Controversial Vancouver property developer Westbank pre-sold at least 30% of all units of its Vancouver House project to flippers, with the vast majority going to offshore speculators, data sent to OpenHousing show.
A real estate industry insider shared details of nearly 200 listings showing at least 118 units out of 388 have been put up for sale as assignments of contract.
Some of the units were flipped multiple times.
| Unit | List Date | List Price | Sold Date | Sold Price | Seller |
|---|---|---|---|---|---|
| 302 | 2018-05-07 | $829,000 | |||
| 303 | 2017-03-29 | $620,000 | |||
| 303 | 2017-12-01 | 650,000 | |||
| 502 | 2016-01-05 | 669,900 | 2016-05-27 | $659,990 | |
| 502 | 2018-10-30 | 730,000 | |||
| 503 | 2016-06-24 | $535,000 | |||
| 505 | 2018-03-22 | $950,000 | |||
| 602 | 2016-01-22 | $679,800 | 2016-05-27 | $659,900 | |
| 602 | 2017-12-15 | $788,000 | 2018-03-03 | $770,000 | |
| 606 | 2018-07-10 | $898,000 | |||
| 606 | 2019-01-15 | 828,000 | 2019-03-18 | $780,000 | |
| 702 | 2018-03-19 | $799,900 | |||
| 702 | 2018-10-05 | 799,000 | |||
| 703 | 2015-09-30 | $550,000 | 2016-08-25 | $470,000 | FAST WINNER INVESTMENT LTD |
| 802 | 2016-04-09 | $598,800 | |||
| 802 | 2016-08-03 | $659,000 | 2016-10-08 | $635,000 | |
| 803 | 2015-09-30 | $499,500 | FAST WINNER INVESTMENT LTD | ||
| 803 | 2017-02-24 | 540,000 | 2017-03-06 | $534,600 | FAST WINNER INVESTMENT LTD |
| 805 | 2019-02-13 | 1,368,000 | |||
| 806 | 2016-09-12 | $988,000 | 2016-09-28 | $920,000 | |
| 903 | 2016-05-30 | $719,800 | |||
| 903 | 2017-01-25 | $719,800 | 2017-04-27 | $699,640 | |
| 1002 | 2015-12-11 | 748,800 | |||
| 1003 | 2017-10-02 | 608,000 | |||
| 1006 | 2015-12-15 | 1,069,800 | |||
| 1008 | 2016-07-12 | $838,800 | |||
| 1102 | 2019-03-11 | $850,000 | 2019-04-02 | $725,000 | |
| 1103 | 2016-09-12 | $688,000 | 2017-04-20 | $650,000 | |
| 1201 | 2017-09-20 | $1,100,000 | |||
| 1201 | 2018-05-28 | $1,100,000 | |||
| 1207 | 2016-06-17 | $1,898,888 | |||
| 1207 | 2017-03-17 | $1,638,000 | 2017-05-11 | $1,380,000 | |
| 1208 | 2018-11-06 | 848,000 | |||
| 1502 | 2015-10-31 | 899,900 | |||
| 1502 | 2016-02-03 | 888,000 | |||
| 1502 | 2017-08-16 | $1,088,900 | |||
| 1502 | 2018-01-30 | $1,099,000 | 2018-03-27 | $1,049,000 | |
| 1503 | 2015-10-30 | $768,000 | |||
| 1503 | 2015-12-23 | $699,800 | 2016-04-17 | $697,419 | |
| 1505 | 2017-05-24 | $1,405,800 | 2017-07-23 | $1,320,000 | |
| 1506 | 2018-01-01 | 1,028,800 | |||
| 1506 | 2019-04-09 | $968,000 | |||
| 1601 | 2017-05-16 | $1,199,000 | |||
| 1602 | 2018-06-11 | $898,000 | 2018-07-05 | $880,000 | |
| 1603 | 2019-03-29 | $630,000 | |||
| 1607 | 2016-04-18 | $758,800 | |||
| 1801 | 2019-02-06 | $839,000 | GAMIN HOLDINGS INC | ||
| 1801 | 2019-03-06 | $788,000 | 2019-03-15 | $660,000 | GAMIN HOLDINGS INC |
| 1802 | 2018-06-06 | $999,000 | |||
| 1805 | 2018-02-19 | 1,468,800 | 2018-05-25 | $1,450,000 | |
| 1903 | 2018-12-13 | 899,000 | |||
| 2101 | 2016-02-17 | 719,900 | 2016-05-07 | $704,609 | |
| 2102 | 2019-02-13 | 1,499,000 | |||
| 2103 | 2017-07-04 | $789,900 | 2017-10-27 | $789,000 | |
| 2107 | 2018-11-21 | 979,000 | |||
| 2202 | 2016-10-12 | $1,075,000 | 2016-11-07 | $1,028,000 | |
| 2207 | 2017-11-30 | 928,000 | 2018-01-27 | $915,000 | |
