adplus-dvertising
Connect with us

Real eState

Saskatoon real estate agents accused of mortgage fraud

Published

 on

A pair of Saskatoon real estate agents have been charged with multiple counts of fraud following a two-year police investigation.

The investigation started more than two years ago, according to police, after “falsified banking documents that were submitted with several mortgage applications,” Saskatoon Police Service (SPS) said in a news release.

Investigators found eight applications which included false documents at one financial institution, SPS said.

The SPS economic crime section subsequently executed search warrants in the 200 block of Palliser Court, 3400 block of McClocklin Road, and the 1100 block of 8th Street East.

Investigators found additional fraudulent documents connected to mortgage applications at several other financial institutions, SPS said.

On Wednesday a 42-year-old man turned himself in at SPS headquarters in connection to the investigation. He is charged with 17 counts of fraud over $5000.

Another man, 36, turned himself in on Jan. 9. He is charged with two counts of fraud over $5000.

728x90x4

Source link

Continue Reading

Real eState

Mortgage rule changes will help spark demand, but supply is ‘core’ issue: economist

Published

 on

 

TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.

The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.

The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.

CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.

However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.

Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.

This report by The Canadian Press was first published Sept. 17,2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

National housing market in ‘holding pattern’ as buyers patient for lower rates: CREA

Published

 on

 

OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.

The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.

On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.

CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”

The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.

The number of newly listed properties was up 1.1 per cent month-over-month.

This report by The Canadian Press was first published Sept. 16, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Real eState

Two Quebec real estate brokers suspended for using fake bids to drive up prices

Published

 on

 

MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.

Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.

Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.

She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.

The two brokers were suspended in May 2023 after La Presse published an article about their practices.

One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.

This report by The Canadian Press was first published Sept. 11, 2024.

The Canadian Press. All rights reserved.

Source link

Continue Reading

Trending