The Vancouver Business Thread

[jollyburger]

On November 20, 2025, former Westbank consultant Ian Duke filed a lawsuit alleging the Vancouver developer failed to pay a promised C$750K bonus tied to his planned transition into the CEO role.

Duke — who spent 14 years leading work on major Westbank projects including Oakridge Park, Mirvish Village, Senakw, and First Light Seattle — says Westbank deferred 2024 bonuses during the real-estate downturn and told staff payment would follow the Senakw asset sale. He says the deal closed in August but the funds never arrived, later being paid into court and frozen. Duke also claims Westbank is withholding payment partly because he left to join Aquilini Investment Group, another major Vancouver developer.

https://www.instagram.com/p/DRX2TYPkVKI/

[whatnext]

Originally Posted by jollyburger

https://www.instagram.com/p/DRX2TYPkVKI/

What does it mean that the “funds were paid into court and frozen”? Why paid into court?

[RedArbutus]

Perhaps it's a clumsy way of referring to escrow?

[jollyburger]

Originally Posted by RedArbutus

Perhaps it's a clumsy way of referring to escrow?

I guess it's not called an escrow but a "Payment Into Court" but is pretty much the same idea.

[jollyburger]

A former employee is claiming a $1.2-million debt from Westbank Projects Corp., alleging the Vancouver-based developer offered the sum to retain her but “constructively dismissed” her around the time it came due.

A Dec. 2 civil claim in the B.C. Supreme Court by Rhiannon Mabberley alleges the $1.2 million was part of an agreement for her to stay on with the company after she sought to resign.

She claims that after she inquired about the money one month before it was expected to be paid, the company’s founder, Ian Gillespie, cancelled their weekly meetings and ceased all communication with her.

Mabberley further claims she was not permitted to attend key stakeholder meetings in person, was bypassed in the company’s recognized reporting structure, was not assigned tasks and was excluded “from decision-making and managerial tasks entirely.”

The lawsuit alleges this amounted to a “constructive dismissal,” a legal term for when an employer unilaterally makes a substantial change to the employment relationship leaving the employee feeling they have no choice but to resign.

https://www.westerninvestor.com/real-est...illion-from-vancouver-developer-11610530

[whatnext]

Originally Posted by jollyburger

https://www.westerninvestor.com/real-est...illion-from-vancouver-developer-11610530

Like I said in the other thread, I’ll dance on their grave when company goes down.

[jollyburger]

Ottawa weighing tax reforms to attract foreign capital for Canadian real estate developments

The federal government is considering changing the tax code to attract large foreign investors to domestic real estate developments, with support for such reforms coming from the head of Build Canada Homes, the new federal agency tasked with building affordable housing at scale.

Ana Bailão, who was appointed chief executive of Build Canada Homes in September, has been travelling across the country for weeks, appearing on panels and at conferences to show the government’s commitment to solving the affordable housing crisis.

On Monday in Toronto, she was asked about solutions for the crisis and went beyond the oft-cited examples of lowering municipal development charges and reducing red tape. Ms Bailão argued that Ottawa also needs to tackle tax reform.

“We need more capital in the housing system, and we need some changes in the way we tax these projects, the way we finance these projects,” she said on a panel at the Canadian Club, adding that she supports “some tax reform to attract more capital to this country.”

Ms. Bailão also said she believes developers should have access to more low-cost financing programs, such as the Apartment Construction Loan Program offered by Canada Mortgage and Housing Corp. that lowers the rate they pay on construction debt.

Ms. Bailão did not elaborate on what types of reforms she would like to see, but a source familiar with the negotiations said there are two common requests from large foreign investors: changes to the withholding tax on income earned in Canada, and tax incentives to invest in rental apartment construction.

https://www.theglobeandmail.com/business...oreign-capital-real-estate-developments/

[SpongeG]

global headquarters will be in Vancouver

Teck-Anglo American deal wins Ottawa’s approval after promising billions in spending
By The Canadian Press
Updated: December 16, 2025

OTTAWA — The federal government has signed off on the merger between Teck Resources Ltd. and Anglo American PLC, despite securing little further in concessions that would benefit Canada.

Federal Industry Minister Mélanie Joly said late Monday that the government had determined the deal is a net positive to the country.

“This merger is a significant win for Vancouver, British Columbia, and Canadians across the country,” she said in a statement on social media.

Joly had previously suggested that the terms as proposed weren’t good enough and that the government would be pushing for more.

A spokesperson for the minister declined to answer questions on why the government had approved the deal without securing further benefits.

Teck said in a release that the commitments set out in September when the deal was first announced have been further defined into a set of binding commitments under the Investment Canada Act.

“Establishing Anglo Teck here in Vancouver is wholly aligned with government’s economic focus and will help to further elevate Canada’s role and impact on the global critical minerals stage,” said chief executive Jonathan Price.

Anglo and Teck’s binding commitments include that the global headquarters of the company will forever be in Canada, as will a significant majority of senior management and board of directors.

