed and enlightened to have heard their voice.
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Patiently Waiting Says:
November 6th, 2008 at 1:43 pm
50% of Vancouver voters didn’t even vote in the Olympic referendum. Of those who did vote, a large portion slavishly did what TPTB told them to do.
I’m just glad I won’t be paying for it.
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hairywolf Says:
November 6th, 2008 at 1:43 pm
Millenium isnt happy it agreed to 129 million for the land, and with land prices descreasing every day in vancouver do u blame them.
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scullboy Says:
November 6th, 2008 at 1:46 pm
Bubble Lad:
I get the venting. I really do. I’m a bit of a classist myself. My aunt and uncle got very wealthy by overbilling the government of Nova Scotia for a line of retirement homes they built. Then while bitterly complaining about “government inefficiency”, they worked to get both Peter MacKay and Rodney MacDonald elected. Rodney MacDonald was an unemployed gym teacher who ran on a platform of “strong Nova Scotia families and…. get this…. his ability to play a fiddle.
Being a conservative, he was recently mired in a sex scandal.
My aunt and uncle apparently resigned from the Conservative party recently in a fit of pique because someone else got some sort of services contract. My dad told me with a vague air of outrage, as if they were entitled to the contract. I think I annoyed him by laughing and saying “wow, they finally managed to suck all the money out of the Tories, did they? That’s pretty impressive.”
Its a rigged system. But like all systems everywhere, the seeds of its own destruction are planted at the moment of its birth.
THe real estate cycle is …. not over…. but has passed its peak. Now we begin the down side of living in “the best place on earth”. Sales fall off a cliff. Assesments (and therefore taxes) skyrocket. People get laid off. p3 projects begin massive ovverruns, and taxpayers go on the hook.
Suddenly all those magazine articles touting Vancouver as the world’s #1 city don’t seem quite so relevant. It gets harder and harder to make ends meet. “Investors” become buffeted by collapsing sales and escalating prices. They become esperate to get out at and cost. The price of a home plummets.
Then we hit bottom, every investment paper out there screams “For God’s sake, don’t invest in real esatate!” Those of us who have kept out powder dry realize it’s time to buy, and get in early….
All this has happened before, and will happen again as the Cylons say.
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Patiently Waiting Says:
November 6th, 2008 at 1:56 pm
Sure it took Montreal 30 years to pay off their Olympics, but what about all the benefits? Montreal is much different city than it was in 1976 (sarcasm off).
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Macronomics Says:
November 6th, 2008 at 1:58 pm
Quoted from the Sydney Olympic link:
“Mr Rudd’s announcement comes after new research shows 1.1 million low
to middle income households are now spending more than 30 per cent of
their income on housing.”
Wait, didn’t Jurock say we were spending 70% of our income on housing?
You mean above 30% is out of the norm?
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Vansanity Says:
November 6th, 2008 at 2:25 pm
Nobody – You’re off base with the ICBC talk. I have been in insurance (not ICBC) for 12 years and in different jurisdictions. A public auto insurance system can benefit drivers, especially young ones who’ve had a couple accidents. You only need your first $200K liab with ICBC, you can shop around for excess liab and comp and collision coverage if you really hate their rates or services.
An example, in Alberta I remember an 18 year old who had a couple accidents and tickets, stupid kid acting like one. Well, his yearly premium was quoted at $18,000. That’s not a typo. If he was in BC he’d probably have paid about $2,000. The car he was trying to insure wasn’t even worth $18K. I think that kid ended up riding the bus.
Why did I even read your post? LOL! Shame on me.
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greed Says:
November 6th, 2008 at 2:47 pm
Anyone read Province this morning (yes, I hate to admit it, but good source of humour) such as that Ralph Berezen is planning on a multi-billion dollar mixed-use project in Surrey central with 70-storey tower the feature. Has this guy been in a coma for the last six months? Good luck Ralph, please add to this bottomless pitt of supply.
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bcubbin Says:
November 6th, 2008 at 2:52 pm
I remember an 18 year old who had a couple accidents and tickets, stupid kid acting like one
Well, I’d prefer the system where someone like that takes the bus instead of driving. And if he does choose to drive, I’d rather not be subsidizing his reckless driving.
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Gadwin Says:
November 6th, 2008 at 3:03 pm
Another economic bailout, another economic casualty.
Ironically, the current real estate crash right now in Vancouver is also another economic casualty.
