RBC issues warning over foreign money in real estate

Foreign money “distorting” the country’s biggest housing markets is bad for Canada, RBC’s CEO warned Tuesday.

Bloomberg Canada reported that at an RBC-hosted conference in New York March 6, David McKay said, “We do not need foreign capital using Canadian real estate as a piggy bank. If capital is coming in to sit in a home, unproductively, and is distorting your marketplace and the livelihood of your residents — no thank you.”

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As sales plunge, Canada’s housing market struggles to adjust to new mortgage rules

2018 hasn’t been kind to the Canadian real estate market so far — national home sales dropped steeply in January, and remained weak in February. According to a new report from RBC, it will be awhile before most markets get back on their feet.

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Jethro Seymour, one of the Top Midtown Toronto Real Estate Brokers, provides you with Canadian real estate news headlines ( March 11th,  2018)

Photo:Scott Webb



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Jethro Seymour, Toronto Real Estate Broker.  Search Toronto's live MLS listing here.