Realtor fined for flipping property
A Vancouver realtor who bought a False Creek condo from a client then flipped it a month later for $95,000 more than she had bought it for has been told by the B.C. Supreme Court to repay her profit to the original owners.
XXXXX and her realtor husband XXXXX with Sutton-Killarney Realty were sued by a couple who put their condo up for sale in the summer of 2005.
The couple had purchased a new home in West Vancouver and listed their condo for sale at $529,900.
They had accepted an offer for $517,500 but the day the offer was to go through it collapsed, the court was told.
At this point XXXXX and her realtor husband XXXXX decided to purchase it themselves. The couple testified that they were assured by XXXXX that the apartment wouldn't be flipped but would be kept by the realtors as an investment.
Six days after XXXX took possession of the condo it was listed for sale at over $100,000 more than she had paid for it.
Justice Janet Sinclair Prowse found that XXXXX had breached a fiduciary duty she had with the couple and ordered her to repay them the profit of about $70,000 she made in flipping the property.