Seven people named to investigate B.C. real estate flipping
A for sale sign sits in front of a house, in Toronto, on April 20, 2010. (THE CANADIAN PRESS/Darren Calabrese)
The Canadian Press
Published Monday, February 22, 2016 8:06PM EST
VANCOUVER -- Seven people have been named to an advisory panel created to respond to allegations of real estate contract flipping by some Metro Vancouver property agents.
Lawyer Howard Kushner, Central 1 Credit Union president Don Wright and British Columbia Securities Commission head Audrey Ho are among those who will sit on the panel.
The practice involves agents exploiting an assignment clause that allows them to sell a home multiple times before a deal closes, driving up the final price and stacking up their commissions.
The Real Estate Council of British Columbia announced earlier this month it would create an advisory group to investigate the allegations raised by media reports and Opposition politicians.
Superintendent of Real Estate Carolyn Rogers was appointed chairwoman of the group and tasked with naming its members.
She says the panel will examine the ways the council identifies and responds to licensee conduct that could pose a risk to consumers or that fails to meet the standards expected by the public.
The advisory group members named Monday are:
Howard Kushner, lawyer, Kushner Law Group.
Don Wright, president and CEO of Central 1 Credit Union.
Audrey Ho, commissioner of the B.C. Securities Commission.
Bruce Woolley, lawyer with Stikeman Elliott.
Carol Geurts, associate broker, Century 21 Veitch Realty, Creston, B.C.
Tony Gioventu, executive director of the Condominium Home Owners' Association of B.C.
Ron Usher, general counsel, Society of Notaries Public of British Columbia.