The BC New Democrats housing critic says he was “heartened” by the scope of the terms of reference released by the Independent Advisory Group tasked with investigating the issue of shadow flipping in Metro Vancouver.
The group will also take a hard look to see if realtors are engaging in misleading advertising, disclosing conflicts of interest, or engaging in predatory sales practices.
Vancouver Point-Grey MLA David Eby says now the eight-person team just needs the proper resources.
“This job that they’ve set out requires auditors, it requires experts in terms of for example forensic accounting to identify problems. They are going to need the support of the government.”
Eby says with a broad mandate, the team will also need time to do its job properly.
“Now this is just the terms of reference came out. I think it’s about 4 or 5 weeks from when the Minister was expecting to get a full report. So clearly the government is going to need a little bit more patience for a major issue that needs the time to be investigated, but also to look at the issue of will they have the accountants will they have the investigators they need to do this properly?”
The issue of flipping contracts multiple times to different buyers before a deal closes, resulting in prices and commissions being driven up, all with the seller in the dark, was dubbed shadow flipping.