that were sold in the last 17 months were sold again within a year.
With Mayor Gregor Robertson calling on the provincial government to tax ‘flippers,’ the report will add fuel to that argument.
It shows that in the Dunbar neighbourhood there were 30 detached homes flipped from the start of 2014 to the end of May this year. With a nine per cent rise in house prices in that time it equals profit of around $200,000 on an averaged priced $2.27 million property.
Across the whole of the city there were 328 houses flipped in the same period.
Business in Vancouver
notes that property taxes and other fees take a large bite out of the profit.
Premier Christy Clark has said that any measures taken should not penalise those who want to sell their homes to release equity.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate
Investment Hot Spots:
Benoits Siding, South River, Medstead, Mundare, Wellesley
A report from Lancor Data Group shows that around 20 per cent of detached family houses in