2 beds starting at $750k, heat extra

Looks like more problems over at the Olympic Village.

You’d think that all the hot air over this project would mean there’d be no lack of heat, but I guess you’d be wrong.

A problem with the much-lauded heating and cooling system in the buildings constructed for the 2010 Winter Games has left some residents without heat since the beginning of Vancouver’s cold snap, condo owner and resident Tomasz Rutkowski said Monday.

It’s nearly freezing at 6 C in Rutkowski’s two-bedroom apartment in the Kayak building at 77 Walter Hardwick Avenue, where his five-year-old son has been walking around and sleeping in a winter jacket.

Rutkowski reported the problem a few times to the property manager and strata council, but said he was told that the system is “just a weak system.”

“They just told us, buy portable heaters,” he said, adding that’s a poor solution for his condo with floor-to-ceiling windows. “This is supposed to be environmentally friendly, now they’re telling us to get those heaters.”

(The city and the mayor have applauded the heating system, a neighbourhood energy utility that recaptures heat from sewage and redistributes it throughout the community, as a green initiative.)

Read the full article here at Metro News.

The good news? The strata is responsible for the costs of maintaining the system, so this is one part of the Olympic Village that tax payers won’t have to cover.

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VanRant
Member
VanRant

Thank you PaulB for the update. Half of Dec sales are below 100. Looks like sales have hit the wall.

Many Franks
Member
Active Member

And yet every media report I’ve seen on the subject follows the number with an immediate “…but don’t worry, we’ve got this debt problem licked.”

Seems like the media collectively failed 1st-year calculus. The first derivative is looking better than it has but the number itself looks like a total catastrophe.

Many Franks
Member
Active Member

@realitycheck: Meanwhile…

CONGRATULATIONS CANADA!

Canada household debt-to-income ratio hits record high

We’re up to 163.7% and still rising.

patriotz
Member

@71: “YVR- so what do you suggest? Just let them get away with it?”

They are going to get away with it as long as the provincial government wants them to.

That’s all there is to it, and I don’t understand why you don’t get it.

No Noise
Guest
No Noise

Give the people what they want – 16 year Santa bus driver soon turns heads his way: http://www.vancouversun.com/Rebel+with+Claus+driver+wins+okay+wear+Santa+suit/9274395/story.html

mac
Member
mac

“Immigration dept is going to announce new “Rich” category visa stream in January. I think 5,000 visas in first year. Non refundable deposit of $1.6 million.”

Can you provide link for this story?

realitycheck
Guest
realitycheck
realitycheck
Guest
realitycheck
American homeowners are collectively finally in the black. Home equity finally exceeds total mortgage debt. Fed will start withdrawing QE over the course of the next 2-3 years. It will be a slow withdrawal. With this, mortgage rates will rise there. In Canada, fixed rates will probably rise 1% a year for the next 2-3 years. Now, Poloz and his gang of exporters are in control in Canada. That guy will not raise rates come hell or high water. Our currency will plummet to the 80 cent range. There is a huge story about the exodus about to happen from Shanghai because of the pollution. Immigration dept is going to announce new “Rich” category visa stream in January. I think 5,000 visas in first year. Non refundable deposit of $1.6 million. The locals will suffer while the foreigners come in… Read more »
tedeastside
Member
tedeastside

what should vancouver change its name to …real estate town or Rat city

Snake
Guest
Snake

YVR Says:
I guess the extra tax revenue would be nice for Vancouver. Gregor could finally get that free crack pipe program going in the downtown east side.
——————-
it’s already been going on for more than a year paid for by taxpayers money funding from vancouver coastal health distributed by PHS & VANDU in the DTES.300 crack pipe are given free in DTES everyday . Do u know know they even have 25c crack pipe dispenser at two location in DTES .

http://www.thefix.com/content/crack-pipes-vancouver-shortage9225

the helmet
Guest
the helmet

“The fact he doesn’t care about loosing 100K per year or more in rent indicates he wouldn’t care if his property taxes were doubled or tripled”

Doubtful, the difference is one requires an actual cash outlay. As soon as speculation is no longer profitable, writing a cheque for thousands of dollars on a depreciating asset is going to seem a bit odd.

In America, investments pay you. In Soviet Vancouver, you pay investments.

Johnny-boy
Guest
Johnny-boy

YVR- so what do you suggest? Just let them get away with it?

This guy has three empty houses, another has four empty condos. Just like in the ’empty cities’ in China. Except there are actually tax-paying residents of this city who want to live here!

