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.
| Address | Owner | List Price | List Date | Date Bought | Price Bought | Year Built |
|---|---|---|---|---|---|---|
| 4777 2ND AVE W VANCOUVER | Joyful Holdings Ltd | $18,880,000 | 12/03/2018 | 12/12/2017 | $14,128,000 | 1930 |
| 1880 MARINE DR SW VANCOUVER | GLASENBRIDGE INVESTMENTS LTD | $14,800,000 | 08/01/2018 | 08/03/2015 | $8,890,000 | 2003 |
| 7843 CAMBIE ST VANCOUVER | WDG INVESTMENT LTD. | $12,000,000 | 31/01/2018 | 21/06/2017 | $7,238,000 | 1959 |
| 5676 ASH ST VANCOUVER | CEETU ASH 5676 DEVELOPMENT (BT) LTD | $10,000,000 | 18/06/2018 | 03/02/2017 | $5,400,000 | 1953 |
| 5530 BAILLIE ST VANCOUVER | Ceetu 5530 Baillie Development (BT) Ltd. | $7,500,000 | 19/06/2018 | 08/05/2017 | $5,000,000 | 1961 |
| 1188 57TH AVE W VANCOUVER | 1188 ENTERPRISES LTD. | $6,980,000 | 28/08/2018 | 02/03/2016 | $3,760,000 | 2008 |
| 1685 NELSON ST VANCOUVER | 1685 NELSON STREET HOLDINGS INC. | $6,788,000 | 16/02/2018 | 15/06/2017 | $4,280,000 | 1905 |
| 506 63RD AVE W VANCOUVER | 1163755 BC LTD | $6,298,000 | 01/06/2018 | 05/02/2016 | $2,838,000 | 1992 |
| 6388 MARGUERITE ST VANCOUVER | GOLDEN MUSTANG HOLDING CORP. | $6,158,000 | 11/06/2018 | 21/05/2015 | $4,330,000 | 1926 |
| 5909 ATHLONE ST VANCOUVER | ALIIA DEVELOPMENTS LTD | $5,999,999 | 26/06/2018 | 21/09/2015 | $4,185,000 | 1931 |
| 1860 BARCLAY ST VANCOUVER | WEST END PROPERTIES LTD. | $5,980,000 | 23/03/2018 | 09/03/2016 | $3,100,000 | 1901 |
| 6618 ASH ST VANCOUVER | MODERN GREEN TECHNOLOGY LTD. | $5,900,000 | 20/03/2018 | 16/06/2015 | $3,450,000 | 2011 |
| 7239 OAK ST VANCOUVER | 1161137 B. C. LTD., | $5,680,000 | 07/08/2018 | 19/05/2015 | $1,875,000 | 1944 |
| 1075 DOUGLAS CRES VANCOUVER | 1063263 B.C. LTD., INC.NO. BC1063263 | $5,680,000 | 10/05/2018 | 05/01/2016 | $3,250,000 | 1910 |
| 2659 35TH AVE W VANCOUVER | CANADA JENO ENTERPRISES LTD. | $5,180,000 | 18/01/2018 | 29/02/2016 | $4,388,000 | 1915 |
| 1841 MARINE DR SE VANCOUVER | 1096238 B.C. LTD. | $4,990,000 | 22/11/2017 | 29/09/2016 | $1,777,000 | 1912 |
| 3531 37TH AVE W VANCOUVER | K-BROS DEVELOPMENTS CORPORATION | $4,880,000 | 29/01/2018 | 14/12/2015 | $4,350,000 | 1924 |
| 1405 40TH AVE W VANCOUVER | QINGHUI HOLDINGS LTD. | $4,690,000 | 16/08/2018 | 20/04/2016 | $4,300,000 | 1926 |
| 2439 EDDINGTON DR VANCOUVER | 2439 EDDINGTON HOLDINGS LTD. | $4,628,000 | 27/08/2018 | 19/01/2016 | $3,379,000 | 1989 |
| 4689 MACKENZIE ST VANCOUVER | 1079931 B.C. LTD., INC.NO. BC1079931 | $4,580,000 | 20/09/2017 | 28/09/2017 | $4,450,000 | 2007 |
| 6069 CARTIER ST VANCOUVER | 1039181 BC LTD | $4,528,000 | 07/02/2018 | 16/06/2015 | $3,100,000 | 1937 |
