February 6, 2026
RED FM News Desk
A scathing new report from Vancouver’s Auditor General reveals that the city allowed millions of dollars to slip through its fingers due to significant lapses in the sale of publicly owned land. The investigation highlights a pattern of inconsistent policies, lack of transparency, and a failure by city staff to provide City Council with the crucial information needed for oversight.
The audit, which examined 16 transactions conducted between 2016 and 2024, found that several properties were sold for significantly less than their appraised market value. Vancouver Auditor General Mike Macdonell emphasized the finality of these errors, stating, “When you’re selling land, especially in the Lower Mainland where values are very high, it’s important that you get it right. You only have the one chance. You can’t go back in time and do a land sale.”
One of the most significant losses identified involved a property sale on Beach Crescent. According to the report, a clerical calculation error by city staff resulted in a $13 million loss—a mistake that was never disclosed to Council. Furthermore, in the same deal, the City agreed to pay $12.1 million toward a “community amenity contribution,” a cost that was legally the responsibility of the buyer.
The report also uncovered that the City failed to collect interest on extended contracts, despite council policy requiring it. Macdonell noted that had the City followed its own rules and sought interest from buyers, it could have been entitled to upwards of $25 million in additional revenue.
In six of the reviewed cases, Council members granted approval for sales without being informed that the agreed prices were below the appraised values. The discrepancies in these instances ranged from $50,000 to as much as $2 million per sale. The Auditor General’s findings suggest that a lack of standardized procedures and internal transparency has left the city’s multi-million dollar real estate portfolio vulnerable to mismanagement.
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