Coquitlam land sold below value, NDP says

Minister Amrik Virk says appraisal was "overly aggressive" and sale of 370 acres on Burke Mountain was near assessed value

Real estate sale map of Burke Mountain properties marketed as part of a Crown asset sale last year.

The B.C. Liberal government sold land in Coquitlam at as much as $43 million less than its appraised value last year to balance the budget, NDP critics said Tuesday.

The 14 parcels on Burke Mountain in north Coquitlam sold in February 2014 for $85 million. Documents obtained under freedom of information law by the NDP showed an appraised value of $128 million.

One parcel had an appraised value of $5.6 million and was valued by B.C. Assessment Authority this year at $2.3 million. It sold for $100,000 to Wesbild Holdings. Ltd., a long-time residential developer in the area.

Citizens’ Services Minister Amrik Virk, minister responsible for the property sale, said the sale price is similar to the B.C. Assessment Authority value. The appraisal appears to have been “overly aggressive” and the provincial assessment for the lands has declined slightly since then, Virk said.

Port Coquitlam MLA Mike Farnworth said residential development has been expanding along Burke Mountain for a decade or more, and in a hot real estate market the transaction looks like a “fire sale” of land. He and NDP leader John Horgan accused the government of rushing the sale to balance the B.C. budget by the end of the fiscal year, March 31, 2014.

“This is prime land in the middle of the Lower Mainland at a time when real estate is at an absolute premium, and we know it’s going to be built on,” Farnworth said. “The city’s already building on parcels that are adjacent to it.”

Virk said the marketing of the properties was put out for bids and Collier’s International won the contract. He was unable to say if Collier’s was given a deadline to close the deal, which came after the properties were on the market for three months.

Only Wesbild offered to buy all 14 parcels, which total 370 acres on the south slope of Burke Mountain.

The sale included a provision to sell two school sites to Coquitlam at the 2014 price, but the school district found later that it would need two more properties for schools.

NDP critics also calculated more than $900,000 in donations to the B.C. Liberal Party by Wesbild director Hassan Khosrowshahi since 2000, individually and through his companies, Burke Mountain, Wesbild, Predator Ridge, Inwest, Westwood Plateau and others.

 

Just Posted

Oyster Bay Microtel solidifies reputation as a Vancouver Island destination

The Microtel is focused on continuing to build their reputation over the summer

LRCA Concerts in the Park series presents: Cheryl Bear

Bear is an accomplished singer songwriter, and has travelled to over 600 Indigenous communities

Ladysmith bodybuilder wins big at VI Showdown

VI Showdown is an annual event for fitness, figure, physique, bodybuilding, and bikini competition

Federation of Labour supports striking forestry workers

Calls for a “hot edict” on Western Forest Products

Over 75kg of trash found up Bannon Creek Forest Reserve with more left to clean up

Cowichan Valley Cleanup Effort has organized a cleanup to deal with the remaining waste

‘Bad choices make good stories’: Margaret Trudeau brings her show to Just for Laughs

Trudeau says over the decades she has been suicidal, manic, depressed

B.C. couple bring son home from Nigeria after long adoption delay

Kim and Clark Moran of Abbotsford spent almost a year waiting to finalize adoption of Ayo, 3

Cumberland memorial ride set for deceased Island mountain biker

A memorial ride is set for Tuesday evening for the mountain biker who died in the trails last week.

Health Canada revokes licences of B.C.-based pot producer Agrima Botanicals

The agency said it notified the company of a suspension in November due to non-compliance with regulations

Deals, protests during Amazon Prime Day

The Seattle-based e-commerce behemoth says it is offering more than a million deals

Canadian national softball team wins second straight Canada Cup

Team Canada defeats Texas-based Scrapyard International in gold-medal game Sunday in Surrey

June sees drop in home sales, prices for real estate across B.C.: report

Sales dropped by 11.8%, while prices fell by 4%

Most Read