Vancouver seizes Millennium assets

Vancouver Mayor Gregor Robertson said the move had to be made to salvage the city’s investment.

From the CBC:

City officials say they intend to halt plans to rent out the units and sell them instead. Officials say they are still owed $758 million for the failed Olympic Village project built by Millennium, and once they sell off all the units, they still expect to lose $40 million to $50 million in the deal.

The city also says that the lawsuit by current owners over complaints of poor heating and leaking sewage at the Olympic Village are ‘bogus’.

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lol cats
lol cats
9 years ago

@Polly Pollyanna:

poor polly… congratulations on figuring out it's who you know not what you know… another fun fact for you, your savings account is a joke

painted turtle
painted turtle
9 years ago

BEIJING (MNI) – Fitch Ratings has cut its outlook on China's local currency debt, becoming the first of the major credit ratings agencies to officially sound the alarm over the extraordinary expansion of Chinese bank lending in recent years.

Fitch said today the large increase in household and corporate leverage in combination with the sharp increase in housing prices and the recent emergence of inflationary pressure have raised the likelihood that "some sovereign support for the banking system will be required.""The Negative Outlook reflects concern over the scale of sovereign contingent liabilities and risk to macro-financial stability arising from the very rapid pace of bank lending in recent years, especially against the backdrop of rising real estate valuations and inflation," said Andrew Colquhoun, Head of Fitch's Asia-Pacific Sovereigns group.

http://www.automatedtrader.net/real-time-news/743

http://www.businessweek.com/news/2011-03-08/china

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[…] April 11th, 2011 at 2:14 pm – “I know a couple who has been waiting for 5 years for prices to come down so they can […]

Polly Pollyanna
Polly Pollyanna
9 years ago

@painted turtle:

let them walk in and get fleeced

we will have a chuckle and they will (maybe) learn a lesson

i'm not holding my breath, just honking my horn and hollering in traffic.

Polly Pollyanna
Polly Pollyanna
9 years ago

@Devore:

what i love is walking through the casinos just for fun

what a pack of sad looking people

and the government wants more, more, more

i am curious, since the chinese have gobbled up the west side, shaughnessy and parts of West Van, do you suppose they will discover the old establishment's neighborhoods and getaways in Ontario?

i mean if you want to talk about prestige..

it's just basic human tribalism at work

painted turtle
painted turtle
9 years ago

Hey, great news! I met a rich Asian today!!! My first!!!

She is from China and spent last Sunday looking for a house to buy in Richmond. Not to live there, just "to make money."

Well… ๐Ÿ™‚ ๐Ÿ™‚ ๐Ÿ™‚

She actually lives in my neighborhood, does not seem to be making more money than me, lives in a small house, sends her daughter to public school, and is a tiger Mom. Just the average Asian middle age woman.

Polly Pollyanna
Polly Pollyanna
9 years ago

@frank: people can take anything with stoicism when they are not told what is actually happening. people in homogeneous societies will tolerate anything if they are convinced their government is working in their interests people in brutal patriarchies will tolerate anything if they are convinced that this is normal and working in their interests etc etc. it's just a massive coverup – it's like the BP mess in the gulf first week they said it was only 1,000 barrels per day, but any idiot could go on the web and find out that industry experts were saying it was a gusher spewing out 100,000 barrels+ per day, and that for all we knew, the entire sea bed/crust might be rupturing in different areas as a result. entropy, combined with the flawed design of these reactors is a force more powerful… Read more ยป

Polly Pollyanna
Polly Pollyanna
9 years ago

@pricedoutfornow:

if these vast pools of asian (re: chinese) millionaires are looking to get into richmond and vancouver only then they're idiots and it's a marvel that they have more money than any of us. a testament to the fact that it's not what you know, but who you know. (and whether you're in the party or not)

there are SO many fantastic places to live in Canada with inspiring scenery and sweet, sweet solitude to boot.

but they don't want that. they want to be with their own.

Polly Pollyanna
Polly Pollyanna
9 years ago

@Anonymous:

"..as immigrants would have no emotional attachment to you in your old age and would vote down taxes to support you"

when they say they vote for 'family values' (no gay marriage and no planned parenthood) what they're really saying is that they are clinging to that humbug to hide that they're rejecting the notion of paying into the system to pay for old whites.

they'll rue these days when it (healthcare) is gone, but no one pays attention to anything anyways.

the country has just had it's "watergate" moment and the great silent majority didn't even blink.

we are viewed as decadent and profligate. (yet they strive for this)

it's sort of cute.

