The Vancouver Business Thread

[RedArbutus]

Just terrible.

[s211]

Originally Posted by kikin

the horribly politicized CBC documentary stuff?

Fixed that for ya.

[chowhou]

Really disappointing, I liked TBC a lot.

Richmond indoor go-karting venue shuts down, owes $68K in rent

The gas-powered go-karting business has been operating in the city since 2000.

A Richmond indoor go-karting business has permanently closed after not paying its rent.

TBC Indoor Racing at 2100 Viceroy Pl. in east Richmond was served a termination notice by its landlord on Tuesday, July 21, for owing $68,140.72 in rent, plus interest.

The indoor go-karting venue has been operating in Richmond since 2000 and is considered one of the last gas-powered go-kart locations in the Lower Mainland.

One notice posted on the business' door said a lease was signed between TBC and its landlord on Nov. 27, 2025.

"By reason of failure to pay rent and all other amounts in full after they become due and owing in accordance with section 3 of the Lease, the Landlord is entitled to re-enter and take possession of the Premises and terminate the Lease," reads the notice.

Another notice also posted on the door stated TBC had until noon on Friday, July 31 to remove any of their "goods and chattels." If this is not done by the deadline, TBC would be charged for storage or removal fees by the landlord of the building.

However, they are not able to access the building until they pay the overdue rent.

TBC posted a short message on its website regarding the closure.

"Due to circumstances beyond our control, TBC will no longer be in operation as of July 21," reads TBC's website.

The Richmond News has reached out to TBC Indoor Racing for comment.

https://www.richmond-news.com/local-busi...nue-shuts-down-owes-68k-in-rent-12584861

[WarrenC12]

Agree TBC is fun. Go karting is always a blast and an indoor venue in this climate was a nice option.

[RedArbutus]

So much better than Speeders too. I hadn't been to TBC in, like, 8 years, but it was great the few times I visited.

[officedweller]

FortisBC Tilbury LNG plant expansion moves ahead with potential First Nation ownership stake
https://dailyhive.com/vancouver/tilbury-...m-first-nation-ownership#google_vignette

[whatnext]

Coromandel may be gone but the offshore money and bankruptcy scandal lingers on:

Backer of Oakridge-area condo complex sues developer after bankruptcy
Susan Lazaruk
Updated Sat, July 18, 2026 at 5:00 PM GMT+2
5 min read

Behind the spectacular collapse in 2023 of Vancouver developer Coromandel Properties — leaving $700 million in debt spread over 16 properties — lies allegations of a massive fraud by Coromandel's CEO against a Chinese investor he befriended.

In 2023, Coromandel part-owner Junchao Mo and his sons filed a lawsuit against Coromandel Properties CEO and co-owner, Jerry Zhong.

Mo and his sons allege Zhong enticed them to invest in his various Vancouver-area real estate projects through five family trusts and three B.C. numbered companies and then misappropriated those millions to purchase houses and condos, pricey art from Vancouver galleries and expensive life insurance policies, and to provide a large slush fund to Zhong.….

… The lengthy lawsuit, still alive in B.C. Supreme Court, listed several west side Vancouver mansions and downtown condos worth $50 million that it alleges Zhong purchased with the money….

…

https://ca.news.yahoo.com/backer-oakridge-area-condo-complex-150058011.html

[whatnext]

Does anyone know off the top of their head where the development projects mentioned in this article are? Is it the Azura downtown or is there another?

High-profile VPD officer and youth charity CEO Kal Dosanjh charged with theft, fraud
Alleged offences go back as far as 2017
CBC News · Posted: Sep 03, 2026 4:01 PM PDT

Vancouver police officer, anti-gang advocate and youth charity CEO Kal Dosanjh has been charged with theft, fraud and breach of trust offences dating back to 2017.

Dosanjh was arrested and taken into custody on Thursday.

A charge document reveals he is facing multiple counts of fraud over $5,000, and theft over $5,000.

According to the document sworn on Thursday, multiple charges relate to alleged fraud and stealing from investors of multiple property development projects.

Those include the Azura, Queen's Park and Sahara development projects...


https://www.cbc.ca/news/canada/british-columbia/dosanjh-charged-fraud-9.7331693

[jollyburger]

Frameworks is in receivership

https://howardchai.substack.com/p/alliance-partners-1725-clark-frameworks-strata-receivership

[madog222]

I wonder if they managed to sell any units.

[Changing City]

Originally Posted by madog222

I wonder if they managed to sell any units.

They appeared to be close to starting construction about a year ago, with a piling rig on site. It was an ambitious project, but there have been similar industrial stratas successfully completed in South Vancouver, and a more modestly sized building on Clark Drive. There are also multi storey industrial projects in Richmond and Surrey.

I'm guessing this is more a victim of the overall economy with companies, especially smaller businesses, unable or unwilling to risk major investment decisions. I wonder how easy it is to get a business mortgage to buy a unit these days, too.

[jollyburger]

They were trying to get financing from Fietta/Kingsett this summer

Seems like they had 17 industrial /10 offices left to sell. Inventory was 56 industrial/36 offices.

https://www.pwc.com/ca/en/car/alliance-wingsail/assets/alliance-wingsail-004_270826.pdf

The receivership filings:

https://www.pwc.com/ca/en/services/insolvency-assignments/alliancewingsail.html

865 Terminal seems like it might be proceeding? Though they are trying to lease the empty lot for outdoor parking/storage on 1-2 year terms.

*** Applicant changed Stage 1 from Excavation & Shoring to Full Construction (March 6, 2026) ***

[jollyburger]

International Language Academy of Canada shutters over bankruptcy

https://vancouver.citynews.ca/2026/09/19...demy-of-canada-shutters-over-bankruptcy/

[jollyburger]

B.C. developers proceed cautiously as rental market softens

But developers and economists warn that today's softer market could sow the seeds of a future supply shortage as construction activity slows.

“It is a very challenging real estate market, probably the hardest that many people have seen in their career that work in real estate,” said Josh Anderson, vice-president of development at Vancouver-based wealth management firm Nicola Wealth.

“We're taking a very conservative and measured approach to our development of multifamily housing in Vancouver.”

Nicola Wealth’s proposed rental project at 2111 Main St., a two-building development in Mount Pleasant, has received permits. The company said it hopes to start construction next year, with completion of the first building expected in 2030.

“When there's less demand, it's a lot harder for developers like ourselves or others to move forward,” said Anderson, adding that capital groups are much more reluctant to invest when they don’t see a strong immigration growth.

“And then you add how challenging the financing market is as well for construction financing. It definitely makes it a lot more difficult in today's market to move forward.”

However, Anderson said real estate development is a long-term investment that takes years to complete. Although it is not fully known when the market will recover, many in the industry believe there could be a change in the supply-and-demand curve towards the end of the decade, given how few projects are starting today.

Jack Hui, managing principal of Pontem Group, a Vancouver-based building engineering and consulting firm, said some rental projects are moving forward, including some of his clients’ projects, but at a slower pace and with tighter budgets.

“In particular, those bigger developers, they don't want to lose the land, they don't want to lay off people, then the way that they actually create the portfolio is to create a rental [project],” said Hui.

But the way they do business has changed, he said, noting that competition is increasing for businesses such as his, and firms can easily be replaced if they don't perform or are not attuned to a project.

“The money is extremely tight. … We still have a lot of projects. It's just the average price has to be lower,” said Hui.

“On [the developers’] end, when they design and construct the building, they have to lower their cost as well. Otherwise, the pro forma is not going to work.”

https://www.westerninvestor.com/real-est...iously-as-rental-market-softens-12805709