Toronto’s Real Estate: Debt Worries

Deremigi's Blog

Today is September 14, 2016 and for most of the day Canada’s business news network has been “texting” on screen that foreign buyers have started buying Toronto luxury properties to avoid the 15% tax on foreign purchases of Vancouver, B.C. real estate. And some are even getting mortgages without proof of income. I remember some time ago before the 15% B.C. surcharge, a California based investment adviser referred to Vancouver as Van Kong because he believed that many from Hong Kong were laundering money in real estate purchases there.

Today December 10, 2014 I saw Canada’s central banker worrying about the price of Canada’s real estate as he answered questions from similarly concerned journalists. This topic, ever rising real estate prices, which most real people would consider an example of author Brendon Brown’s “asset price inflation” has been a concern for most of the period of the “great recession”…

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