Land assembly speculators shadow flipping to skirt foreign buyer tax

By ThinkPol Staff

International speculators are buying up Vancouver properties to put together land assemblies that they then shadow flip to avoid paying BC’s foreign buyer tax.

A real estate industry whistleblower sent ThinkPol one such example of an attempted land assembly shadow flip targeting the newly rezoned Cambie Corridor.

The speculator brought two adjacent properties on the 72xx block of Oak Street from the original owners in June this year.

Instead of registering the sale with the Land Titles and Survey Authority (LTSA) and paying property transfer tax including the foreign buyer tax to the province, the speculator is now flipping them as a land assembly.

“Contract of Assignment,” the description field of the Multiple Listing Service (MLS) listing reads. “Land assembly next door 72xx Oak Street is being sold as well. Total 110×129.9 Located in Cambie Corridor phase 3 zone.”

The name entered in the “owner” field in the MLS listing is the name of the speculator, even though the speculator is technically not the owner as the property has never been legally transferred to the speculator.

The whistleblower who sent us the information claimed the main reason Real Estate Board of Greater Vancouver is unwilling to make MLS data publicly available is because there are dozens of examples of such shadow flipping and other unethical practices that realtors are trying to hide from the general public.

“They’d much rather send lawyers after people who try to shine a light on realtors’ unethical practices than try to crackdown on such shady dealings,” the whistleblower told ThinkPol. “If Vancouverites, especially the young ones, found out just how much my industry has ruined their future out of sheer greed, there will be mobs out on the streets with pitchforks.”

ThinkPol has reached out to BC’s Finance Minister Carole James, Housing Minister Selina Robinson, and Attorney General David Eby for comments, but have yet to hear back from any of the officials.

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[Cover photo credit: City of Vancouver]

20 Responses to Land assembly speculators shadow flipping to skirt foreign buyer tax

  1. Anonymous says:

    where is the title of the property? how do you expect people to believe this if you dont show proof

    • nonconfidencevote says:

      Why so Real estate lawyers can find out who your industry rat is? Nice try.

      • NonConfidencevoteisafool says:

        One has nothing to do with the other you moron. The “industry rat” is most likely a ThinkPol employee who got a real estate licence to access the mls so this site can try to grasp at straws. Title of property can be obtained by anyone. How has ThinkPol confirmed that the seller is a foreigner? Baseless article written by crybaby.

        • nonconfidencevote says:

          Let me guess.
          Your either a Realturd OR a person who has just purchase a house / condo at the peak of the market and is now doomed.
          Stuck with a massive mortgage and watching the “value” of your purchase deflate like the gasbas it is…..

          Happy Housing Crash!

          🙂

  2. Me says:

    International speculators? evidence?

  3. nonconfidencevote says:

    Well I see the realtors commented 1st and 2nd ….

    Never mind their whining.

    Back to the insiders comment…..

    ““If Vancouverites, especially the young ones, found out just how much my industry has ruined their future out of sheer greed, there will be mobs out on the streets with pitchforks.”

    ++++++

    One can only hope.
    The Real Estate Cartel has had it all their way as far as sales stats, listings, relisting, flipping, speculating, and on and on and on.

    Oh right.
    Not to worry.
    They’re “self regulated” by their own industry…. No conflict there.

    Talk about a kangaroo court.

    Caught Burning a client for 10’s of thousands? No problem. Here’s a slap on the wrist and a 1 month ban.

    2018 and the mortgage B20 rules, revenue canada audits, foreign buyers tax, cant come soon enough.

    If Realtors only knew how truely loathed they are…….they’d become used car salesmen.

    But I like the visual of blood on the street, mobs of angry victims, pitchforks and, hopefully, prison bars…..

    Happy Housing Crash Everyone!

  4. NonConfidencevoteisafool says:

    It is common knowledge real estate council is not self regulated. It’s reguslted by the superintendent of real estate who is appointed by provincial government. Read a book and stop posting buzzwords.

    • nonconfidencevote says:

      Ladies and gentlemen a Realtor speaketh.

      Speaking of Fools

      What exactly does “reguslted” mean?
      Really disgusted? Regurgitated sales? Rapacious Selling Techniques?

      Not to worry.
      I understood your angry,knee jerk reaction.
      It how most of your customers feel when they finish dealing with you.

