If it can happen in USA, it can happen in Canada also.

Entire article
http://www.cnn.com/2007/US/09/18/mortgage.fraud.heroes/index.html


Excerpts:
It's carried out by a highly organized and professional team of criminals -- usually including a real estate agent, appraiser, fake buyer, loan officer and settlement agent. Here's how it works:

• John Doe, a con artist, buys your house for $200,000 -- but then has the home appraised for $400,000.
• Jane Doe, a second buyer, uses a fake identity to get approved for a $400,000 loan. The loan officer approves the loan, and the original owner gets their $200,000 in cash.
• John Doe, the second buyer, the loan officer, and the settlement agent split the rest of the money -- $200,000 -- and default on the mortgage.
• The home goes into foreclosure and the scammers move on to their next house.

We are looking to move near my son’s school in next 2 months so we are looking for rental condo. Here is my experience in last 2 days (this is not a story from website).

We went to Discovery ridge SW area. That is one of the best parts of the city in woods near to mountains. We met a couple having 2 bed/2bath that is one year old condo on top floor (4th). They are trying to sell but no deal till now. They are paying mortgage for 2nd single family home in same community that must be 550K price home.

They bought in 255K. They advertised first time with 409K then 390K. Now they are advertising on 478K. Not a single offer (remember 6% to realtor out of that)
How mach they are paying: $1600 mortgage/month, 275/month condo fee, $3000/year tax... total $2100/month. They rented that condo for 9 months on $1600 and paying $500 from their pocket for expectation that they can make money in future on condo. Now that condo is sitting without rent from last 3 months. They agree for rent $1600/month if they not going to sell in next 45 days and ready to loose 500$/month again.

I told that lady I can give you 300K for this condo. She told me she is ready to go for $340K for that condo without realtor. She is ready to loose 15K just to rid of this headache. They are nice couple with 2 teenage boys and both having good job. There are lots of people in Calgary and all over Canada who are going in that deeper mess day by day.

Here is Calgary:

mar sfh sales...2,272
apr sfh sales....2,086
may sfh sales...1,995
jun sfh sales....1,757
jul sfh sales....1,495
aug sfh sales...1,314
sep sfh sales...1,025

condo sales have gone from 1,026 in march to 467 in sept 2 days to go in sept..but the pattern is clear


edmonton sales are falling apart:

may sfh sales...1,261
june sfh sales...1,011
july sfh sales....717
aug sfh sales....635
sept sfh sales...546

condo sales have gone from 985 in may to 398 in sept....this market has busted

http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=66903d5c-9650-4281-b212-a398d90badb0


The average price of a single-family Calgary metro home in September was $470,888. In August, it was $485,914. It has fallen more than $35,000 from the record high of $505,920 recorded in July. Last year in September, the average sale price was $426,622 -- a 10.38 per cent year-over-year increase.

Do you have data for November 2007 for Calgary. I am expecting another drop over last month.