Mould risk at Olympic Village?

Little posted a link to this Province newspaper story over the weekend. Subcontractors at the Vancouver Olympic Village are accused of taking shortcuts in its construction, including not insulating all in wall pipes.  This brings a risk of mould problems 3 or 4 years down the road:

During the meeting, Loftus says, Jasper was shown photos of the uninsulated pipes in various buildings on the site and said he would get back to the insulators union, but Loftus said he’s still waiting. A second visit to the site weeks after the meeting found the drywall still in place with the pipes now hidden behind it.

“I don’t think they can fix it on time,” Loftus said. “They would have to take the walls down, inspect all the piping and then do it right. It would certainly be cheaper to do it now rather than later, but I’m guessing it would cost millions.

“And if they found mould, it would be even worse.”

Ballem said she wasn’t told about any specific problems with the construction of the Olympic Village, only that a union had some concerns about quality control.

“This is the first I’ve heard of this,” Ballem said when contacted by The Province. “If the concerns are true — and I have no evidence of whether they are or not — and they not being paid attention to, that’s a concern for the city.”

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pricedoutfornow
Guest
pricedoutfornow

Nice! Now people are DEFINITELY going to rush out after the Olympics and buy these condos for $500k each!

paulb
Member

Hey Pope,

I've set up shop in PEI and I have my new blog up and running. I hope you don't mind the shamless plug! 🙂

The blog will have a monthly stats for all of PEI and also have info. about living Island life and relocation tips. All in all it should be decent.

Talk soon!

Paul

Here is the blog :http://paul-charlottetown.blogspot.com/

MrBear
Member
MrBear

Paul;

You need to separate the 'blog:' part from the url so people can, oh I don't know… click on it?

http://paul-charlottetown.blogspot.com/

Absinthe
Member
Absinthe

Hi, Paul! I hope you're settling in well!

mflat
Member
mflat

Paul, great to hear from you and see you're publishing again. Will add your blog to my RSS feeds and follow the news from the opposite coast!

CZ
Member

Nice to see your post Paul.

Re-diculous
Guest
Re-diculous

Wow! A Financial caution warning printed in the Vancouver Sun……overcome by guilt I suppose

http://www.househunting.ca/buying-homes/story.htm

oneangryslav
Member
oneangryslav

Re-diculous: Nice find, but once again I have to point out the financial illiteracy of the media.

"Mortgage rates are going to increase by two to three per cent over the next two to four years, edging back up to the more normal lending rates of six to seven per cent, says Guatieri."

An increase in mortgage rates from 3% to 6% is a three-percentage point increase in mortgage rates, but an increase of 100 per cent in the same. I'm sure that for most people a three per cent increase would cause absolutely no trouble (like rates going from 3% to 3.09%) but a 100% increase is a "whole 'nother ball of wax."

rp
Member
rp
Holy crap Vancouver is bankrupt! Property taxes will not cover a $450M loss, and nor will development fees in the middle of a housing bust. Vancouver's citizens will be paying *extremely* high taxes for years and getting *minimal* services in return, and that's after the province bails them out (which it must do). This is equal in size to the fast ferry fiasco, but the province of BC can levy income and sales taxes and sell natural resource rights. It also handles a health and education spending, which are huge budgets that can be cut. Everyone remembers the pain of the provincial cuts as the fast ferry loss (and others) were realized. Well, Vancouver can't raise property taxes 5x. They can't possibly get out of this on their own. They are bankrupt and the only thing awaiting citizens of the… Read more »
Anon
Guest
Anon

Paul, while your impressions are fresh from the move to PEI, please share what is different there?

realpaul
Guest
realpaul
rp: #10 I heard a 'shitty councillor' from Vision today on the 'english girls' 1410 talk show say that the 'shitty' needed to start buying market value residences for the homeless right away. new condos for transients from Montreal, what a concept. They have officially crapped on the idea that 2/3rds of the Olympic Village mess will go for low income housing. How could it? The costs on the units are now pushing 1,000,000 million each ++++ with all the overruns and they aren't even at the expensive stage yet. Don't forget they have to tear out the guts of the building after the games to make it 'market ready'. I don't know how the COV's bond sale went. I didn't buy any Bwahahahahaha and I didn't hear of anyone else bragging about buying either. The papers went silent. Maybe… Read more »
Denialisrampant
Guest
Denialisrampant

Real estate is about to get very cheap. if you survive that is. Virus conspiracy theory goes global as lawsuit filed at UN unleashes the dogs of war.

http://www.wholecure.com/journalist_files_charges

VultureBoy
Guest
VultureBoy

If the city had any sense they would be selling the unsold Olympic Village condos now,and aggressively, while the market has some life. What is wrong with them? They think the market is just going to get hotting and hotter, higher and higher?!?!?! Sometimes you gotta count your lucky stars and cash out.

