Vancouver townhouse sells for 38% below 2015 purchase price, but there may be a catch

A townhouse in Vancouver’s rapidly changing Oakridge neighbourhood has sold for 38% below what the seller paid for it in 2015.

The seller bought 6022 Oak Street in July 2015 for $1,346,800.

The two-bedroom four-bathroom townhouse was put on the market in January of this year for $1,828,800.

The 1783-square-foot unit finally sold last week for just $840,000 in a court-ordered foreclosure sale by Capital Direct Lending Corp1.

The 2022 assessed value of the townhouse is $1,698,000, according to BC Assessment2.

Court records show that Capital Direct started court proceedings against the owners Maria Mylene Wong and Ernest Gregory Wong in February 2020.

Court records also show that Capital Direct charged an annual interest rate of 12.65% on the loan.

There’s some speculation that the sale may have been for just half interest of the property, given that it’s jointly owned by Maria Mylene Wong and Ernest Gregory Wong as tenants in common.

However, the court order is for the entire property.

The sales listing also does not mention that the sale is for half interest.

If we get confirmation that the sale was indeed just for half interest, we will update the report accordingly.


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