Foreclosure disclosure - MoneySense

Foreclosure disclosure

The CMHC doesn’t want buyers to know which of its properties have been foreclosed, a new report says.

  • The Canada Mortgage and Housing Corp. doesn’t want homebuyers to know which of its properties have been foreclosed, according to the Financial Post. In the U.S., foreclosed homes tend to sell at a discount and buyers often submit low-ball offers. It’s in the CMHC’s best interest to get full asking price on the homes it’s forced to sell. Still, realtors in Quebec are crying foul.
  • A new BMO Financial Group survey reminds us there’s light at the end of the savings tunnel. According to the report, 82% of Canadian retirees are happy with their retirement lifestyle. One-third of respondents however said that retirement is more expensive than they expected. Slightly more than half said they wish they had started saving for retirement at an earlier age. “For those who are just starting off a career, it’s never too early to think about establishing a long-term financial plan that includes a retirement component,” said BMO’s Chris Buttigieg in a release. “Putting money away in an RRSP or Tax-Free Savings Account are great first steps in getting prepared for life’s future milestones.”