...

https://www.bnnbloomberg.ca/business/com...and-anglo-american-merger-companies-say/

[jollyburger]

They took 65K of additional "project work" space at Bentall 3 (595 Burrard Street) this year.

[svlt]

Originally Posted by SpongeG

global headquarters will be in Vancouver

Teck-Anglo American deal wins Ottawa’s approval after promising billions in spending
By The Canadian Press
Updated: December 16, 2025

OTTAWA — The federal government has signed off on the merger between Teck Resources Ltd. and Anglo American PLC, despite securing little further in concessions that would benefit Canada.

Federal Industry Minister Mélanie Joly said late Monday that the government had determined the deal is a net positive to the country.

“This merger is a significant win for Vancouver, British Columbia, and Canadians across the country,” she said in a statement on social media.

Joly had previously suggested that the terms as proposed weren’t good enough and that the government would be pushing for more.

A spokesperson for the minister declined to answer questions on why the government had approved the deal without securing further benefits.

Teck said in a release that the commitments set out in September when the deal was first announced have been further defined into a set of binding commitments under the Investment Canada Act.

“Establishing Anglo Teck here in Vancouver is wholly aligned with government’s economic focus and will help to further elevate Canada’s role and impact on the global critical minerals stage,” said chief executive Jonathan Price.

Anglo and Teck’s binding commitments include that the global headquarters of the company will forever be in Canada, as will a significant majority of senior management and board of directors.

...

https://www.bnnbloomberg.ca/business/com...and-anglo-american-merger-companies-say/

That's a big relocation ask of many of the workers at their HQ in London. I'm sure many will decline. Not sure if that means it will open up positions for locals here.

[jollyburger]

Anthem got an institutional investor to work with on two rental sites

The first site, located at Heather Street and West 41st Avenue, is an 18-storey mixed-use rental development featuring 183 rental homes, 1,200 SF of ground-floor retail, and rooftop amenities. The project offers strong transit access, immediate proximity to Oakridge Park, and aims to serve families, students, and professionals.

The second site, near the corner of Fraser and Kingsway, is a 14-storey mixed-use rental building featuring 110 rental homes, 4,200 SF of retail at-grade, and rooftop amenities. Located near key institutions and vibrant local businesses, this development will serve a diverse community of families, students, and professionals.​

Both projects are fully financed and entitled, with active construction to begin in early 2026. Completion of these sites is anticipated in early 2028.

https://anthemproperties.com/anthem-secu...wo-mixed-use-rental-towers-in-vancouver/

From Howard Chai's substack

https://howardchai.substack.com/p/vancouver-real-estate-rundown-december-8-2025

[officedweller]

Snuneymuxw First Nation purchases the Great Canadian Casino Vancouver in Coquitlam
https://vancouver.citynews.ca/2025/12/19...-canadian-casino-vancouver-in-coquitlam/

[SpongeG]

Aritzia is doing well

Canadian retailer Aritzia's quarterly sales break $1 billion for the first time
BNN Bloomberg

• Video Link

[SpongeG]

B.C. and feds sign lumber understanding with China, as province looks beyond U.S.

Deal calls for exchanges and joint research on using wood construction for tall buildings
Chuck Chiang · The Canadian Press · Posted: Jan 15, 2026

British Columbia's Forests Ministry has entered into a memorandum of understanding with China on modern wood construction, a development that the province hopes will bolster the provincial lumber sector as it seeks alternatives to the U.S. market.

The five-year, non-binding agreement with the Chinese government also involves the Canadian federal Department of Natural Resources and is among the first reached with Beijing after the arrival of Prime Minister Mark Carney in China this week.

On the other side is China's housing and development ministry, with the memo agreeing to co-operation on the integration of modern wood construction into China's urban renewal and rural revitalization strategies and exploring "practical approaches" for green developments.

...

https://www.cbc.ca/news/canada/british-c...derstanding-china-carney-visit-9.7047096

[SpongeG]

Chinese firm eyes B.C.’s Big Way Hot Pot with potential US$43M investment
Jiumaojiu aims to expand presence in North American restaurant market with investment in Richmond chain

Daisy Xiong
Jan 12, 2026

Popular Richmond-based restaurant chain Big Way Hot Pot Ltd. may soon be getting a US$43-million capital injection from a leading Chinese hospitality group.

Jiumaojiu International Holdings Limited (HKEX: 9922) disclosed the plan in a Hong Kong Stock Exchange announcement on Dec. 29. The deal would involve acquiring US$15 million worth of existing shares and subscribing US$28 million in new shares.

If the investment goes ahead by March 31, Jiumaojiu’s stake in Big Way is expected to rise from roughly 10 per cent to about 49 per cent.

"At this time...we are unable to provide comments or details beyond what has already been publicly disclosed by Jiumaojiu," said Michelle Tiang, Big Way's vice-president of marketing, in a statement to BIV on Tuesday.

