Olympic Village: Problems in Paradise

Remember when the area of False Creek that houses the Olympic Village was an semi-industrial wasteland?

Then we all pitched in and built an enormous number of high end condos at taxpayer expense.

Now everything is awesome.

…With the exception of a few problems.

It’s a busy Vancouver neighbourhood, that according to residents is riddled with problems reminiscent of the Downtown Eastside.

Police have been called to one building 215 times since May and that is more than 30 times a month, more than one call every day.

On Friday a cab driver was robbed in broad daylight and threatened with a needle.

The Olympic Village was marketed to families, retirees and young professionals. Some social housing was always on the table but condo owners say they did not bargain for this.

“I’ve seen an unfortunate drop in the cleanliness in the area because of random pets that people have,” says one resident. “There’s definitely a lot of garbage that has been left on the street, and graffiti, some people sleep on the stoops outdoors.”

“It’s become quite strange.”

Read the full article here.

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B.C. heroin addicts launch Charter challenge against federal drug ban



Check out this advertisement masquerading as a news story on CBC about micro-condos being developed in Surrey. This “news” story even includes a promotional video from the developer.


Many Franks

WE BROKE $40K, PEOPLE! I believe Goldschläger is the only appropriate drink for such an auspicious occasion, but drink whatever you can get.

I propose a toast to the prosperity — past, present, and future — of the mighty people of British Columbia. May their industrious nature, honest work ethic, and forward-thinking levelheadedness continue to serve as an inspiration to this great nation.

(Phew, I thought we weren’t going to get to $40k based on that last flurry of Transunion stories.)


Average consumer debt (non-mortgage) in Vancouver now over $40k. No problem here, obviously.


Son of Ponzi

To find the realtors click on “0ur Realtors”.

Son of Ponzi

Ladies and Gentlemen.
I give you the New Coast RE team.

Son of Ponzi

* Massive exposure of your listing in major cities in China.
* Cooperating with many immigration companies.


#86 “As history has proven time and time again at some point they do run out.”

Or, they run out of money.

Son of Ponzi

The new RE kid in Richmond and Vankong.



16 k party Friday booked! Isaw my old RE agent Yesterday, he used to drive a Lexus, he was driving a Chevy Spark, LOL


Any time the ‘changes’ are more than the ‘sold’, we are winning.

Feel good story



When is the last time we saw an 82?


New Listings 184
Price Changes 93
Sold Listings 82



@90 patriotz: “BTW if you think JT is trading on his looks keep in mind he’s not the federal party leader who has a full-time hair stylist.” Of course he isn’t. With that hair, you don’t need a full-time stylist. I do think he is trading on his looks and I am also genuinely jealous of his locks. Given the carnage of the last few elections, I’m not sure it’s fair to compare today’s party to the one of a decade ago. All that said: Whatever your political affiliation, the point remains that a change in political leadership at local, provincial and federal levels could bring in abrupt changes in all sorts of policies (for better or worse overall,) and those changes could trigger the end of the housing bubble in many ways that may not seem very obvious ahead… Read more »


@89: “Who knows what will happen when the very beautiful JT is elected at the Federal level.”

Well, the Liberals were in office not too long ago, why don’t you start with that.

BTW if you think JT is trading on his looks keep in mind he’s not the federal party leader who has a full-time hair stylist.


One more for the list:
– Let’s not forget how far the NDP could drive this province into the ground (to be fair, the Liberals aren’t doing much better.) At all levels of government, the economy is at risk if parties or policies change. Who knows what will happen when the very beautiful JT is elected at the Federal level.

“But of the 492 resolutions, only three directly call for a new economic or jobs platform.

There are many more calling for a ban on water exports; rejecting American coal exports and the Site C dam, reducing log exports; and even freeing Orcas from captivity.”


@mac 80: “An interest rate correction is the only trigger left on the bear side.” Not really. As pointed out above, simply running out of greater fools can have a large impact. Other triggers that are still on the table: – Unemployment. There are a large number of things which could trigger unemployment (lack of mobility due to increased levels of home ownership being one of the causes.) – Changes to lending rules which have a similar impact to an increase in interest rates. This could come from OFSI, MOF or the banks could even act on their own. – Changes to immigration or foreign ownership rules. – Reduced confidence in the quality of the building stock. The depreciation reports on condos are due next month. Once people start realizing how much strata fees are liable to rise in the… Read more »



Nor was there any catalyst when Calgary and Edmonton RE began their 20% drop in mid-2007. Rock bottom rates have only now brought them back to the nominal top.



I’ve heard all the arguments before. An interest rate correction is the only trigger left on the bear side.

If a bubble goes on for long enough you don’t need a catalyst to pop it. There was no catalyst when the Nasdaq popped in 2000 or when the US housing bubble popped in 2007. You just need to run out of greater fools. As history has proven time and time again at some point they do run out.


” There are so many other factors in our market besides return on investment”

My view is most people, whether they admit it or not, are treating their homes as investments because their sources of capital are limited — they have given something up by buying. Further I expect almost all owners expect to sell without a major loss; I can count on one hand the number of owners who consider there is a finite risk of them drawing the short straw.

I don’t really care who gets the short straw. They all taste the same to me.



“There are so many other factors in our market besides return on investment…”

Precisely. There is stupidity, vanity, herd instinct and wishful thinking to name a few.



“The money they throw away on interest is less than the money they throw away on rent. Prices are stable so their equity is not declining.”

No, I don’t think that is true. Interest plus strata fees, maintenance, taxes, etc. is significantly higher than rent in most cases. On a 300K mortgage, you are paying about 12 to 13K per annum in interest for the first 5 years. That’s more or less in keeping with rent you can get for a 300K condo. Add to that the other closing costs and you are hemorrhaging money. This is without talking about the opportunity cost of the principal.