Flipper, faster than lightning…
Vancouver Liberal candidate flipped dozens of homes for profit, records show
The Liberal candidate in the riding of Vancouver Granville has flipped more than 20 properties after less than a year of ownership since 2005, which has critics pointing to contradictions between his actions and the Liberal platform on housing.
According to British Columbia’s assessment records, Taleeb Noormohamed has sold 41 properties since 2005 — 21 of them after less than a year of ownership — making $4.9 million in the process.
The Liberal Party platform on housing, which was released last week, proposes an “anti-flipping tax” on residential properties that will require that such properties be held for at least a year. That means 21 of the properties Noormohamed sold would have been subject to the proposed tax.
h/t to Chris, guess me missed it a few days ago when he pointed it out.
And “Count de Monet” was just a man ahead of his time…! 🙂
There is no hypocrisy like LIEberal hypocrisy.
Meanwhile the Prime Menshevik Orifice is firehosing money across the land to the LIEberal donor class.
This election is nothing else but to secure the LIEberal hold on the Treasury…but of course they are “working for Canadians.” You can’t make this twaddle up.
Cheers
Hans Rupprecht, Commander in Chief
1st Saint Nicolaas Army
Army Group “True North”
Lol…”Count de Monet”.
Nice.
This claim of a ‘policy’ reminds me of Boob Rae in Ontario wanting to revive Death Duties after his wife inherited her family’s fortune. ‘You pay, not me.’ Hypocrisy thy name is politician.
Fauxcahontas Warren did the same thing down here.
If O’Foole’s team had any brains they would be doing ads about the standards of the Liberal self appointed elites compared to the shit that we have to eat.
How Trudeau can flout covid rules with no repercussions but you get fined for going to the beach.
And while O’Toole’s candidate in Nova Scotia had to step down because of alleged sexual misconduct, feminist Trudeau was busy this morning defending his decision to keep a Liberal candidate accused of the same thing.
Sexual misconduct? Who really gives a shit. Vote liberal and clear your evil thoughts. Idiots.
He followed the rules at the time, just because the rules change doesn’t mean he did anything wrong. As an aside there is no way in hell I would vote for a muslim. There are 50 muslim countries in the world, they’re all shit holes and they all have one thing in common. They’re ruled by muslims. With that track record of failure, why would anyone vote for one?
Yes, that would be a liberal. Does anyone out there have a brain? Or are we really in the twilight zone?
Rusty, my comment above, while accurate was not a reply to you. I followed the rules and made money but not what anyone would call excess, only socialists call a profit excess. I bought and sold many houses for what would be called a modest return on equity. I did however live in every one of them. My family got real tired of moving all the time but never complained about what the profit bought for them.
Yep. Well done VOWG.
And what will a 1-year LAW imposing taxes do to prevent flipping? The carrying cost of a few more months at a 2-1/2% Mortgage is hardly a deterrent. The 1-year minimum is a JOKE. Eyewash to fool a gullible public.
Today, everything is a game designed to get power for someone. That includes the whu who flu board game.
I linked to this story 5 or 6 days ago.
I will now have some cheese. It’s too early for wine (whine).
Well, a tip o’ the hat to you, sir.
Well done.
It certainly sounds as if what he did was not investing, but rather it was a business. As such, the profit he made from the sales should have been reported on his tax return as income, and not a capital gain. Is that what he reported to the Canada Revenue Agency?
OttawaMJ – my bet is he lived in each one just long enough to claim principal residence status and so avoided paying any taxes at all on the profits he was making. I doubt he reported anything prior to the 2016 tax year as that was the first year a taxpayer was required to report disposition of a principal residence. How he reported dispositions after 2015 would be interesting.
“That means 21 of the properties Noormohamed sold would have been subject to the proposed tax.”
But he’ll have plenty of time to unload his present inventory before the tax kicks in, so it’s all good.
That’s how you make money by being on the inside. Advance warning.
This guy had the money to start doing this in his mid-20s? Right. There’s more to this story.
I expect Mom and Dad got him on the ladder with House #1, the rest is just work. Flipping houses is a very good business if you’re smart and careful. One of the only viable, profitable business models left in Canada these days.
Where the disgusting hypocrisy comes in is this guy making his millions flipping houses, and then turning around to deny anyone else the opportunity. 100% expected from a Liberal.
No one talking about the LPC bankruptcy of Newfoundland or the LPC plan to tax home sales.
I inherited my parents’ house when my father died, transferring the title over to me. Because it’s not my principal residence, I’ll be liable for capital gains tax when I sell it.
I made a few phone calls to find out how to handle it, particularly with respect to its fair market value upon acquisition. I ended up hiring a professional appraiser to look the place over, ask some questions, and take a few measurements.
All I have to do now is to finish clearing the place out and putting it on the market.
This is a pretty weak hit. Buying something, letting it appreciate and then selling it for a profit is straight up free market. Doesn’t matter if it’s gold, Bitcoin or a house. Was Noormohamed a Liberal MP in 2005? 2010? 2015? What was the Liberal policy on this activity in 2005, 2010, 2015? Does Noormohamed have any influence on this policy?
This just seems like offense archaeology. I mean, if you want to go Alinsky on the Liberals, I’m on board but there are bigger and juicier targets.
New Rules, Daniel. No hit is too weak to be worth taking.
Flipping houses is bad this week because Liberals are pretending house flipping is why there are no houses to buy. Finding out that a Liberal candidate is a big house-flipper real-estate magnate is a gift. One that the Conservatives are fumbling I’m sure.
The real reason there aren’t enough houses to buy is provincial Green Belt legislation, municipal bureaucracy, taxation and corruption. Easier to blame house flippers and propose a new tax. Taxes are good, right?
Fact is he was running a side hustle when he wasn’t sitting on the boards of charities and got caught because he thought he was safe in Vancouver and didn’t think anyone in the media would take the time to do a little digging. No different than the BLM leader who was busted for buying up multiple luxury properties in the U.S. while espousing communism to everyone else.
I don’t know anything about “going Alinsky on Liberals” but I’ll call out a hypocrite when I see one.
See, it’s alright when THEY do it.
Liberal antiflipping policy that you have to live in the house for more than one year? But doesn’t CRA require one year residence anyway so you can claim principal residence exemption and thereby no capital gains tax? So the liberal policy is a sham, it’s merely the method to avoid cap gains taxes. Justin case you hadn’t realized that.