| 2209 | 2016-05-20 | $670,000 | |||
| 2210 | 2016-10-20 | 684,800 | 2017-07-14 | $640,000 | |
| 2301 | 2019-01-09 | $1,150,000 | |||
| 2506 | 2017-11-09 | 1,399,000 | |||
| 2506 | 2018-10-24 | $1,128,000 | |||
| 2507 | 2018-03-18 | $980,000 | 2018-05-29 | $965,000 | |
| 2602 | 2018-10-18 | 1,298,800 | |||
| 2603 | 2017-03-21 | $820,000 | 2017-11-25 | $815,000 | |
| 2607 | 2015-10-22 | 799,000 | |||
| 2607 | 2016-02-22 | 789,900 | 2016-05-28 | $775,000 | |
| 2609 | 2015-10-05 | 938,000 | |||
| 2609 | 2016-01-12 | $899,000 | 2016-06-04 | $880,000 | |
| 2609 | 2018-04-26 | $1,299,900 | 2018-06-04 | $1,250,000 | |
| 2610 | 2018-06-18 | $750,000 | |||
| 2611 | 2017-06-06 | $699,000 | |||
| 2611 | 2018-08-27 | $730,000 | |||
| 2611 | 2019-03-04 | $698,000 | |||
| 2701 | 2019-03-15 | $853,800 | 2019-04-01 | $750,000 | |
| 2706 | 2018-07-31 | $1,688,000 | |||
| 2711 | 2019-03-14 | $630,000 | |||
| 2802 | 2016-06-17 | $1,556,000 | |||
| 2802 | 2017-01-23 | 1,680,000 | 2017-09-07 | $1,550,000 | |
| 2807 | 2016-06-17 | $1,088,800 | |||
| 2807 | 2017-01-10 | $1,080,000 | 2017-02-03 | $1,000,000 | |
| 2811 | 2015-09-24 | $779,000 | |||
| 2811 | 2016-02-22 | 689,900 | |||
| 2811 | 2016-08-10 | $689,900 | |||
| 2811 | 2016-11-08 | 689,900 | |||
| 2811 | 2017-01-16 | 689,900 | 2017-01-31 | $670,000 | |
| 2902 | 2016-06-01 | $1,656,800 | |||
| 2907 | 2015-09-30 | $990,000 | FAST WINNER INVESTMENT LTD | ||
| 2907 | 2017-02-10 | 1,080,000 | 2017-02-23 | $1,010,000 | FAST WINNER INVESTMENT LTD |
| 3002 | 2018-04-16 | $2,000,000 | |||
| 3010 | 2017-02-27 | 830,000 | |||
| 3010 | 2018-07-05 | $999,000 | 2018-12-05 | $898,000 | |
| 3103 | 2017-08-24 | $3,288,000 | 2017-09-10 | $3,170,000 | |
| 3106 | 2017-12-21 | $920,000 | 2018-03-16 | $900,000 | |
| 3108 | 2019-01-04 | 999,000 | 2019-02-14 | $1,150,000 | |
| 3109 | 2016-01-11 | $789,900 | |||
| 3109 | 2016-08-05 | $799,900 | |||
| 3109 | 2017-09-03 | $850,000 | 2017-09-03 | $841,740 | |
| 3110 | 2017-01-23 | 625,000 | |||
| 3110 | 2017-11-17 | 798,000 | |||
| 3307 | 2018-03-20 | $1,199,000 | |||
| 3502 | 2016-10-12 | $1,499,000 | 2017-02-20 | $1,450,000 | |
| 3506 | 2019-05-27 | $2,260,000 | |||
| 3507 | 2018-03-26 | 1,399,000 | |||
| 3601 | 2018-11-28 | 2,699,000 | |||
| 3602 | 2015-09-10 | $3,188,888 | |||
| 3602 | 2016-01-18 | 3,188,888 | |||
| 3602 | 2016-04-11 | $3,168,800 | |||
| 3602 | 2016-06-01 | $3,150,800 | |||
| 3602 | 2017-01-25 | $2,999,999 | |||
| 3602 | 2017-05-18 | $3,188,000 | 2017-06-11 | $3,138,000 | |
| 3603 | 2018-03-22 | 1,538,000 | 2018-05-19 | $1,480,000 | VC INVESTMENTS LIMITED |
| 3605 | 2019-01-18 | 1,998,800 | |||
| 3608 | 2019-03-14 | $675,000 | |||
| 3609 | 2016-10-20 | 788,000 | 2017-06-30 | $762,988 | |
| 3610 | 2017-03-28 | 623,000 | 2017-04-03 | $620,500 | |
| 3702 | 2016-09-01 | $2,000,000 | |||
| 3702 | 2018-05-16 | $2,080,000 | |||
| 3703 | 2019-02-12 | 3,388,000 | |||
| 3802 | 2016-01-11 | $1,250,000 | |||
| 3803 | 2016-03-15 | $2,088,000 | |||
| 3803 | 2018-12-07 | 2,088,000 | 2019-01-17 | $1,820,000 | |
| 3806 | 2018-07-09 | $2,180,000 | |||
| 3806 | 2019-02-12 | 1,998,800 | |||
| 3901 | 2018-10-16 | 1,150,000 | |||
| 3908 | 2018-05-03 | $768,000 | |||
| 4002 | 2018-05-03 | $4,680,000 | |||
