That’s right British Columbia, villains are thriving on unsuspecting folks selling their property in our hot real estate market. They even have a bad ass name, they’re called, “The Shadow Flippers” and they’re even more evil and unscrupulous than all the other realtors in town, a normal realtor just makes you feel bad about the clothes you wear and the car you drive, but The Shadow Flippers are actually taking money right out of your pocket if you’re an unsuspecting seller.
A Shadow Flipper will tell you they sold your house for a good price and because you got your money you move on, weeks or months later they sell that piece of property again for an even higher price, and these corrupt bastards can do this over and over again. Under the current form of the property transfer tax introduced in the 1980’s, payment to the provincial government doesn’t kick in until the sale of the property is officially registered. Without registration, the buyer avoids paying the transfer tax and the greedy realtor just keeps on collecting their commission sale after sale. In a hot market like the lower mainland, that’s a lot of mula made and the government is non the wiser!
But the B.C. Liberals are on the case! It doesn’t matter that they knew about this a year ago, it doesn’t matter that Real estate agent William Metzger wrote to the Real Estate Council three years ago and told them about these Shadow Flippers. You know why it doesn’t matter? It’s because Detective Clark wants us all to believe the governments got our backs. She’s wants us to imagine her digging through files and memo’s working tirelessly to uncover the truth! She’s smiling from ear to ear as she assures us the Real Estate Council is going to help the government crack down on this sinister practice. I don’t know about you folks but I’ve always believed someone with a good smile!
Housing critic David Eby said, “The Real Estate Council has been an ineffective body to date.” In the legislature Eby also pointed out the fact that out of the 536 complaints lodged against realtors last year, only one was actually investigated. He also pointed out that in sworn testimony from the BC securities commission, information about a realtor helping his client open a bank account with fraudulent information was brought to the council. The Real Estate Council outright refused to investigate because they couldn’t see how any wrong doings took place. They basically kicked their feet up in hopes the courts would do all the work for them. That’s right folks, that’s whose policing real estate these days, people who claim they don’t know what fraud is, even when someone points it out. No wonder prices are inflated! Imagine all the things going on we don’t know about, if the illegal things we know about aren’t even being looked into.
The Premier went on about a bigger plan they’re going to introduce soon to get Vancouver’s housing market under control, I guess she couldn’t help jump the gun and get the bitchin’ new phrase “Shadow Flipping” out there. I don’t blame her, the folks at Google said that its one of their favorite new phrases, everybody in B.C. is searching it. They’re not searching affordable housing anymore, let’s face it that is way to big a problem for our government to figure out, to many shadows, not enough bright lights.