Quote:
Originally Posted by yaletown_fella
Home prices in the Lower Mainland is driven by cheap money , anti development fees/policy, and intrinsic land value/ geographical scarcity.
Prices in the GTA are driven by cheap money , anti development policy/fees, and artificial land scarcity driven by the greenbelt.
If you don't believe me compare condo & home prices from each region between the years 2000-2005 (before Places to Grow had any effect)
While someone like me obviously prefers transit oriented urban midrise or highrise living, I don't want suburbanites being forced to compete with me to live In a condo as this would ultimately force me into overpaying or renting.
Let the free market determine how people want to live.
Getting rid of SFH will just artificially inflate the value of townhomes and condos .
Sellers soliciting offer dates on entry level condos for sale are a disgusting symptom of a dysfunctional housing system and disprove the myth that it's a buyers market.
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I'm not sure what is meant by cheap money? You mean interest rates?
Housing prices in Vancouver are driven by offshore money. While everyone touts the various foreign buyers taxes nobody points out how the cash still comes in from astronaut parents who have placed their kids in Canadian schools or secured permanent resident status.
And then there was little bombshell that was ignored by Canadian media:
HSBC Mortgage Fraud: Has It Affected The Housing Affordability Crisis?
������ Last Updated: February 26, 2024
✏️ Written by: Maidina Kadeer, BA
������️ Fact-checked by: Caitlin Wood, BA
HSBC Mortgage Fraud: Has It Affected The Housing Affordability Crisis?
In a startling expose, a whistleblower brought to attention a mortgage fraud scandal involving over 10 HSBC branches in the Toronto area since 2015. This prompted investigations by the Bureau and Fintrac, uncovering a complex money laundering scheme.
The aftermath of this fraud extends beyond the illegal activities, impacting housing prices and leaving both regulators and homebuyers grappling with the consequences of a widespread mortgage fraud scheme.
Though HSBC fired the individuals involved in the money laundering concerns, fraudulent mortgages point to a systemic failure in the banking sector. As millions of Canadians grapple with the persistent housing affordability crisis, the question arises: Can banks be relied upon to conduct thorough due diligence?
he HSBC mortgage fraud unfolded through a series of deceptive practices. Beginning in 2015, more than 10 HSBC branches in the Toronto area were implicated in fraudulent mortgage activities. The whistleblower, identified as D.M., disclosed that HSBC had issued over $500 million in mortgages to foreign buyers who were leveraging fake documents with exaggerated incomes.
This led to an investigation by The Bureau and Fintrac who analyzed over 48,000 transactions during the pandemic. These transactions revealed a dark and complex money laundering scheme orchestrated through the HSBC branches....
https://loanscanada.ca/news/hsbc-mor...ated%20incomes.