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Friday , 1 July 2016
  • Mortgage professionals urge government to proceed with caution in housing market

    Mortgage professionals urge government to proceed with caution in housing market

    Canada’s mortgage professionals caution that the federal government should avoid doing damage to the country’s housing market by further tightening mortgage lending conditions. The chief economist for Mortgage Professionals Canada, Will Dunning, dismisses the notion that bubble conditions exist in Canada’s housing markets, which would require government intervention. On the contrary, housing activity is a “primary driver” of the economy, and any steps that would take people out of the market could have adverse effects, he warns. The calls for “macro-prudential” measures to deal with the overheated housing markets are rising again, says the economist. While he acknowledges that Toronto and Vancouver are hot markets, he argues that the real problem there is insufficiency of supply. “Even if demand has been reduced by the July 2012 changes (to mortgage lending requirements), the volume of activity has been determined not by demand, but by the supply constraint. The real problem in ... Read More »
  • BC real estate industry lacks ethics, transparency; higher fines recommended

    BC real estate industry lacks ethics, transparency; higher fines recommended

    It’s a serious thing when a self-regulating body that handles billions of dollars of public money loses the trust of that public. That is what has happened with British Columbia’s real estate industry, according to an Independent Advisory Group (IAG) appointed by the government to look into the industry. Alleged misconduct, the report states, combined with the perception that the Real Estate Council is unable or unwilling to take strong action to address it, has resulted in a loss of public trust. Based on its investigations, the IAG makes twenty-eight recommendations, most strikingly that fines for misconduct by individual real estate agents be increased from the existing $10,000 maximum to $250,000, and for brokerages from $20,000 to $500,000. The chair of the IAG attributed the failure of the current state of regulation in the real estate industry to the realities of a market that were not envisioned when the regulatory ... Read More »

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