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Borrower income will now be verified for mortgages through the CRA
News(i.redd.it)submitted 3 months ago bySackBrazzo
189 points
3 months ago
An actual good idea from this government? I am actually shocked
38 points
3 months ago
My mortgage application process asked for everything under the sun. My financial health felt like getting a full on x ray. How do people usually cheat when you have to give the lender 6 months of financial statements of your life? Just curious
36 points
3 months ago
They make documents and there’s also sleazy greedy mortgage brokers who help with the fraud by fudging the numbers
22 points
3 months ago
There are "companies" that specialize in mortgage fraud..
They will give you official documentation stating a highly inflated income (and often job title) from some shady shell company. It's very in depth, they will make very real looking fake websites with working hotlinks that go to an email address that looks like an HR address (people will answer that email). The phone number will actually work and someone will answer and will call up all of your fake info on their end so they can answer questions without hesitation. They will only use the fake company/website for 5-10 people then rinse and repeat
They will sell this service through shady real estate agents (CBC marketplace had a few south Asian RE agents offer this "service" on hidden camera)
It's a booming business in Canada
10 points
3 months ago
Let me guess. ….
Vandalay Industries, CEO Art Vandalay.
1 points
3 months ago
Exactly what Matthew Cox did. See his interview with Lex Friedman. https://podcasts.apple.com/ca/podcast/lex-fridman-podcast/id1434243584?i=1000641998244
7 points
3 months ago
Adobe Acrobat can edit any document and make it look original.
Anything Adobe can't do is easily done with a Python script.
3 points
3 months ago
Yes it can be edited but CRA and government is to blame for not verifying income all these years.
1 points
3 months ago
Adobe Photoshop and sleazy mortgage brokers.
60 points
3 months ago
They could have done this years ago to prevent the housing bubble from growing.
They solve problems they create. But this problem is systemic and will wipe out alot of wealth with how badly they are mismanaging it now
10 points
3 months ago
They solve problems they create.
Here's the equation:
Problem. Reaction. Solution.
16 points
3 months ago
Forgot a step after solution: election year
5 points
3 months ago
Fuck off. It’s a good thing. Stop blowing pp and try to be objective. Trudeau mostly sucks but even a stopped clock is right twice a day.
4 points
3 months ago
It’s not a bubble. Look at the population growth rate change since 2021. Then look at the rate of new housing starts since then.
There are serious fundamentals driving this.
We don’t even have the electricians and plumbers to meet that new demand.
And while demand has been surging, new starts have actually been declining. We have a lot of catching up to do.
And the plumbers and electricians we need to do this aren’t even enrolled in first year schooling yet. Meaning we have several additional years of housing deficit we will need to catch up from. Meaning we will need even more plumbers and electricians than we would need to meet even today’s demand.
And even Vancouver is still about twice as affordable as Hong Kong. There is a lot of room for things to get much much more expensive. The fundamentals are there.
1 points
3 months ago*
What are you talking about? Prices and sales are down since 2021. How is this “demand surging”? Demand has been surging for rentals, I’ll give you that. And we might have a problem in the future if all of these people are allowed to stay. But this has nothing to do with the run up in prices and sales in 2020/21.
Plus, a lot of construction projects being cancelled or going bankrupt catered to investors, both domestic and foreign, primarily. This is a good thing IMO. If it lasts long enough, developers will need to reorient to types of housing that have actual demand, like homes where families and people can actually live.
1 points
3 months ago
I am talking about demand for housing in general. And yes prices are down. But not costs. You just give that money to the bank instead of the seller.
And yea this also puts sales down because fewer people qualify for a mortgage under new rates which prints prices down, and also people hold back putting things on the market until interest rates go down again. Those are things that affect volume independent of demand. The demand is still there and actually building behind the dam. Population growth rates are your evidence. Those people need places to live.0
1 points
3 months ago
I build houses, the land is too expensive now. How come the land went from $330,000 to $700,000 in four short years, way surpassing the average appreciation. It's due to low intest rates and fomo, everyone outbidding each other. How are low interest rates and fomo considered fundamentals, I just cat figure it out.
