Quote:
Originally Posted by Yume-sama
Did they give everybody who had bought at a high price their money back? This was on the market years ago, and I do believe several phases sold out.
If not, I don't see what the problem is. If so, why would they  ? It's not like it was behind schedule.
The only thing losing money here is the exorbitantly priced social housing, at over double the rate of "normal" social housing.
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If I remember correctly, the pre-sales were made to buyers knowing that they wouldn't be able to move in until after the Olympics were over.
With the US market melt-down and the financing controversy of the Athletes Village, pre-sales slowed down (along with the rest of the Vancouver market), so Rennie decided to stop actively pushing sales until after the Olympics. I recently received a "Visit us if you're in the neigbourhood" email from them, so they are quietly doing sales during the Olympics, just not doing so much advertising.
I've heard that with so many unsold units still available, they will be sold after the Olympics in stages over 3 to 5 years - depending on the health of the local market.
Then there's the unanswered question of whether the over-budget and unaffordable social housing units will be sold as condos, with the profits (if any) to be used to build other social housing units nearby. I won't expect those decisions until after March 2010 when all the Olympic visitors & IOC delegates go home after patting VANOC on the back for "The Best Olympics Ever".