Tiang said the partnership came about through “long-term industry discussions and shared interest,” and the valuation of Big Way—a privately held company—was determined based on factors including "business fundamentals, growth trajectory and long-term strategic fit.”

Known for its “build-your-own hot pot” concept and strong social media presence, Big Way opened its first location in Burnaby in 2021. It now operates 21 restaurants across Metro Vancouver, Toronto and California.

“[Big Way], as a Chinese restaurant chain brand that has achieved effective localized operations in the North American market and entered an expansion phase, possesses a solid development foundation and strong growth potential,” the announcement said.

According to Jiumaojiu, a key reason for selecting Big Way is its ability to attract a broad customer base of primarily non-Chinese consumers to a Chinese-style dining concept.

“The development of Chinese cuisine in North America has long faced challenges such as flavour adaptation, differing consumption habits and brand recognition establishment,” the announcement said.

"[The investment] will help address the structural limitation of [Jiumaojiu's] existing brands primarily targeting Chinese customers in North America, providing a crucial foothold for further expansion into the local mainstream consumer market."

...

https://www.biv.com/news/hospitality-mar...with-potential-us43m-investment-11725959

[jollyburger]

The robotic food delivery trial is considering Vancouver, Surrey and North Vancouver.

https://vancouversun.com/news/food-delivery-robots-test-bc-cities

[cganuelas1995]

Speaking of food delivery, has food delivery gotten slower since the minimum wage regulations?

[jollyburger]

Townline adapts to 'frozen' market, but continues developing

"In many respects, it feels like we've been frozen in time a little bit," he said.

Fragile housing market conditions persist, mainly due to a still-sluggish pre-sale condo market and continued macroeconomic uncertainty. There seem to be fresh trade and political curve balls daily that are impacting Canada.

Simpson said the metrics Vancouver-based Townline uses to make informed decisions as a developer haven’t changed, but the conditions around them have perhaps grown worse over the past couple of years. For developers to start projects, they need to sense that rents will move up and housing units will be purchased at prices that surpass construction and carrying costs.

"You're generally relying on a modest increase in value over time," Simpson said.

While conditions remain tough, Simpson and his team is not remaining idle and have made changes to their process and business streams to keep moving forward.

One adjustment Townline has made is to become even more active in the non-market housing space, working with BC Housing, BC Builds and Build Canada Homes.

"There are lots of proposals (we have) out the door with BC Housing," Simpson said. "We've won a couple of proposals in the last three months, which is encouraging, and that allows us to be present in the non-market side of the housing spectrum — and we're going to continue to do that."

Townline has also focused on providing third-party construction support for other developers. Those projects are helping to keep the building team employed and activated.

"That is a hedge and defensive mechanism against the development market, which is really challenging right now," Simpson said. "We expect to start two (third-party construction) projects this year."

Townline also continues to propose and build new housing projects, including condo and rental.

https://renx.ca/townline-continues-pushing-forward-with-development-plans

[jollyburger]

B.C. property firms say $91M tax bill will jeopardize future construction projects

British Columbia property companies controlled by prominent developer Terry Hui are taking the federal government to court, claiming a tax bill of more than $91 million will jeopardize future construction projects if they're made to pay up after a 12-year audit by the Canada Revenue Agency.

Vancouver-based Adex Securities Ltd., One West Holdings Ltd. and an affiliated numbered B.C. company filed an application in Federal Court earlier this month seeking to halt the minister of national revenue from issuing tax assessments dating from 2007 to 2013.

The application says an audit of the companies began in 2013, examining payments to related corporations based in Luxembourg, looking into potential tax avoidance and so-called "treaty abuse."

The transactions at issue involve the routing of interest payments to companies in Luxembourg, but the developers claim they weren't for tax avoidance purposes.

The companies say in the application they will "suffer irreparable harm" if made to pay the $91-million tax debt, plus interest, claiming they couldn't have "reasonably planned for a debt of this magnitude" without advance notice from the minister.

The application says one or two construction projects will be halted if the companies lose $91 million of working capital, but a lawyer for the developers, Justin Kutyan with KPMG Law in Toronto, said the projects have not started yet.

"There's no current projects that could be affected by this. It's only future projects that we're anticipating," he said.

He said there's been no determination about which future projects could be jeopardized, and said the transactions in the case were similar to a tax structure that's been upheld by the Supreme Court of Canada.

The high court in 2021 ruled on a case brought by a company called Alta Energy Luxembourg, which had claimed a tax exemption on a capital gain of more than $380 million under Canada's treaty with the European country, described in the decision as being "well known as an international tax haven."

https://www.westerninvestor.com/british-...ze-future-construction-projects-11907266

(In 2009, Concord’s name was changed to One West Holdings Ltd.; it is a subsidiary of Adex Securities Inc.)

https://www.straight.com/news/371351/buyer-loses-big-deposit-erickson-pre-payment-contract#

[WarrenC12]

Who cares, pay your damn bills you tax cheats. The fact that this has taken over 10 years is embarrassing.