Scores of Vancouver condo flips headed for a loss

Scores of Metro Vancouver condominium flips currently on the market are headed for a loss, including a “never lived in” unit at a Westbank tower, which was aggressively marketed offshore with a large chunk of the presales going to flippers.

OpenHousing defines a flip as a property bought and sold within three years without rebuilding or renovating substantially.

The “never lived in” unit in Westbank’s Kensington Gardens at 701 2220 Kingsway, Vancouver is currently on sale for $519,000 after the owner paid $660,000 to buy the presale assignment — a 21% loss.

Vancouver

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %
305 1515 ATLAS LANE 2015 $599,000 09-Jun-2019 $695,000 09-Dec-2017 -13.81
202 1477 FOUNTAIN WAY 1980 $749,900 16-Jun-2019 $771,000 29-Aug-2017 -2.74
605 1228 HOMER STREET 2007 $1,198,000 19-Jun-2019 $1,200,000 24-Jul-2017 -0.17
1302 821 CAMBIE STREET 2008 $899,000 26-Jun-2019 $917,000 14-May-2017 -1.96
1201 1171 JERVIS STREET 2018 $1,398,000 18-Feb-2019 $1,450,000 11-Apr-2017 -3.59
805 933 HORNBY STREET 2005 $899,000 22-Oct-2018 $905,000 27-Nov-2017 -0.66
211 5605 HAMPTON PLACE 1997 $574,900 03-Jul-2019 $575,000 30-Jun-2018 -0.02
701 2220 KINGSWAY 2018 $519,000 10-Nov-2018 $660,000 25-Apr-2017 -21.36
2607 1408 STRATHMORE MEWS 2003 $1,499,000 10-Dec-2018 $1,795,000 12-Jul-2017 -16.49
1204 108 W CORDOVA STREET 2009 $725,000 09-Jul-2019 $740,000 06-Apr-2018 -2.03
302 5605 HAMPTON PLACE 1997 $788,000 22-Mar-2019 $801,000 09-May-2018 -1.62
203 1275 HAMILTON STREET 2003 $769,900 15-Jul-2019 $790,000 15-Oct-2017 -2.54
910 1708 COLUMBIA STREET 2013 $619,800 15-Jul-2019 $647,000 26-Nov-2017 -4.20
1109 108 W 1ST AVENUE 2013 $650,000 23-Jul-2019 $690,000 28-Aug-2018 -5.80
305 6328 LARKIN DRIVE 2004 $1,198,000 27-May-2019 $1,225,000 12-Mar-2018 -2.20
3103 535 SMITHE STREET 2010 $1,689,900 23-Jul-2019 $1,710,000 02-Aug-2017 -1.18
1602 1201 MARINASIDE CRESCENT 1997 $1,288,000 06-Mar-2019 $1,313,000 15-May-2017 -1.90
308 311 E 6TH AVENUE 2017 $835,000 01-Apr-2019 $911,000 06-Jun-2017 -8.34
403 28 POWELL STREET 1993 $649,000 21-Mar-2019 $723,500 16-Mar-2018 -10.30
503 933 SEYMOUR STREET 1998 $649,000 16-Jul-2018 $690,000 05-Oct-2017 -5.94
1904 1835 MORTON AVENUE 1960 $2,499,000 06-May-2019 $3,150,000 26-Feb-2018 -20.67
205 88 W 1ST AVENUE 2015 $959,000 05-Nov-2018 $965,000 03-Apr-2017 -0.62
515 221 UNION STREET 2010 $888,000 21-Jan-2019 $895,000 26-Mar-2018 -0.78
1701 1788 COLUMBIA STREET 2018 $835,000 25-Mar-2019 $948,800 29-Apr-2018 -11.99
201 1631 COMOX STREET 1981 $659,000 14-Aug-2019 $676,000 13-Nov-2018 -2.51
208 3660 VANNESS AVENUE 2007 $548,000 18-Jun-2019 $595,000 03-Feb-2018 -7.90
507 518 W 14TH AVENUE 1992 $1,299,000 20-Aug-2019 $1,310,000 08-Apr-2018 -0.84
2507 950 CAMBIE STREET 1993 $1,049,900 16-Jul-2019 $1,065,000 28-Mar-2018 -1.42

Richmond

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %
422 12931 RAILWAY AVENUE 1995 $498,000 01-Jun-2019 $502,000 07-Nov-2017 -0.80
3011 5511 HOLLYBRIDGE WAY 2014 $698,000 27-Feb-2018 $708,000 31-Oct-2017 -1.41
1004 8677 CAPSTAN WAY 2016 $577,000 04-Mar-2019 $610,000 20-Aug-2018 -5.41
501 6188 NO. 3 ROAD 2016 $629,000 30-Jan-2019 $700,888 23-Oct-2017 -10.26
418 9366 TOMICKI AVENUE 2016 $520,000 16-Jan-2019 $529,000 31-Oct-2017 -1.70
130 9500 ODLIN ROAD 2011 $599,800 07-Aug-2019 $618,000 24-Oct-2018 -2.94
414 4280 MONCTON STREET 2005 $769,900 26-Feb-2018 $830,000 08-May-2016 -7.24

Burnaby

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %
3210 6538 NELSON AVENUE 2017 $836,000 05-Nov-2018 $889,000 17-Jan-2018 -5.96
3301 6588 NELSON AVENUE 2015 $648,000 14-Aug-2018 $655,000 17-May-2017 -1.07
1007 3970 CARRIGAN COURT 1987 $490,000 21-Jan-2019 $510,000 06-Jul-2018 -3.92
1406 3980 CARRIGAN COURT 1985 $530,000 23-Apr-2019 $538,000 27-Jun-2018 -1.49
202 7275 SALISBURY AVENUE 1982 $399,000 06-Aug-2019 $425,000 06-Nov-2017 -6.12

West Vancouver

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %
306 2119 BELLEVUE AVENUE 1978 $550,000 11-Jan-2019 $585,000 15-Mar-2017 -5.98

New Westminster

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %
407 809 FOURTH AVENUE 2016 $392,900 17-Jun-2019 $440,000 21-Apr-2018 -10.70
1208 1 RENAISSANCE SQUARE 2009 $450,000 24-Jun-2019 $525,000 08-Apr-2018 -14.29

North Vancouver

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %
2504 680 SEYLYNN CRESCENT 2018 $699,000 28-Aug-2018 $742,900 29-May-2017 -5.91
309 111 E 3RD STREET 2013 $799,000 25-Jun-2019 $800,000 25-Jul-2017 -0.12
312 2665 MOUNTAIN HIGHWAY 2015 $729,000 07-Jul-2019 $810,000 01-May-2017 -10.00
305 1050 BOWRON COURT 1988 $709,000 14-Aug-2019 $749,000 28-Jun-2018 -5.34

Delta

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %
103 1153 54A STREET 1992 $499,500 23-Jul-2018 $532,500 29-May-2017 -6.20

Surrey

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %
107 13860 70 AVENUE 1996 $479,000 25-Feb-2019 $480,000 04-Oct-2018 -0.21
1802 13399 104 AVENUE 2009 $474,900 11-Jun-2019 $488,000 28-Mar-2018 -2.68
205 15368 17A AVENUE 2008 $499,000 08-May-2019 $518,000 18-Apr-2018 -3.67
312 13775 74 AVENUE 1985 $279,000 06-May-2019 $285,000 12-Aug-2018 -2.11
409 15168 33 AVENUE 2016 $549,000 29-Jul-2019 $615,000 26-May-2017 -10.73
106 15322 101 AVENUE 2008 $628,000 05-Aug-2019 $640,000 22-Apr-2018 -1.88
151 2950 KING GEORGE BOULEVARD 2009 $679,900 22-Sep-2017 $715,000 19-Mar-2017 -4.91
909 13399 104 AVENUE 2009 $324,800 15-Jul-2019 $352,000 05-Aug-2018 -7.73

Port Moody

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %

Port Coquitlam

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %
104 2334 MARPOLE AVENUE 1976 $262,000 17-Jun-2019 $328,000 27-Mar-2019 -20.12
107 2559 PARKVIEW LANE 1997 $469,900 20-Jun-2019 $478,000 11-Jun-2017 -1.69
304 1655 GRANT AVENUE 1995 $415,000 14-May-2019 $430,250 09-Nov-2017 -3.54
305 2664 KINGSWAY AVENUE 2012 $500,000 14-Jan-2019 $510,000 26-Apr-2018 -1.96

Pitt Meadows

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %

Langley

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %
315 20177 54A AVENUE 1993 $337,000 11-Jun-2018 $362,000 03-Apr-2018 -6.91
309 20125 55A AVENUE 1994 $420,000 12-Jun-2019 $422,000 22-Jan-2018 -0.47
A612 20716 WILLOUGHBY TOWN CENTRE DRIVE 2018 $539,900 08-Jul-2019 $550,000 16-Aug-2018 -1.84
415 5759 GLOVER ROAD 1996 $362,999 01-Nov-2018 $380,000 04-Dec-2017 -4.47
401 5475 201 STREET 1998 $384,980 23-Apr-2019 $385,000 01-Oct-2017 -0.01

Maple Ridge

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %
409 11887 BURNETT STREET 2013 $378,500 14-Mar-2019 $403,000 20-Mar-2018 -6.08

White Rock

Address Year Built List Price List Date Bought Price Bought Date Profit/Loss %
203 1588 BEST STREET 1995 $449,000 06-Jun-2019 $470,000 10-Jul-2018 -4.47
1403 15152 RUSSELL AVENUE 2008 $598,000 26-Jun-2019 $619,880 01-Apr-2019 -3.53
304 15357 ROPER AVENUE 2010 $508,000 02-Jan-2019 $546,000 01-Jun-2017 -6.96
102 1390 MARTIN STREET 1976 $335,000 22-Jul-2019 $348,000 07-Jun-2019 -3.74
301 15466 NORTH BLUFF ROAD 1997 $440,000 05-Nov-2018 $497,500 29-Jun-2018 -11.56
304 15111 RUSSELL AVENUE 1988 $529,900 15-Jun-2019 $575,000 19-Jul-2017 -7.84

Kensington Gardens received negative publicity for Westbank after it came to light that nearly a quarter of all units at the — aggressively marketed offshore prior to its 2018 completion — went to flippers1.

The controversial developer openly brags 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 2.

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 point3.

Other notable condo flips currently heading for a loss include units at Shannon Wall Centre Kerrisdale, Wall Centre False Creek and Wall Centre False Creek.

  1. https://thinkpol.ca/2017/10/23/westbank-pre-sold-nearly-1-in-4-kensington-garden-condos-heavily-marketed-overseas-to-flippers/
  2. Original: http://westbankcorp.com/michael-braun archive: http://archive.is/cwqJ8
  3. Original: http://www.westbankcorp.cn/media/141.html Archive:http://archive.is/jdxTy

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