Vancouver mayor seeks Ottawa’s help to prevent real estate fraud

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Vancouver’s economy is at risk because of the city’s out-of-control housing costs, so Ottawa needs to make sure it is doing the maximum to prevent real estate fraud, Mayor Gregor Robertson is warning the federal Finance Minister.

“I often hear from residents about fraudulent practices connected to home purchases in Vancouver. Though many of the stories shared may be anecdotal, they speak to a growing anxiety that warrants a robust response to ensure the public has full confidence in our regulatory systems,” the mayor wrote in a recent letter to Finance Minister Bill Morneau.

Mr. Robertson, who wrote to request a special meeting in British Columbia with Mr. Morneau and provincial representatives to discuss housing solutions, also warned that housing prices in Vancouver are still disconnected from local incomes.

Read more at The Globe and Mail

This article is summarized by Canadian Fraud News Inc.