Not Doing Enough About Money Laundering& Mortgage Fraud (Replying To Your Comments)

Welcome back to the Sunday video! In this episode we take a look at some of your comments!
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Santo Sessa & Daniel Sessa
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[@MsCroatianCanuck]

I am becoming a subscriber as I just enjoy your direct approach and common sense. Also I see how proud you are of your son as you glance over...Good job....smart young man you have raised.

[@Matt-YT]

The problem of money laundering is not the number, but the comps. As they are overpaying it increases rhe comps

[@teamsessa]

Agreed. It also removes inventory, which helps create scarcity, pushing prices up.

[@Carolinapetroska]

I think you are doing a great job :clear voice, enthusiastic, right on the topic and good reporting.

[@teamsessa]

Thank you.

[@Opinionated363]

Agree! You are a great team!

[@owelonacliff]

Stats seem to be consistent with other real-estate reporting platforms, thank you for being so diligent. From your comment to question at 10:00 seems like you’re calculating everything from the ground up (listing level aggregation). Is that the case? Where do you get the data from TRREB?
Also TRREB reports on Avg PDOM and LDOM. Can’t you get this at a listing level as well?

[@teamsessa]

I get all my stats data from TRREB. However, TRREB gives us monthly reports, so for the weekly reports which I provide I calculate that myself.
PDOM is supplied by TREB on a monthly basis. It’s way too time consuming for me to calculate this on a weekly basis.

[@kentA205]

You guys are doing great...maybe the ones who say nasty things are agents in your area who are jealous

[@KD-ds1lp]

💯

[@shanmarg]

Man how can a layman buy a house without beating the favouring the rich only system. Lay people dont have drug money to launder. They just dont have down payment.

[@teamsessa]

I can appreciate what you’re saying and I agree that it’s difficult to get in. But many are buying their first home…without money laundering or otherwise.

[@gk6199]

Yeah. Either by mortgage fraud or parents gifting money. System is dirty and rigged

[@walterpen371]

You forgot about stolen hi-end vehicles which brings in billions !

[@metalslug_1143]

Mortgage fraud is essentially submitting falsified documents to show a person is earning a lot of money, so as to take a larger loan amount. Amount, which he would never get if he submitted his real documents. This really inflates the real estate market, is extremely risky but it's surprising how many desperate people resort to it.

[@deezed150]

Actually you are best Toronto and area Real estate commentator - me being a numbers guy

[@A__SB]

TD, is one such example where a major Canadian financial institution embroilled with US DOJ and other regulatoryagency. Compared to US, Canada has very weak regulatory setup. FINTRAC is useless!

[@teamsessa]

Why do you think that is (Canada’s regulatory system is weak)?

[@Matt-YT]

Person did not loose money. Forgot opportunity costs: would have to take into account rent

[@Doug-zl8nb]

Governments new cousins doing massive crime in many levels...