May 12, 2016 | Cassidy Olivier
Quoted from the article:
NDP housing critic David Eby said the fact that a student was able to buy one of the most expensive homes in the city contradicts the government’s messaging that “everything is under control in the Vancouver real estate market.”
Eby said it also links to a theme uncovered in a 2015 study by Andy Yan, an adjunct professor at the University of B.C., which found homemakers and, to a lesser extent, students, are often the listed occupations of the owners of many newly purchased multi-million dollar Vancouver properties.
“It’s incredibly strange that a student would be able to afford such a luxurious and multi-million-dollar property,” said Eby. “This is part of a trend of homemakers and students mass-buying property. I don’t know how that can be possible with the income of homemakers and students typically have, which is close to zero.”
Mortgage documents attached to the land title papers show that a mortgage of $9.9 million was taken out by Zhou and Feng from the Canadian Imperial Bank of Commerce on April 28. The bi-weekly payments are listed as $17,079.41.
Eby said the government’s messaging and slow response to the housing crisis in Metro Vancouver could be because party donors, like Brown, are directly benefiting from the red-hot market.
According to financial records, Brown has donated $62,500 to the B.C. Liberal Party in the past two years, and Eby further noted that Brown is a longtime Liberal fundraiser.
“I think we shouldn’t underestimate the connection between the government saying there is no issue with the real estate market in Vancouver at the same time one of their major fundraisers is selling his home to a student for $31 million and significantly over the assessed value,” said Eby. “The government’s donors are directly profiting from this crazy real estate market while a lot of hard-working families are suffering.”