Stop… in the name housing affordability and supply!!
I seem to have a lot of Christy Clark showing up in my blog feed these days. Today’s announcement, is that the province aims to implement rules that require the Seller’s consent for any assignment plus any profits made from assignments returned to the home-owner. The announcement comes one day after NDP Leader John Horgan introduced two bills in the legislature in response to so-called shadow flipping and empty homes.
So what do you think? Is this likely to succeed? Will it in fact have any affect on the real issue which is housing affordability and supply?
Province to address “shadow flipping” abuse in real estate transactions
Premier Christy Clark has announced British Columbia is taking further action on realtor conduct, conflict of interest and housing affordability.
In the coming weeks, government will put new rules in place to prevent the potentially predatory practice of real estate contract assignment ─ so-called “shadow flipping.”
Government looks forward to the Real Estate Council’s independent advisory group recommendations on licensee conduct and potential conflict of interest, such as dual agency representation where one licensee acts for both the seller and buyer in a transaction.
Finance Minister Michael de Jong and Deputy Premier Rich Coleman will meet with Vancouver Mayor Gregor Robertson to discuss collaborative steps governments can take to further improve affordability in Vancouver.
Read the Premier’s full Press Release here
Want to learn more?:
- What you Need to Know about Shadow Flipping in Vancouver (Global News)