-4.2% drop in the detached benchmark or a drop of 30K last month … … all the specuvestors are yelling “bailout” now, LOL!!
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Macronomics Says:
November 6th, 2008 at 3:24 pm
RE: ICBC
People forget we used to have private insurance in BC.
Guess what. It didn’t work.
While ICBC is not the best run crown corp out there, in general, it is serving its purpose.
Obviously the vehicle auctioning thing is a black eye to the organization and changes must come out of that event.
But think about it, I pay $1400/yr. My car is worth $45K.
If I’m accident free for 10 years, ICBC has collected $14000 from me and I’ve seen not a single penny. If I total my car tomorrow, ICBC would have to write me a cheque worth a hell of a lot more $14,000.
If you want to criticize a crown corporation, BC Ferries should be first on the hit list. Ferries always breaking down. Undocking the ships while cars are still loading. Not waiting 2 minutes for an ambulance with a sick kid. They’ve got to be the worst run corporation of all time…
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arit Says:
November 6th, 2008 at 3:39 pm
Explanation for us immigrants please!
1. “but we’ve got MILLIONS to let the RE pimps put on a potlatch ”
Isn’t potlatch an old party tradition of the inuit? Can someone explain to me this usage?
2. “Lane housing(…)”
What is lane housing and why is it now permitted but before not?
Thanks in advance,
arit
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bdk Says:
November 6th, 2008 at 3:39 pm
I was just informed that Twarog had his license suspended for having an unlicensed realtor working for him.
I’ll try to find out when it’s over.
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Macronomics Says:
November 6th, 2008 at 3:42 pm
Doesn’t Twarog just have Sonya and Wayne working under him?
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bdk Says:
November 6th, 2008 at 4:00 pm
Macroeconomics he does.
I don’t know the story, one of his co workers told me (I asked last week and he just got back to me now)
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kabloona Says:
November 6th, 2008 at 4:45 pm
Yeah, it must be a favourite sport bashing ICBC, but try paying for insurance in Ontario. I moved to BC a year ago last September, shipped the car out here and registered it in October. My premiums dropped in half – and that’s with increased liability coverage to $2 million from $1 million and added comprehensive. They even gave me the 43% safe driver discount.
I sure can’t complain…
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Khachaturian Says:
November 6th, 2008 at 5:01 pm
While ICBC is not the best run crown corp out there, in general, it is serving its purpose.
Right, friend of mine is working there as IT contractor making close to 200K per annum.
42 X Vancouveriste Says:
November 6th, 2008 at 5:04 pm
[...] and privilege really are a better preparation for success. Vancouver Condo Info’s blog on the bailout of Vancouver’s Olympic Village. Charles Campbell of the Tyee reviews Tar Sands: Dirty Oil and the Future of the Continent by [...]
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Bubble Lad Says:
November 6th, 2008 at 5:09 pm
36 – I’m not a scholar,but my understanding of a “potlatch” is generally a generic term used by Europeans to describe any festival or social gathering put on by the First Nations of the Pacific Northwest.
One goal of the potlatch was to maintain or increase social standing by giving away food and goods (after European contact these became imported consumer goods rather than mainly foodstuffs and ceremonial items). I guess I misused the term, in that the Vancouver “potlatch” consists of taking resources that belongs to everybody, and funneling it to a few greedy jerks. The First Nations goal was to give everyone a share of their accumulated wealth, and maintain social harmony.
I hope I haven’t insulted anyone with either my use of the term, or my (ignorant) explanation.
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Nobody!!!!! Says:
November 6th, 2008 at 5:11 pm
Vansanity,Kabloona,Macronomics,
Where ever those type of corporations exist those are all part of Monopoly what ever rates they charge by province makes no sense where ever you go you must pay unique rates sets by them.Gosh remember BCTEL use to charge their customers $1.60 per minute as soon the competition arrived now you can keep on talking for $1.60 your friends would be surprise that you are not hanging up your phone on them,I just want to tell idiot likes scullboy,bdk, and any of them who support their incohrent ramblings that competition only exist under Capitalism and benefit every single person on earth,where ever it is available it is for you.
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Gadwin Says:
November 6th, 2008 at 5:15 pm
ICBC Bashing? Count me in! I moved here from the prairies a few years ago, had my old car shipped out and ended up paying twice as much for my insurance in BC. Oh and the kicker? It’s 16 year old car, costs me 1827.00/year instead of the 910.00 back home and the insurance is weak at that. I had a 50.00 deductable in Sask. Here in BC the best I could do was 300.00. Oh yeah, and I am a “road-star” whatever that means. Certainly is expensive to insure a car out in BC. I honestly don’t even think my old beater is worth 1800.00 if it is totalled.
