Landbanking hurting housing affordability in Vancouver

The numbered company 1161137 B. C. LTD bought 7239 Oak Street in May 2015 for $1.9M. The company held onto the land the city upzoned the neighbourhood under the Cambie Corridor Project. Once that was done, they assembled it with another nearby property, and have relisted the properties at $5.7M each.

This is just one example of landbanking, where speculators hoard large swathes of land, wait for a the city to increase density, and sell it to developers while making exhorbitant profits. Small local developers who want to build homes for working Vancouverites simply cannot afford to pay these sky high prices. The only people who can, are the likes of Westbank, Onni, Concord Pacific and Aquilini, who then build luxury condos that are meant as safety deposit boxes in the sky for the global rich.

Often the landbankers use corporations, sometimes numbered corporations, to do their landbanking. I analyzed homes that came for sale over the course of the last 12 months, and found at least 81 instances of corporations buying land and selling them within three years.

AddressOwnerList PriceList DateDate BoughtPrice BoughtYear Built
4777 2ND AVE W VANCOUVERJoyful Holdings Ltd$18,880,00012/03/201812/12/2017$14,128,0001930
1880 MARINE DR SW VANCOUVERGLASENBRIDGE INVESTMENTS LTD$14,800,00008/01/201808/03/2015$8,890,0002003
7843 CAMBIE ST VANCOUVERWDG INVESTMENT LTD.$12,000,00031/01/201821/06/2017$7,238,0001959
5676 ASH ST VANCOUVERCEETU ASH 5676 DEVELOPMENT (BT) LTD$10,000,00018/06/201803/02/2017$5,400,0001953
5530 BAILLIE ST VANCOUVERCeetu 5530 Baillie Development (BT) Ltd.$7,500,00019/06/201808/05/2017$5,000,0001961
1188 57TH AVE W VANCOUVER1188 ENTERPRISES LTD.$6,980,00028/08/201802/03/2016$3,760,0002008
1685 NELSON ST VANCOUVER1685 NELSON STREET HOLDINGS INC.$6,788,00016/02/201815/06/2017$4,280,0001905
506 63RD AVE W VANCOUVER1163755 BC LTD$6,298,00001/06/201805/02/2016$2,838,0001992
6388 MARGUERITE ST VANCOUVERGOLDEN MUSTANG HOLDING CORP.$6,158,00011/06/201821/05/2015$4,330,0001926
5909 ATHLONE ST VANCOUVERALIIA DEVELOPMENTS LTD$5,999,99926/06/201821/09/2015$4,185,0001931
1860 BARCLAY ST VANCOUVERWEST END PROPERTIES LTD.$5,980,00023/03/201809/03/2016$3,100,0001901
6618 ASH ST VANCOUVERMODERN GREEN TECHNOLOGY LTD.$5,900,00020/03/201816/06/2015$3,450,0002011
7239 OAK ST VANCOUVER1161137 B. C. LTD.,$5,680,00007/08/201819/05/2015$1,875,0001944
1075 DOUGLAS CRES VANCOUVER1063263 B.C. LTD., INC.NO. BC1063263$5,680,00010/05/201805/01/2016$3,250,0001910
2659 35TH AVE W VANCOUVERCANADA JENO ENTERPRISES LTD.$5,180,00018/01/201829/02/2016$4,388,0001915
1841 MARINE DR SE VANCOUVER1096238 B.C. LTD.$4,990,00022/11/201729/09/2016$1,777,0001912
3531 37TH AVE W VANCOUVERK-BROS DEVELOPMENTS CORPORATION$4,880,00029/01/201814/12/2015$4,350,0001924
1405 40TH AVE W VANCOUVERQINGHUI HOLDINGS LTD.$4,690,00016/08/201820/04/2016$4,300,0001926
2439 EDDINGTON DR VANCOUVER2439 EDDINGTON HOLDINGS LTD.$4,628,00027/08/201819/01/2016$3,379,0001989
4689 MACKENZIE ST VANCOUVER1079931 B.C. LTD., INC.NO. BC1079931$4,580,00020/09/201728/09/2017$4,450,0002007
