Canadian Real Estate News Headlines (March 23rd 2019)
Hello everyone. How are you?
I provide you with Canada’s news headlines for real estate news for today.
Canada’s Largest Real Estate Markets More Bubble-Prone than U.S.’s
Remember the financial crisis of 2007–2008? It was precipitated by the US real estate industry, and falling property prices were one aspect that hit many home owners badly. But prices have generally risen considerably since then and there is talk of housing bubbles once again. The Canadian real estate market has its own, quite dramatic story.
The Canadian Government Launches Predatory First-Time Buyer Mortgage Scheme
The Government of Canada is using taxpayer money to invest in real estate at near peak valuations. The Department of Finance revealed the 2019 Budget yesterday, including new housing measures. Most notable is the First-Time Home Buyer Incentive, which allows the CMHC, Canada’s national housing agency, to become an investor in your real estate. On the surface, it seems like it may provide a boost to the market, and is a generous gift to first-time buyers. The program’s timing however, makes it a predatory loan scheme that will do more harm than good. How you ask? Let us count the ways.
Report warns of criminal use of GTA real estate due to lax disclosure
Criminals may be taking advantage of lax disclosure rules in the Greater Toronto Area to park billions of dollars in ill-gotten gains in the regional housing market according to a new report.
The report out Thursday by Transparency International Canada, along with Canadians for Tax Fairness and Publish What You Pay Canada, found that some $28.4 billion worth of residential purchases since 2008 were done through corporate entities.
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