Vancouver Wields C$10,000-a-Day Fine in Crackdown on Empty Homes

[WarrenC12]

Originally Posted by misher

Bank mortgages usually have #1 priority to protect them incase of defaults. I doubt the government would be willing to fight this as the legal case would cost more than the amount owed.

And yet the article says...

Liu remains the owner of the property, now assessed at almost $2.7 million in provincial records. Court records show that he was also being sued by CIBC for defaulting on the mortgage of more than $1.7 million and other companies for non-payment.

But the City will have first dibs on any money from the sale of the property, if it happens.