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blueskies Says:
November 6th, 2008 at 5:16 pm
incohrent ramblings
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Nobody!!!!! Says:
November 6th, 2008 at 5:16 pm
I work in union so i want to be corporate communist and capitalist is why real estate never go down until it goes up now you pay $1.60 tomorrow you pay $1.70 and BCTEL charge more because phone rates never go down as income triple and price go up for decades to come except port moudy iz go down because extra ten house built and everybody now wherever it is available it is for you.
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Macronomics Says:
November 6th, 2008 at 5:21 pm
Khachaturian: 200K… not bad.
But I know contractors working at BC Hydro and the hospital making $340K.
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Gadwin Says:
November 6th, 2008 at 5:21 pm
Oh, and do you want to also talk about health care premiums? Did you know that only 2 provinces in Canada actually charge a monthly fee for health care? Yep, Ontario and BC. And guess which one of the two is the most expensive? One guess for a quarter…
BC is probably the most expensive province in Canada. If this real estate crash doesn’t happen to the levels I would like to see, I made a promise to my parents – if i’m not in a house within 5 years, I would move back home.
There’s no reason to continue working my ass off, spinning my wheels and getting now where. Life’s too short for all this BS.
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markx Says:
November 6th, 2008 at 5:26 pm
The secrecy really is a kick on the face on a supposedly “free” society. Without transparency, democracy is really a joke. At this point, I really don’t see the current Vancouver city council as any different than a corrupt dictatorship. “serious repercussion if they speak in public”– that’s something that belong to dictators in Hollywood movies.
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Anonymous Says:
November 6th, 2008 at 5:42 pm
Here’s a real beaut! ONLY $2000/mo. (wink wink)
“I’m wanting to sell the house , but with this market I have decided to rent for 6-12 months. and wait and see. this is perfect for professional bachelor or bachelorette…”
http://vancouver.en.craigslist.....35351.html
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Anonymous Says:
November 6th, 2008 at 5:43 pm
can anyone say “Flipper” gone wild?
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umdesch4 Says:
November 6th, 2008 at 5:48 pm
Further to markx above…wouldn’t a publication ban on discussing the details of the investment of public funds constitute a violation of some law or other? Supreme Court time?
The only time I’ve seen publication bans in Canada, it was either on:
a) election results prior to all polls closing
b) high-profile court cases (Homolka/Bernardo)
c) national security details from the Canadian military
This has nothing to do with any of those things!
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readon Says:
November 6th, 2008 at 6:08 pm
2 grand for 2 beds (with someone downstairs) in East Van. On Boundary?
Good luck with that. LOL>
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Montery Says:
November 6th, 2008 at 6:47 pm
I just got served notice that my rent is increasing $40 to $1080/mo for a 650 sq ft 1 bedroom in a nice highrise rental tower in the west end.
Oddly, I’m not upset. In fact, I’m downright gleeful considering the $100 mil (minimum) that the “owners” will have unwillingly send to the city coffers to help pay for a 10 day party. Sucks to be them. Especially when the Olympic village will be another Leaky-Condo disaster.
Mark my words!
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browntown Says:
November 6th, 2008 at 6:50 pm
yeah scullboy! vancouver realestate expensive because too much dumb people not enough land! you can help by moving back to toronto! do it for team! can have mats sundin too! yeah ha ha don’t match wits with the browntown numbnuts!
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Strataman Says:
November 6th, 2008 at 7:06 pm
brownstreak “vancouver realestate expensive because too much dumb people not enough land!”
WOWSERS gotta give you credit finally you admitted without qualification that YOU are DUMB people! Love it!
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crabman Says:
November 6th, 2008 at 7:08 pm
ICBC is great… if you’ve been insured here for several years without accidents. If you’re new (even with a long, clean driving history) you get screwed. Their ‘discounts’ are based on the number of years driving in BC only! It’s pretty messed up!
Skidmarks, your fake ESL grammar is getting pretty bad. Less quantity, more quality please!
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Keeping an Eye on the Pimps Says:
November 6th, 2008 at 7:10 pm
Shame on all the RE pimps, and Olympic Pumpers who are one and the same.
But most of all shame on all of us for letting them getting away with it.