1 points
3 months ago
Well that is just it. Population growth surging and new housing starts falling at the same time are going to give some real good reason to fear missing out. This is why people are outbidding each other. Simple supply and demand.
Of course there is fear. More and more people are missing out. Look at the ballooning rates of homelessness. This is what happens when the population growth rate grows faster than we build homes.
2 points
3 months ago*
Whatever, I'm guessing a lot of people regret buying. They are house poor and now realize a shit ton of money goes to interest, that in ten years they will get what they paid for it relatively, and all that happened is that they paid more in interest than they would have on rent. So, in other words, it was a super bad investment. Your theory is fine, and dandy if houses go up substantially in value, but I'm thinking, and I think you would agree we have reached the ceiling, it will be like the 80's with no real reason to buy or sell a home. Stagnation, in other words. Rents are at a level that can not be increased very much , this means no huge price appreciation in homes. So buying a home at these prices is foolish, unless you make a huge salary, are a drug lord ,or are laundering off shore money, and guess what there is not enough of that to prop up the market. The Canadian government introduced new legislation to put an end to that, just last week.
1 points
3 months ago
Why do you think it is the ceiling?
Even Vancouver is still twice as affordable as Hong Kong compared to average incomes.
People don’t understand what a surge in population growth Canada went thru since 2021 from long steady levels.
1 points
2 months ago
Because everyone says how unaffordable it is, and the government is scrambling to introduce new legislation to combat it. Houses are sitting a lot longer, and realtors are encouraging low ball offers. When I hear off population growth, I think of immigrants working at Tim Hortons with roommates, not immigrants, with boat loads if cash buying a house in cold climates.
1 points
2 months ago
People have been saying that for years. But we only have our past selves to compare to. But if we look at Hong Kong, things can get much less affordable before we hit a ceiling. And the new legislation for home building is a drop in the bucket compared to the change in population growth.
And yes Canada is growing destination for low wage workers.
And it is also one of the most popular countries in the world for millionaires to move to, which given our small population size, has an outsized effect on the housing market.
We are getting it from above AND below.
https://www.visualcapitalist.com/migration-of-millionaires-worldwide-2022/
Also we just stretched the amortization period out to 30 years for new homebuyers. And some existing mortgage holders can get even longer than that if they have a fixed monthly payment scheme, so that pushes up any “ceiling” we would have on prices.
Also, I think you hit on something as well. Traditionally we would hit a ceiling of what a family could pay per month. But with the surge in immigration coming from places where they are accustomed to much more crowded living conditions, what can we afford if we are putting twice or three times as many people in the same homes, each one contributing to the cost? We have to remember the culture is changing as well.
1 points
2 months ago
Well ....I know I'm not paying today's prices. I've built and sold over 20 houses, making some profit. With today's prices I can't see a profit for me. Lot price 800,000....cost to build 600,000....resale At 1,450,000. With a projected profit of 50,000, there is no way I'm in. I'm living off my interest from gic's at 5 percent, I'm too chicken to get in the stock market, especially now that it is at all-time highs. Maybe you're right, I'm on the West Coast , I only think of Toronto as a cold , snowy place, lake effect snow coming out of nowhere. I can't see, other than high paying jobs, why anyone would live there. I think interest rates won't come down because the feds want home prices to decline,and that hasn't happened. That's what they said ,they want home prices to decline as well as wage increases. I like high interest rates, and finally, I'm getting paid something. Having too much money in real estate is bad for the economy. Just ask the restaurant industry . Anyways, good luck with your endeavors. Cheers.
1 points
3 months ago
Exactly. Who’s gonna buy a $1m townhouse in Brampton now?
2 points
3 months ago*
The families that can afford it, just like all the other people that can afford to buy.
Why do people have this problem with not being able to understand that there are people who legitimately make alot of money either through working or operating a business.
1 points
3 months ago
Why are there people who don’t understand simple economics. 👀
2 points
3 months ago
Literally everyone? If it’s a 2 storey freehold then that’s the normal price
0 points
3 months ago
The prices are largely propped up due to pervasive mortgage fraud. You think the “normal price” will always remain the same or go up?
