Quote:
Originally Posted by Ludepower
With cash in hand its not hard to get your desired unit. Knowing the right realtor will get you VIP access.
The general public are window shopping who dont have enough to pull the trigger.
What needs to stop is the bulk buying and verification on who's buying for record purposes.
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Correct - realtors and groups that have access early ALWAYS get first dibs (hence VIP) before public - just like any sales event, friends and family gets first pick at Sports Check sales, Ford family pricing, etc etc. Nothing surprising here.
Verification
FINTRAC , ID tracking, and AML is done like with any large financial transactions by any real estate group. Having worked at banks before as well, CREA (Canadian R/E Association) is also a self regulated industry.
In terms of record, FINTRAC is interested in anything with regards to drugs, trafficking, criminals. Insider trading unlike equities and publicly listed companies - isn't a good analogy for real estate deals.
If a transaction is done at deemed fair price for both parties, it doesn't matter if its pre-arranged and doesn't get to public rounds. Unfortunately demand still far outpaces supply when it comes to presales.
Mass buying - clearly units are marketed overseas but alot are still local buyers. Butterfly was #localfirst here, but does that really matter if $1.3M 1br 500ft was sold here first - how many can actually afford it?