Speculator attempts to flip Richmond condo for nearly 3x within 6 months

By ThinkPol Staff

A speculator is attempting to flip a Richmond condo bought just six months ago for nearly three times the amount paid for it.

This is according to data gathered by Corrupt Gregor^[1]https://twitter.com/corruptgregor, the twitter user who reports speculators to the Canada Revenue agency.

According to BC Assessment records, the flipper purchased the unit at Pinnacle International’s Sorrento development at 8633 Capstan Way for $673,709 in July 2017^[2]https://www.bcassessment.ca/Property/Info/RDAwMDBZNVo1TQ==.

The seller now wants $1,990,000 for the four-bedroom four-bathroom condo, which is being flipped for the third time in the last two years, multiple listing service shows^[3]https://www.realtor.ca/Residential/Single-Family/18944509/611-8633-CAPSTAN-WAY-Richmond-British-Columbia-V6X0N5.

Pinnacle belongs to the powerful De Cotiis family, who also own the development companies Onni and Amacon.

Corrupt Gregor, who started out by reporting speculators in Vancouver to the CRA, has expanded the operation to Richmond.

“How can a honest hardworking Canadian family compete with corrupt officials who steal billions from the poor people, harvest organs from prisoners, traffic children for sex and sell weapons to terrorists organizations?” Corrupt Gregor asked.

“We can’t consider Canada a civilized country for as long as we allow these ruthless sociopaths to speculate in our real estate market with proceeds of crimes against humanity,” the twitter account added. “Not only is the corrupt real estate industry destroying families here in Canada, they’re facilitating the destruction of families around the globe.”

Corrupt Gregor has high hopes that the BC’s NDP government will introduce bold reforms to address “toxic speculation” in the February budget.

“The real estate industry donated generously to Christy Clark and her BC Liberals,” the twitter user said. “In return, the BC Liberals turned a blind eye to all their shenanigans.”

“We voted for a regime change because we’re not OK with blood money pricing Canadian families out of Vancouver,” Corrupt Gregor concluded. “And I know that Premier John Horgan knows that the NDP can’t afford to renege on this promise, so, I believe that the February budget will include meaningful measures to eradicate toxic speculation from our housing market.”

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