Since the year 2005, it has come to light that Liberal MP candidate Talib Noormohammed has bought and sold 42 homes in the Metro Vancouver area.
It also appears that fully half or more of those 42 homes bought by Noormohammed, who is running in the Granville district of downtown Vancouver, were sold within less than a year of acquiring them. Thirty of the 42 properties were held for less than two years.
Noormohammed's real estate activity first came to public attention six days ago, but it is now known the full extent to which he has been flipping houses.
According to local outlet City News Vancouver, incumbent Prime Minister Justin Trudeau has just recently promised a "crackdown" on the practice of "house flipping", where someone buys a house, puts minimal improvements into it in a short amount of time, and then sells it at a hefty profit.
This crackdown is thought to be coming, if implemented, in the form of a new and heavy federal tax on this sort of buying and selling behaviour.
UBC business school professor Tom Davidoff commented that, as the Canadian public, "we need some explanation for the distinction between an ordinary flipper that the Liberals believe is affecting home prices in this behaviour."
"Probably the best rack for him to hang his hat on would be the notion that he’s improving the properties, which is different from a garden variety buy, borrow money, hope prices rise, turn around and sell."
"I think this candidate now has an opportunity to discuss his role in the housing market and how that conforms with — or does not conform with — the Liberal Party’s view that speculation and flipping are contributing to rising housing costs."
City News Vancouver apparently reached out to Noormohammed for comment, but he hasn't responded to their request as of the time of this writing.
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