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readon Says:
November 6th, 2008 at 7:10 pm
OT: re ICBC and no claims – yes, after driving for 20 years in the UK and other countires with not a single accident, ICBC wanted to charge me full whack. So, I choose tot ake the bus and taxis as often as I wish, and it still works out cheaper.
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crabman Says:
November 6th, 2008 at 7:11 pm
…Fortress Investment Group, which has provided a $683-million loan to Millennium to build the 1,100-unit village.
That comes out to $621k/unit plus interest. Rut row Shaggy!
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punface Says:
November 6th, 2008 at 7:12 pm
Re. ICBC: No reason why bus-takers like myself should have to pay a dime to subsidize people who drive. Especially not those who get speeding tickets and have had lots of accidents.
And anyone I know who has moved here from Alberta pays more for insurance here. However, my friends probably tend to be good drivers – so if you have lots of speeding tickets and accidents then yes, BC may be cheaper for you.
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punface Says:
November 6th, 2008 at 7:18 pm
on topic now – the Olympic Village makes me far angrier than ICBC ever could. Though I would consider buying a unit there at ~$350/sqft. If anyone from Millenium is reading this, please write my name down for when you need it.
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Gadwin Says:
November 6th, 2008 at 7:23 pm
LOL, I didn’t make comment #45. Pope, can you clear the “Name” text field so that other people don’t accidentally use your name? Thanks!
BTW, the specuvestors who paid for Millennium should have hoped city council wouldn’t fund the developer. Now that city council is funding Millennium, it will complete as scheduled and these specuvestors are going to lose alot of $$$.
Not only will the market trash the price of their property, but drunk partying Olympians will trash their property too!
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patriotz Says:
November 6th, 2008 at 7:29 pm
Further to markx above…wouldn’t a publication ban on discussing the details of the investment of public funds constitute a violation of some law or other?
There is no publication ban. The council has imposed a media blackout, which means nobody on the council or city employees can talk about it. The city has no authority to stop anyone else from talking about it.
It is standard practice for all levels of government to do this sort of thing with financial issues, e.g. cabinet secrecy at the provincial and federal levels. The city council has long had in-camera meetings when dealing with things like property negotiations.
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stagnate Says:
November 6th, 2008 at 7:36 pm
there are pros and cons to public auto insurance, but regardless the private insurers would not be able to raise enough capital right now to expand into bc. auto insurance is a low margin business dependant on investment income (ouch); i wouldn’t be suprised if icbc is changed to a no-fault system like saskatchewan in the near/mid future. appears the economic situation could be grave enough for the government to look outside the box for revenue.
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crabman Says:
November 6th, 2008 at 7:38 pm
Check out this Q and A for olympic rentals from here.
Q3) When is the right time to start marketing my property?
A3) NOW. There are over 10,000 condominium properties under construction in downtown Vancouver that will be ready before the Olympic Games commence. There is a real possibility that there will be an oversupply of accommodations available by the time the games commence. There is no real advantage to waiting.
This gets better every day!
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think_first Says:
November 6th, 2008 at 7:42 pm
Perhaps ICBC has changed their practice? I moved here approximately 6 years ago from Alberta. If I recall correctly, once you get 8 years accident free you end up at the highest roadstar rating with ICBC (43%???). I ended up being able to claim 7 years accident free because of documentation from prior insurance companies. This meant I was paying about the same in both provinces.
One problem with this “system” is that there is no regulation stating that an insurance company has to keep your records once you leave them. I got lucky with my documenation. I have met other who had to start over at zero years/pay the full shot even though they had been accident free for years. They just couldn’t prove it.
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Michael Randallbard Says:
November 6th, 2008 at 7:54 pm
Speaking of Olympics..Vanoc just announced a new downhill sport
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arit Says:
November 6th, 2008 at 8:02 pm
think_first
“I have met other who had to start over at zero years/pay the full shot even though they had been accident free for years”
That would be me: accident free since day one (17 years of driving when we landed) Came here and got no discount, started from scratch.
Sometimes (I am serious here) I like to walk to our nearest busy intersection and watch the local drivers (I live in Richmond). It is better than any horror film.