6069 CARTIER ST VANCOUVER1039181 BC LTD$4,528,00007/02/201816/06/2015$3,100,0001937
3884 26TH AVE W VANCOUVERALTAS GLOBAL BUSINESS DEVELOPMENT INC.$4,500,00001/03/201826/06/2016$3,900,0001925
2926 35TH AVE W VANCOUVERSONA DEVELOPMENT LTD$4,498,00009/02/201821/01/2016$3,800,0001988
3489 PUGET DR VANCOUVER1076872 B.C. LTD.$4,380,00030/10/201703/05/2016$3,860,0001952
2628 MARINE DR SW VANCOUVER1064867 BC LTD$4,288,00012/03/201823/03/2016$3,300,0001950
565 50TH AVE W VANCOUVER1145891 B.C. LTD., INC. NO. BC$4,280,00004/06/201805/01/2016$3,250,0001958
2706 2ND AVE W VANCOUVERCHUNGHUA INVESTMENT (CANADA) CO LTD$4,190,00012/09/201716/11/2016$3,800,0001913
3887 14TH AVE W VANCOUVER1164167 B.C. LTD$4,160,00014/08/201801/06/2015$3,200,0001927
4626 12TH AVE W VANCOUVERCHUNGHWA INVESTMENT (CANADA) CO. LTD.$4,150,00019/01/201820/12/2016$3,880,0001935
1739 52ND AVE W VANCOUVERCHANG CHENG INVESTMENT LTD$3,588,00024/01/201825/05/2015$2,468,0002004
8375 FRENCH ST VANCOUVER1079098 BC LTD$3,500,00022/06/201812/04/2016$2,220,0001947
3594 38TH AVE W VANCOUVERKANDA HOLDINGS LTD$3,488,00019/01/201808/08/2017$2,900,0001944
3536 1ST AVE W VANCOUVER8828 Holdings Ltd$3,339,00007/09/201717/09/2017$3,250,0001912
291 63RD AVE W VANCOUVERNEW TRADITION CONSTRUCTION LTD.$2,998,90001/03/201828/10/2016$2,010,0001959
4624 15TH AVE W VANCOUVERSEASKY HOLDING LTD, INC NO BC1029992$2,998,00006/02/201829/02/2016$2,850,0001944
4107 12TH AVE W VANCOUVERCIS HOMES LTD.$2,988,00010/10/201708/03/2017$2,700,0001920
2796 21ST AVE W VANCOUVERM LALL PROPERTIES LTD. INC. NO. BC 1028006$2,838,00019/02/201816/06/2016$2,598,0001940
2040 PANDORA ST VANCOUVER1074608 B.C. LTD.,$2,800,00020/09/201705/05/2016$2,000,0001913
2054 PANDORA ST VANCOUVER1074608 B.C. LTD.,$2,800,00020/09/201705/05/2016$2,000,0001912
2867 19TH AVE W VANCOUVERNew Tradition Construction LTD$2,699,90008/02/201829/06/2017$2,412,0001944
1370 10TH AVE E VANCOUVER1071932 B.C. LTD.$2,699,00029/03/201825/04/2016$1,750,0001910
292 63RD AVE W VANCOUVERRealution Investments Corp.$2,682,58009/07/201816/06/2015$1,650,0001994
3656 BLENHEIM ST VANCOUVERTakara Investments Ltd.$2,680,00005/04/201816/05/2016$2,380,0001928
1737 2ND AVE E VANCOUVER1890310 Ontario Inc.$2,650,00020/11/201712/01/2015$1,718,0001910
4586 8TH AVE W VANCOUVER1054618 B.C. LTD$2,550,00030/01/201825/11/2015$2,100,0001987
1826 12TH AVE W VANCOUVER1047469 BC LTD$2,499,90027/04/201824/03/2015$1,932,0001922
3077 16TH AVE W VANCOUVERRPQG HOLDINGS LTD.$2,480,00002/04/201808/12/2016$1,895,0001947
1578 58TH AVE E VANCOUVER1086844 B.C. LTD.$2,398,00007/02/201823/08/2016$1,650,0001954
266 21ST AVE E VANCOUVERHasson Holdings Inc$2,398,00020/11/201729/02/2016$2,265,0001928
2152 PARKER ST VANCOUVERHORST DAMMHOLZ REALTY LTD., INC. NO.$2,288,88801/02/201818/05/2017$1,580,0001982
2506 TRINITY ST VANCOUVERMARMAN DEVELOPMENTS LTD$2,275,00007/09/201702/03/2015$1,333,0001999
1275 24TH AVE E VANCOUVER1108940 BC Ltd. & Hucha Holdings Inc.$2,198,00023/04/201812/05/2016$1,560,0001926
6296 EAGLES DR VANCOUVERPARKHEIGHTS ENTERPRISES LTD$2,188,00005/10/201720/12/2017$2,150,0002007
845 17TH AVE W VANCOUVER1040394 B.C. LTD.$2,170,00020/03/201820/07/2015$1,767,0001944
