Vancouver Condos Flipped For Large Profits

Investors at Vancouver’s Olympic Village have flipped some of the project’s highest-priced condos for quick profits of $500,000 per unit, while Vancouver taxpayers seem likely to lose about $400 million on the soured deal. The Province’s investigation of sales records of 30 units in the Village’s high-end Canada House suggests the city’s plan failed to capture significant funds that could have been returned to taxpayers, according to several industry experts.


 The Canada House — including 60 luxury units in the waterfront building that housed Canada’s men’s gold-medal hockey team — was released for sale in 2012. In November 2010 the city had tasked receiver Ernst & Young with selling Village condos to regain as much as possible of the failed private project’s $1.1-billion liability. Unlike most of the Olympic Village — which still has 68 unsold units six years after going to market — Canada House attracted investors right away. Property document searches of half of the 58 units sold in Canada House revealed five quick flips. -

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