We have heard a lot of talk and questions lately about recent media exposure of some Vancouver area real estate agents' unethical behavior regarding "flipping" and assigning of contracts in their hot market. This Globe & Mail article does a good job explaining the situation: http://www.theglobeandmail.com/news/investigations/the-real-estate-technique-fuelling-vancouvers-housing-market/article28634868/
Although we haven't seen this technique play out in the Okanagan market area, we do see more agents getting involved in short term "flip" style investing in our own hot market. This highlights the importance of hiring an agent with a strong track record of ethical practices and putting their clients' interests first. Under the law, real estate agents have the duties of full disclosure and undivided loyalty to their clients, which seem to be egregiously breached in many of the cases outlined in the article. Our entire industry and the value we provide as agents rest on these responsibilities.
Our hope is that the regulations and laws are enforced and that "agents" who have put their "clients" interests behind their own will be severely punished.
WIEBE HUBERT & PETERS - our core values: