Vancouver taxpayers on hook for $1-billion as most Olympic Village units unsold

Damian Inwood and Kent Spencer, The Province September 7, 2010

Sixty-six per cent of Vancouver’s pricey Olympic Village condos remain unsold — a total of 483 units at the massive False Creek development that served as athletes’ housing during the two-week 2010 Games. Vancouver Mayor Gregor Robertson, whose city remains on the hook for more than $1.03 billion of the cost of the project, predicts it will take a “full two-year term” to sell the remaining units. “There is some concern we’re going into another [economic] dip,” Robertson said last week. “[But] I have full confidence in the developer and the marketing taking place. “I hope the market kicks in and they get sold. I’d like to see it fill up sooner rather than later.” A spokeswoman for condo king Bob Rennie, who is handling the sales, said Tuesday a major marketing campaign will begin later this month for the unsold units. “Incentives are yet to be determined, but they could include things like free washers and dryers,” she told The Province.

The suites, which are priced anywhere from $400,000 to $5 million each, have been subject to the HST since July. Although Vancouver made 120 rental units available for workers such as police officers, firefighters and nurses, only 61 were taken as of June [no up-to-date figures were provided by the city or Rennie]. Nevertheless, Robertson said he expects that to change.“Many more people are applying for spots than are available,” he told reporters last week.The city’s investment in the project includes a $750-million loan plus undisclosed interest payments, $120 million still owed to the city for the land and a $110-million outlay for 252 affordable housing units.