Anger over “overseas owner” flipping empty condo in Vancouver

By ThinkPol Staff

A leaked realtor’s view of an “overseas owner” flipping their empty condo in Vancouver is being met with anger by Vancouverites.

“OWNER IS OVERSEAS. ALL OFFERS PLEASE ALLOW 48 HOURS TO RESPOND.” the realtor’s notes section in the listing for a condo in the “SALT” building at 1308 Hornby screams in all caps[1]https://www.realtor.ca/Residential/Single-Family/19114691/2808-1308-HORNBY-STREET-Vancouver-British-Columbia-V6Z0C5.

The realtors notes section is hidden from consumers, and Real Estate Board of Greater Vancouver sends their legal mercenaries after journalists who reveal this information[2]https://thinkpol.ca/2017/11/15/vancouver-real-estate-board-threatens-thinkpol-with-lawsuit-to-protect-foreign-buyer-privacy/.

The commission section of the listing by realtor Andrew Zhang of Maxcel Westcoast Realty Ltd, also hidden to consumers, shows that the the realtors are receiving a $10,000 bonus commission.

The condo, which the seller originally bought for $490,000 three years ago, is being sold vacant for $920,000.

Overseas owners flipping empty condos is not sitting well with the residents of a city plagued by a housing crisis, where speculation has been linked to the money laundering in the fentanyl trade[3]https://news.gov.bc.ca/releases/2018AG0005-000231, and Vancouverites are publicly expressing their anger at the listing.

One such Vancouverite is Raymond Wong, an outspoken housing affordability advocate affiliated with the group Housing Action for Local Taxpayers(HALT).

“When locals taxpayers see a foreign buyer leaving a condo empty, they get upset as they are treating this as a stock market,” Wong, a homeowner, told ThinkPol. “Sadly, it has a trickle down effect to the market in the Fraser Valley where prices of condos have skyrocketed.”

Wong launched a petition in January urging British Columbia’s NDP-led government to introduce a housing speculation tax along with a special taskforce to crackdown on money laundering and unethical practices by realtors in Metro Vancouver’s real estate market[4]https://www.change.org/p/carole-james-proposed-housing-measures-to-the-provincial-government-of-b-c?recruiter=299062209&utm_source=share_petition&utm_medium=twitter&utm_campaign=share_twitter_responsive.

Finance Minister Carole James budget unveiled last week appears to have met many of the petitioner’s demands, including introducing a speculation tax, cracking down on money laundering, and working with the Canada Revenue Agency to go after tax evaders.

Wong is happy with the measures, but he admits that he was expecting more.

“However, if this listing is a sign of a shift in the supply [of] available properties because of the recent changes, we welcome that shift.” Wong said. “We are cautiously optimistic. We will continue to pressure the BC government for a fairer market for those who work, live and pay taxes here.”

[Photo Credit: Raymond Wong]

References   [ + ]

1. https://www.realtor.ca/Residential/Single-Family/19114691/2808-1308-HORNBY-STREET-Vancouver-British-Columbia-V6Z0C5
2. https://thinkpol.ca/2017/11/15/vancouver-real-estate-board-threatens-thinkpol-with-lawsuit-to-protect-foreign-buyer-privacy/
3. https://news.gov.bc.ca/releases/2018AG0005-000231
4. https://www.change.org/p/carole-james-proposed-housing-measures-to-the-provincial-government-of-b-c?recruiter=299062209&utm_source=share_petition&utm_medium=twitter&utm_campaign=share_twitter_responsive

13 Responses to Anger over “overseas owner” flipping empty condo in Vancouver

  1. Sorry, Bull shiat, liberal/ commie dudes… if the owner wants to sell; more power to him… one of the reasons people leave an oppressive city is the unjust and unbearable laws… like a speculation tax/ penalty… or other taxes levied against property owners… sorry charlie, just like in San Francisco or Manhattan, you try to stop builders or try to impose fees and other restrictions against property developers, you get a farked up housing market… blame suckie city council members and other non-profit activists… not the home owner/ building owner trying to sell at market prices.

