B.C. housing rant - renting owning searching buying chapter 1 · 9.09.10 by colin newell
With less traffic than a Pyongyang thoroughfare, the folks marketing condominiums at the former Olympic Village in Vancouver’s False Creek hope things turn around and turn around soon.
Millennium sales have been slower than growth of the Gordon Campbell fan club. Hundreds of high-end, poorly made (it seems) condominium units are unoccupied and some commercial and retail space sits quietly vacant.
To date, few condo units have been sold, and hundreds remain with no interest.
Apparently buyers of at least 13 units want to take Millennium to B.C. Supreme Court to win the right to get the heck out of their contracts.
Purchasers’ complain of shoddy construction, el-cheapo appliances and blocked views from their units – who price starts at around 400G and tops out at 2 million or more.
Truth be told, these units were made for Olympic athletes during the games and were not necessarily built for long term “speed”… or endurance for that matter.
B.C. taxpayers (you and I) could be on the hook for over 1 billion dollars for these overpriced boxes… one more bag of bad news item for the Gordon Campbell Liberals to rest on their sloping shoulders.
Poor quality construction notwithstanding, it is also a reflection of the hyper-inflated and soon to burst real estate bubble in B.C.
Thinking of buying? Hold your horses because prices are on the downward slide and they have a long way to go.
Correction? Could be.
A big one? We will see.