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New statistics released by the Toronto Real Estate Board once again confirm everyone didn't just wake up to a shortage of land overnight.
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Getting a first-time mortgage from a Canadian bank is like getting security clearance to work at NORAD. Income, credit history, source of down payment funds... are all key measurements to qualifying. These rules, of course, only apply to Canadians. Foreign buyers, some have speculated this week, may be receiving preferential treatment.
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Today, the ever-changing urban demographics and hot real estate markets occasionally lend people the opportunity to invest in a condominium with the intention of selling it for profit. This practice is also known as speculating. Many ordinary people become speculators during periods characterized by strong demand.
The Liberal Party promised to "undertake a review of escalating home prices in high-priced markets -- like Vancouver and Toronto -- to determine whether speculation is driving up the cost of housing, and survey the policy tools that could keep home ownership within reach for more Canadians." But this may be one of the first promises to fall by the wayside.
Arguably the most important threat facing the world right now is human-caused global warming. Common sense dictates that this issue be identified and addressed, but the technocrats' obsession with an economic plan is divorced from the reality of increasing planetary disasters.