The leader of the BC Green Party is set to again introduce a private member’s bill to track who is buying property in the province.
Andrew Weaver says the problem with “shadow flipping” in Metro Vancouver’s real estate market is that there is disclosure and no enforcement.
“There is illegal activity that is occurring in the housing market, that is occurring because there is absolutely zero enforcement of the rules that exist.”
Weaver says the province should be closing tax loopholes like bare trusts.
“And avoid paying property tax in perpetuity. As you flip that house, you are not actually flipping the change in title because it is always in a trust. You are flipping ownership of the corporation that owns the trust.”
The Real Estate Council of B.C. is setting up an advisory group to looking into allegations of “shadow flipping.”
That’s when real estate agents flip the same home multiple times before the deal closes.