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Why are comments #114 and #115 downvoted into oblivion? Right now 114 has 3 upvotes and 29 downvotes and 115 has 4 upvotes and 25 downvotes. Those commenters didn’t say anything offensive or rude. All they are doing is expressing dislike for CIBC’s practice of enabling people from China to circumvent China’s capital controls.

@ Rainmaker – a very logical and entirely possible underlying reason this dirty money transfer goes on

Wow hey @95, my original post (post #32) was also downvoted to oblivion, looks like a lot of readers are trying to hide the fact that, as @95 said, “…banks are coming up with ways to circumvent China’s capital controls. It may not meet the technical definition of money laundering, as Patriotz pointed out, but I agree with what someone else wrote that that is really just nitpicking (or arguing about semantics). The banks are helping people violate the law in China.” @ 81 says “…It’s unbelievable that the government of Canada knowingly allows major Canadian financial institutions to assist Chinese foreign investors to break China’s $ transfer laws. And as well no checks on the whether the $ was ill-gotten? What other countries is Canada doing this to? You would think diplomatic relations would suffer at least. Once again… Read more »

New ads from all realtors:

Buy! Buy! Buy! before May 1, 2014 when CHMC new rules come in.
This will create a hot housing market in next two months.

#104
I still believe that this monster will crash under its own weight
Or, maybe it will be death from a thousand paper cuts.

# 106
Everyone is a little edgy.
—————–
Of course, everyone is, especially the Realtors.
They know this thing will blow up soon.

I question the low listings recently reported by the Real Estate Board.
I monitor the SFH RE activity in the following areas in Richmond.
Westwind, Steveston Village and Steveston South.
In the last 3 weeks, not a single new listing has been posted for these areas.
Pretty strange, because these are generally very active RE areas.

You gotta give them credit (pardon the pun)…..they came up with an idea that makes no difference whatsoever — not to buyers, not to the industry insiders, and not to the government politicians —- but which does give them the appearance of at least being awake and proactive…..which will be a handy defense when the eventual post-mortem and ash-sifting occurs. Golf clap.

@ 99

absolutely riveting stuff, huh? now back to our originally scheduled programming…

Here is the key statement:

For the average Canadian homebuyer requiring CMHC insured financing, the higher premium will result in an increase of approximately $5 to their monthly mortgage payment. This is not expected to have a material impact on the housing market.

OTTAWA, February 28, 2014 — Following the annual review of its insurance products and capital requirements, CMHC will increase its mortgage loan insurance premiums for homeowner and 1 – 4 unit rental properties effective May 1, 2014. The increase applies to mortgage loan insurance premiums for owner occupied, self-employed and 1-to-4 unit rental properties, including low-ratio refinance premiums. This does not apply to mortgages currently insured by CMHC. CMHC’s capital management framework is consistent with international practices and Canadian guidelines for mortgage insurers. Increased capital targets are consistent with Canadian and international industry trends and makes the financial system more stable and resilient. “The higher premiums reflect CMHC’s higher capital targets” said Steven Mennill, CMHC’s Vice-President, Insurance Operations. “CMHC’s capital holdings reduce Canadian taxpayers’ exposure to the housing market and contribute to the long term stability of the financial system.”… Read more »

CMHC to increase mortgage insurance premiums:

https://www.cmhc-schl.gc.ca/en/corp/nero/nere/2014/2014-02-28-1100.cfm

Because politically it looks terrible, especially if this is dirty foreign money. China is trying to stop the flow of corrupt $ out, Canada is assisting the process.

Why is Bo Xilai’s comment #38 downvoted into oblivion? It IS troubling that banks are coming up with ways to circumvent China’s capital controls. It may not meet the technical definition of money laundering, as Patriotz pointed out, but I agree with what someone else wrote that that is really just nitpicking (or arguing about semantics). The banks are helping people violate the law in China. Canadian banks have no obligation to follow the laws in other countries (funny how that doesn’t stop them from conforming to FACTA, which is US policy). But to actually devise strategies intent on circumventing laws in another country seems to cross the line. Maybe I could be convinced that this would be a good thing if it serves some public interest or moralistic good (like helping someone escape anti-gay laws in Russia, for example).… Read more »