"It is impossible to fully assess the impact of foreign buyers, inappropriate mortgage activity, or the extent to which Canadians are responsible borrowers based on the currently available data. With the limited information out there, and our own survey research, we feel the fears of a major house price correction are overblown."
Fortress polled mortgage professionals and found just 8 per cent of respondents’ clients were foreign buyers or recent immigrants; although a quarter of the brokers would welcome a ban on foreign buyers if it would avoid a housing correction.
Mortgage fraud was noted as a concern for 38 per cent of the mortgage brokers and agents. The survey found that more than two thirds of mortgage fraud is occupancy fraud or fraud for shelter.
A separate poll of the public via social media found that 42 per cent believe overpriced housing could trigger a correction.
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Some of the common warnings over Canada’s hot housing markets are not supported by statistics. The latest Real Developments Market Manuscript was written by Ben Myers, senior VP of market research and analysis, who says some assessments of the market are over pessimistic.