Regards
arit
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Anonymous Says:
November 6th, 2008 at 8:52 pm
Auction deadline came and went. House still there on mls.
http://www.realtor.ca/property.....Id=7516831
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Ulsterman Says:
November 6th, 2008 at 9:11 pm
Let’s bash ICBC some more. OK, my adult family in the UK (ages range from 30-67) pay approximately C$500 per year for fully comprehensive car insurance. My brother-in-law is a motorcycle fan and has 3 in his garage. He has one policy that costs about C$450 / year and covers all three – because they figure he can only ride one at a time on the public highway.
I’m in my mid 30’s here, have 43% roadstar and pay $850 JUST for the most absurdly basic $2m liability. On top of this i have to buy collision and comp. Sure, the youbg drivers in the UK pay high premiums, but guess what, they have lots of accidents.
Insurance in BC is a very expensive joke.
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Anonymous Says:
November 6th, 2008 at 9:20 pm
Ultersman is back now vancouver real estate will never go down,welcome back ultersman.
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bcubbins Says:
November 6th, 2008 at 9:29 pm
The city council has long had in-camera meetings when dealing with things like property negotiations.
Yes, but once negotiations are complete and a deal has been signed, there’s normally no reason to keep the details of the deal secret.
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Nobody!!!!! Says:
November 6th, 2008 at 9:47 pm
That was a part of Vancouver 2010 Olympics bid City has to guarantee that Olympic Village have be built,Peter Ladner says”Tax payers won’t be on the hook”CBC Gloria Macarenco hooking up Kirk William in news room
http://www.cbc.ca/mrl3/8752/bc.....LLIAMS.wmv
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Keeping an Eye on The PImps Says:
November 6th, 2008 at 9:55 pm
“The village is destined to become a residential complex after the Olympics but most of the condominiums have yet to be sold. Meantime, the value of real estate in Vancouver has plunged in the past several months and is expected to continue to decline over the next couple of years.”
From the Globe story :
http://www.theglobeandmail.com.....+vancouver
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dingus Says:
November 6th, 2008 at 9:57 pm
That site linked to by crabman elicited a low whistle from me, I tell you.
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richard Says:
November 6th, 2008 at 9:59 pm
isn’t it the olympic village is named “millenium water”? shouldn’t they now change it to “millenium under water”?
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comfy renter Says:
November 6th, 2008 at 10:00 pm
I guess the acronym B.P.O.E (best place on earth)
beat out the commities first choice of slogan for bc
best place own our real estate B.P.O.O.R.
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patriotz Says:
November 6th, 2008 at 10:44 pm
Looks like we have an election issue? Timing couldn’t be better:
Vancouver mayoralty candidate Gregor Robertson has called for complete public disclosure of the city’s financial obligations for construction of the multi-million dollar Olympic Village following a Globe and Mail report that the city at a recent closed-door meeting authorized lending up to $100-million to rescue the financially-strapped project.
“We need to know what is going on here exactly,” Mr. Robertson told reporters after a mayoralty campaign forum.
Whatever else you want to say about them, Robertson can’t be blamed for the deal, and Ladner can.
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wizardofozziejurock Says:
November 6th, 2008 at 10:46 pm
Here’s what I said about the 2010 Olympics back two years ago:
wizardofozziejurock said…
No offence to you party animals, but that “great party” thing is really getting tired.
Personally, I manage to have great parties without having to pay the government to organize them for me. Moreover,
- several hundred thousand people jamming up public spaces isn’t a party, it’s a mob.
- any event being attended by thousands of security personnel isn’t a party, it’s a crowd control excercise for law enforcement.
- any event open to people from all walks of life isn’t a party, it’s a visit to a shopping mall
- any event with corporate sponsorship isn’t a party, it’s a public relations campaign.
- anyone who attends an event that’s going to be paid for by future generations isn’t a party-goer, they’re a freeloader.
O.k., I’m being a bit harsh…community celebrations have their place, but this one feels very scripted by the powers that be…beginning with the IOC…and it’s heavily commercialized and very, very expensive.
The fact that it’s also used to justify the housing bubble is just all the more galling.
There’s one more budget item that Vanoc forgot to include: happy pills. They better start distributing those soon — the citizenry are getting restless.”
11:37 PM, October 19, 2006
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NO -LYMPICS Says:
November 6th, 2008 at 10:52 pm
ICBC should only be for BC – born citizens and First Nations…the rest of you can go back to where ya came from and pay double, ya freeloaders.
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blueskies Says:
November 6th, 2008 at 10:53 pm
eeeeeha!
i’m predicting the friday free-for-all is gonna have 360 posts when all is said and done……
everybody and their dog is out tonite!!
