CBC News: MLA David Eby demands inquiry into shadow flipping of Vancouver homes

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Excerpted from the article:

The B.C. NDP’s housing critic is calling for an inquiry into Metro Vancouver’s real estate market over a technique known as shadow flipping, under which sales contracts are reassigned, in some instances multiple times, before the sale of a home is closed.

Vancouver member of the legislative assembly David Eby outlined his concerns on Monday at a news conference, where he said some realtors are using the technique to avoid paying taxes and, in some cases, to avoid controls established to prevent money laundering.

“The provincial government has been asleep at the switch on this issue, and it’s time for them to step up and begin a formal arm’s-length investigation into what’s happening in our real estate market in British Columbia,” said Eby.

Read the article here: http://www.cbc.ca/news/canada/british-columbia/mla-david-eby-demands-inquiry-into-shadow-flipping-of-vancouver-homes-1.3438737