A Vancouver realtor says Premier Christy Clark’s move to end the practice of shadow flipping falls short of addressing the root of the housing affordability problem.
“I think for the Premier to paint a picture that this is really at the core of the affordability crisis, this doesn’t hit the mark.”
Aaron Jasper says more research into issues of foreign capital and ownership is needed to come up with a policy to combat the problem.
He says penalties for shadow flipping practices are welcomed by realtors, but that focusing on flipping alone is not enough to cool the housing market.
“If we really want to get to the core of this issue we have to look at the impact of foreign capital in the Metro Vancouver market. That really I think would be the approach to take if we are serious about cooling down this market.”
He says if the province is serious about tackling the hot housing market, they have to take everything into account.
Yesterday, Clark announced the original sellers of homes would be reimbursed if their home was flipped for additional profits by realtors involved with assignment.