Stability fears have no support, says Fortress
According to a new report from Fortress Real Developments, some “hot button” threats to housing market stability in Canada — including foreign investors, mortgage fraud and over leveraged buyers — have “no comprehensive statistical support.”
“No government agency or private entity publishes data on international homebuyers or their source of funds,” said Ben Myers, senior vice-president of market research and analytics at Fortress, and author of the report.
“It is impossible to fully assess the impact of foreign buyers, inappropriate mortgage activity or the extent to which Canadians are responsible borrowers based on the currently available data. With the limited information out there, and our own survey research, we feel the fears of a major house price correction are overblown.”