You Lied & Now You’re in Trouble (Peel Region Real Estate Market Update)

[@BobbySingh-sh2ss]

This was done completely with all parties knowing. The real estate agent, mortgage broker and lawyer all got paid. The buyers thought they were being helped by all three but in reality they take all the risk and the other guys get guaranteed payday. If you ever want to scam someone convince them you are helping them and you got them. A tale as old as time. Stay careful when its your signature or money imvolved.

[@smartminimalist]

Yes, all parties. The customer was also involved. They were given a contract at some point that had the terms and they knew exactly what they were signing up for rate, terms and payment amount. Also ridiculous to believe they could afford a $2MM + house on low salary. Luckily, a bank can recall the loan at any time they find fraud and I hope banks start making the rounds and closing on these fraudsters and exit them from the bank.

[@Canadian_Eh_I]

@@smartminimalist You're right but I doubt the banks call the loans...they know they cant be paid. we'll see people living in homes they dont own at a certain point much to teh frustration of renters who have to pay rent.

[@m.b5777]

It is still happening

[@AmolGharat]

This pain is very much necessary to clean up the fraud mortgage industry.

[@teamsessa]

This won’t clean it up…maybe only pause it for a bit.

[@dariusvalentine5344]

Pause? You have no clue what you are taking about. The market is damaged and yes the stupidity that has been going on since 2016… will be cleaned up.

[@walterpen371]

​@@dariusvalentine5344Correction since it's probably been having way before 2007/8, USA.

[@batralawgroup6354]

will this government let it happen😂 Trudeau recently said house values need to be retained. On the other hand talks about affordability 😂😂😂

[@ActiveRehabMobility]

@@dariusvalentine5344 Funny how you tell a person who’s been in the business for awhile that he doesn’t know what he’s talking about. A lot of arm chair quarterbacks.

[@JimBob-ne8wn]

Warren Buffett - 'You never know who's swimming naked until the tide goes out.'

[@jeffreyl2598]

Yup perfect storm brewing for the last decade or more. Housing bubble going to POP by the end of 2025

[@StephenRoss-po1rp]

To many people with money for it to crash Some regions may feel pain but to many people , not enough houses

[@vert911]

Lake Ontario doesn't have a tide.

[@viewsfromthebalconyet-al1166]

Stop being nice. They knew and still did it. What does it say about their character and morals.

[@PastelP-b4u]

"you took that opportunity away" from someone else YES. over the years. This type of fraud harmed people who want to just live and work in their communities and wanted to be above board. I have to wonder what prices would be like without document fraud. I moved far away, own outright no cheating. Would love to be close to family again one day. Thank you, been watching your content for a while, this got a subscribe.

[@jeffotoole4509]

They say it’s a victimless crime. We both know that’s not true. The amount of stories that will be coming out in the next few years will knock your socks off.

[@PastelP-b4u]

Would take a lot to shock me, Ive been calling this a bubble that would end badly for years. I don't have much sympathy for scammers and cheats, the fallout they more than helped cause inflating family housing well beyond typical T4 incomes will be affecting anyone staying in Canada, or anyone who still has loved ones in Canada for years to come. Think of all the needed talent booking tickets out with no return, businesses never started, healthcare workers DONE having to put up with all the junk our system hurled at them, while being told they're not worthy enough to buy a good quality family home. High skilled professionals without family "help" will not stay to live in their childhood bedrooms, or heavily indebt themselves to live like rats stacked in cages.

[@jeffotoole4509]

@@PastelP-b4u it was all the fault of an incompetent government and a public fueled by greed. I once tried to get a small business loan for 50,000 to buy inventory for my business. Business had operated and never went into overdraft 4 years. They turned me down flat. While that was going on leverage upon leverage upon leverage was thrown at housing. I will not be excited for people to lose their houses but I will not sympathetic either.

[@lawrenceweston922]

Well said!

[@A1MZXNX]

Easy to blame realtors, but mortgage agents, banks, govt.,buyer's, sellers everybody is in it together.

[@teamsessa]

I agree with you…except I don’t think Sellers are part of it, but they do reap the benefits.

[@corporatekhanna]

​@@teamsessaSure they are. The sellers who're selling didn't buy the house this way? The only thing is now they're adding to the supply pulling down the artificial wave so it comes full circle, well almost..

[@butwhytharum]

Was waiting for this type of video. These people need to get whats coming to them.

[@walterpen371]

Are you referring to GOODFELLA STYLE?

[@rom4486]

Now that make sense because I was wondering how everyone buying big houses , everyone is rich ?? , to qualify for mortgage today a person needs to make around $200k for nice detached house , hard to believe everyone who’s buying $1-2 million house , they all make over $200k ?? No way

[@chriswhynder8311]

how are they getting these loans?