| 4002 | 2019-02-19 | 3,898,000 | |||
| 4008 | 2016-12-06 | 2,300,000 | |||
| 4009 | 2017-01-23 | $840,000 | 2017-02-12 | $800,000 | |
| 4009 | 2018-04-10 | $1,008,000 | |||
| 4009 | 2018-05-15 | $959,800 | |||
| 4106 | 2017-10-10 | $3,450,000 | |||
| 4206 | 2017-08-08 | $3,188,000 | |||
| 4206 | 2018-06-27 | $2,988,000 | |||
| 4308 | 2017-02-22 | 1,999,000 | 2017-08-10 | $1,880,000 | |
| 4309 | 2018-03-28 | 719,900 | |||
| 4309 | 2018-11-08 | 719,900 | 2018-11-19 | $650,000 | |
| 4503 | 2017-09-14 | $3,938,000 | 2017-10-05 | $3,688,000 | |
| 4510 | 2018-02-28 | 799,000 | |||
| 4511 | 2018-09-26 | $608,000 | |||
| 4603 | 2016-07-27 | $3,900,000 | |||
| 4603 | 2017-07-03 | $3,950,000 | |||
| 4603 | 2018-07-26 | $3,456,000 | |||
| 4608 | 2017-08-14 | $2,450,000 | |||
| 4608 | 2018-03-06 | $2,399,000 | |||
| 4608 | 2018-05-29 | $2,298,000 | |||
| 4608 | 2019-02-25 | 2,288,900 | |||
| 4610 | 2016-04-08 | $589,900 | 2016-05-26 | $568,752 | |
| 4610 | 2016-10-17 | 650,000 | |||
| 4611 | 2017-02-28 | 1,200,000 | 2017-03-17 | $1,150,000 | |
| 4702 | 2018-01-19 | 5,298,800 | 1013818 BC LTD | ||
| 4702 | 2018-04-23 | $4,999,000 | 1013818 BC LTD | ||
| 4702 | 2018-07-06 | $4,658,800 | 1013818 BC LTD | ||
| 4702 | 2019-02-05 | 4,398,800 | 1013818 BC LTD | ||
| 4705 | 2016-02-12 | 2,998,800 | |||
| 4705 | 2017-03-15 | $2,998,000 | 2017-11-20 | $2,718,000 | |
| 4706 | 2016-09-13 | $3,288,000 | 2017-02-24 | $2,654,415 | |
| 4801 | 2018-01-12 | $8,250,000 | |||
| 4801 | 2019-01-04 | 6,899,000 | |||
| 4802 | 2018-04-03 | $5,388,000 | |||
| 4901 | 2019-01-15 | $6,200,000 | |||
| 4903 | 2016-04-13 | $4,850,000 | |||
| 4903 | 2018-03-19 | $5,288,000 | |||
| 5001 | 2016-03-28 | 5,488,000 | |||
| 5001 | 2016-06-24 | $5,288,800 | |||
| 5001 | 2017-01-23 | 4,988,800 | |||
| 5003 | 2016-02-24 | 5,500,000 | |||
| 5003 | 2017-04-26 | $5,888,900 | 2017-10-17 | $5,250,000 | |
| 5102 | 2016-09-13 | $5,398,000 | |||
| 5205 | 2017-04-26 | $3,688,000 | |||
| 5205 | 2018-01-30 | 3,688,000 | |||
| 5205 | 2018-05-21 | $3,188,000 | |||
| 5205 | 2019-02-13 | 2,888,900 | |||
| 5303 | 2016-04-07 | $4,988,000 | |||
| 5303 | 2016-12-29 | $4,988,000 | |||
| 5303 | 2017-06-05 | $5,180,000 | |||
| 5303 | 2017-12-01 | 5,280,000 | |||
| 5303 | 2018-06-01 | $5,080,000 | |||
| 5303 | 2018-09-12 | $4,788,000 | |||
| 5303 | 2019-03-06 | $4,288,800 | |||
| 5306 | 2018-03-08 | $3,398,000 | 2018-03-28 | $3,150,000 | |
| 5503 | 2018-04-27 | $4,950,000 | |||
| 5505 | 2018-06-14 | $3,398,000 | |||
| 5601 | 2018-05-10 | $8,688,900 | |||
| 5603 | 2019-03-03 | $4,788,000 | |||
| 5606 | 2017-10-10 | 3,788,000 | EUROREAL INVESTMENTS LTD. | ||
| 5606 | 2019-03-28 | $2,998,900 | EUROREAL INVESTMENTS LTD. | ||
| 5701 | 2016-06-28 | $7,988,000 | |||
| 5701 | 2018-04-02 | $7,600,000 | |||
| PH1 | 2017-10-30 | 11,888,900 | ALBERTA 871261 LTD. | ||
| PH1 | 2018-09-13 | $10,888,900 | ALBERTA 871261 LTD. | ||
| PH7 | 2019-03-11 | $10,500,000 | |||
| PH9 | 2018-03-12 | $6,888,000 | FANA INVESTMENTS CANADA LTD | ||
| PH9 | 2019-03-07 | $5,588,000 | FANA INVESTMENTS CANADA LTD |
The notes section on some of the listings read “seller is a non-resident of Canada,” while the sellers of some others are foreign corporations.
