will this wretched Olympic village cost us?
Now there is this http://vancouvercondo.info/2009/06/mould-risk-at-olympic-village.html which means at the least buyers will want a lock solid guarantee on future leakage problems, pushing the city's liability well into the future.
The numbers I heard on News 1130 were from $400 to $1000 Million cost to the city. I assume some of that will be recovered form sales, however either way you slice it, this seems like a bigger mess every day.
Government and Private ventures DO NOT MIX WELL. Why? Because the Private takes most of the profits, while the Government takes most of the losses.
Who advised the city on this deal..does anyone know? Which law firm, which financial advisers? We should hear from them, or at least we should know who they are. Any readers know or can find out?
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Mortgage rates between a rock and a bigger rock
Latest ING rates:
5 Year Variable 2.85%
1 Year Fixed 3.39%
2 Year Fixed 3.59%
3 Year Fixed 3.65%
4 Year Fixed 4.09%
5 Year Fixed 4.49%
7 Year Fixed 5.50%
10 Year Fixed 5.50%
We are about 1% higher than a month ago.
The five year is most important number and we are near pricing people out again and losing the huge push we got from the spring drop in mortgage rates.
They are going up, because the bond market is pricing in a recover and rising inflation. If they are right, then rates could rise pretty fast.
If they are wrong then rates could go back down once it becomes apparent that the recovery and inflation were just an illusion.
So if things get better, mortgage rates could shoot back up to the more normal 5-6%.
For mortgage rates to go down, we would have to see evidence of more weakness, job losses, deflation and a severe recession.
Pick your rock.
