This week’s news: Does Canada’s real estate sector risk becoming a hotbed for crime?

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Photo credit Olia Gozha

Our weekly round-up of real estate news in Toronto, across Canada and the world for the week ending September 16, 2016.

 

Toronto

Bidding Wars Heat Up Toronto’s Rental Market (CityTV)

Looking for that perfect rental property to move into? Get ready for war. What was once unthinkable is now a reality in the City of Toronto, with bidding wars for residential rentals happening in all corners of the city. As both a real-estate agent and a landlord, David Batori has seen it first hand.

Toronto is Now Canada’s Hottest Real Estate Market (blogTO)

Toronto and Vancouver are two of Canada’s biggest cities, and also the countries two hottest real estate markets. But according to an economist at TD Bank, the Toronto market is now out-scorching Vancouver’s.

Building Must Undergo Safety Review After Glass Pane Falls From Condo Balcony (CTV News)

City inspectors have ordered a downtown condo building to complete a safety review after a pane of glass fell to the ground Wednesday morning.

Canada

Does Canada’s Real Estate Sector Risk Becoming a Hotbed for Crime? (Macleans)

An in-depth review of Canada’s anti-money-laundering efforts has uncovered serious concerns that organized crime is using the country’s hot real estate sector to illegally funnel cash. The report from the Paris-based Financial Action Task Force makes special note of real estate as an area of the economy with a high risk of illicit activity, one of a few weak spots in what the report calls a comprehensive federal regime to combat money laundering and terrorist financing.

Fintrac Found Significant Deficiencies at Nearly 500 Real Estate Firms: Data (CTV News)

Canada’s anti-money laundering agency conducted on-site examinations of more than 800 real estate companies over four-and-a-half years and found “significant” or “very significant” deficiencies during 60 per cent of those visits, new data shows.

Bear Mountain Readies its Real Estate for the World (Times-Colonist)

Dan Matthews is about to have millions of people peering into his back yard, and he could not be happier about it or have timed it better. The chief executive of Ecoasis, owner of the Bear Mountain development, has invited the world to check out his resort, its golf course and the potential for the community when the 2016 Pacific Links Bear Mountain Championship, a PGA Tour Champions event, tees off next week.

Revenue Canada Probes Tax Loopholes in Real Estate Speculation (CBC)

The Canada Revenue Agency is looking deeper into tax evasion in some of the country’s hottest housing markets after reports suggesting many speculators are abusing the system and not paying enough tax on their gains. The move comes after a Globe and Mail report last week on a Vancouver property speculator who paid virtually no tax on gains from millions of dollars worth of home flips during the same calendar year.

Around the World

China Sales Up, Up and Away (Forbes)

China housing is unstoppable. How many times of we read this in headline or a news lead on Chinese real estate? On Wednesday, the National Bureau of Statistics (NBS) said that new home sales in China rose a whopping 40% in the first 8 months of 2016.

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