[@teamsessa]

Simply put, they submit documents stating they earn much more. Fake employment letters, fake pay stubs, fake jobs, even fake company websites and addresses.

[@abracadabra1301]

@@teamsessa Thank You for this Explanation.

[@ELee-fr4tr]

@@teamsessaif the mortgage broker and real estate agent did a proper due diligence this would seldom happen regarding fake documents

[@corporatekhanna]

​@@ELee-fr4trThe mortgage broker IS the one doing this, so what due diligence? And the agents won't concern themselves as long as the clients have a pre-approval from the bank. I mean why would they doubt a bank and leave their business?

[@vince8520]

The more important question is: why do banks accept those mortgage applications? Is it because they can just turn around and dump them in a government guaranteed MBS ?

[@boratlion8613]

Ding ding ding bingo. Same mess US banks got in housing crisis, except in Canada CMHC has issued all banks a ironclad Put Option at taxpayers expense.

[@ptrazz11]

They new, this is why Brampton market is so bad. Selling detached houses at Semi and even town home prices.

[@charkaan9923]

In Canada you never own your property even when it’s paid off, tax man is always there

[@pr00009]

are there countries who dont charge property tax? cuz i dont think there are. and thats kinda how it goes sadly, the payments never end.

[@xyz1663]

Many countries don't charge property tax, even in Europe.

[@walterpen371]

Even after you died. George Harrison was correct about THE TAXMAN song.

[@NinjaWarriorDude416]

@@pr00009 The Dominican Republic.

[@heavyrocker58]

Muslims dont pay property taxes in any country

[@jeffotoole4509]

This video was so nice I had to watch it twice.

[@CristianEnacheRealtor]

I hope CRA comes and approves every single mortgage income document tihs year or next year.

[@parthppatel28]

Genuine people shouldn't be made to compete with fraudulent people CAUSE genuine people don't want to be in this situation. MARKET VALUE is the VALUE THAT FRAUDULENT PEOPLE are willing to pay, cause it's the highest bidder price which in most cases in GTA and big cities is FRAUDULENT. The market value must correct.

[@irveywaite5105]

My realtor recommended that type of fraud that how I lost my down don’t take financial advice from them crooks🤨

[@teamsessa]

Sorry to hear that.

[@metalslug_1143]

People resorting to mortgage fraud to buy a home , is unethical and stupid. The risk is too big and your stress level will be through the roof.

[@syedaw]

It's time to start random auditing mortgage holders and to verify everything with CRA. This is from FSRA: If you misrepresent information on your mortgage application or allow someone else to falsify documents in your name, you are committing mortgage fraud and the consequences can be severe. Mortgage fraud is a criminal offence and can result in prosecution. Let's start a movement

[@dougiep2769]

What a surprise.. everyone incentivise to commit fraud or look the other way.. same thing happened in arizona.. oh i own 3 houses and unemployed

[@jeffotoole4509]

I just imagine all the stories that will be surfacing. When the party end the hangover is going to be immense. What a mess.

[@tylerpeck8047]

A lot of realtors and mortgage brokers were caught charging fees to aid in mortgage fraud.

[@teamsessa]

And what happened to them?

[@tylerpeck8047]

Slap on the wrist because fraud in Canada isn’t being taken seriously. That is until the bill is due and sparks a financial crisis.

[@parthppatel28]

Stupid people paid 1% extra on the overqualifing amount so that the broker can get a bigger chunk of commission and person taking mortgage took it in their as*.. 😂😂😂

[@ivobiancucci4528]

Thanks for telling this story 👍👍

[@teamsessa]

No problem 👍

[@Carolinapetroska]

This happens every single day. The mortgage brokers are well aware of this fact. Often, they are the ones who 'fabricate this fake income scenario '.

[@raylagesse6143]

It's really eye-opening to hear about the consequences of mortgage fraud. It not only affects the individuals involved but also impacts the entire housing market. Thanks for shedding light on this issue!

[@janasenthilkumar6164]

Great video, no sympathy to these cheaters. Also need to ban the RE, underwriting team involved from these banks for life

[@teamsessa]

I agree!☝️

[@jay1645]

Still no signs of a major crash like in '08 north of the border. Have been hearing these stories for 5+ years or so

[@parthppatel28]

Those number are the numbers of ONLY sold property but what about that property which DON'T sell and gets cancelled or relisted and just sits there.

[@teamsessa]

What about them Parth? What would you like to know?

[@parthppatel28]

@@teamsessa I was saying that the system is a bit flawed that way because average price only reflects houses that sell but those which don't sell means their price was rejected and there should be a way to reflect that inventory.

[@teamsessa]

Active Listings reflect the number of properties not sold. I don’t see the value in knowing the average list price of Active Listings…list price is a wish or a loss leader, and sold price is real.

