Vancouver Liberal candidate flipped dozens of homes for profit, records show
Liberal platform on housing cites flipping as a source of rising housing prices
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 news was first reported by NEWS 1130 in Vancouver.
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.
"This will reduce speculative demand in the marketplace and help to cool excessive price growth," the platform reads.
While Noormohamed's real estate dealings are completely legal, his past actions appear to be at odds with the Liberal platform on flipping.
Candidate says he's 'fully committed' to housing affordability
A staff member from Noormohamed's campaign said that Noormohamed is unavailable for an interview. In a statement, Noormohamed confirmed that he had been involved in flipping, but he affirmed his commitment to the Liberal platform on housing affordability.
"I am fully committed to making housing more affordable across Canada, and right here at home in Vancouver Granville," the statements reads. "Last week, Prime Minister Trudeau announced the most ambitious plan of any party to make housing more affordable – and I will work hard to make that plan a reality."
"While I have had business activities improving homes, I have been consistent in my support for measures to make housing more affordable and, as the MP for Vancouver Granville, it will remain a priority."
Noormohamed is currently the CEO of jane.com, an online retailer, according to the website. He has also worked as a government official, according to the bio on his campaign site.
He ran against Jody Wilson-Raybould in 2019, after she got kicked out of the Liberal Party and ran as an independent. She won that election but is not running again.