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“Conceal estate” comes at a heavy cost—analyst

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Ephraim Vecina | 07 Mar 2016, 08:15 AM Agree 0
Growth in Canada’s red-hot real estate markets has benefited only rich buyers and foreign investors, according to a long-time market analyst
  • | 07 Mar 2016, 01:35 PM Agree 0
    May be a "perfect" job for the Fintrac people rather then creating mountains of paper work created by Realtors
    for the little old lady who sold her home of 50 years, we must assure Fintrac (under penalty if we fail to) that she isn't a
    terrorist, drug dealer, or laundering money . Make them earn their wages on something useful. John M. BC
  • Nick Slezinski | 07 Mar 2016, 03:10 PM Agree 0
    I agree, the Perfect Place & Time for FINTRAC to start earning their bucks is now , in order to show everyone what they are all about ! They certainly could set the tone ti weed out some "snakes " . FINTRAC was set up for exactly for issues such as we see presented here ! Shadow purchases do zero to help the working people and only the "big bucks" buyers and sellers benefit in a major way ! ! I do not feel the extra paperwork required does much to protect anyone as far as 80 % of deals completed in past several years . I also feel that a huge tax on property flippers profits should be implemented . My personal opinions, of course !
  • | 08 Mar 2016, 10:04 AM Agree 0
    Fintrac's problem is that transactions through a law firm's trust account are exempt from Fintrac reporting.
  • Hans | 08 Mar 2016, 01:29 PM Agree 0
    If the rich owners of luxury properties are paying their taxes,realestate fees, transferr taxes, and managment fees when they are absent from properties, how is that different than huge companies owning hundreds or thousands of properties both commercial and residential in the same areas? My opinion is that if more people who really can not afford to buy in this area buy where they can afford to, instead of wanting the government to provide the funds by penalizing the rich with more taxes.
  • Dean | 14 Mar 2016, 11:27 AM Agree 0
    John BC, I totally agree with the comments about Fintrac. Basically, we pay taxes to a government who won't enforce the law on foreign investment and puts the burden on realtors to do the job we pay them to do.

    Hans, it isn't a level playing field. China artificially pegs it's currency to the US dollar (which is higher than the CDN dollar). Now they bring their money here contravening Chinese laws on taking money out of China. Our government allows the money coming more or less with little or no due diligence. Let's not even get into cost of central banking and low interest rates. Here is a great resource on what's going on in the world of finance etc. - Dean, ON

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