Vancouver developer pre-sells condos for “cheaper than in Canada” in Hong Kong, boasts of “pricing ordinary Canadians out of the housing market”

By Amy Chen

Vancouver developer Onni is pre-selling the upcoming 1335 Howe condominium at a Hong Kong fair for prices “cheaper than if bought in Canada,” while boasting about pricing ordinary Canadians out of the housing market.

“Every buyer who has successfully purchased the onni project at a fair this weekend has a special discount, which is cheaper than buying in Canada,” the Facebook page for the event reads[1]original: https://www.facebook.com/permalink.php?story_fbid=1134791789987424&id=668690993264175 archive: http://archive.is/qMlhp

“Many people in Hong Kong feel that the property market is not a product that can be bought by ordinary people, and that Canada, Vancouver or Toronto, has now become the preferred choice for many Hong Kong people,” the Facebook post boasts.

The controversial developer has long been accused of pre-selling condo units abroad before they become available to be bought in Canada.

The City of Vancouver also fined Onni $24,000 earlier this year for running an illegal Airbnb hotel[2]http://www.cbc.ca/news/canada/british-columbia/vancouver-developer-fined-for-running-short-term-rentals-1.4124531.

Onni and its president Rossano De Cotiis have donated $305,600 to the BC Liberal party, including a $100,000 donation just before the writs were dropped for the last provincial election.

For their part, the BC Liberals exempted pre-sales from the foreign buyer tax[3]http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/pre-sold-strata-unit, enabling Onni’s customers abroad to flip lower mainland’s condo units without having to pay the 15% tax.

Onni has “decided to start introducing more of its next project to Asia,” the Facebook event for the page reads.

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References   [ + ]

1. original: https://www.facebook.com/permalink.php?story_fbid=1134791789987424&id=668690993264175 archive: http://archive.is/qMlhp
2. http://www.cbc.ca/news/canada/british-columbia/vancouver-developer-fined-for-running-short-term-rentals-1.4124531
3. http://www2.gov.bc.ca/gov/content/taxes/property-taxes/property-transfer-tax/understand/pre-sold-strata-unit

46 Responses to Vancouver developer pre-sells condos for “cheaper than in Canada” in Hong Kong, boasts of “pricing ordinary Canadians out of the housing market”

  1. CanadaDry says:

    So sad that our governments sell out our future so cheaply… what does 300k buy you these days Liberals? A prime-ministerial trip to the Bahamas and maybe enough change to buy an ice cream?

  2. Anonymous says:

    Canadians need to stop being afraid of words and stand up for your homes against these invaders before its all too late, Vancouver is already gone but you can still save the rest of the country.

    • castor says:

      Good luck. We can’t save Australia

    • Anonymous says:

      it’s not invaders you need to worry about, it’s the homegrown rich

      ppl in hong kong want to buy land in vancouver? same old same old

      Canadian billionaires breaking laws to make money off of that market demand? OH WELL BETTER BLAME IMMIGRANTS

      • Anonymous says:

        It is the Chinese immigrants that are driving these prices up, skirting tax laws, and flaunting their wealth while at the same time claiming poverty level incomes and leeching off the Canadian social programs. Fuck the Chinese that ruined their country and have moved on to ruining ours. They don’t share our values and it shows. Pretty obvious what angle your eyes are at though if you don’t see that. Try opening them.

        • Anonymous says:

          wow… please open your eyes to the fact that wealth is invested wherever accommodations are made for it… the responsibility for controlling the flow and nature etc is placed on the host nations… if you want to plead for higher morals from wealth/weathly people/orgs, great!!! though that would be outside of how things actually work right now AND I would ask that you discard your racist lens if you’re wanting to walk that ethical path… skirting tax laws and other questionable behaviour comes from most areas of wealth… it’s like water finding cracks… take a look at the record of Canadian international mining companies for example… or anything!!! looking only at your own problems and blaming the Chinese is self centred, racist and ignoring the fact that if it’s a good investment and we allow it, the money is going to come… where from isn’t even important…

          • Anonymous says:

            Yawn. So tired of you race apologists. When obscene amounts of foreign wealth are poured into an economy, it disrupts and distorts and that is what is happening. Not to mention they don’t pull their weight and we end up picking up the slack. They’re scum and you’re scum for trying to protect them. Anyone with a brain can see this.

  3. Educated says:

    For their part, the BC Liberals exempted pre-sales from the foreign buyer tax, enabling Onni’s customers abroad to buy into lower mainland’s real estate market without have to pay the 15% tax.

    That’s 100% incorrect. Are you ignorant as to how the tax actually works, or just pretending to be for the clickbait.

  4. Ass Toot says:

    It sucks to be John Horgan right now. Housing is the backbone of BC’s economy. Any measures to reduce house prices will hit that sector hard and send the economy crashing. Let the bubble expand, and it will burst sending the economy crashing. The NDP get the blame either way. It’s almost as if Crusty lost on purpose.

    • Anonymous says:

      I think we have come to a point now where housing is doing more damage to Vancouver then good. The ratio of debt in Canada is so scary and will damper our economy thanks, Liberals. Also, the housing market is falling apart where I live in West Vancouver most hoses are selling way below asking and even bellow assessed value. High-end drove the market up and will bring it back down. First in first out last in last out 😉

    • John's Aghast says:

      I thought she’d lose in ’13 on purpose but apparently she thought there were a few more dollars to be wrung from the economy, and bless her heart, she was right. Astute chick, but with the morals of an ally cat. (Is that libellous?)

      • Anonymous says:

        “fair comment” = an opinion that a reasonable person could hold based on facts (thus not libellous)

        also… ally cats are kinda the bees-knees in their own proud opinions, no? (or so it would seem?) . 😉

  5. Anonymous says:

    So this is what Sun Tzu meant about laying low for a while

  6. Robert Blac says:

    It’s going to take a major revolution.. heads rolling etc to get the crooked politicians, corrupt business leaders to listen…

  7. Abdul says:

    I am a homeowner but its sad to see fellow citizens struggling to meet rising rental costs and struggling to enter this out of reach housing market. Every working Family should be able to put a roof above their families heads. There are wealthy people all over the world, for whom British Columbia is heaven compared to their countries. We must not sit idle, it is time to unite and get only one law passed. Banning all foreign buyers who are not Canadian Citizens or Permanent Residents living here. That is the only way to protect our own people (Canadians). Yet the Foreign buyers tax and all these gimmicks are a way to create an illusion for the common man that our government is actually doing something to help our people. The only option that will work is banning any further purchase from foreign buyers and thats the only option under only one law. After that, the economy will balance itself

    • Anonymous says:

      Abdul is totally correct, Russia does not allow foreigners to own property, and other countries, that is the only and best thing to do.

    • CS says:

      The federal and provincial governments should have never allowed residential real estate to become a speculative investment for foreigners.
      Non citizens or non-permanent residents should be restricted to purchasing leasehold condominiums only.The bundle of rights associated with land ownership in Canada should be enjoyed by Canadians only.

    • Renascent says:

      I agree Abdul. I think enough is enough with foreign buyers. There should have been a cap a long time ago to allow for my age group and my son who is now 17 and someday will want to purchase a home but the way things are will not be able to afford a home here. It’s just gotten out of hand.

      • Anonymous says:

        I have a 28 year old daughter, who is paying 1100 a month for 740sq ft apartment in chilliwack in rent,I don’t see her being able to buy in the foreseeable future. Very sad. It’s a struggle.

    • Anonymous says:

      I kindly disagree. I think banning them all is wrong, because what if their working for their money here?

      I think the rule is, you can ONLY buy a property in Canada, if you work here.

      All these rich inconsiderate Chinese don’t even know how to spell ‘job’

  8. Rusty says:

    Can you please post the actual ad from Onni, to back up this story? Will add to credibility of the post. Thanks.

