Vancouver taxpayers bail out Olympic athlete's village

The city of Vancouver taxpayers bail out Olympic athlete's village resulted in the almost 50 million dollars could be on hook for.

The city took over financing of the $1-billion project when Millennium Developments ran into money troubles before the 2010 Games.

Condominiums in the city after the Games as unit sales, however, investment, and Metro Vancouver and Toronto in the second century facilities to control the city was hoping to recoup transfer.

But like condos is expected before the Olympics, while the second-century features are many different kinds of mortgage sales prices are down.

As a result, observers expect the city taxpayers when the deal is in the last number between $ 40 and $ 50 million will be lose.

Mayor Gregory Robertson Bank city of involvement in the project's defense, saying the housing market in a big development today is very different, compared to worldwide financial collapse three years ago was before it. (CKNW)