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Mortgage Broker News | 07 Dec 2015, 08:15 AM Agree 0
The president of Canada’s national housing agency expounded to the business community how the housing industry can greatly influence the country
  • RossK | 07 Dec 2015, 01:49 PM Agree 0
    We have requested CMHC pull this report for the misrepresentations it includes. This is the 2nd Housing Market Insight issued and the 2nd we have requested by pulled with an appropriate explanation provided publicly.

    This report suggests 29% of all condo apartments sold in Vancouver during the last 12 months were to Foreign Buyers. 16.5% in the GTA. This would mean over 7000 Suspicious Transaction reports would have been required to be completed by REALTORS and sent into FINTRAC. Since not even 10 have been sent in something is drastically wrong.

    We know it is impossible for these 29 and 16.5% levels to be reached so stating so was simply absurd and yet another example of how Canadians are mislead on how best to assume mortgage debt.

    I stress the 29 and 16.5% is right from this report, when you read what it is actually saying.

    Did MBs see 29% foreign buyers in Vancouver and 16.5 in the GTA? No....well I guess then CMHC is blaming that one on the banks??
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