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shawnly1000 · 04-29-2018, 08:27 PM

Flipping of condo units by insiders fuels hot Vancouver market

TLDR: Nothing people shouldn't be surprised about but the article sheds light on the numbers involved

"The most sought-after condos under construction in Canada’s priciest real estate market are being snapped up in private deals involving developers, select realtors and speculators.

Many of those players later flip the units for much higher prices, sucking up supply, further driving up prices and leaving Vancouver-area residents increasingly desperate for an affordable place to live.

In the six developments − three completed and three under construction − there were at least 24 realtors among the speculators who bought in early. Another 20 had the same names as local realtors, but some of them listed their occupation on property records as “businessperson.” (Realtors are required to disclose their interest in a property but only to the other parties involved in a sale.)"

04-29-2018, 08:27 PM	#11799
shawnly1000 My homepage has been set to RS Join Date: May 2011 Location: Vancouver Posts: 2,489 Thanked 1,458 Times in 588 Posts Failed 16 Times in 9 Posts	Flipping of condo units by insiders fuels hot Vancouver market TLDR: Nothing people shouldn't be surprised about but the article sheds light on the numbers involved "The most sought-after condos under construction in Canada’s priciest real estate market are being snapped up in private deals involving developers, select realtors and speculators. Many of those players later flip the units for much higher prices, sucking up supply, further driving up prices and leaving Vancouver-area residents increasingly desperate for an affordable place to live. In the six developments − three completed and three under construction − there were at least 24 realtors among the speculators who bought in early. Another 20 had the same names as local realtors, but some of them listed their occupation on property records as “businessperson.” (Realtors are required to disclose their interest in a property but only to the other parties involved in a sale.)"