Devore
Devore
9 years ago

@Anonymous: Pssh, there are no millionaires beating down the door desperate to live in Vancouver. I mean, Vancouver is a Pretty Good Place on Earth, but it's not something millionaires are clamoring about. Real millionaires can easily buy in real desirable world class cities, like New York, London, Paris, Rome. Only a bottom of the barrel third-stringer would think buying in Vancouver is an accomplishment. Real millionaires have the income and cashflow that can easily support a real million-dollar property in a foreign country. However, those who won the Chinese bubble lottery are desperate to get their chips and themselves out, before their money and their schemes are busted.

pricedoutfornow
pricedoutfornow
9 years ago

@scullboy: "Given that immigration is a national issue I’ve always wondered why you never hear of foreigners aren’t buying of the smaller cities. " Yes, why? Because these "rich foreigners" don't really exist in such great quantities as the media like to believe, perhaps? If rich foreigners are so smart, why are they not snapping up some pretty fancy mansions for sale in the Okanagan? Some actually come with acres and acres of land! And yet we, in the lower mainland fantasyland, like to believe that rich foreigners choose to buy falling-down, moldy houses on busy Knight Street rather than a mansion with vineyard in the Okanagan. This makes no sense to me. Or maybe it does, as the rich foreigners in Vancouver are simply the last ones to jump into the pond. And you know the saying-last one in… Read more ยป

VHB
VHB
9 years ago

April 2011 month-end projections

Days elapsed so far 7

Days missing 0

Days remaining 12

5 Day Moving Average: Sales 131

5 Day Moving Average: Listings 290

SALES

Sales so far 955

Projection for rest of month (using 5day MA) 1570

Projected month end total 2525 +/- 170

NEW LISTINGS

Listings so far 1993

Projection for rest of month (using 5day MA) 3485

Projected month end total 5478 +/- 542

Sell-list so far 47.9%

Projected month-end sell-list 46.1%

MONTHS OF INVENTORY

Inventory as of March 31, 2011 13110

MoI at this sales pace 5.19

Anonymous
Anonymous
9 years ago

If there are no children now then there will be no money for the government in the future unless we have immigration.

So I disagree kids are not redundant it is the other people kids that will pay the state to fund your old age as immigrants would have no emotional attachment to you in your old age and would vote down taxes to support you

So if you do not have kids better save all the money you can and invest wisely

Best place on meth
Best place on meth
9 years ago

OH YEAH!

Vancouver East & West*

New Listings – 102

Back On Market Listings – 0

Price Changes -29

Sold Listings – 46

Vancouver All Areas*

New Listings – 358

Back On Market Listings – 3

Price Changes – 116

Sold Listings – 145

*Attached & Detached – Date: 04/11/2011 Time:20:13 Pacific YatterMatters.com

Bear Patrol
Bear Patrol
9 years ago

@Absinthe: Large families not necessary. State looks after us in old age. Kids redundant.

Bear Patrol
Bear Patrol
9 years ago
Absinthe
Absinthe
9 years ago

On family size: it's not only about the availability of birth control options and the wish for dual incomes. As women become politically and economically emancipated, they generally chose smaller family sizes.

Pregnancy in the first world is a lot less risky than in the 3rd world, where death, malnutrition, and fistula are still a roll of the dice – but it's still work that doesn't allow you to take a coffee break, and it takes a particular sort of person to wish to do that work for many years of their life.

frank
frank
9 years ago

This doesn't sound so good.

Wonder when our shores will be affected?

http://www.vancouversun.com/checking+mail+from+Ja

http://www.washingtonpost.com/world/japan-to-rais

Poor souls in Japan. They are taking it with such stoicism too.

vreaa
9 years ago

site = cite

Anonymous
Anonymous
9 years ago

Foreign property buyers restrictions needed?

"Ironically, many of the people driving up the prices are coming here from mainland China where soaring real estate prices have caused the Chinese government to introduce new limits on foreign purchases of residential or commercial property in the country," he wrote in a recent article published in Business in Vancouver.

http://www.cbc.ca/news/canada/british-columbia/st

Polly Pollyanna
Polly Pollyanna
9 years ago

@space889:

we are a considered a haven for ill gotten gains

and that's what you're entitled to do, if you get high enough in the party – steal.

Polly Pollyanna
Polly Pollyanna
9 years ago

@space889:

you sir, are correct

we are seen as easy and stupid.

Polly Pollyanna
Polly Pollyanna
9 years ago

@cgh:

ah yes and they are salt dragons as well as real estate tigers!

Dan in Calgary
Dan in Calgary
9 years ago

, "people had more leisure time and could afford more toys and weren’t willing to give them up to have larger families."

That's it in a nutshell.