| 3884 26TH AVE W VANCOUVER | ALTAS GLOBAL BUSINESS DEVELOPMENT INC. | $4,500,000 | 01/03/2018 | 26/06/2016 | $3,900,000 | 1925 |
| 2926 35TH AVE W VANCOUVER | SONA DEVELOPMENT LTD | $4,498,000 | 09/02/2018 | 21/01/2016 | $3,800,000 | 1988 |
| 3489 PUGET DR VANCOUVER | 1076872 B.C. LTD. | $4,380,000 | 30/10/2017 | 03/05/2016 | $3,860,000 | 1952 |
| 2628 MARINE DR SW VANCOUVER | 1064867 BC LTD | $4,288,000 | 12/03/2018 | 23/03/2016 | $3,300,000 | 1950 |
| 565 50TH AVE W VANCOUVER | 1145891 B.C. LTD., INC. NO. BC | $4,280,000 | 04/06/2018 | 05/01/2016 | $3,250,000 | 1958 |
| 2706 2ND AVE W VANCOUVER | CHUNGHUA INVESTMENT (CANADA) CO LTD | $4,190,000 | 12/09/2017 | 16/11/2016 | $3,800,000 | 1913 |
| 3887 14TH AVE W VANCOUVER | 1164167 B.C. LTD | $4,160,000 | 14/08/2018 | 01/06/2015 | $3,200,000 | 1927 |
| 4626 12TH AVE W VANCOUVER | CHUNGHWA INVESTMENT (CANADA) CO. LTD. | $4,150,000 | 19/01/2018 | 20/12/2016 | $3,880,000 | 1935 |
| 1739 52ND AVE W VANCOUVER | CHANG CHENG INVESTMENT LTD | $3,588,000 | 24/01/2018 | 25/05/2015 | $2,468,000 | 2004 |
| 8375 FRENCH ST VANCOUVER | 1079098 BC LTD | $3,500,000 | 22/06/2018 | 12/04/2016 | $2,220,000 | 1947 |
| 3594 38TH AVE W VANCOUVER | KANDA HOLDINGS LTD | $3,488,000 | 19/01/2018 | 08/08/2017 | $2,900,000 | 1944 |
| 3536 1ST AVE W VANCOUVER | 8828 Holdings Ltd | $3,339,000 | 07/09/2017 | 17/09/2017 | $3,250,000 | 1912 |
| 291 63RD AVE W VANCOUVER | NEW TRADITION CONSTRUCTION LTD. | $2,998,900 | 01/03/2018 | 28/10/2016 | $2,010,000 | 1959 |
| 4624 15TH AVE W VANCOUVER | SEASKY HOLDING LTD, INC NO BC1029992 | $2,998,000 | 06/02/2018 | 29/02/2016 | $2,850,000 | 1944 |
| 4107 12TH AVE W VANCOUVER | CIS HOMES LTD. | $2,988,000 | 10/10/2017 | 08/03/2017 | $2,700,000 | 1920 |
| 2796 21ST AVE W VANCOUVER | M LALL PROPERTIES LTD. INC. NO. BC 1028006 | $2,838,000 | 19/02/2018 | 16/06/2016 | $2,598,000 | 1940 |
| 2040 PANDORA ST VANCOUVER | 1074608 B.C. LTD., | $2,800,000 | 20/09/2017 | 05/05/2016 | $2,000,000 | 1913 |
| 2054 PANDORA ST VANCOUVER | 1074608 B.C. LTD., | $2,800,000 | 20/09/2017 | 05/05/2016 | $2,000,000 | 1912 |
| 2867 19TH AVE W VANCOUVER | New Tradition Construction LTD | $2,699,900 | 08/02/2018 | 29/06/2017 | $2,412,000 | 1944 |
| 1370 10TH AVE E VANCOUVER | 1071932 B.C. LTD. | $2,699,000 | 29/03/2018 | 25/04/2016 | $1,750,000 | 1910 |
| 292 63RD AVE W VANCOUVER | Realution Investments Corp. | $2,682,580 | 09/07/2018 | 16/06/2015 | $1,650,000 | 1994 |
| 3656 BLENHEIM ST VANCOUVER | Takara Investments Ltd. | $2,680,000 | 05/04/2018 | 16/05/2016 | $2,380,000 | 1928 |
| 1737 2ND AVE E VANCOUVER | 1890310 Ontario Inc. | $2,650,000 | 20/11/2017 | 12/01/2015 | $1,718,000 | 1910 |
| 4586 8TH AVE W VANCOUVER | 1054618 B.C. LTD | $2,550,000 | 30/01/2018 | 25/11/2015 | $2,100,000 | 1987 |