2806 ETON ST VANCOUVERMARMAN DEVELOPMENTS LTD.$2,080,00004/06/201822/01/2016$2,000,0001951
2792 KITCHENER ST VANCOUVER1009503 B.C. LTD$1,988,00012/06/201822/07/2015$1,272,0001987
6108 KNIGHT ST VANCOUVERHuynh Holdings Inc.$1,988,00028/01/201806/03/2017$1,420,0001967
3369 NANAIMO ST VANCOUVERVLK HOLDINGD INC$1,899,00006/08/201822/03/2016$1,715,0001948
6708 BROOKS ST VANCOUVER6708 BROOKS STREET HOLDING INC$1,799,00005/02/201831/03/2017$1,600,0001958
2020 6TH AVE E VANCOUVER1126254 B.C. LTD.$1,798,00018/06/201813/05/2017$1,550,0001930
527 28TH AVE E VANCOUVERHASSON HOLDING INC.$1,798,00020/11/201702/05/2015$1,300,0001956
1151 UNION ST VANCOUVERUnion Street Investments Ltd$1,789,00022/05/201812/05/2015$810,0001905
1821 UPLAND DR VANCOUVERSONA DEVELOPMENT LTD.$1,788,00012/03/201810/05/2017$1,700,0001950
775 39TH AVE E VANCOUVER39TH ST PROPERTIES LTD., INC.NO. BC1073714$1,749,00019/09/201702/03/2016$1,635,0001986
1910 19TH AVE E VANCOUVERHomeward Bound Park View Dev. Inc$1,699,00018/03/201806/10/2016$1,359,0001923
6975 VIVIAN ST VANCOUVERCHRISTA VINA INVESTMENT LTD.$1,688,00030/04/201806/04/2016$1,645,0001957
1249 11TH AVE E VANCOUVERCAMBRIDGE MORTGAGE INVESTMENT CORP$1,550,00010/10/201718/12/2017$1,420,0001910
1969 8TH AVE E VANCOUVER1041540 BC LTD.$1,549,00027/09/201717/01/2018$1,528,1221930
1372 49TH AVE E VANCOUVERKINGDOM INVESTMENTS INC.$1,498,00005/06/201810/09/2017$1,307,0001946
305 40TH AVE E VANCOUVER11162017 BC LTD$1,498,00028/11/201729/06/2017$1,300,0001947
695 12TH AVE E VANCOUVERQuantum One Investments INC$1,450,00026/02/201823/03/2017$1,030,0001950
2712 PANDORA ST VANCOUVERTAYVA INVESTMENTS INC$1,449,00020/11/201719/05/2016$1,295,0001908
4539 BEATRICE ST VANCOUVERHUYNH HOLDINGS INC.$1,440,00006/10/201706/10/2017$1,440,0001910
2052 49TH AVE E VANCOUVERBIRING BROTHERS CONSTRUCTION LTD.$1,399,00007/05/201802/05/2017$1,320,0001927
1022 ODLUM DR VANCOUVER1071251 BC LTD$1,398,00017/04/201804/04/2016$980,0001906
2771 MANITOBA ST VANCOUVER1099481 BC LTD INC.$1,379,90022/06/201805/04/2017$1,007,0001996
3658 TURNER ST VANCOUVERFOUR SEASONS NAILS & SPA LTD$1,369,00031/08/201830/03/2016$1,230,0001926
765 39TH AVE E VANCOUVER0971933 BC LTD$1,350,00008/08/201807/04/2016$1,249,0001950
811 12TH AVE E VANCOUVERA Q HOLDINGS LTD.$1,349,90009/07/201805/05/2015$750,0001936
3406 MONS DR VANCOUVER2781 Capital Inc.$1,300,00030/10/201707/05/2016$1,400,0001948
2059 CHARLES ST VANCOUVERCKL INVESTMENTS LTD$1,268,80025/09/201728/01/2017$940,0001949
3650 GEORGIA ST E VANCOUVERG-HO HOLDINGS LTD, INC NO BC1107764$1,249,00026/01/201825/07/2017$980,0001934

Joyful Holdings, the company at the top of my list, belongs to a Hong Kong property tycoon known as the “King of Shell Companies,” whose name appears in the Offshore Leaks database of tax haven clients1) Vision Vancouver donor2) Ceetu appears twice on the list.

We need stop landbankers from artificially driving up land prices, and then free up the land they’re holding onto to build more affordable housing. The city needs to work with the province to introduce a landbanking tax that makes landbanking an unprofitable venture.

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