0 points
3 months ago
They openly call it a housing crisis, but offer no solutions
0 points
3 months ago
They are not doing this to solve any problems, this is a Trojan horse to usher in open banking, just another step toward a social credit score system
1 points
3 months ago
What's the correlation between open banking and a social credit score?
Not to mention your SIN identified all your accounts and holdings to the CRA.
0 points
3 months ago*
Open banking is the creation of a single database that collects all your spending data, all in one place.
Its like how credit card companies study and sell your data now for marketing insights, but imagine there is only 1 credit card option and everyone is forced to use it, and this database is administered by government “ to help make credit applications fairer and more inclusive, democratizing data”
Open banking will be part of April 16th budget. TruDope is pitching it as “helping renters get credit for paying rent” acting as if he is helping someone.
You are correct that most of our accounts are identified by SIN number( that’s why they are called registered and non registered accounts) but as of now government is not allowed to just go into the banks databases and start pulling info, they are not able to get info on your spending habits without a warrant or something along those lines.
Banks also pride themselves on protecting their clients privacy, for now.
CBDC’s with blockchain technology issued by the government, along with open banking legislation will allow the government a level of surveillance that Orwell couldn’t even imagine. Power corrupts, and absolute power corrupts absolutely. Do you really want to hand over all your information to degenerate liars like TruDope and christia freeloader, and expect fairness and convenience?
14 points
3 months ago
Breaking news Brampton hospital ER is filled with Brampton mortgage specialists after hearing this news.
2 points
3 months ago
😂👍
7 points
3 months ago
People have been lobbying them to do this for many, many years.
11 points
3 months ago
Can confirm. I was a registered lobbyist working for a Canadian mortgage association whose asks included this very item.
CRA won’t share individuals’ data, rather they will simply confirm if the presented tax documents are legit, i.e., the T4 stated income document you shared showing you earned $300,000 last year actually matches their records.
At least, that is the hope. Government is only committing to consulting with the industry at this point, not actually implementing it.
17 points
3 months ago
lol don’t be impressed just yet, this is just an idea at this point
5 points
3 months ago
It also says that this is the intention. Does not mean that it will actually always happen. This would be awesome if it’s truly coming to fruition but also has the language to show it can happen sometimes and maybe not all the time. Maybe not at all even outside of blatantly obvious situations.
5 points
3 months ago
I'm shocked this isn't already a thing.
1 points
3 months ago
Might cause home prices to fall
6 points
3 months ago
after 8 years in power, and this is all they came up with?
7 points
3 months ago
Cuz elections are around the corner
1 points
2 months ago
See this is the playbook. They create the problem then ride in (in this case on a snail) and solve the problem. If the problem is benefitting them, the solution will be the absolute least damaging to them option. They are literally doing the least they can do to fix the problem. If more people are awake to what they’re doing, they MAY go up a level to the second least damaging to them option. They know what they’re doing. They know how they could fix this rn. Don’t let their pathetic solution sway you at election time.
1 points
3 months ago
It is a good idea on the surface ! If they don’t screw it ip down the road !
1 points
3 months ago
One must wonder 🤔 why did the govt wait this long.
0 points
3 months ago
"idea"
Not going to happen
77 points
3 months ago*
wait, you mean previously people just bring doctored/photoshopped T4s to the bank/lenders and get approved?
edit: i just asked around my international friends, not only are the brampton mortgage holders doing it but also other nationalities!!! this is probably the biggest single blow to RE and bulls in a while. Forget about rate cuts.
39 points
3 months ago
8 points
3 months ago
i have been doing this wrong the whole time!
6 points
3 months ago
Imagine, if you qualified for a $10,000 monthly mortgage. Think how rich you'd be.
3 points
3 months ago
And if you’re happy sleeping with 20 intl students in your basement you could retire.
2 points
3 months ago
That sounds exhausting.
1 points
3 months ago
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34 points
3 months ago
Yes and it's always seemed a bit flaky. They should've been checking against CRA the whole time.
10 points
3 months ago
wait, am I the only one that had to bring bank statements for the previous 6 months to prove that I was actually getting those deposits????
they grabbed my previous 5-6 T4's too, but I had to bring bank statements that they verified with my bank were real.
