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

Inspirational Parksville youngster Kaiden Finley dies after cancer battle

‘He was seriously the strongest 11-year-old’

Development cost charges considered to fund regional parks

DCCs to assist in funding land acquisitions and development

Parksville powerlifter qualifies for world championships

Buhler sets personal bests in both raw and equipped lifting events

Wires left dangling after van crashes into hydro pole in Dashwood

Road closed while BC Hydro crews dealt with situation

Police go on hunt for distracted drivers in Parksville Qualicum Beach

One motorist ticketed for not wearing a seatbelt and using a cellphone while driving

VIDEO: The ‘most cosmopolitan’ of butterflies could migrate to B.C.

The painted lady butterfly will likely arrive this summer from Southern California

Indecent caller handed 18-month conditional sentence

Vancouver Island man pleaded guilty to making indecent phone and video calls to women across B.C.

First Nations public art piece stolen in Nanaimo

Spindle Whorl went missing over the weekend, according to Nanaimo RCMP

Mexican restaurant in B.C. told to take down Mexican flag

General manager of Primo’s Mexican Grill in White Rock: ‘I’ve never heard of anything like this’

Prime Minister Trudeau comes campaigning in Nanaimo

A day after announcing a May 6 byelection date for Nanaimo-Ladysmith, Justin Trudeau visits riding

COLUMN: Smart phone too powerful a tool to yank from students’ hands

Rather than ban them from schools, let’s teach kids to harness their phone’s power and use it properly

B.C. river cleanup crew finds bag of discarded sex toys

Chilliwack volunteers stumble on unexpected find while removing 600 lbs of trash from riverway

Kamloops chamber of commerce director let go after controversial Facebook posts

Facebook account had derogatory comments about Muslims, Justin Trudeau

Is it a homicide? B.C. woman dies in hospital, seven months after being shot

Stepfather think Chilliwack case should now be a homicide, but IHIT has not confirmed anything

Most Read