Taxpayers funding condo flippers?

By now everyone knows about the high cost of the Olympic Village project.

Current estimates are that it will cost taxpayers between $400 – $600 million to pay this off.

There are 68 units still left unsold over the last six years, but over at the ‘Canada House’ building it looks like a number of units have been bought and flipped, at least one for more than $400k profit in a month.

Hat tip to Mac who pointed out this article in the Province.

So whats going on here? Should these units have been priced higher or considering the tough sales across this project were they right to unload them quickly even if there were buyers willing to pay more?

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Reality Check
Guest
Reality Check

Its called Corruption. Its endemic here.

Can’t prosecute because even politicians, judges and even police have been bought.

Reality Check
Guest
Reality Check

Also got word through an acquaintance that some surrey staff have leaked the exact locations and orientations of the new LRT stations for surrey. Big developers ate scrambling to buy land around these areas . once such developer has hired 2 people to scour and get land.

Municipal politics is presently corrupt.

Many Franks
Member

The “taxpayers funding condo flippers” headline is badly overstating the case. If flippers found value where the city didn’t, then so be it; I don’t think anyone here, myself included, was arguing that those units were underpriced at the time. More likely it’s the flip buyer who got fleeced.

Government isn’t supposed to be good at condo sales and marketing; that’s not its business.

Joe Mainlander
Guest
Joe Mainlander
mls watch
Guest
mls watch

Taboo?
“Any Canadian that works here feels that if they were to complain it would be viewed racist, but it is a serious problem.”
http://www.cbc.ca/news/canada/british-columbia/mcdonald-s-foreign-worker-practices-face-growing-investigation-1.2607365

tedeastside
Member
tedeastside

wow those people paid a lot of money to live in a cold rainy boring small town with dismal job opportunity, well at least they can go snow shoeing anytime they want, maybe thats why they bought it

Oh Grow Op!
Guest
Oh Grow Op!

Government isn’t supposed to be good at condo sales and marketing; that’s not its business.

Yeah.. so they shouldn’t have gotten into it in the first place.

Many Franks
Member

^ Yes, exactly.

Meanwhile, shed a tear for the developers who are, contrary to appearances, apparently having a hard time turning every square foot of our fair city into a condo development.

Guy Smiley
Member
Guy Smiley
Just to be the devil’s advocate because it is pretty fun… You might notice that many of the Canadian Tire stores you go to across the country have a very high percentage of Phillipinos working at them. I had the occasion to ask the owner of one about it and he expressed a very high level of satisfaction. Theft (which all large retailers know is largely by employees) was down more than 60% from 2 years previous when he had all Canadian-born employees. I don’t know if they are TFW’s or if the Tire is a first-stop for ex-MacDonald’s employees soon after they can get out of their contracts there. But they sure seem to be good employees. The article says it all really – the imports are happy to have the jobs and alot of them are professionals. I… Read more »
patriotz
Member

@5: “Any Canadian that works here feels that if they were to complain it would be viewed racist, but it is a serious problem.”

The unions, which are normally regarded as bastions of political correctness, have been complaining about the TFW program in the strongest terms for some time now.

As far as I know they have only been accused of being racist by TFW’s themselves, or more accurately in letters written by employers which the TFW’s have been told to sign.

patriotz
Member

@9:

The Philippines are the #1 or #2 source of immigrants to Canada (trading places with China from year to year), so I think you are engaging in a bit of stereotyping by assuming all Filipinos are TFW’s.

Newcomer
Member
Newcomer

@ patriotz

So unions tell us it’s a idea to hire foreign workers. Next thing you know Realtors will tell us it’s a great time to buy (or sell) a house. Objective expertise, that’s what I like to see.

patriotz
Member

@12: “So unions tell us it’s a idea to hire foreign workers. Next thing you know Realtors will tell us it’s a great time to buy (or sell) a house.”

The difference is that the unions are speaking for the interests of all Canadian workers on this issue, while Realtors speak only for themselves all the time.

Their self-interest on this issue is my self-interest, and yours if you work for a living.

Newcomer
Member
Newcomer

== “it’s a *bad* idea”

Newcomer
Member
Newcomer

I work for a living, but I’m not employed and I am not negatively impacted by depressed wages. But my situation is neither here nor there. I don’t even disagree that the TFW program sucks. I’m simply ribbing you for using unions to argue from authority.

Terry
Guest
Terry

how someone can not argue that TFW is form of modern slavery?

patriotz
Member

@10: ” I’m simply ribbing you for using unions to argue from authority. ”

Which of course I wasn’t doing. I brought up the unions in response to a comment that anti-TFW sentiment is suppressed out of fear of being accused racist.

I have been opposing TFW strongly on this forum for a long time and I haven’t used the positions of the unions or any other body to back up my arguments.

Newcomer
Member
Newcomer

But that is precisely arguing from authority. In this case, you put forward unions as authorities in the matter of political correctness. I am pointing out that they hardly unbiased and, as such are not much of an authority to appeal to anyway.

Being wrong once or twice a decade is no big thing. Just roll with it.

Yalie
Guest
Yalie

The problem with the TWF program isn’t that it exists. The problem is with the kind of labour that you are allowed to hire through the program (low skilled manual labour).

I work in the technology space and there is a severe lack of qualified workers for certain specialized jobs, in particular engineering and IT. This is what the TFW program should be used for, not minimum wage service jobs for which there is absolutely no shortage of qualified locals.

mac
Member
mac

City isn’t in the business of selling and marketing condos, but the company they hired to sell and market condos was. And I was here in the OV when those units came on. They were sold off quick with no notice to locals. Again, people bused in from (I won’t say where) so maybe these were favours to good customers. Again, no proof.

Reasonfirst
Guest
Reasonfirst

Let’s have a program where non-foreign workers who get fired must go live in a third world country.

space889
Member
space889

@Yalie – how about investing in some training and mentoring by the companies?? You know, invest in the human resources that every company trumpets are the greatest and only assets for continued success??

I personally do not believe there are thousands or tens of thousands of IT/Engineer/high skills jobs that no Canadians qualifies for and foreign “experts” at up to 15% lower wage is required. That’s a load of BS. It is simply that most companies aren’t willing to invest, train, and mentor their existing or potential new employees out of pure greed. Simple as that. There are very very few jobs that really needs foreign experts for and you wouldn’t get away with paying 15% less than “fair market value” which is probably too low in the first place and why they can’t get qualified applicants.

space889
Member
space889

@mac – Reenie has no incentive to maximize sell price…quicker sale means quicker commission, and if it is he gets to flip the property for the flipper and get another commission, all the better.

The city government unfortunately don’t care either, it’s not their money, and frankly Vision don’t mind losing some more $$$ so they can keep using this to bash NPA in the next few elections.

There is virtually no politician who are in it for the people and long term societal benefits by the time they actually get to any position with power. Maybe they started with good intentions but it’s all gone by the time they get to a place where they can actualy make a difference for the good.

Happy Renter
Guest
Happy Renter

Shaw Cable Just laid off 400 Employees, look out for more new listings!!!

mac
Member
mac

I wonder how the listings/sales are doing today?

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