January 05, 2017

UPDATE: Questions remain about “weird” City of Vancouver land-swap deal

Christopher WilsonRebel Commentator Christopher Wilson
 

Remember the reports I did on a land-swap deal entered into by the City of Vancouver and a local property developer called Brenhill? 

In essence, the city appears to have accepted an assessment reduction from BC Assessment that reduced the value of a property in downtown Vancouver’s Yaletown community from an assessed value of $59,507,500 on July 1, 2014, down to $9,485,500 July 1, 2015.

Well, it's now the first week of January in a new year, and property owners across the province are receiving their 2017 property assessment notices. So I decided to take a peek at the new valuation for the property in question. It's now valued at a staggering $130,024,800.

So, in a two year window, the property was assessed at $59,000,000, dropped to $9,000,000, sold to a developer, and now re-assessed at over $130,000,000.

There has been a spike in property values this year here in the Lower Mainland, that's true, but in this case there appears to be an intentional dropping of the property value so a developer can get a good deal on the land.

The city has been mostly silent towards me on my questions on this deal. However, they did respond to one of my questions.

WATCH to see what they had to say about the Ernst & Young report on this deal.

Comments
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commented 2017-01-06 19:09:07 -0500
Hi Christopher
Firstly, I would like to say that I watch and enjoy all of your videos. I’m from Ontario but it’s great to find out what’s going on in BC. You have brought forward some really interesting stories. . I see that the greed/corruption isn’t isolated to any one province!

Now about this story….You’ve definitely uncovered something here and I doubt that it’s an isolated incident. Keep digging Christopher . This may be way bigger than you think.
commented 2017-01-06 11:21:24 -0500
Great story Christopher. Stay on it.
commented 2017-01-06 10:25:45 -0500
This along with the Chinese war ship allowed into Victoria harbor. We are being overrun.
commented 2017-01-06 02:38:27 -0500
Since Mayor Moonbeam has not been able to bicycle to work because of the icy roads and sidewalks in the past week, he is no doubt at home, lying in the fetal position, and hoping for rain to make it all just go away… Note; that’s “hoping”, because “praying” is a non-no in Vancouver…
commented 2017-01-06 02:24:23 -0500
So to put it simply, the mayors scam lets the Chinese buy the property for 9.5 million instead of the real price of 59.5 million(great deal) , now the new assessment allows them to sell it for 130 million(holy shit what a deal). 1300% profit may be made , well minus the kickback to Gregor. Yeah Gregor the green mayor who wants to enrich people from one of the filthiest countries on earth while impoverishing people from one of the cleanest countries on earth.
commented 2017-01-06 02:17:50 -0500
Good to know China owns left wing politicians.
commented 2017-01-06 02:17:31 -0500
Wow that is quite the fluctuation.
commented 2017-01-06 01:51:54 -0500
Christopher, go for it
call if you need a body guard
commented 2017-01-05 22:37:10 -0500
Shades of “Chinatown”.
Watch yer back Wilson…
commented 2017-01-05 21:57:28 -0500
Such corrupt practices are common in third world countries which makes me wonder if the huge immigrant population (majority) of lower mainland are influencing the govt. policies & business with their inherent unethical practices & values.
commented 2017-01-05 21:04:32 -0500
Be careful you will be swimming with the fishes.That’s what it sounds like to me.