1 in 5 Vancouver House are Flipped Within 1 Year

(June 18, 2015 )

A report from Lancor Data Group shows that around 20 per cent of detached family houses in Vancouver 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. 
 

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