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observer Says:
November 6th, 2008 at 11:40 pm
The secretive air which permeates this bail out will come back to haunt them.
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Dr Topper Says:
November 6th, 2008 at 11:55 pm
“But think about it, I pay $1400/yr. My car is worth $45K.”
Ya, so don’t you think that it’s a bit odd that my $2500 clunker also costs $1400 a year to insure through ICBC (36 years accident free and counting).
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islander Says:
November 7th, 2008 at 2:17 am
Macronomics, micro-brain.
“People forget we used to have private insurance in BC.
Guess what. It didn’t work.
While ICBC is not the best run crown corp out there, in general, it is serving its purpose.”
Yah, if by “serving its purpose,” you mean over-charging and under-insuring.
I own an 04 Ranger and an older B2300. I pay $1200 through Alberta Motor Association for both. When I called a Victoria insurer, they quoted me $800 for the Ranger (comparable). When I sat down later with the agent, she insisted the computer was telling her I lived in a city on the island I’d never even visited, much less resided. Magically, the quote (for about half the liability coverage) went up to $1300.
I practically threw the plate at her head and told her I would be buying insurance in the Soviet Socialist Republic of BC when competition was allowed.
Anybody who thinks a government monopology provides anything other than crappy service and high prices is an economic retard.
At least you understand that when it comes to BC Ferries.
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scullboy Says:
November 7th, 2008 at 11:20 am
Ah krrrrrish/nobody/brownstreak…..
Why aren’t I surprised that you are part of a union. It makes perfect sense, really. I imagine you bitterly resent paying union dues, don’t you? Yet the union is the only thing standing between you and Wal-mart type wages.
OF COURSE you’re in a union! I mean who on God’s earth would hire you? Your English is appalling. I know preschoolers who can write better then you can. I think most people here would agree that you couldn’t possibly hold down a white collar job for longer then.. 15 minutes tops.
And of course you dream of “capitalism” and being the next Donald Trump. Of course you’re a cheerleader for “the free market”. Your betters filled your head with silly notions of getting rich; they appealed to your greed and knew your stupidity would blind you. They knew how easy it would be to brainwash you, so they bought a little advertising time on the radio and put up some billboards. They knew you’re far too stupid, venal and greedy to question the possibility of getting rich not through brains and work, but through laziness and greed.
And now they have your hard work, and your money. They sold you a shitty box in Tranny Towers at a wildly inflated price. That means they control you now. You don’t have to resources to educate yourself or to go out and change your career or start your own business. You’re going to be working in that warehouse for the rest of your life…. for whatever shitty wage they can push on you.
Your family will rarely see you, as you’ll have to work double shifts to make ends meet. Your wages won’t go to them.
Those will go to:
- The condo developer, for that shitty little box they sold you
- Bob Rennie, for figuring out how to sucker you through your own greed and stupidity
- the City of Vancouver , for convincing you that you live in “The Best Place on Earth”
- The mortgage broker, for arranging the abolute highest payments you can possibly make without literally starving you to death.
God, I see it all so clearly now and it makes me laugh. You poor sucker, you dumbest of fucks. You and how many other blue – collar chumps have willingly …. EAGERLY and literally sold your working lives to your economic betters because you naively thought they were on your side. Meanwhile you bitterly resent the unions who, while imperfect, are the only ones who ever bothered to look out for you.
I want to thank you dude, and I mean that sincerely at this moment. I’ve had a tough go of it recently but thanks to you, I’m reminded of the one gift nobody can take from me: My intelligence. I was smart enough not to get caught up in foolish and greedy dreams of unearned wealth.
Thanks to my intelligence I saved as much money as I could, and invested it conservatively. That left me with the resources I needed to change careers when my own industry began to collapse and last night after months of puzzling it out, I came up with a business model that will work, is flexible, can be started with almost no capital and has an excellent change of succeeding.
Thank you Krrish / Nobody. I believe you have fulfilled your life’s one great purpose: You have served as a warning to others.
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scullboy Says:
November 7th, 2008 at 11:32 am
Sincere apologies since I just posted this on yesterday’s thread, but I wanted to be absolutely sure Krrrris/SatV/Browntown/whatever read it…. I have finally come to see his usefulness, and where he’s coming from and I sincerely want to thank him:
Ah krrrrrish/nobody/brownstreak…..
Why aren’t I surprised that you are part of a union. It makes perfect sense, really. I imagine you bitterly resent paying union dues, don’t you? Yet the union is the only thing standing between you and Wal-mart type wages.