The contracts of purchase, included in the disclosure documents, have the original presale buyers listed as non-residents.
Overall, at least 100 out of the 118 presale flips were carried out by offshore buyers, evidence suggests.
These findings fly in the face of Westbank owner Ian Gillespie’s assertion that offshore buyers are not buying his condos for flipping.
“They never, ever buy just on speculation,” Gillespie told The Globe and Mail in 2014. “They don’t buy to flip it.”
“They buy because they think it’s going to be a second home or because they have a child who will go to UBC, or because they are thinking of leaving Hong Kong because they are worried about air pollution,” Gillespie added. “And the ones who don’t end up coming, it’s because their kid who they thought was going to UBC decides to be a rock star. Instead, they end up renting the unit out.”
Westbank’s marketing director Michael Braun is listed as the realtor in a number of flips.
Westbank also pre-sold nearly a quarter of all units of its Kensington Garden project — aggressively marketed in Hong Kong — to flippers1.
Real Estate Board of Greater Vancouver threatened our parent publication ThinkPol with legal action after it broke the story about Kensington Garden presales2.
The controversial development company is open about only building for what it calls the “Chinese Market”.
“But right now I have a rule when we talk about projects if the Chinese market doesn’t want it, I have no interest in it.” Westbank’s Director of Marketing Michael Braun said on the Westbank website
“But right now I have a rule when we talk about projects if the Chinese market doesn’t want it, I have no interest in it.” Westbank’s Director of Marketing Michael Braun said on the Westbank website 3.
Westbank, headed by Federal Liberal and Vision Vancouver bagman Ian Gillespie, has gained notoriety for pitching Vancouver’s estate market to buyers in China with the “Vancouver’s becoming a safety deposit box for the global rich!” as the selling point4.
But a concerted effort by British Columbia’s NDP government to root out speculation and money laundering from the Lower Mainland’s real estate market combined with efforts by China to stanch the outflow of capital from the country seems to be cooling the region’s once runaway housing market.
Premier John Horgan announced on Wednesday that the province will hold a public inquiry into money laundering after a bombshell report from an expert panel concluded that more than five billion dollars of dirty money had been washed through the region’s real estate market last year alone5.
“From day one, our government has been working to tackle the housing crisis and fraud that went unchecked for over a decade, hurting people and B.C.’s economy,” Premier John Horgan said. “We have taken decisive actions to combat money laundering, but questions remain and people in B.C. deserve answers. That is why we have decided to proceed with a public inquiry into money laundering in the Province of British Columbia.”
“From day one, our government has been working to tackle the housing crisis and fraud that went unchecked for over a decade, hurting people and B.C.’s economy,” Premier John Horgan said. “We have taken decisive actions to combat money laundering, but questions remain and people in B.C. deserve answers. That is why we have decided to proceed with a public inquiry into money laundering in the Province of British Columbia.”
- https://thinkpol.ca/2017/10/23/westbank-pre-sold-nearly-1-in-4-kensington-garden-condos-heavily-marketed-overseas-to-flippers/
- https://thinkpol.ca/2017/11/15/vancouver-real-estate-board-threatens-thinkpol-with-lawsuit-to-protect-foreign-buyer-privacy/
- Original: http://westbankcorp.com/michael-braun archive: http://archive.is/cwqJ8
- Original: http://www.westbankcorp.cn/media/141.html Archive:http://archive.is/jdxTy
- https://news.gov.bc.ca/files/Dirty_Money_Report_Part_2.pdf