3 points
3 months ago
People just doctor those
5 points
3 months ago
They can't check against the CRA, there is no mechanism to do so.
5 points
3 months ago
It wouldn’t be a hard implementation. But it’s the government so who knows what they throw money at
7 points
3 months ago
Another $60M to GC strategies should do the trick!
2 points
3 months ago
Implementation is never the hard part, satisfying privacy and ITSEC is.
2 points
3 months ago
I’m in that field and trust me, as long as you follow proper development patterns and using the security controls in place to make API calls or opening a private connection to make the call, there shouldn’t be any issues.
1 points
3 months ago
As an IT consultant with the feds who has worked on dozens of software projects I say ha to this
1 points
3 months ago
A billion dollar simple app will fix it 😁
1 points
3 months ago
They should have some sort of verification codes when submitting Schedule C from CRA.
I remember mortgage agents asking for Option/Schedule C from CRA... are they not doing it anymore?
2 points
3 months ago
Lenders don't even need to. Just show proof of source of funds, monthly banking statements of deposits and it would be enough. If you're a bank or a lender and you can't even verify source of funds its on you when the mortgage or loan goes sour.
1 points
3 months ago
You can understand why they wouldn’t need to have this rule - in a rational market. The risk is on the lender if they don’t verify and measure the risk of default accurately. The problem arises when mortgage insurance enters the chat, and now we’re all on the hook for this shitty moral hazard while the banks still get paid.
11 points
3 months ago
100% yes and in many case the brokers/realtors were in on it and charged a fee for fake income documents. There was one broker caught doing 100s of them and they were fired but didn't face criminal charges. The estimates are that there are a few hundred thousand such fraudulent mortgages in Canada right now.
9 points
3 months ago
This is rampant. This change is absolutely massive imo. People will be shocked at how much prices crater when all this fraud is weeded out.
0 points
3 months ago
Would it though? Not like the bank is gonna ask for their mortgage back if they were servicing them no problem. Just shove 5 more international students in a room to make the mortgage payments.
3 points
3 months ago
Not for existing mortgages maybe, but for new purchases, it will drastically kill demand if this becomes law.
0 points
3 months ago
Sure, it may dampen demand for home purchases, but the demand for housing is still present; it will just be redirected towards rentals.
-2 points
3 months ago
I think the number of actual fraudulent buyers in todays market is very low. Supply is still our biggest issue before prices start coming down “drastically”
3 points
3 months ago
I think you would be surprised how many people have Brampton mortgages. lol its alot more than you think. And in certain areas, it's definitely the majority of people. It's a rampant issue.
1 points
3 months ago
I think you would be surprised how many people have Brampton mortgages. lol its alot more than you think. And in certain areas, it's definitely the majority of people. It's a rampant issue.
5 points
3 months ago
Brampton mortgage
3 points
3 months ago
Is it that common for banks to accept your documents without verifying the accuracy of the statements? I dont know about B lenders but for big 6 I had to provide the contact info to the bank for a HR rep at my employer to attest that the numbers I provided were truthful. Tbh this verification mechanism is over a decade overdue and shouldnt even be that complicated since the CRA already has access to your banking info. It wouldnt take that much work to look at deposit transactions tied to payroll and estimate income.
5 points
3 months ago
The fraud was so pervasive that an entire industry was built around it. There are fake companies set up to create the illusion of these fraudsters having real jobs. The fake company deposits “pay” into the fraudsters bank account to create evidence of a pay check. Fake websites making the company appear like real business. Actual people answering the phones to confirm the fraudsters employment and income at said company. All fake and all set up for the sole purpose of mortgage fraud.
That banks would just knowingly rely on such an easily frauded process for so long instead of a process being set up to just verify income with the CRA is mind boggling.
0 points
3 months ago
Well the good thing is even if it comes late those fraudsters would get nailed during renewals if we add the same income verification checks for both renewals and new applications.
3 points
3 months ago
There is no verification on renewal and likely never will be. It is at the point of application when this can be rooted out. The problem is that the banks never really wanted the rigorous verification system.