OF COURSE you’re in a union! I mean who on God’s earth would hire you? Your English is appalling. I know preschoolers who can write better then you can. I think most people here would agree that you couldn’t possibly hold down a white collar job for longer then.. 15 minutes tops.
And of course you dream of “capitalism” and being the next Donald Trump. Of course you’re a cheerleader for “the free market”. Your betters filled your head with silly notions of getting rich; they appealed to your greed and knew your stupidity would blind you. They knew how easy it would be to brainwash you, so they bought a little advertising time on the radio and put up some billboards. They knew you’re far too stupid, venal and greedy to question the possibility of getting rich not through brains and work, but through laziness and greed.
And now they have your hard work, and your money. They sold you a shitty box in Tranny Towers at a wildly inflated price. That means they control you now. You don’t have to resources to educate yourself or to go out and change your career or start your own business. You’re going to be working in that warehouse for the rest of your life…. for whatever shitty wage they can push on you.
Your family will rarely see you, as you’ll have to work double shifts to make ends meet. Your wages won’t go to them.
Those will go to:
- The condo developer, for that shitty little box they sold you
- Bob Rennie, for figuring out how to sucker you through your own greed and stupidity
- the City of Vancouver , for convincing you that you live in “The Best Place on Earth”
- The mortgage broker, for arranging the abolute highest payments you can possibly make without literally starving you to death.
God, I see it all so clearly now and it makes me laugh. You poor sucker, you dumbest of fucks. You and how many other blue – collar chumps have willingly …. EAGERLY and literally sold your working lives to your economic betters because you naively thought they were on your side. Meanwhile you bitterly resent the unions who, while imperfect, are the only ones who ever bothered to look out for you.
I want to thank you dude, and I mean that sincerely at this moment. I’ve had a tough go of it recently but thanks to you, I’m reminded of the one gift nobody can take from me: My intelligence. I was smart enough not to get caught up in foolish and greedy dreams of unearned wealth.
Thanks to my intelligence I saved as much money as I could, and invested it conservatively. That left me with the resources I needed to change careers when my own industry began to collapse and last night after months of puzzling it out, I came up with a business model that will work, is flexible, can be started with almost no capital and has an excellent change of succeeding.
Thank you Krrish / Nobody. I believe you have fulfilled your life’s one great purpose: You have served as a warning to others.
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Completely OT Says:
November 7th, 2008 at 11:39 am
To all the ICBC complainers… I have the 40% discount and it still works out cheaper for me to park my car and use the co-op cars whenever I want. Plug plug… they’re great!
http://www.cooperativeauto.net/
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Scullboy2 Says:
November 7th, 2008 at 11:46 am
OPPS that was BDK similar to thaz waz BUZZY KE,see nobody ever seen a zumb i mean dumb like you,Nobody!!!!!
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Scullboy2 Says:
November 7th, 2008 at 11:50 am
I mean #47 is bdk in union.
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bdk Says:
November 7th, 2008 at 12:36 pm
What are you trying to say browntown?
That you work in a warehouse and pay $1.60 to bc tel?
Stick with one name, it’s hard enough trying to figure out what you’re trying to say and when you start pretending to be scullboy and accusing myself of writing incoherent, stupid posts it just makes you look even stupider (if it’s possible to look stupider than you already do).
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Warren Says:
November 7th, 2008 at 1:24 pm
ICBC: Anybody who wants private insurance (and private Hydro for that matter) only needs to look to the free-market provinces of Ontario and Alberta to see why they are bad ideas.
RRSP: I’m contributing more than ever this year, even more than my yearly limit, getting into my backlog… hooray for me.
Olympic Village: The city sold this land for something like $500/buildable square foot. Sound too good to be true? Guess what…
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scullboy Says:
November 7th, 2008 at 5:27 pm
I’m impressed krrrish…. yup… that’s a dead – on imitation of me. Seriously!
You even had me fooled….
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Scullboy2 Says:
November 7th, 2008 at 8:48 pm
Bdk says “If you don’t work in a unionised capitalist warhouse, or whatever it was you said yesterday, then where do you work?”
Good job Bdk good enough to prove my point nobody every seen a dumb like you,Nobody!!!!!
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mad Says:
November 8th, 2008 at 12:48 am
Why should any city business be put under a publication ban?
If they have nothing to hide then they should be made public!