      I believe you meant “regulated” but stumbled over a big word.
      Writing more than two sentences can be hard.
      Especially when they dont consist of big words like “Amazing Deal!”, “Wont Last!”, and “Sold!”

      Its what I expect from a “profession” that consists of taking a 2 week course ( half an hour is spent on “ethics”), writing an exam that only a poo flinging chimp could fail….. then on to fleecing suckers…..

      Well enjoy the last gasp of a downward spiraling market( regardless of Royal Lepage predictions of sunbeams and roses into 2018) Mr Huckster….. your “profession” had a good run but now its over.
      W.C. Fields would be proud.
      Time for you to go back to pumping gas and polishing hubcaps.

      P.S.
      B20
      Rising interest rates
      Foreign ownership tax
      Vacantcy tax
      Revenue Canada audits on rentals

      Happy New Year

  5. nonconfidencevote says:

    Not to worry Ladies and Gentlemen
    2018 might be a disaster for the Canadian real estate market ( especially Vancouver and Toronto) and the economy will be melting down with job losses( Only if one considers unemployed Real Estate Salespeople working in “jobs”).

    Anywho I digress.

    “Captain Equality” will ride to the rescue with his solution.

    https://ca.reuters.com/article/domesticNews/idCAKBN1E835N-OCADN

    Just in time for the next election no less.
    An amazing coincidence I’m sure.
    When coincidentally 50% of the votes are women.
    Imagine that.

    • All Confidence says:

      nonconfidence vote is such troll…just likes to hear himself speak.

      Ahahahhahahahaha…even trolling himself…probably a loner with no life just hiding behind a computer.

      He comments on every post. Get a life, a job or a hobby buddy.

      • nonconfidencevote says:

        And you were “replying” at 11:35pm on a Sat nite.

        Great social life.

        Bwahahahahahahahahahahahaha

        Ok.

        Straight from a REALTORS’ mouth

        +++++++++

        “From Vancouver realtor Steve Saretzky’s latest…”Condo Flipping ” reaches a 9 year high.

        Re: Flipping, he defines it as selling RE within 2 years of purchase.

        Condo flipping is at a 9 year HIGH @ 10.9 % of all condo sales(685 units…74% increase from previous year.)

        Detached flipping is at a 17 year LOW.( 201 houses flipped in 2017….compared to 2005 peak of 678 flips …..and 252 in 2000.
        ++++++++

        And as much as I take ANY realtors comments with a grain of salt I have noticed Saretsky is out front with the “its NOT a good time to buy” mantra…..perhaps to be able to jump on the “honesty” band wagon when this all goes to sh!t in 2018.

        And I’m sure all the condo “flippers” will report their earnings to Revenue Canada…..riiiiiiiiiight.

        2018
        Stick a fork in it.
        Its over

        Unless of course you are a realtor and still make a commission on any money genrated by a sale….even in a “my house/condo lost money” you gotta pay the commish.

        Personally I’m going to enjoy the epic “race for the exit” when all the greedy “flippers” pile on and start panic selling in 2018.
        It’ll be very entertaining
        And as the market tanks the Real Estate industry will try and put lipstick on a pig and call it “beautiful opportunity to buy”

        Marie Antoinette would be embarrassed at the audacity of these cake owners/eaters

        God bless realtors. Not a moral compass anywhere in site.

  6. Ted says:

    How is he a troll? Explain.
    It takes 30 sec to post online, how did you figure he has no job or life.
    Speaking the truth is not trolling.Anyways the good news is you found time and put the effort in reading all his posts.

    • nonconfidencevote says:

      Bwhahahahahaha

      …what would I do without you Ted. You are my best friend in the whole world. I’ve always wanted someone to stand up for me as I hide on line, behind my computer.

      Thank god no one knows who I am in real life. This is my whole world, one day everyone will call me their god as I can see the future.

  7. Realturds want your Money says:

    Well, since the people that disagree with me on this site have started imitating my name.
    I thought I might change it to something more appropriate……

    And the irony is……..
    |The anonymous realtors that copy my nom de plume call me a troll.

    🙂

    Imitate away…..until you cant make your bill payments and the internet is cut off.
    But then again you can all meet at Starbucks( free wifi) and talk about the good old days when you fleeced suckers for thousands for essentially unlocking a door and talking.

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