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]