Probably they don't want to "lock in" losses—would look bad. But so much better to take a whipping now, than a catastrophic loss in a year when the market has no life.

Vancondobear
Guest
Vancondobear

So I have been staring at this 2 bedroom condo for sale in the Woodward's fiasco, errr, building, on a realtor's website (claimed as exclusive listing!) for $1,533,000. It was been there for a year. No change in price.

Now that Woodwards is starting to rent out – I can see that 2 bedrooms are offered at $2500 inclusive of the homeowner's assoc fee.

oh oh…

Who in their right mind would pay $1.5MM for something they can rent for $2500/month???

I almost thought of renting there when I saw the price…but I am too scared of the neighbourhood…..

Boombust
Guest
Boombust

"…new condos for transients from Montreal, what a concept."

I have to AGREE…more rather than less. Watching tonight's CTV NEWS, there was a story about that shelter someplace near downtown that is causing problems and will be shut down in two days or so…

ANYHOO, I said to my wife, "As if WE owe some twenty year old off the bus from Ontario a place to live."

AND, if they're not from out of town, they're likely mentally ill. Woe is US for shutting down places like Riverview. Another stupid imported idea from the USA.

Dave
Member

business manager for the local union representing mechanical insulators

Enough said right there. How credible are they?

No Longer Looking
Member
No Longer Looking

"How credible are they?"

What makes you think they're not credible. Sounds to me like they'd no more than anyone.

No Longer Looking
Member
No Longer Looking

no=know 😛

No Longer Looking
Member
No Longer Looking

I have to wonder if the helping hand of government is retreating for the hardcore elements, and the other hand is ready for a slap down. We'll see between now and 2010. I have to admit, reluctantly, the time has come.

Crash
Guest
Crash

The whole OlyVil fiasco is just another reason why I will not be buying in Vancouver. And I have to wonder what other corners have been cut with the rushed construction of these buildings.

I'll be looking to probably buy in Burnaby, but not before summer 2010 once the dust has (hopefully) settled at least somewhat in the R/E market.

Dave
Member

No Longer Looking:

More credible than the architect, the engineer, the owner or the city inspector? I would put that union at the bottom of the credibility list.

RennieWhereRU?
Guest
RennieWhereRU?

Unrelated topic. Heard whispers that British Airways is almost bankrupt. Cancerned cause I have fair few frequent flyers and wondering if I should book flight with partner airline? Anyone shed some light on this?

Chilled
Guest
Chilled

16 Dave Says: June 29th, 2009 at 7:39 pm

business manager for the local union representing mechanical insulators

Enough said right there. How credible are they?

——

A heck of a lot more credible than those who oversaw the LAST leaky condo fiasco.

Hovering
Guest
Hovering

Denialisrampant:

whoah

that bird flu conspiracy is such a load of crap

You don't actually buy this stuff do you Denial ?

it must be true cause of all the bold text..

next you'll be saying the UN is taking over America, you don't have to pay taxes cause you're a natural person and the world is going to end in 2012 (o.k. I believe that last one – those Aztecs made a damn good calendar)

patriotzed
Guest
patriotzed

rp:

Property taxes will not cover a $450M loss, and nor will development fees in the middle of a housing bust. Vancouver’s citizens will be paying *extremely* high taxes for years and getting *minimal* services in return, and that’s after the province bails them out (which it must do).

CoV can borrow long term right now for about 4%. That's an annual debt service of $18 mil on $450 mil or about $40/year per capita amortized.

Yes that's real money and CoV taxpayers will be paying it, but "bankruptcy" and "extremely high taxes" are not in the picture. Nor will be any help from Gordo. He has his own bills to pay.

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