Time for your weekly cheat sheet on this week’s most important stories.
Canadian Real Estate
The Canadian Government Launches Predatory First-Time Buyer Mortgage Scheme
The Government of Canada is taking steps to provide first-time buyers assistance, through “equity lending.” The move would see the government provide new homeowners with up to 10% assistance to buy a new home. It seems generous, until you look at when these programs are traditionally created. Moves like this are designed to reduce capital overhang, and transfer property from distressed homeowners to people that can afford to shoulder a loss for longer.
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Billions In Toronto Real Estate Bought Anonymously, With Funds Of Unknown Origin
Looking to money launder some cash? It’s remarkably easy if you’re doing it with Toronto real estate. A new report from Transparency International Canada looks at corporate ownership of residential real estate in Toronto. They then look at the methods in which the deals were funded. Companies without clear beneficial ownership used over $20 billion in cash, funneled through methods that circumvent anti-money laundering controls.
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New Home Prices Fall Across Canada For The First Time Since The Great Recession
Canadian new home prices are falling for the first-time in a decade, according to Statistics Canada. New home prices fell 0.1% from last year, right across Canada. Toronto made a larger drop, falling 1.53% from peak. Vancouver fell a little further as well, making a 0.28% decline from peak. The size of the decline isn’t significant, but it is the first time we’re seeing a decline since the Great Recession.
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Canadian Real Estate Prices Go Negative For The First Time Since 2009
Canadian real estate prices are falling negative for the first-time since 2009. CREA reported the benchmark fell to $615,300 in February, down 0.13% from last year. Much like the decline in new home prices, the size of the decline is not significant. However, the decline is the first seen since before the Great Recession.
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Toronto Real Estate
Toronto Detached Prices Down Over 10% From Peak, Inventory Rises To Multi-Year High
Toronto’s detached prices are down significantly from their all-time high. Greater Toronto detached prices have fallen 13.55% from the peak hit in May 2017. The City of Toronto fared slightly better, but is still down 10.77% from the peak hit in the same month last year. This is a large drop for any market, but considering the price of these homes – this is likely a loss of nearly 6 figures for many peak buyers.
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Vancouver Real Estate
Vancouver Detached Real Estate Down Over $174k, Fewest Sales In Over 20 Years
Vancouver detached real estate prices are dropping, and fast. The price of a detached home across Greater Vancouver hit $1,443,100 in February, down 9.7% from the same month last year. There were just 448 detached sales in February, down 27.9% from last year. In addition to the brutal price decline, this is also the fewest February sales since 1998.
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I almost 70 years old, being born in Canada and live in the Fraser Valley Vancouver to which I’ve seem many changes over the years, some good but many unfortunately not.
Shortly before the Chinese mainland government took over Hong Kong, a large number of Chinese criminals moved their enterprises to Vancouver. They’re call triads and 14 K was a major “investor” in Vancouver. This has had a profound effect of the lively hoods of Canadians.
These very wealthy crime organizations bought “front” companies to launder their drug money. They used Canadians as the front owners of these companies.
How to tell a front company from a legal comp.
1) Front companies never go public.. public comp. have to show yearly public financial statements.
So front comp. have no access to Wall Street fiances.
2) F.C. buy companies that have high traffic, so it’s easy to launder money unnoticed
3) F.C. never use bank borrowing, as banks require statements
4) F.C. always are expanding and always have cash to expand…good times or bad times F.C. companies are always expanding. Notice: Regular business privately owned find it very hard to expand, and with or without bank loans it’s almost impossible. So growth by a private small business is very marginal. Growth as in acquisitions.
5) F.C. CEO when meeting business partners is always at a very obscure/ clandestine location. The driver or pilot is never allowed to see or take photos of these “other people”. This is quit different than a normal CEO that likes himself filmed at the “Hot Location”
6) F.C. companies will often use false border movement of “goods” to expand sale of goods, thereby allowing laundered money to increase. A trucker may find that he’s taking goods from “A” and taking them across the border to point “B” then a day later taking the goods from “B” back to “A”.
7) The CEO. of a F.C. often lacks formal education , if any at all…and many are surprised how this low level employee is now the head of an immense comp.
Canada needs to clean up this mess..It may take 10 years to eradicate the criminal eliminate , but it will be worth it… For all Canadians need to be free and safe.
Theres a reason the triad “gang” left HK for canada during the handover to china.
They knew a much bigger and powerful gang/group of criminals was moving in on their turf (chinese polituburo).
For every 1 billion the triads launder through canada you better belive the corrupt chinese politiburo are laundering 10 billion worth of bribes/fake loans.
You constantly see the same restos under “renovation” every 6 months, not many people inside and its an easy way to launder money out of china through “investment”.
So many “students” driving 300k cars your head would spin, but hey if you were stealing from chinese taxpayers and the money was all tax free in canada you wouldn’t bat an eye either.
This country will pay dearly for this through a hollowed out tax base as the younger generation can see the scam in real estate and many skilled locals will be moving overseas.
You all deserve whats coming next, massive wealth taxes and raiding and/ or defaulting on your pension funds as the future tax base exits.