A Liberal candidate for Vancouver-Granville is being accused of violating Prime Minister Justin Trudeau’s promise to crack down on buyers who “flip homes.”
A Liberal candidate for Vancouver-Granville is being accused of violating Prime Minister Trudeau's promise to crack down on buyers who "flip homes."
Home flipping refers the act of buying a property, fixing it up, and then selling it for more. The practice is common across the country, but is especially prevalent in big cities such as Toronto and Vancouver.
On Tuesday, Prime Minister Trudeau announced that he would "crack down on predatory speculators" by instituting a new "anti-flipping tax," according to Reuters.
Since that announcement, it has come to light that Liberal candidate for Vancouver-Granville Taleeb Noormohamed has bought and sold properties in under 12 months. These actions, says News1130, would have resulted in taxation according to the plan set forth by Trudeau. It was reported that Noormohamed grossed $600,000 from the deals since 2017.
It should be noted that nothing Noormohamed has done is illegal.
NDP leader Jagmeet Singh condemned Trudeau and the Liberals in a statement released Wednesday. "For six years, Justin Trudeau has let speculators and home flippers off the hook," Singh began, "while prices skyrocketed for regular people. He says the right things about the housing crisis. But just like last time, his promises are empty and people are going to pay for it."
The statement put out by the NDP also reveals that "benchmark home prices in Greater Vancouver have gone up $417,200 since Justin Trudeau was elected in 2015."
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