| 1826 12TH AVE W VANCOUVER | 1047469 BC LTD | $2,499,900 | 27/04/2018 | 24/03/2015 | $1,932,000 | 1922 |
| 3077 16TH AVE W VANCOUVER | RPQG HOLDINGS LTD. | $2,480,000 | 02/04/2018 | 08/12/2016 | $1,895,000 | 1947 |
| 1578 58TH AVE E VANCOUVER | 1086844 B.C. LTD. | $2,398,000 | 07/02/2018 | 23/08/2016 | $1,650,000 | 1954 |
| 266 21ST AVE E VANCOUVER | Hasson Holdings Inc | $2,398,000 | 20/11/2017 | 29/02/2016 | $2,265,000 | 1928 |
| 2152 PARKER ST VANCOUVER | HORST DAMMHOLZ REALTY LTD., INC. NO. | $2,288,888 | 01/02/2018 | 18/05/2017 | $1,580,000 | 1982 |
| 2506 TRINITY ST VANCOUVER | MARMAN DEVELOPMENTS LTD | $2,275,000 | 07/09/2017 | 02/03/2015 | $1,333,000 | 1999 |
| 1275 24TH AVE E VANCOUVER | 1108940 BC Ltd. & Hucha Holdings Inc. | $2,198,000 | 23/04/2018 | 12/05/2016 | $1,560,000 | 1926 |
| 6296 EAGLES DR VANCOUVER | PARKHEIGHTS ENTERPRISES LTD | $2,188,000 | 05/10/2017 | 20/12/2017 | $2,150,000 | 2007 |
| 845 17TH AVE W VANCOUVER | 1040394 B.C. LTD. | $2,170,000 | 20/03/2018 | 20/07/2015 | $1,767,000 | 1944 |
| 2806 ETON ST VANCOUVER | MARMAN DEVELOPMENTS LTD. | $2,080,000 | 04/06/2018 | 22/01/2016 | $2,000,000 | 1951 |
| 2792 KITCHENER ST VANCOUVER | 1009503 B.C. LTD | $1,988,000 | 12/06/2018 | 22/07/2015 | $1,272,000 | 1987 |
| 6108 KNIGHT ST VANCOUVER | Huynh Holdings Inc. | $1,988,000 | 28/01/2018 | 06/03/2017 | $1,420,000 | 1967 |
| 3369 NANAIMO ST VANCOUVER | VLK HOLDINGD INC | $1,899,000 | 06/08/2018 | 22/03/2016 | $1,715,000 | 1948 |
| 6708 BROOKS ST VANCOUVER | 6708 BROOKS STREET HOLDING INC | $1,799,000 | 05/02/2018 | 31/03/2017 | $1,600,000 | 1958 |
| 2020 6TH AVE E VANCOUVER | 1126254 B.C. LTD. | $1,798,000 | 18/06/2018 | 13/05/2017 | $1,550,000 | 1930 |
| 527 28TH AVE E VANCOUVER | HASSON HOLDING INC. | $1,798,000 | 20/11/2017 | 02/05/2015 | $1,300,000 | 1956 |
| 1151 UNION ST VANCOUVER | Union Street Investments Ltd | $1,789,000 | 22/05/2018 | 12/05/2015 | $810,000 | 1905 |
| 1821 UPLAND DR VANCOUVER | SONA DEVELOPMENT LTD. | $1,788,000 | 12/03/2018 | 10/05/2017 | $1,700,000 | 1950 |
| 775 39TH AVE E VANCOUVER | 39TH ST PROPERTIES LTD., INC.NO. BC1073714 | $1,749,000 | 19/09/2017 | 02/03/2016 | $1,635,000 | 1986 |
| 1910 19TH AVE E VANCOUVER | Homeward Bound Park View Dev. Inc | $1,699,000 | 18/03/2018 | 06/10/2016 | $1,359,000 | 1923 |
| 6975 VIVIAN ST VANCOUVER | CHRISTA VINA INVESTMENT LTD. | $1,688,000 | 30/04/2018 | 06/04/2016 | $1,645,000 | 1957 |
| 1249 11TH AVE E VANCOUVER | CAMBRIDGE MORTGAGE INVESTMENT CORP | $1,550,000 | 10/10/2017 | 18/12/2017 | $1,420,000 | 1910 |
| 1969 8TH AVE E VANCOUVER | 1041540 BC LTD. | $1,549,000 | 27/09/2017 | 17/01/2018 | $1,528,122 | 1930 |
