Wednesday, September 14, 2016

This Day In Clarkland...Where Are The Data Mr. De Jong?



Just where are those foreign buyer numbers Cookie Dough Mike promised us?

After a speedy start, it seems it’s taking much longer for the province to release new data on homes being bought by foreign nationals than it has in the past.

New numbers haven’t been released since mid-July, even though the finance minister had agreed to produce the data monthly...


Why are Canadian Banks furiously pumping helium into the Lotuslandian Real Estate Bubble?

First linked story from Jill Drews of CKWX 1130.
Second linked story from Kathy Tomlinson of the Globe....Ron of all obviousness has a follow-up...Here.



e.a.f. said...

IF THOSE mortgages are uninsured, then the banks don't care if there is a default. You and I get to pick up the pieces.

The mortgages may be there so foreign owners can transfer money to pay their monthly mortgages and bring money into the country at the same time, without being too obvious about it and the banks willing to not pay attention. You bring $10M into the country in one chunk, people have to notice. Send it over every month as a mortgage payment, who notices.

Christy doesn't want to look into money laundering and foreign assets leaving their home countries illegally. Neither does the CRA. However, if a Canadian suddenly has a big new house and living the life of O'Reilly the RCMP some times comes calling, hey you must be a drug dealer and they confiscate your belongs. Now if you're a foreign national doing the same thing, that seems O.K. You do wonder why no on is having a look at the procceds of crime thing.

Some of the e.g.s which were given by Eby in the Province this week and the evening news today, there is something very wrong in B.C. Christy and her cabal made money while the rest of the citizens of B.C. are busy trying to find a place to live and keep their head above water. of course if the housing bubble was to crash before the election, that would not do. it is doubtful the Feds will look into it until after the provincial election. As I recall Christy's ex M.M. has ties to the federal Liberal Party.

Anonymous said...

bc libs dont care about the ethics of money source?And you trust them because?

Anonymous said...

The Globe and Mail has been running article's for the past few weeks on this subject. Interesting that the average Canadian does not seem to qualify for a mortgage even with income verification, while a foreign buyer has no problem. Turns out income verification for some foreign buyers, is waived or overlooked because they can't get verification...
So where is Fintrac, the AML/CTF compliance, for money laundering and or anti terrorism financial compliance?
Auditors and bank employees have come forward to the CRA, to advise of suspicious transactions in some cases of real estate financing.
Have government's been aware of this...apparently yes, and for quite some time. The CRA is now actively involved in a major investigation of this real estate "quagmire, but only after numerous complaints of shadow flipping and suspicious financial deals.

Is or has the Crown been negligent in enforcing financial policy and regulatory requirements? Furthermore, is the Crown an unwitting participant, in an illegal money laundering operation, controlled by foreign nationals?

Has the average Canadian been shut out of particular real estate markets, because we are "forced to" follow rules while "organized" foreign buyers, subvert economic policy and laws that are supposed to prevent money laundering, and the funding of illegal or even terrorist activities?

Those are serious questions of both federal and provincial governments involved, the reputation of the Crown has been placed into a questionably difficult position.

At the very least I encourage other readers to look at the articles, and yes Norm Farrell's articles as well.

The question becomes, "Is corrupt governance at the provincial level and perhaps even the federal level involved?

If foreign nations can easily subvert financial laws and regulations in this country, organized crime obviously would have no problem either.

Canadians have a right to be incredibly angry with this, and indeed any government that turns a blind eye to it.

Bring on the corruption enquiry in this province...seems its desperately needed....