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.