[@ELee-fr4tr]

@@teamsessaexactly, active unsold prices are reflective of a wish and not reality.

[@hashoes3294]

I make 145k a year a decent income I’m looking to buy a 500k condo with 180k down. My peers are stressing with the same income and 800k mortgages no vacations sold all their assets to but stressed out can’t buy new things it’s really sad.

[@impactfully5714]

I’m not surprised and don’t have sympathy for these people. They messed around and now they’re finding out

[@nbellis4396]

The best Toronto real estate channel... Straight facts!!! now, to ensure our wonderful goverment doesn't bail out anyone and allows supply and demand to do its thing....🎉🎉🎉

[@teamsessa]

We can only dream.

[@AndrewStaniszewski-zl8lw]

Right on ! Everybody will get what they deserve.

[@kunal8520]

The main culprit is the govt. they don’t want prices to fall. It could not be very difficult for govt. to ask banks to get the income assessment directly from CRA. But they would not do it for all the reasons we know They can atleast make blind bidding illegal and make bidding process transparent I personally know people making 50k having 4 homes in GTA

[@teamsessa]

It’s nuts.

[@walterpen371]

I agree with you since our laws can be broken by crooks. The justice system in our country is a shame and another major reason for so many (crooks) to want to come to this country. TAKE THE MONEY AND RUN AWAY.

[@kunal8520]

@@walterpen371 I agree. I came as a student myself few years ago. As a single person working 2 full time jobs. I am comfortable not being able to qualify even for the cheapest homes in GTA, not breaking the law and having a good nights sleep. I almost hate thinking or having conversations about housing market now. There’s no hope unless I can be one of the crooks which I’d rather not. Its sad for honest hardworking citizens

[@luminyam6145]

Excellent video, thank you.

[@lawrenceweston922]

These are also the same people that also paid over asking!

[@dracolnyte]

santos laying down the reality hammer

[@SuperJusttoday]

Thank you! The true will make you free

[@vincentbenedetto1892]

This is a massive chunk of the market lol. Alot of people that couldn’t afford. Bought lol

[@teamsessa]

That’s correct.

[@vincentbenedetto1892]

@@teamsessa to be honest. Most people got the max that they could afford ( first time homebuyer) at the lowest rate and obviously not with the banks. When people are making 35 bucks an hour buying houses for 800 k plus. There’s only one way lol

[@vincentbenedetto1892]

@@teamsessa it’s sad because most felt if they didn’t they would never get the chance again. They just let it go to far

[@vert911]

Define massive. What percentage of GTA mortgages are fraudulent? I'm trying to determine what's to gain from blowing this out of proportion. You guys must think the banks are ridiculously dumb.

[@xyz1663]

@@vert911Over 90% is fraudulent in some parts of the GTA.

[@mediaburn2]

Lots of homes that have been empty for years are getting listed where I'm at.

[@leinad5243]

TD agent told me give me 2k to qualify...I told him to FO ...I have AAA credit...creep...but the question is how many deals did he do and does he still work for^TD...idk

[@EmilyHamsterLover]

mortgage is a fraud, so how can someone commit fraud to an already fraudulent organization. huh

[@kevinn1158]

The market is rolling over. You can see it in the condo market. It will bleed into the freehold market in the months to come.

[@IvansBikesBmws]

Very well explained!

[@dineshmalla3651]

The truth has to prevail sooner or later. Real estate is a trap. First the interest was low and now it has gone through the roof which has made owning a home suicidal.

[@xyz1663]

@Santo: Thank you for making these comments. Your quality of character has been made clear. Much well earned respect to you! All most of us want is just a fair market where prices are set by LOCAL supply & LOCAL DEMAND. It is critical to both society and the economy that housing prices are set by TRUE LOCAL salaries/wages. We simply want a RE market without mortgage fraud, forgn. speculators, inter. laundromats, over the top immigration floods with purposefully designed back-doors, and political corruption benefiting developers and lenders. Simply, the way things used be since Canada's inception up to 2000.

[@teamsessa]

I would love the same thing.

[@vert911]

Sounds like you don't make enough money and want home values to come down to your level. Santo knows very well that the majority of mortgages out there are not fraudulent, regardless of your interpretation of this video. Supply and Demand DOES control the market and prices. Home prices will NEVER be set by wages as long as YOU are willing to drive your pickup truck 6 hours a day to earn a living. I think your problem is you are now competing with a million new Canadians, for homes, and for jobs.... but the bankers on Bay st. are perfectly fine in their 2m penthouse a block away, and wont complain about immigrants stealing their lunch. In 40 years you will be Old Man Simpson screaming at Cloud meme.

