One of the more shocking examples was the University of B.C. “student” who bought a $31-million house a few years ago in Vancouver.
There were also the nine different international students who snagged $57 million in mortgage money from Canadian banks to buy posh dwellings across Metro Vancouver.
This is not to mention the countless other proxies who somehow obtained gigantic mortgages from Canadian banks without having to provide evidence they earned an actual income.
How can this happen even as ordinary Canadians find it a challenge to prove to banks they earn enough to secure a mortgage? Understanding how people serve as proxies for the real (or beneficial) owners of properties is a key to unravelling why Canadian house prices have spun out of control.
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