Home of NPA mayoral candidate Ken Sim mortgaged for $2.47 million less than two years ago

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      The man who may be Vancouver's next mayor lives in a home that's security for a sizeable debt.

      Documents from the land-title office reveal that the wife of NPA candidate Ken Sim took out a $2.47-million mortgage on their West Side house in December 2016.

      On July 1, 2017, the home's assessed value was nearly $3.7 million.

      The registered owner, Teena Gupta Sim, took ownership of the property in May 2005 when it had a declared value of $730,000.

      According to the terms of the 2016 Royal Bank of Canada mortgage, she's being charged prime rate plus 0.25 percent per annum, with interest being calculated monthly and payment dates on demand.

      The four-bedroom, four-bathroom home has had mortgages, since cancelled, through First West Credit Union in May 2011 and June 2015, and CIBC in December 2012.

      Sim's statement of disclosure to the city initially included the property in Arbutus Ridge, according to the Breaker.

      This home is no longer listed on his disclosure form—and there is no need to do this because personal residences are not required to be included. In addition, the home is in the name of his wife, not Sim. 

      His statement of disclosure includes a lengthy list of corporations and funds in which he holds one or more shares.

      They include Alphabet Inc. (Google), Amazon, Aritzia, Berkshire Hathaway, CIBC, Facebook, Fairfax Financial Holdings, Teck Resources, Wheaton Precious Metals Corp., and two companies that he cofounded: Nurse Next Door Professional Homecare Services Inc. and Rosemary Rocksalt Ltd.

      The value of the Sim family home exceeds $3 million, which means it's liable to a property surtax being imposed by the NDP government.

      At a mayoral candidates forum hosted last month by the Shaughnessy Heights Property Owners' Association, Sim promised to fight the tax if he's elected mayor.

      You can see Sim's comments in the video below.

      At the start of this video, you can hear Ken Sim's comments about the new property surtax on homes valued at more than $3 million.