    Keep in mind, that when a person buys a property, the owner gets the cash in hand… and that sets up nice local money to be spent/ invested/ used.

    Do you want tell a property owner what they MUST DO with their property? That is unconstitutional ( I know, Canada doesn’t have a Constitution!).

    • Swampie Stomper says:

      “blame suckie city council members and other non-profit activists… not the home owner/ building owner trying to sell at market prices”

      $940K for under 600sq/ft is not in line with market prices.

      “Keep in mind, that when a person buys a property, the owner gets the cash in hand… and that sets up nice local money to be spent/ invested/ used”

      had you read the article, the owner is foreign, so NONE of the money is going into local hands.

    • nonconfidencevote says:

      So lets just sell all our properties to offshore owners holding duffel bags of cash from Richmond Casino “winnings” and rent from them…..oh wait.
      They dont want the hassle of renting.
      Next option.
      Go live on the street.
      Would the last renter in Vancouver…..please turn out the lights.

    • Daniel says:

      You’re a goof lol

  2. Luxury BC says:

    I’d really like to know how much this goes on..the actual numbers. We deal with only the luxury market here on the Island and it’s a bit of a different beast as there has always been buying and flipping…as you know. $928K for that little condo is insane and it’s so odd that nearly a million gets you a hobo shack in Vancouver.

  3. Ethan says:

    Just imagine this City with no foreign capital. It would be a hell-hole.

    • nonconfidencevote says:

      No.
      It would be an affordable “hell hole”

      So lets try shall we?
      Ban ALL foreign home ownership like New Zealand did and let the chips lay where they fall.
      Cheaper housing prices?
      OMG.
      But but but how will the commission based realtors with huge Audi lease payments survive?

      My heart pumps purple pee for realtors.

  4. Steve McDonald says:

    Doomer Troll: Hey that guy just won the the lotto, not fair.I want to win too.

    Me: Did you buy a ticket?

    Doomer Troll: No, but still not fair.

    • Daniel says:

      things real estate agents / developers say…..

    • nonconfidencevote says:

      No No Steve MacDonald the Real Estate Troll.

      A more accurate representation of the conversation would be like this………..

      Doomer Troll ” Hey That guy just won the lotto, not fair, I want to win too”

      Steve : Did you buy a ticket?

      Doomer Troll: I cant afford buy a ticket , but all the offshore people with duffel bags of money laundered in casinos can……”. When do I get to buy a ticket?

      • nonconfidencevote says:

        Hey Steve the Realtor Troll

        Hows the Real Estate Market these days?
        Sucking ASS ?

        Happy Real Estate CRASH YEAR TWO !

        Bwahahahahahahahahahahahahaah

  5. Esther says:

    For those that say well just don’t live in Vancouver go to the suburbs…it’s also unaffordable and being bought up by speculators. I’ve seen many listings of houses that are empty in maple ridge, mission, Abbotsford and chilliwack that are empty. And no its not that the owner just moved. It’s the same houses I have seen sold 9 months ago been left empty and flipped a few months later. One was a houses we wanted in maple ridge but someone bought it right away before we could bid on it. It sold 9 months later for 100,000 more! How can you compete with houses going up by 100,000 every 6-9 months?? This isn’t normal people!! It’s not about just getting everyone to move where it’s cheaper, as that doesn’t really exist anymore ($700000 to live in chilliwack!??) I have lots of friends that are all moving away, so what will be left? Expensive empty homes, no workers for jobs, super high property taxes and no money to upkeep infrastructure?

  6. fuck them all says:

    shady realtors part of the layla yang maxcel group.
    “Andrew Zhang of Maxcel Westcoast Realty Ltd” go figure everything this group of people sell are for gross profit and illegal money games! real estate board either got no backbone or they are just as dirty and are collecting hush money from these dirty fuckers! why the fuck do they still have their licenses

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