  9. Bill L says:

    Onni has been bullies in Seattle, Bellevue, and Port Moody, North Vancouver in particular in their “plans”, “designs” and general demeanor in getting their way over weak (or bribed?) councils.

  10. Dave says:

    Vision Vancouver’s role in this is completely ignored in this article.
    RPMG Holdings, the Arizona-based parent company of real estate developer Onni, is at number 11 on the list of Vision donors with a $50,000 donation. #gregorrobertson #visionvancouver #vanpoli

  11. Anonymous says:

    Vancouver being in the constant top 5 or better for best places to live in the world along with 3 other Canadian cities and you expect the prices to not go up? Give me a break, if you want to live in Vancouver/Stay living in Vancouver make more money, it’s literally that simple.

    If you can’t, well it’s not like you can’t have a roof over your head, there are many other cities/suburbs that are more affordable. If it wasn’t people from China it could’ve been anyone else.

    Stop blaming everything on the ‘corrupt government’ if you aren’t doing anything about it, man (or woman) up. One of the best cities in the world shouldn’t come cheap.

    • Beth says:

      Um, the suburbs are now too expensive too. My home that I bought two years ago, at 140,000$, a small studio apartment, has gone up roughly 50,000$ in value. TWO YEARS. I now live next to million dollar homes in one of the poorest neighbourhoods…

    • Zach Vandersen says:

      Just “make more money” — that’s hilarious. Spoken like a true real estate shill trying to justify the status quo. The median annual household income in Vancouver is only $71K, which is below average even for Canada, yet housing prices are somehow in the millions. Price to income ratio is now a whopping 14-1 for any type of housing and an absurd 40-1 for detached houses. “Just make more money” — whatever you make, it still won’t be enough to compete with foreign billionaires who need to launder their questionable cash in our real estate while our complicit government looks the other way.

    • Anonymous says:

      No so. Daughter lives way out on far side of chilliwack. Pays $1100 a month in rent for a tiny 740sq ft apartment. With the low minimum wage, and rents and housing sales through the roof. A good chunk of the population is struggling

    • Anonymous says:

      That’s the problem with Vancouver. Things gets more expensive, wage doesn’t go higher unlike other cities such as Toronto. We have shit pay, low job openings and everything else keeps going up.

      My guess is you’re a real estate agent.

  12. Bob Dog says:

    I would not get out of bed for whats left of this country.

  13. WARF says:

    CANADA, ESPECIALLY VANCOUVER HAVE BECAME A DISGUSTING PLACE TO LIVE.
    ABSOLUTELY SHAMEFUL.WAKE UP PEOPLE AND STOP BEING PUSSIES, YOU’RE BEING INVADED.

  14. Anonymous says:

    Not trying to be racist but vancouver have enough Asian people trying to take over Vancouver. No wonder Vancouver is being called Kongcouver. I was born and raised here. This is my home and they are driving us out of our own country. Stay in Asia and invest your own property there and allow us do the same here.

    • Sense says:

      But you are…… A cap on land ownership from foreign buyers make sense. But it has to be implemented in steps. If the housing market collapses everything will follow.

  15. Realist says:

    So freaking move. Wah wah wah – there are lots of places in Canada where income is the same and housing is cheaper. Move. I can’t afford Vancouver so I live in Langley. If you can’t afford Langley, try Chilliwack. If you can’t afford Chilliwack, try Hope. Entitled much?

    • A. says:

      Dear Realist, that’s what we said to the Natives when we took over the best land–“just move.” Where are the Natives now? holed up on tiny little reserves. Realist, I hope you’re learning Mandarin because soon you’ll get to live on the English language reserve. And Canadians: that’s right, WAKE UP. Protest! Your government is corrupt! They are allowing this. Why aren’t you showing up and protesting en masse?

  16. Terry says:

    if voting, or selecting, made a change, do you think you’d get to do it?
    well, do you

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