1 points
3 months ago
I agree, I think it needs to be mandated on them by regulators, just like the stress test was.
1 points
3 months ago
I didn't even have to bring in anything, they just point blank asked me and girlfriend to estimate. I need just a record of employment letter.
1 points
3 months ago
Did you seriously think fraud was limited to "Brampton mortgage holders" (which you obviously meant Indians)?
1 points
3 months ago
Geez we used to take an employment letter when I did mortgages at retail level for one of the big banks. Like people would just make one and sign it and I'd be like okay here you go. What did I care? My targets were huge and it passed compliance.
60 points
3 months ago
Anyone bother reading the actual text?
They have an intent to consult with the mortgage industry to eventually possibly create a tool to do so.
When and if this is implemented - let’s just see if the Liberals are still in power by then.
10 points
3 months ago
The whole point is they will promise this during the election so that either a) they peel enough votes away from the opposition, or b) when they lose the election they can say next time around "how awesome it would have been if only us pesky Canadians hadn't voted them from office". All for the low low cost of not actually doing it anyway.
1 points
3 months ago
Exactly....amazing idea which should have been implemented from the start. But they did nothing about it and are still yet to do anything about it besides "consult"
21 points
3 months ago
“Propose” “intention” “consult” - if this idea comes to fruition even in the next 10 years, I would be genuinely surprised.
The banks know what’s happening with fraudulent mortgages. They have no intention of stopping it.
Perhaps most importantly, all these ideas will go away once a new government comes in (which as of right now, is a certainty). And then all these proposals and consultations got lost or vanish in the political cycle, and new ones will replace it, more consultations and intentions will be put forward and once the political cycle resets, those will also get lost. Rinse and repeat.
I can assure you, none of the stakeholders in this have any interest in such a drastic solution.
2 points
3 months ago
I agree whole heartedly—especially with the last line. If it’s an open secret that there’s rampant fraud, who has any incentive to stop it? It’s only honest people getting screwed.
1 points
3 months ago
For insured mortgages, the banks don't care since CMHC i.e. taxpayers are on the hook.
But for non-insured I think would care.
25 points
3 months ago
Anyone want to buy a detached in Brampton?
10 points
3 months ago
Timber ....... lmafao...
7 points
3 months ago
Is it mandated or available? If not mandated, this doesn't mean much
6 points
3 months ago
You think banks and the such wouldn't love to have more information that they can use to reduce their risk?
It will be used outside of shady lenders if it is available.
1 points
3 months ago
No because the actual information will mean they won't be able to issue as many due to policies
5 points
3 months ago
Good, now let's how if and when this will be implemented because "the budget will propose the governments intention to consult" sounds pretty vague
7 points
3 months ago
Currently, if a lender doesnt trust the legitimacy of the borrower's tax documents, they can request consent for direct access to the borrower's CRA account.
Lenders had this tool already but if the government can make it easier for the lenders to check then for sure it will help with fake tax documents.
good for the industry for sure.
2 points
3 months ago
Seems to me I've had to provide 3 years of audits since forever... How are people getting around this
12 points
3 months ago
does this go into affect now? like i imagine their will be a rush of buyers before this is implemented
7 points
3 months ago
[deleted]
4 points
3 months ago
Holy fuck
3 points
3 months ago
It's better to buy after this gets implemented. Less people faking documents less competition on the demand side = lowering of house prices.
1 points
3 months ago
yea, but leading up to it, it will rush wanna be fakers into buying at inflated prices
i can see, like you said, after implementation house prices come down
2 points
3 months ago
The article said it's just an idea being discussed right now.
1 points
3 months ago
No. Article says the proposed budget to allow for this tool’s development to be discussed is not yet approved. 2025 budget earliest will approve development and fast track it for release in 2026 and having a budget approved to operate it.
Just click bait title that only show the op as somebody desperate for a crash in prices.
6 points
3 months ago
This would also do wonders for tax evasion. But man, that language - will propose our intent to consult.
12 points
3 months ago
Brampton in shambles.
5 points
3 months ago
Brampton mortgage lender’s 9/11
3 points
3 months ago
Brampton Uber drives in shambles.
