All posts by Mansur al-Hallaj

Foreign property buyer restrictions needed?

Is the Vancouver real estate market being driven by foreign buyers? At least one former city councilor seems to think so:

Peter Ladner says Vancouver’s home prices are out of control, and with China and Australia already restricting foreign ownership, Vancouverites should at least examine whether the idea makes sense.

Tsur Sommerville thinks it’s a non issue:

“If you go back to the 1980s, and the worry about Hongcouver, and all these kinds of things, Vancouver has been through this story before and I think most people think this city is better off now than it was in 1987,” said Somerville.

Full article at the CBC.

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’.