B.C. real estate council names panel to investigate 'shadow flipping'
Independent advisory group to prepare report and recommendations by the end of May
The Real Estate Council of British Columbia has named the members of an independent advisory group that will investigate the practice of shadow flipping that became the subject of controversy earlier this month.
Shadow flipping is the practice of selling a property several times by reassigning the sales contracts before their closing date. The price of the home goes up each time. Details of the practice were revealed in a Globe and Mail investigation earlier this month.
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"I believe we have a highly qualified team with the expertise to undertake this important work. These are independent thinkers from across a broad range of public and private organizations, with a clear understanding of good governance and the public interest," said the group's chair, Carolyn Rogers.
"I want to assure the public that we understand their concerns and we're determined to provide a report that puts consumer protection first."
Rogers is also the superintendent of real estate and the CEO of the Financial Institutions Commission FICOM .
The members of the advisory group are:
- Howard Kushner, Barrister and Solicitor, Kushner Law Group
- Don Wright, President and Chief Executive Officer, Central 1 Credit Union
- Audrey T. Ho, Commissioner, British Columbia Securities Commission
- Bruce D. Woolley Q.C., Stikeman Elliott
- Carol Geurts, Associate Broker, Century 21 Veitch Realty, Creston, BC
- Tony Gioventu, Executive Director, Condominium Home Owners' Association of BC
- Ron Usher, General Counsel, Society of Notaries Public of British Columbia
The group will provide an interim report to the real estate council by April 8, and a full report with recommendations by the end of May.
The review will examine how the council identifies and responds to alleged licensee misconduct and whether conduct requirements are adequate and effectively enforced.