Real Estate News Headlines // September 18th 2016
Jethro Seymour, one of the Top Toronto Real Estate Brokers, provides you with Canadian real estate news headlines
An in-depth review of Canada’s anti-money-laundering efforts has uncovered serious concerns that organized crime is using the country’s hot real estate sector to illegally funnel cash.
The report from the Paris-based Financial Action Task Force makes special note of real estate as an area of the economy with a high risk of illicit activity, one of a few weak spots in what the report calls a comprehensive federal regime to combat money laundering and terrorist financing.
Foreign buyers are leaving Vancouver en masse, instead heading to cities like Seattle and Toronto to invest in real estate, according to numbers provided to Global News from Chinese realty website Juwai.com.
Canada’s debt fueled economy chartered into new territory yesterday according to StatCan. The latest national balance sheet show that Canada’s household debt is now greater than the GDP of the whole country.
Sales of existing Canadian homes fell in August, notching the fourth straight monthly decline, the Canadian Real Estate Association said on Thursday in a report that suggested Canada’s long housing boom has begun to slow.
The industry group said sales fell 3.1 percent in August from July, the largest monthly drop in nearly two years, as a tax on foreign buyers in Vancouver sent buyers to the sidelines and doused activity in Canada’s most expensive market.
