http://www.statcan.gc.ca/tables-tableau ... 7a-eng.htmzakarydoks wrote: ↑Apr 27th, 2017 2:53 pmCompliance for loans in the millions is strictly enforced. The notion of geting millions of dollars deposited into your bank account from falsified documents is overblown. People geting those loans have substantial equity, high quality collateral or guarantees, and almost flawless credit history.
Do you really believe a $1.5 million house is so excessive that people would need to lie and cheat? The world economy grew exponentially and pulled millions out of poverty in the past 4 decades. It's a miracle really. Only socialists would deny this and only Canadians could be so oblivious to its consequences. Humor me and imagine a world where most potential buyers have substantial capital available to them then the real estate market doesn't seem so excessive.
Fraud exists in banking but it's impact on real estate is overblown because Canadians cannot fathom people can accumulate massive amounts of capital ethically. If you are rich, you stole it, give me some handouts now, is how Canadians think. It's simple but not easy, work hard, save, and invest diligently, sometimes over multiple generations. Time for Canadians to stop scapegoating banks and foreigners and work for what they truly desire and lack, dignity.
Median house hold income. it's a bit dated but I can't imagine that figure to be $200k now.
Generally how much do banks give as a loan, 3x 4x 5x of income.