B.C. premier says new rules aim to end ‘pure, naked greed’ in housing sales
VANCOUVER — The British Columbia government says it will impose regulatory changes to end the “shady” practice of contract flipping to protect sellers and consumers in the province’s hot housing market.
Premier Christy Clark said “pure, naked greed” is driving real estate agents to flip a property multiple times at higher prices before a deal closes, allowing agents to continue making commissions while buyers avoid paying property tax.
Clark said the new rules will require the original seller to provide informed consent for multiple sales and that profits would go back to that seller.
“The way to end that shady practice for greedy people is to take the profit out of it,” Clark said Friday at a news conference in Stanley Park. “That’s how we know we’ll be able to make a difference.”