[@leinad5243]

In the states it was called NINJA mortgage...brokers got rich...

[@louismartin4446]

time to pay the piper!

[@Aitch-102]

Fun fact: Immigrants can go bankrupt, FO home and the Canadian tax payer will sit with the bill. 🤣

[@sincereahmed8816]

nobdy really forgets the price of what you are buying. Come on now.

[@SalamNaser-c6h]

And the worst is they overpaid for those houses also.

[@teamsessa]

Yup.

[@danielwebb5082]

Are you seeing a lot of these situations manifesting themselves on the market?

[@teamsessa]

We don’t always know if buyers committed mortgage fraud, but when they call for help and we learn about the problem, we can take a good guess at how they purchased.

[@Sfa838]

Who willing to mortgage Two million dollars house? This government help to boost the housing price

[@rickyrundev]

😮Lie won't take one much further, because we are living in a perfectly architected Universe. If people are brave and patient enough, ultimately everything will fall into it's place.

[@leinad5243]

So wat they go BK just like the other pros...there sre no consequences

[@bradc32]

how many genuine buyers were outbid by the cheaters frustrating

[@walterpen371]

I think as this fiasco continues we as a society might have to go back to the good old days. Paying the guy PROTECTION MONEY CAUSE THE GODFATHER INSISTS ON HEARING OF BAD NEWS IMMEDIATELY!!!!!!!!!

[@luckycharm8888]

Its been normalize and an open secret for past 4 years to pay someone in the bank for $7K-15K to qualify single income earner for a mortgage of 600K and above!

[@leinad5243]

No way...😮...regulators know...did nothing

[@jody-ne7xs]

These will be all 60% off in coming years.

[@heavyrocker58]

How bout exposing the money laundering.

[@camels9654]

This should be in Hindi as that is the demographic this video applies to.

[@misterserf]

I don't think Bramptonistanis would like Hindi imposed on them. More like Punjabi.

[@vert911]

It's sad that there is so much focus being put on the stories where people lied and got in trouble. How about we start telling stories about how families who didn't lie ended up being sold a mortgage product where the lender made profits, and those profits were used to pay for professionals that, being the professionals they are, saw the red flags in the economy but had no issues encouraging their employers to keep appraising, keep approving, and driving those profits higher and higher right up until the music stopped. The mortgage industry needs regulation, but not to combat fraudulent borrowing. I guess until then lets keep pumping those fraud stories to pander to the masses of hopeful first time homebuyers angry at the system. Let's make people think everyone in trouble is a greedy dishonest profiteer. Let's channel everyone's anger away from the system, and onto a few bad apples that make up a microscopic piece of the pie. This has become the Canadian way.

[@Mark-xk3zs]

There is greed on both sides of this coin, both on the homeowner side with too high a percentage of the population putting their eggs in the real estate always goes up basket so invest, and too many banks and lending institutions that see dollar signs with people willing to get so deep in debt for property. And, there is also some victimhood going on with the people who bought and now blame the institutions, the system and everything else. Even in the most corrupt system, I would put more onus on teaching people to make responsible choices and decisions than on asking institutions, banks, etc to do so. We are the masters of our own choices, we need to stand up and take it on the chin if we got caught in this mess, and learn from it, and make better decisions going forward. Pushing for systematic change is fine, and pushing for internal change in your mind and learning from this is also required.

[@ivobiancucci4528]

Now if that person paid over asking for their property it's still their fault for getting SCREWED

[@xyz1663]

You admitted a few days ago in another thread that you're a tax fraud. you should be in jail.

[@vert911]

@@xyz1663 whoa. Salty today XYZ. If you are referring to my comment on the vacant home tax, I was not talking about myself. Was referring to landlords in general. But that's my point... if one of us is doing it, apparently we are all doing it.

[@realismatitsfinest1]

I'm glad I'm mortgage free.

[@teamsessa]

Congratulations.

[@OK-kw4rv]

A bunch of haters in the comments wishing bad on ppl that did this. Why? It's not their fault prices are so high and that its so difficult to legally qualify for a mortgage. Ppl making 100k plus a year are having trouble qualifying. Dont be mad because you are too afraid to do what they did. The system is rigged. They just tried to find a way

[@KHAN-gg3xb]

If you’re not cheating you’re not trying

[@teamsessa]

I don’t think that’s a motivational saying.

[@pr00009]

......... if you are cheating, you are not worthy of living in that house

[@nwabuezeozuzu6370]

​@pr00009 they don't. They pass the added costs to renters

[@Canadian_Eh_I]

lmao

[@richarddawson5836]

I have zero sympathy for anyone who lies on applications for a mortgage. Banks should expose people who try these scams so they can't just go try it with another institution. It hurts honest people who are struggling to do it the right way.