Paying off the Olympic Village debt

Frances Bula has a good summary of the current state of debt on the Olympic Village.

The City of Vancouver hasn’t made it terribly easy to find out where we are in terms of paying for that mess, but with a little sleuthing it would appear we’re actually making good progress to pay off the $750 million construction loan the city took out.

Just $300 million left to pay on that debt.

Both Mr. Meggs and city manager Penny Ballem say it’s impossible to predict whether the remaining 181 condos (as of Dec. 31, 2012) and transferred Millennium properties will do more than cover the last $300-million of the outstanding debt (that figure was $462-million at the end of 2011).

If so, the remaining $171-million the city expected to get from Millennium for the land will never materialize.

So the city may never see any money for the land the Olympic Village was constructed on but hey, look at that beaver!

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7 years ago

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bioscene
7 years ago

I think you can find numerous reasons why hosting the Olympics is not a financially prudent decision. I keep hearing the terms “fiat money, inflation, deflation, low rates, etc” It all comes down to jobs – high paying ones help combined with low taxes, maybe I misspoke.

asalvari1
asalvari1
7 years ago

chilled, I cant up-vote you more then once, but would click if I could 100 times…

That’s perfect example for ” when life serves me lemon , I make lemonade…”

.. Or just lay back and do some beer.

Short'em High
Short'em High
7 years ago

With respect to Vancouver RE there is just one more thing to add about the Bernanke bull market of everthing.

When Vancouver RE prices correct, and they will, please consult this image and imagine what he thinks is so funny.

http://postimg.org/image/7knel3ij1/

Short'em High
Short'em High
7 years ago

This is pretty funny. After checking the headlines I see others are also wondering who is still buying the Russian Roulette called the Bernanke bull market in everything.

http://www.bloomberg.com/news/2013-04-24/central-banks-load-up-on-equities-as-low-rates-kill-bond-yields.html

When Bernanke lets up the tiniest bit, watch out! Even some central banks will be selling equities. This is unbelievable. Move over 1929, 1987, dotcom, and 2008 combined!

Lucky for him, Bernanke doesn’t have much to lose personally. A brief apology and admission to committee that a particular experiment didn’t work out seems to be the only personal cost. LOL!

http://www.youtube.com/watch?v=1bX_vhojH8c

chilled
chilled
7 years ago

angry skytrain commuter Says: April 25th, 2013 at 7:30 pm 82 Sorry, it’s off topic but this is a public service announcement. If you don’t need to take the skytrain right now, then don’t. I’m sure the news isn’t reporting this because the news doesn’t actually report the news anymore. I finally made it home. A commute that usually takes one hour took over three hours! You guys should see the crowd of people trying to get on the train at Columbia Station! I’ve been riding the skytrain for over 20 years and I’ve never seen it that bad! The line-up of angry, hot, sweaty people goes right out the station out onto Columbia Street across from the Army and Navy. There is another line up of people transfering from Millenium to Expo Lines at Columbia. That line up goes… Read more »

angry skytrain commuter
angry skytrain commuter
7 years ago

http://www.cbc.ca/news/canada/british-columbia/story/2013/04/25/bc-skytrain-delays.html

Commuters in Vancouver are coping with delays on the SkyTrain this evening.

Translink says a broken power rail near New Westminster Station is slowing trains. Coast Mountain Bus Company has set up a bus bridge between Columbia, New Westminster, 22nd Street and Edmonds Stations.

Passengers heading downtown for the Canucks game are encouraged to take the Skytrain at Columbia and ride the Millennium Line to Commerical-Broadway.

That’s where they will have to switch trains to get to Stadium-Chinatown or board the Skytrain at Edmonds Station and ride to Stadium-Chinatown.

The Canada Line is operating normally.

As of 8 p.m. PT, the power rail problem was still ongoing.

omfgitslikegrouponbutforcondosftw
omfgitslikegrouponbutforcondosftw
7 years ago

greaterfool.ca today has yet another example of a fake news story. Worth checking out, even if you normally avoid his blog.

angry skytrain commuter
angry skytrain commuter
7 years ago

:

I totally agree! There’s a lot of harrassment that goes on on the skytrain. I see it all the time. The skytrain police don’t care about keeping passengers safe. They just check fares because they’re trying to make their quota for writing tickets to fare evaders.

