Tell Canadian regulators to stop real estate corruption and shadow flipping
This petition had 14,153 supporters
After a Globe and Mail report uncovered unscrupulous activity within the overheated British Columbia real-estate market, an advisory committee was formed to create a report to address this widespread problem. They recently finish the report and it wasn’t pretty.
“Alleged misconduct, combined with the perception that the Real Estate Council is unable or unwilling to take strong action to address it, has resulted in a loss of public trust,” said the report.
The primary reason this panel was convened was to combat the unethical practice of shadow trading, which is when a house is resold before the original sale even closes. This gives a windfall of commissions to the agent, a tax dodge for the middle man and an outright deception of the original seller, who could be losing over hundreds of thousands as a result.
Joe Kiem, who filed a complaint after a realtor took advantage of his elderly father, said it best, “Any companies like that where they are trying to profit from the system, they should be out of business… I have no trust right now in realtors.”
We couldn’t agree more. The recent actions of some realtors have demonstrated the immense need for wholesome and widespread reform of the industry.
We, the undersigned, demand that the Canadian Real take immediate action on the following issues:
- Increase the transparency between buyers and sellers.
- Create a standardized and transparent bidding platform, so no homeowner can be deceived.
- Make all offer details publicly available information.
- Increase the severity of penalties on realtors who violate regulation.
It's to time to make the Canadian real estate market start working for Canadians.
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Carol Maloney needs your help with “Canadian Real Estate Association: Tell Canadian regulators to stop real estate corruption and shadow flipping!”. Join Carol and 14,152 supporters today.