Nicholas Meyer of ‘Downtown Suites’, 24 Oct 2009 (transcribed excerpt from youtube video) -
“The main issue that concerns us as a rental management company is the amount of product that is now on the market, as so many people are now renting their suites out. We have got the Olympics coming in just a couple of months from now and everybody is hoping to cash in on the bandwagon and make a fortune. …. It isn’t necessarily going to be such a fantastic cash cow. “
“There is just a heck of a lot of properties out there, so, after the Olympics, there will be a lot of people who haven’t made their bonanza, that are all going to be coming into the unfurnished market, and we will see a huge glut, I think, come March of next year. [2010] Thousands of units are still completing but the positive side of this is we are keeping the rents at a stable level “
