Note: The Issues for Discussion at the end of this case study may require research on the Internet. The sums of money mentioned are approximate, generally as reported in the media at the time.
Published here December 2016

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Sales Highlights

According to reporter's observations at the time:

  • The city was forced to effectively take over the financially plagued Olympic Village project.
  • Realtors working on the project estimated that the Mayor's negative comments reduced its value by $50 million to $70 million.
  • Receivers had to be brought in, which sent further danger signals, and harmed the project's value even further.
  • The marketing agent then had to spend millions upon millions of what would end up being taxpayer dollars rebranding the project for the third time.
  • Prices of condos were heavily discounted and many very smart investors got to pick up suites for a song, later flipping them for up to a $500,000 profit, all courtesy of the Vancouver taxpayer.
  • Receiver fees, interest charges on the debt and marketing fees went off the Richter scale because it took so long to sell the suites.
Property Highlights  Property Highlights

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