Hello, everyone.
I provide you with Canada’s news headlines for real estate news for today.
Legal loopholes give Canada a bad name when it comes to money laundering
According to Financial Post,
On May 26, a West Vancouver lawyer was found guilty of professional misconduct by a Law Society of B.C. disciplinary panel for allowing $26 million from unknown sources to flow through his trust account.
The panel found the lawyer ignored “a sea of red flags” and never asked the source of funds or where they were deployed. He admitted there was “risk involved” so he charged a tenth of one per cent of the amount, but did no legal work for the client.
This is how “money laundering” or “terrorist financing” can be easily accomplished in Canada. Lawyer’s trust accounts can be used to bypass the legal scrutiny of banks and of regulators, tax officials, or law enforcement agencies.
The detail is here.
Will China’s tightened capital controls pop the housing bubble?
According to CBC News,
For years, headlines have screamed warnings that Canada’s housing bubble risks bursting, drying up the foreign investment fuelling the market’s frenzy.
This month, the limit on foreign currency transactions in China was lowered to $9,000 to increase scrutiny on investment money flowing out of the country.
Some fear it could be the catalyst that finally causes Vancouver’s bloated real-estate prices to collapse.
But what if it’s not? Market analysts say there’s something much bigger fuelling the demand.
The detail is here.
The cooling GTA housing market means new buying and selling strategies
According to CBC News,
Day of multiple bids, overnight sales and unconditional offers over, for now
The detail is here.
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Jethro Seymour, Toronto Real Estate Broker, Looking For Best Davisville Real Estate Listings? Contact Me!
Also published on Medium.
