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.

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Mayor of Chilliwack says it’s time to have ‘uncomfortable conversations’ about racism

‘It’s past time we listen to those who haven’t been heard, and extend kindness to everyone,’ mayor says

VIDEO: RCMP Emergency Response Team at known drug house in Chilliwack

Armed officers respond to reports of shots, bring in ERT, K-9 unit and spike belt

Highway 1 closed after body found north of Yale

Coroners Service reportedly on the scene, next Drive BC update at noon

Facing changes together: Your community, your journalists

New platform allows readers to make a one-time or ongoing donation to support local journalism

Nurses acknowledged with new scholarship at UFV

Jackie and Dick Newton’s daughter donates to honour nurses who cared for her parents

VIDEO: Learning begins with new indigenous name for Chilliwack school

Stito:s La:lam Toti:lt will open in September 2022 for students from K-8

Facing changes together: Your community, your journalists

New platform allows readers to make a one-time or ongoing donation to support local journalism

Sex offender Danny Depew sentenced in Abbotsford to 2.5 more years

Depew still has child-luring charges before the courts in Ontario

As two B.C. offices see outbreaks, Dr. Henry warns tests don’t replace other measures

Physical distancing, PPE and sanitizing remain key to reduce COVID-19 spread

Golden Ears park expected to be busy the first camping weekend of season

Campgrounds expected to be full or close to full

Greater Victoria drive-thru window smashed after man receives burger without mustard

Greater Victoria Wendy’s staff call police after man allegedly rips Plexiglas barrier off window

Abbotsford Airshow launching virtual Aerospace Camp

Online S.T.E.M. open to students aged 10 to 15, starts later this summer

Aldergrove man, 60, can ‘finally afford to retire’ after winning $24M in lottery

Ron Cumiskey plans to use the hefty Lotto 6/49 winnings to stay close to home and his daughters

Murder charge upgraded in George Floyd case, 3 other cops charged

Floyd’s family and protesters have repeatedly called for criminal charges against all four officers

Most Read