More than 100 Olympic Village units still unsold
Posted August 2, 2013 11:38 am.
This article is more than 5 years old.
VANCOUVER (NEWS1130) – It’s been four years since Vancouver taxpayers were told they’d be footing the bill for the Olympic Village and there are still a lot of units left to sell.
The remaining 130 units aren’t exactly gems; they’re ground-level suites with bad layouts and no view. UBC economist Tsur Somerville says every development has runts in the litter, so that’s not unexpected.
He says the city can cut prices for a quick sale or wait for the market to rise, making these units seem like a bargain; but how quickly the suites move depends on the route the city takes.
“If they aren’t going to cut the price and they’re really reluctant to offer discounts, then it’s going to take awhile,” says Somerville.
“I think the city should offer whatever incentives it can to get these units off their books; be done with it and close the chapter on the project,” he adds.
A real estate analysis by the Province newspaper says even if the units sell, the city could still be on the hook for about $300 million.
The city took over the burden of the complex after the developer defaulted.
