thatrapsfan
Superstar
A million dollar-plus home in the Greater Toronto Area's hot real estate market for only $700,000. A five per cent down payment. A 30-year mortgage at a 2.75 per cent interest rate. Those were the appealing terms of a real estate deal that local realtor Horace Dockery said has been circulating in Toronto's Black community since last summer.
The offer was for pre-construction homes in developments constructed by Paradise Developments Inc. — a licensed developer currently building homes in the GTA communities of Pickering, Whitby, Brampton, Aurora and Vaughan.
Dockery said the seller — Paradise Development Homes Limited (PDHL) — had a nearly identical name to the builder, and a private lender called Empire Finance would provide mortgage financing.
To Dockery, who is Black, the terms weren't an indication of a great deal, but rather one of several major red flags that prompted him to post a warning in a Facebook group for members of Toronto's Black community interested in real estate.
CBC News spoke to more than 10 people who say they either gave deposits to individuals connected with PDHL or Empire Finance, have friends or family who made payments, or who heard the sales pitch in person but didn't invest. Most, but not all, are members of the Black community. Some raised concerns about the validity of the deals, while others believe they have legitimately purchased a home.
People giving over hundreds of thousands of dollars in deposits to a fictious company with no connection to the real housing developer.
.... that is a low bar. I finish my degree I'm out. one of the only comparative "advantages" Canada has and it ain't even an advantage anymore.. .. sad.. 
