Olympic Village condo prices are set to drop by an average of 30% from last May’s prices, according to a document filed yesterday in BC Supreme Court by Ernst & Young, the project’s receiver.
According to media reports, prices won’t be released until February 17, when 230 condos will go on sale. Discounts of specific units will vary by location, views and other features.
A further 244 suites won’t be placed on the market at that point, but 127 will be offered for rent. Units valued at more than $1 million will not be rented out, but held for later sale. Under the plan, the development’s name will change from Millennium Water to The Village on False Creek. The commercial centre will be called The Shops at the Village.
The project was placed in receivership last November, as the City of Vancouver sought to recoup $742.6 million in taxpayer funds.
Calls to the City of Vancouver and Ernst & Young for comment were not returned by press time.
Earlier this month, Vancouver Canucks owner Francesco Aquilini told Business in Vancouver that he would consider buying bulk unsold units in the former Olympic Village, with a view to selling them to Asian buyers (see “Wealthy bullish and bearish on Olympic Village bulk buy potential” – issue 1111, February 8-14).
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