Why Mortgage and Real Estate Fraud is Rising in Canada!

Mortgage fraud caught on camera impacting Sky-High prices in Canada’s housing market. Will this mortgage fraud lead to the next mortgage crisis and housing crash in Canada? Find Out What the CRA Owes You: bit.ly/3ECAUlM
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A recent investigation by CBC Marketplace uncovered a ring of real estate agents, mortgage brokers, and even bank employees complicit in mortgage fraud, who are raking in astounding amounts in fees from naive new Canadians.
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0:00 The Brampton Loan
4:22 Mortgage Fraud in Canada
7:25 Consequences for Buyers and the Market
It is no wonder some real estate agents, and their teams will go great lengths to secure a sale, seeking out vulnerable newcomers that are eager for homeownership in Canada. New Canadians are particularly vulnerable to real estate fraud, as they may not thoroughly understand the home-buying process and are less likely to be approved for a mortgage from major banks because they lack sufficient credit and employment history in Canada.
But some agents are evidently willing to fabricate mortgage applications, charging an additional 1% of the mortgage in addition to the standard commission fees they’re already earning from the sale. As interest rates rise and house prices drop, these buyers are most likely to default on their payments and that can put further downward pressure on the housing market through panic sales
Buying and selling frenzy that drove Canada’s luxury real estate market to new heights during the pandemic continued to cool over the summer. In the Greater Toronto Area, residential real estate market, sales of condominiums, semi-detached and detached homes priced above $4 million fell 42%
Vancouver’s market also came off the boil in the third quarter. Inventory “evaporated” and sales of homes above $4 million fell 51% from the record set last summer. In Montreal, the luxury market balanced out after sales climbed a record 71% in the first half of the year
Demand-side policies and taxes, including bans and taxes on foreign buyers, will offer little benefit, while creating unintended consequences in Canada’s Real Estate market
Mortgage Fraud in Canada Investigation: bit.ly/3VJprad
Disclaimer: This channel is for education purposes only and opinions expressed in this video are based on personal research and should be treated as such. These are not instructions, suggestions, nor directions as to how to handle your money. The facts and figures presented in this video are up-to-date based on the recording. These may have changed based on when you watch the video, please, always do your own due diligence! The description of this video includes Affiliate links (I get paid at no cost to you for trying out a particular service.)
#canadianhousingmarket #mortgagefraud #fraudalert