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Vancouver selling off market-rental condos en bloc at Olympic Village, as high expenses erode brisk condo sales profits

August 21st, 2012 · 26 Comments

The Village, as it’s now called, is full of life these days, with more people and shops around all the time. London Drugs is due to open any day, from what I understand.

But, although things look better than they did 18 months ago, the numbers still don’t add up to anything near like a profit or break-even for the city at this point.

I took a look at the latest report filed by the receiver, just recently, to find some of the information for this story in the Globe, which shows that after $157 million in sales and another $8 million in rental revenues the last six months, the city netted $114 million. Which means a ways to go on both its construction loan and the unpaid sale price of the land.

 

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