September 15, 2016 | Yuliya Talmazan
Quoted from the article:
The NDP’s housing critic is calling on the provincial and federal governments to crack down on international buyers with little or no income who get huge mortgages to buy and flip local properties.
David Eby says his research found nine properties in Vancouver’s Point Grey worth $57.1 million in total that are owned by people listed as ‘students.’
Seventy per cent of those properties by value were supported by mortgages issued by some of Canada’s major banks.
When his team took a closer look at these properties, one of the students they identified, Eby says, bought a $7.1-million house and flipped it for $8.35 million, netting a profit of more than $1 million.
“So this is a student who has been very successful in real estate,” says Eby.
That particular transaction did not involve mortgage financing, but Eby says it raises serious questions about whether the title of a ‘student’ is appropriate for someone who is flipping real estate and making a million dollars doing it.