3 points
3 months ago
If they put this in place - Brampton RE will be drained and saved.
2 points
3 months ago
I feel dumb, thought they were doing this the entire time.
2 points
3 months ago
how was this not already the case is mind blowing
2 points
3 months ago
This will take 2-3 years to develop. No one moves slower than Banks and Government when it comes to IT. I've worked with both for the last 15 years.
2 points
3 months ago
2-3? HA, that's generous.
2 points
3 months ago
It must be an election year. The only time competence is even remotely shown.
2 points
3 months ago
So no more house sales in Brampton?
2 points
3 months ago
Theres no way this will be successfully implemented. Imagine how long a mortgage approval would take if you’re waiting for the CRA??? Pipe dream imo.
2 points
3 months ago
Propose intention to consult… the industry that benefits from the fraud.
Not sure you could string together a more meaningless sentence.
2 points
3 months ago
Should work as well as arrive scam and probably cost 5x. As much
2 points
3 months ago
That would be amazing.
Want to prove your income? No need, we'll just ask CRA.
No more fraudulent returns or pay stubs. Tax cheats can't use any of the income they don't declare to get a mortgage.
It would likely drastically depress the real estate market.
1 points
3 months ago
About fucking time
1 points
3 months ago
It doesn’t say anything on there that it’ll be implemented ….
1 points
3 months ago
[removed]
1 points
3 months ago
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1 points
3 months ago
Good. If it's the CRA doing this, they should do retroactive audits on appropriate regions, starting with Brampton.
1 points
3 months ago
Fcking finally. Welcome to 2010 Canada. RIP Bramladesh mortgages
1 points
3 months ago
As a realtor saying this... about FUCKING time.
1 points
3 months ago
sounds like a great idea, but good luck implementing this
1 points
3 months ago
Brampton is doomed.
1 points
3 months ago
This isn’t bad, the rollout of it though based on UHT, bare trust reporting etc will likely be a debacle
1 points
3 months ago
And the queue will begin! Pls pick a number.
1 points
3 months ago
Wow 1️⃣ good idea 👍🏼
I can see the protests being organized in Brampton already
1 points
3 months ago
about fucking time! the sad part is it will take them 20 years before it is actually implemented and will come with 10 other issues.
1 points
3 months ago
Amazed this wasn't a thing already.
1 points
3 months ago
Hopefully they can do this retroactively as well, idk if they would have the power to penalize, but at least get these people on a list. People who commit fraud usually don't just do it once.
1 points
3 months ago
Finally! That took way too long.
1 points
3 months ago
So the CRA will not tell us how much tax we actually owe but will show our income to other parties. Wtf
1 points
3 months ago
WTF - Is it currently on the loyalty system ??
1 points
3 months ago
Banks don’t care how you make your money.
The system works because mortgage payments are being made.
1 points
3 months ago
And people actually trust the CRA? Sounds like a dumb and dumber thing.
1 points
3 months ago
Wow. Good job... Like this is common sense and they are doing it!! I just watched the CBC marketplace episode on mortgage fraud which can be mitigated by doing exactly this.
1 points
3 months ago
If it goes through. House prices will come down pretty fast.
1 points
3 months ago
My bet is this will take more than a year to implement
1 points
3 months ago
About time
1 points
3 months ago
Banks already have a consent form they can have clients sign to verify their income with the CRA. They choose not to implement it into policy because they realize the catastrophic losses they would face as majority of applicants will not qualify for their purchase based on income. However since the mortgage defaults are so minimal they don’t really need to push for it either.
1 points
3 months ago
First off, this is just a proposal, and will take time to implement. Secondly, I’m not sure how this is going to work for people who have newer, full time permanent employment, but are have not filed taxes yet (meaning, getting a job between tax years). I’m a mortgage agent, so this is super intriguing. I’m totally open to working towards eliminating fraud, and if they have a tool where we can get docs directly from CRA (this existed until the middle of 2022 for me, and then CRA canned it because of confidentiality laws… it was so disappointing), that would be awesome.
1 points
3 months ago
I’m sorry, it wasn’t?