| 1372 49TH AVE E VANCOUVER | KINGDOM INVESTMENTS INC. | $1,498,000 | 05/06/2018 | 10/09/2017 | $1,307,000 | 1946 |
| 305 40TH AVE E VANCOUVER | 11162017 BC LTD | $1,498,000 | 28/11/2017 | 29/06/2017 | $1,300,000 | 1947 |
| 695 12TH AVE E VANCOUVER | Quantum One Investments INC | $1,450,000 | 26/02/2018 | 23/03/2017 | $1,030,000 | 1950 |
| 2712 PANDORA ST VANCOUVER | TAYVA INVESTMENTS INC | $1,449,000 | 20/11/2017 | 19/05/2016 | $1,295,000 | 1908 |
| 4539 BEATRICE ST VANCOUVER | HUYNH HOLDINGS INC. | $1,440,000 | 06/10/2017 | 06/10/2017 | $1,440,000 | 1910 |
| 2052 49TH AVE E VANCOUVER | BIRING BROTHERS CONSTRUCTION LTD. | $1,399,000 | 07/05/2018 | 02/05/2017 | $1,320,000 | 1927 |
| 1022 ODLUM DR VANCOUVER | 1071251 BC LTD | $1,398,000 | 17/04/2018 | 04/04/2016 | $980,000 | 1906 |
| 2771 MANITOBA ST VANCOUVER | 1099481 BC LTD INC. | $1,379,900 | 22/06/2018 | 05/04/2017 | $1,007,000 | 1996 |
| 3658 TURNER ST VANCOUVER | FOUR SEASONS NAILS & SPA LTD | $1,369,000 | 31/08/2018 | 30/03/2016 | $1,230,000 | 1926 |
| 765 39TH AVE E VANCOUVER | 0971933 BC LTD | $1,350,000 | 08/08/2018 | 07/04/2016 | $1,249,000 | 1950 |
| 811 12TH AVE E VANCOUVER | A Q HOLDINGS LTD. | $1,349,900 | 09/07/2018 | 05/05/2015 | $750,000 | 1936 |
| 3406 MONS DR VANCOUVER | 2781 Capital Inc. | $1,300,000 | 30/10/2017 | 07/05/2016 | $1,400,000 | 1948 |
| 2059 CHARLES ST VANCOUVER | CKL INVESTMENTS LTD | $1,268,800 | 25/09/2017 | 28/01/2017 | $940,000 | 1949 |
| 3650 GEORGIA ST E VANCOUVER | G-HO HOLDINGS LTD, INC NO BC1107764 | $1,249,000 | 26/01/2018 | 25/07/2017 | $980,000 | 1934 |
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)https://thinkpol.ca/2018/03/13/hong-kong-tycoon-linked-offshore-tax-havens-flipping-18m-vancouver-house-shell-company/. Vision Vancouver donor2)https://contributions.electionsbc.gov.bc.ca/pcs/SIGSearchResults.aspx?Contributor=ceetu&EndorsedSK=0&Endorsed=(ALL)&EventSK=0&EventAlias=(ALL)&FilerTypeSK=0&FilerType=(ALL)&Class=0&OfficeSK=0&Office=(ALL)&JurisdictionTypeSK=0&JurisdictionType=(ALL)&JurisdictionSK=0&Jurisdiction=(ALL)&FilerSK=0&Filer=(ALL)&DateTo=&DateFrom=&DFYear=&DFMonth=&DFDay=&DTYear=&DTMonth=&DTDay= 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.
References
| 1. | ↑ | https://thinkpol.ca/2018/03/13/hong-kong-tycoon-linked-offshore-tax-havens-flipping-18m-vancouver-house-shell-company/ |
| 2. | ↑ | https://contributions.electionsbc.gov.bc.ca/pcs/SIGSearchResults.aspx?Contributor=ceetu&EndorsedSK=0&Endorsed=(ALL)&EventSK=0&EventAlias=(ALL)&FilerTypeSK=0&FilerType=(ALL)&Class=0&OfficeSK=0&Office=(ALL)&JurisdictionTypeSK=0&JurisdictionType=(ALL)&JurisdictionSK=0&Jurisdiction=(ALL)&FilerSK=0&Filer=(ALL)&DateTo=&DateFrom=&DFYear=&DFMonth=&DFDay=&DTYear=&DTMonth=&DTDay= |