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Mortgage Broker News | 09 Sep 2015, 08:12 AM Agree 0
This case may be highlighting a gap in the regulation of the Big Five – something that could have inadvertently limited Canadian access to affordable housing
  • Henry | 09 Sep 2015, 11:04 AM Agree 0
    This is a other reason for the real estate bubble.
  • Peter | 09 Sep 2015, 11:10 AM Agree 0
    I understand BMO is financing many of the big purchases from Chinese buyers in the lower mainland of Vancouver. 65% LTV and no questions about income or residency. My appraiser contact said most of the appraisals he does for +1.5mil properties are for BMO and Chinese clients. I thought the rules had changed for the big banks but obviously not. $500k isn't buying them a condo but somehow they are financing multi million dollar homes through our banks.
  • Layth Matthews | 09 Sep 2015, 11:32 AM Agree 0
    I realize it's irritating for those who want to live in downtown Vancouver or Toronto, but the influx of millions from foreign investors is success story for Canada. It raises the equity of existing home owners and stimulates surrounding communities where 1st timers can buy. Note, they come here because our laws are predictable and our environment is still relatively clean. We are effectively exporting our benign culture and holistic values. I predict this trend will only increase and diversify origination points, in the global warming future. Look at the demographics, immigration is the friend of the housing industry. Now, it would be nice if more immigrants actually wanted to live here year round. How many refugees are we welcoming?
  • Just Jack | 09 Sep 2015, 02:31 PM Agree 0
    Most of these transactions would be cash deals. If there is a mortgage placed on the property then that may in addition to money laundering be mortgage fraud. If the bank is facilitating these transfers then they too would be subject to a substantial fine. Now that Canada has an agreement with China to split the assets of money launderers you can expect the banks to self regulate themselves better. Banks got away with it because up until the beginning of the month it wasn't profitable for Canada's government to act.
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