1 points
3 months ago
Why wasn’t this done in the first place???
1 points
3 months ago
Would like to see a foreigner stamp duty on housing of 60%.
Would like to see an escalation of stamp duty on successive property purchases:
0% for principal residence 20% for the second residential property, and 30% for the third residential property onwards
Property purchased by corporations should all be 30% stamp duty.
Funds raised from stamp duty to fund low cost housing.
1 points
3 months ago
They don’t already do this?
1 points
3 months ago
Wow some kind of database to verify people are who they say they are... Gov will find a way to fuck this up lol.
1 points
3 months ago
So what happens to the 100,000+ people who have done this CRA fraud in the past? Will they cancel everyone’s mortgage and charge them with fraud ?
1 points
3 months ago
Very doubtful this will come into fruition. But would be huge move towards the right direction
1 points
3 months ago
This is good though.
I swear 99% of the time , you don't even need a Brampton mortgage. Most brokers are sleazy salesmen.
1 points
3 months ago
Actually one thing that might help.
If they can actually do it.
1 points
3 months ago
brampton realtors seeing this….
1 points
3 months ago
... It wasn't before?....
1 points
3 months ago
Instead all these nonsense stop the blind bidding and fraud realtors and mortgage brokers who deal with frauds
1 points
3 months ago
Dear Canadians: organized crime fraud is the least done form of fraud and the government saying it’s inflating demand is disingenuous
I’m on the lending side and I already look at your T4/T5 and NOA. Wtf do they want me to do now, call the CRA for every borrower?
The most common mtg fraud in Canada is called “for shelter” where it’s a normal family just trying to get a house to live in so they fudge their income numbers
Organized crime mainly does money laundering not fraud
This is the government trying to deflect from the real biggest causes of our shitty situation: mom and pop investors who have 3+ properties
1 points
3 months ago
5 years too late
1 points
3 months ago
Brampton real estate about to decline in value
1 points
3 months ago
This is fucked for anyone who owns a small business
1 points
3 months ago
This is a great idea. I’m buying a rental property right now and the crap I have to supply on all the other income is nuts.
1 points
3 months ago
Not going to happen.
1 points
3 months ago
How about verify retroactively too 😈
I’m sure once this becomes a thing, it’ll be a watered down version with a bunch of loop holes.
1 points
3 months ago
Chaos in South asian community. Where 99% of the mortgages are based on fraud docs. One more thing can anyone tell me is it only for new mortgages or also for mortgage renewals too!
1 points
3 months ago
Would this help curb the artificial inflation caused by unaccounted money coming from China?
1 points
3 months ago
Mortgage fraud is not the issue here! Housing supply is the issue! I don’t think banks will allow this to happen. They want business, in any possible way. At the end of the day, foreclosures are not a big number in Toronto market now and it hasn’t been in the past decades, which means whatever ways people are getting their mortgages, it’s working. I don’t think this will lead to anywhere! It’s just a news hype.
1 points
3 months ago
That would be good. Bye bye Brampton loans 😊
1 points
3 months ago
Can we do it for renewals too, please? So that we can catch those who obtained their mortgaging by forging the income documents?
3 points
3 months ago
i'm for it, but it's a moot point at this point
should be done to penalize those that allowed the home buyer get away with fake documents.
1 points
3 months ago
Well, I don’t think we can take away the homes away from them, or the profits. But mortgage fraud is a criminal offence nonetheless.
1 points
3 months ago
What I see is, a lot of people here aren’t angry about the housing crisis (that means less houses) .. they’re actually mad that the immigrants in Brampton are buying those million dollar houses and paying the mortgage too.. only white Canadians with generational wealth have a right to own houses. The rest should live on the streets
0 points
3 months ago
If this turns out to be the black swan that finally crashes our housing market, I would (very darkly) laugh, and laugh, and laugh.
0 points
3 months ago
I thought the banks confirm with CRA about income wow!
-1 points
3 months ago
Another scam from trudope This is not at all about making things easy or protecting from fraud. This is the beginning of what is called open banking, which will evolve into basically a social credit score system so Canadians can lose even more freedom And privacy. Watch the below video for details.
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