Before I am accused of hyperbole: I have seen the skytrain more packed than today. I’ve seen it worse on fireworks nights downtown. But then Translink is prepared and has the staff for crowd control. I’ve never seen it like this at Columbia Station on a regular rush hour.

mac
mac
7 years ago

Hey! Here’s another thing SkyTrain employees could do if they’re bored. I see a lot of jumpy people asking female commuters for money when they’re near the kiosks. Why don’t those employees split up and stand near the kiosks and say things like, “Hey! Don’t bother her.”?

mac
mac
7 years ago

Angry,

You take the Skytrain a lot, I don’t. But I do take it occasionally. Why are the SkyTrain employees always grouped in two and talking to each other? Shouldn’t they be talking to us saying things like “Can I see your ticket, please?” Or how about “Hey. How are you?” Anything but standing around with a sandwich and coffee in pairs.

angry skytrain commuter
angry skytrain commuter
7 years ago

Sorry, it’s off topic but this is a public service announcement. If you don’t need to take the skytrain right now, then don’t. I’m sure the news isn’t reporting this because the news doesn’t actually report the news anymore. I finally made it home. A commute that usually takes one hour took over three hours! You guys should see the crowd of people trying to get on the train at Columbia Station! I’ve been riding the skytrain for over 20 years and I’ve never seen it that bad! The line-up of angry, hot, sweaty people goes right out the station out onto Columbia Street across from the Army and Navy. There is another line up of people transfering from Millenium to Expo Lines at Columbia. That line up goes all the way up the stairs on the other side of… Read more »

pricedoutfornow
pricedoutfornow
7 years ago

I’ve started to play a game every time I hear of someone who is trying to sell the place (acquaintances, friends, open houses etc). Run the numbers: 100k down (just to be generous, I’m sure most buyers don’t have this sort of money), 3% interest rate, 25 years-and every single time I do this, I have to shake my head when I compare with what I can rent a comparable unit for (or even SFH) in the same area. It’s ALWAYS cheaper to rent, often not even taking into account strata fees and property taxes.
This is why sales are so weak. I’m starting to think the 25 year amortization was just the final nail in the coffin of an already dying market. Bring it on! This house of cards is going down, and fast.

jesse
7 years ago

“Oh, not counted in census population numbers as well”

And they weren’t counted when official population growth was 50% higher either.

All we ask is that you try a little bit harder and the world will be a better place for everyone.

Poor Rennie
Poor Rennie
7 years ago

Yikes just was looking at Rennies ad for the release of Wall Center Central Park, ie gross Boundary and Vaness, first 1000 visitors get a 25$ gift card for Metropolis, he must be sweating bullets to give away 25 thousand just to create illusion

Anonymous
Anonymous
7 years ago

If I lived in surrey I wouldn’t be in a hurry to get home.

angry skytrain commuter
angry skytrain commuter
7 years ago

This is not a good day to be on the skytrain. There is currently no service between Edmonds and Columbia. Everyone was told to get off the train at 22nd street as it was heading back downtown. No information from Translink about how people are supposed to get to Surrey. Thousands of Surrey residents were just stranded in New Westminster. We finally made it to a restaurant that has wi fi so we can see the Translink website that says trains are running from Columbia to King George. Why couldn’t they have just told us that at 22nd Street instead of leaving thousands of people in the lurch with no idea how they are going to get home. Of course, no sign of a bus at 22nd Street. We pay $5.50 for a 3-zone fare for this crappy service and… Read more »

Anonymous1
Anonymous1
7 years ago

Jesse #66:

Also google –> Intra-Company Transfer (ICT) visa option

100,000’s more here as well. Mostly relatives of companies in ethnic enclaves. Oh, not counted in census population numbers as well.

Anonymous1
Anonymous1
7 years ago

Groundhog:

Nice to have a comparison numbers from last year. Good job.

Anonymous1
Anonymous1
7 years ago

Jesse #66: If you think population growth is petering out, i think you got to wake up from your dream!! If you look at official numbers (census) sure that appears that way. If you look at reality, there are literally 100,000’s of Foreign workers who have overstayed their visas, 100,000’s of foreign students who have done so as well. Add to that over 2,000,000 (yes million) Canadians overseas (excluding USA) who are starting to make their way here as well. Show me how you would let the government know that you are leaving Canada because your Foreign work term expired or you completed your studies. Let me know if you find something. Fact is you can get someone to call in or send a letter from overseas while you are still in Canada. So population projections you throw out are… Read more »

Groundhog
Groundhog
7 years ago

On this day last year:

paulb. Says:
April 25th, 2012 at 6:16 pm 30
New Listings 292
Price Changes 130
Sold Listings 162
TI:17279

gokou3
gokou3
7 years ago

Ok, i am just bored here, but I think there should be a rule in this forum that whenever the number of sales falls below 100, the likes of B!B!B! cannot post anything for the next 24 hrs. 😀

gokou3
gokou3
7 years ago

“How many people do you know that would need to get rid of a property if they lost their job?”

Just about everyone who bought with 90%+ LTV financing in the last 5 years.