daniels mpv condos floor plan.Does Canada check the sources of funds for overseas home buyers? Canada will follow the United States and Australia to thoroughly investigate the sources of funds for overseas buyers, and properties with unclear sources of funding will be confiscated and auctioned to offset congressional spending.Please Visit: daniels mpv condos floor plan to Get Your VVIP Registration Today!
According to relevant sources, Canada pointed out that this move can not only make up for Canada’s increasingly deficient treasury, but also slow down the trend of excessive rise in local house prices.
The average house price across Canada was around C $720850 (3.6243 million yuan) in November 2021, up 19.6% from the same period last year, according to the Canadian Real Estate Association (CREA). As of December 15, 2021, Canada’s benchmark selling price (benchmark sale price) had climbed to C $790600 (about 3.977 million yuan), Bloomberg reported.
Online information does not have a specific source, only the use of “Canadian name” and other extremely vague expressions. A keyword search around “overseas buyers of Canadian real estate” (Canada real estate foreign buyer) on Google failed to find relevant reports, official statements or government documents that showed Canada’s decision to thoroughly investigate the funding sources of overseas buyers within nearly a year.
In Canada, the government department directly responsible for the supervision of real estate transactions is the Ministry of Finance. Searching the Canadian Ministry of Finance’s website for information related to “real estate” does find a budget report related to enhanced regulation of property purchases, which mentions that in order to improve the access of federal law enforcement agencies to home purchase data at home and abroad, the federal plan is to allocate and strengthen cooperation with local governments such as British Columbia to combat “tax non-compliance” and “money laundering”.
The report will be released in March 2019. In other words, Canada has been planning to tighten its regulation of real estate transactions at least two years ago.
In May 2019, the Canadian local government, represented by British Columbia, approved the landowners’ Transparency Act (Landowner Transparency Act). The Act requires all eligible companies, trust beneficiaries or business partners to complete the declaration of their real estate ownership by November 30, 2022, in order to build a publicly accessible property registration system. The move is intended to deal a fatal blow to the rampant real estate money laundering in British Columbia in recent years.
Last August, on the eve of Canada’s 44th Federal House of Representatives election, Canadian Prime Minister Justin Trudeau unveiled a new housing plan on behalf of the Liberal Party, saying he would deal with soaring Canadian house prices by increasing housing supply and restricting foreign buyers.