Wednesday, December 13, 2006

Bill 152 - Real Estate Fraud

The Ontario government has passed a bill that increases the penalties for mortgage and real estate fraud, yet they deny the increasing problem. The new law enables mortgages and titles obtained under fraudulent means to be null and void. This is a step in the right direction, but mortgage fraud is a growing problem, with the current maximum fine being only $1000.

A conference in Toronto has pointed out Canada as "a world leader in mortgage fraud." This is not a positive thing. The conference of law enforcement officials says more has to be down about real estate fraud, as the reward is much higher than the risk involved in the crime.

Tackling Homelessness

Vancouver has a growing problem, the homeless. As real estate prices rise every corner of the lower mainland is being developed. Single Room Occupancy (SRO) Hotels are being converted, or replaced by new Condos that sell for hundreds of thousands. The displacement of people is something Vancouver must deal with before it gets out of hand, and they are taking note from places like San Francisco and New York.

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