Ottawa Realtor Group
The Globe Vancouver, BC, Canada

Troubling trend in the GTA Over 10,000 homes change hands in GTA in July Avg resale prices raise 16.6%! Avg cost of detached home soaring 21% this year! Avg detached home price is over $1.2 million... York region values rose 23.51% The Toronto Real estate board called it "a troubling trend in the GTA

Shadow Flipping was the fuel for Vancouver real estate flaming hot market. How does it work? Well, the buyer #1 bought the house from the seller, through an Agent, who will then find a buyer #2 and use the Assignment Clause to sell it to the buyer #2 and repeat until closing date. What is Assignment Clause?... It is a loop holes which allow buyer#1 sell or transfer the property to another buyer #2 before the closing date. The Agent who arrange the Assignment make up to $100,000 for a deal. Just a small example: buyer#1 bought a house for $500,000 from the seller through Agent A, and put a closing date up to 6 months. The Agent A got $25,000 for that deal. Then Agent A find buyer who willing to buy the house for $800,000 from buyer #1. Buyer #1 make $300,000 tax free since he never own the house in the 1st place. The Agent A got another $25,000 for this deal. Then the Agent A find buyer #3 (usually foreign buyer/investor) for this house who willing to pay $400,000 on top of $800,000 from buyer #2. Buyer #2 make $400,000 tax free, and Agent A make another $50,000 from this deal. Finally the house is sold at $1.2 million, Agent A make $100,000, buyer #1 make $300,000, buyer #2 make $400,000 all tax free See more

As of Aug-2nd, BC will adopt the stricter rules recommended by the panel, those include dramatically higher fine of $250,000 for agent, up from $10,000, and $500,000 for brokerages. Real estate agent who misconduct will have to return commissions to victims, and the government will also put an end to dual agency, aslo known as "double ending", in which a single real estate agent represents both the buyer and the seller!!!!

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