What do we do? Nothing?

paulb
Member

New Listings 69
Price Changes 32
Sold Listings 91
TI:13978

http://www.paulboenisch.com

YVR
Guest
YVR
Went to see a rental property on the Westside. Realtor tells me the Mainland Chinese owner has two other properties one on the West side and one in West Van. Not sure whether to demolish and build for future use. They all sit empty, and have been so for well over a year. the one I was looking at, the realtor convinced him to rent as the house was starting to fall into disrepair. Mr Robertson – of you are going to push for your off-shore tax, now is the time to do it. Forget Christy, there is no way she could del with such an innovative idea that actually benefitted the local residents. Lets assume your story is true. Do you think a guy who has 3 vacant houses by choice is gong to care if his property tax… Read more »
mac
Member
mac

Patrick Gunville freaks me the f*ck out.

patriotz
Member

@65: “Mr Robertson – of you are going to push for your off-shore tax, now is the time to do it. Forget Christy, there is no way she could del with such an innovative idea that actually benefitted the local residents.”

I’m sure Gregor would like to forget Christy, unfortunately the city does not have powers under current provincial legislation to implement such a tax.

However you can be confident Christy has well and truly forgotten Gregor. And anyone who doesn’t want a provincial government that is conjoined with the RE industry.

Snake
Guest
Snake

Defiant pensioner who refused to leave her cliff-top bungalow as it edged closer to the sea finally agrees to let it be demolished

Read more: http://www.dailymail.co.uk/news/article-2522674/Pensioners-cliff-bungalow-demolished-erosion-takes-toll.html#ixzz2nIzUpzg2
Follow us: @MailOnline on Twitter | DailyMail on Facebook

http://www.dailymail.co.uk/news/article-2522674/Pensioners-cliff-bungalow-demolished-erosion-takes-toll.html

Peter
Guest
Peter

Went to see a rental property on the Westside. Realtor tells me the Mainland Chinese owner has two other properties one on the West side and one in West Van. Not sure whether to demolish and build for future use. They all sit empty, and have been so for well over a year. the one I was looking at, the realtor convinced him to rent as the house was starting to fall into disrepair.

Mr Robertson – of you are going to push for your off-shore tax, now is the time to do it.
Forget Christy, there is no way she could del with such an innovative idea that actually benefitted the local residents.

Rent$385
Guest
Rent$385

Further to the Dec 10th post, there has been some changes in the blog-o-sphere for real estate.

If anyone has favourite blogs (either for the lower mainland or elsewhere) on the topic, care to post your links? I’d like to see a roundup of those blogs that are still active:
Such as: http://househuntvictoria.blogspot.ca/
or Turner’s Tirades: http://www.greaterfool.ca/

Many Franks
Member
Active Member
Poloz on housing, deflation: Bank of Canada Governor Stephen Poloz said the central bank’s policy stance is weighing the risk of a sharp correction in the housing market against the threat that price movements will fall into deflationary territory. On demand pulled forward due to rate increases, from the horse’s mouth: Poloz said today home buying has picked up “mainly because people pulled forward their plans when mortgage rates started to move up during the summer.” On soft landings [this is your cue, Softy]: While the central bank’s base case assumes a “soft landing” in the nation’s housing market, “there is a risk that household imbalances could keep building and set the stage for a sharp correction down the road,” he said. And the requisite Poloz metaphor: He downplayed fears that extraordinary monetary policies employed by central banks around the… Read more »
franko
Member
franko

My conclusion after watching Poloz on BNN this morning:

The difference between him and previous governors like Carney, Dodge and Thiesen is that this guy takes himself way too serious…like he actually believes his own bullshit. Although the boys before him could never go as far as admitting that biggest single factor in their policy was to follow the FED, you could almost feel the winks and nudges.

With regards to economics, Canada has been a flee on the ass of the US elephant and will continue to be.

It doesn’t really matter if the FED starts to taper next week or not, but they can only kick the can down the road so far. The decade long bond party is over and rates will be driven higher by the private sector for years to come.

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

wow… crabman’s really dumb!

Bull! Bull! Bull!
Guest
Bull! Bull! Bull!

@58

BEARLOGIC!

crabman
Guest
crabman

Softy,

The fact prices have been flat-ish for 5 years and DB thinks we are still 60% overvalued should be at least slightly concerning to you, no?

I would also like to remind you that Hong Kong’s population is over 7 million, and their population density is 7+ times higher than Metro Vancouver’s. We also have that whole Fraser Valley thing for expansion, and they don’t.

Softy
Guest
Softy

Only a bear can read this form the linked article:

“Hong Kong’s property prices may be headed for a correction of as much as 30 percent, analysts said”

and understand it as this:

“Hong Kong is crashing”.

With this kind of congitive processing, VanRant would problly say that Vancouver Real estate has been crashing for the last three years because David Mandani has issued incorrect predictions during that time.