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Money laundering and bidding wars, is there a link?

Since early July we have experienced again a rise in prices and in demand in Real Estate. Buyer’s are very strong in their willingness to Buy. Sellers are worried to be trapped in the unknown on what will be coming next with the COVID and are anxious to put their home on the market. We are, as Real Estate Professionals, experiencing with clients bidding wars on the Seller side and on the Buyer side too. I recently experienced 26 offers on the same place! This could lead some clients to buy in an out of the market price value. And in this case, it was $250,000 over asking! Obviously, there are many reasons for that, but one of them might very well be money laundering! In the Toronto Sun of June 11, 2020, we are informed that the feds have introduced new regulations requiring Canadian realtors to name suspicious clients, according to Blacklock’s Reporter. Amendments under the Proceeds of Crime And Terrorist Financing Act target transactions of $100,000, and over, saying in those cases realtors will be required to “determine and verify” names and addresses of clients or “beneficial owners.” As a note, Realtors are already required to do so. The only method that is working world wide is “Know you client” or getting to know them. ” The report called Canada a “la la land for financial crime.” The new regulations will be coming into effect June 1, 2021. In my opinion, one of the best ways to protect Canada and Canadians from Money Laundering is to have only full-time professionals in my industry. It is a full-time commitment to ensure that every transaction is done in the most professional manner. Bully offers coming from unexperienced Realtors with clients they just met, is not exceptional. Experienced money laundry actors know how to play with the system.

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Our real estate market and the Millenials? Let's be ready and listen to them today.

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A beautiful Christmas story:)

As we are getting nearer to Christmas I would like for once to share with you one of the numerous beautiful stories that Micro-Finance brings to the world.

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How big is the tax bill hiding under your roof?

I recently had the privilege to be one of the co-organisers and the moderator of a seminar on the subject principal residence exemption (“PRE”). Ren Henderson, chartered accountant and certified planner, commented on the last developments in regard to this exemption.

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Why lenders may refuse your mortgage application?

With the changes taking currently place in the market and in the mortgage rates, banks are becoming more and more cautious in lending money.

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The Costs to Update, Renovate or Rebuild

This morning I am willing to share with you a very interesting link giving us information about the cost to renovate or rebuild.

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La Maison, a shelter to be safe

I am proud to sponsor and support La Maison. La Maison, founded in 2013, is a shelter in Greater Toronto serving Francophone women and their children who are facing family and domestic violence.

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Will Ontario tax foreign real estate investors?

We all know that British Columbia has just enacted a new tax on foreign real estate investors. The question now is whether Ontario is likely to follow the same route.

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Interim occupancy: what does it mean?

Some of you may have seen the expression “interim occupancy” recently but without really understanding its meaning. When people buy a condo, and may move in it, their home is ”not theirs yet.”

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When your new home is on a just sold card!

As a client you have the right to keep confidential your identity, your property and the contents of the agreement, especially the price, when a property is sold.

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