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Mortgage Broker News | 13 Jul 2016, 08:15 AM Agree 0
B.C. authorities estimate that only 3 per cent of home buyers in the province are foreigners, and that only 2.5 per cent are Chinese
  • A Canadian citizen | 13 Jul 2016, 09:57 AM Agree 0
    In Toronto Vancouver, Canadian govt is clueless , helpless and have absolutely no idea of how to control the situations
  • Mortgage Guy | 13 Jul 2016, 10:13 AM Agree 0
    Banks are facilitating this trends offering favourable rates at 65% LTV. No question asked, automatic funding regardless of the impact. Many of this is money laundering from bribes in China, they are looking for a safe haven to park the money before getting caught.

    In Toronto, many are having difficulties carrying the debt and adding high interest private loans on top of the bank financing. BMO recently funded a $1,000,000 home to a cleaning lady, the down payment came from China (borrowed). It is disgusting what I see these days and banks are the culprits.
  • Dan | 13 Jul 2016, 11:40 AM Agree 0
    One large FI used to have a 'foreign student' program, not sure if they still do. Qualifications were:
    - 35% downpayment
    - Confirm sufficient assets to cover payments for the term of the mortgage
    - The applicant had to confirm they had a student enrolled in a Canadian school (elementary to university, and all levels in between)
    So the homemaker and student articles we're hearing in Vancouver are no surprise.
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