Also known as bankruptcy protection, it means any legal action taken by lenders to recoup their money has been paused so the landlords can attempt to save their business. Documents say 32 lawsuits are currently filed against the corporations in courthouses across Ontario.
The landlords and their corporations are based in the Hamilton area, but specialize in buying, renovating and in some cases relisting “distressed residential real estate in undervalued markets,” said a court factum.
FoReIgN InVeStOrS!
Are we all pretending they had no impact now? I thought that was pretty well known at this point.
Nothing in this article points to foreign investors. Do you think rich Canadians don’t launder money or something?
I think when you look at the demographics of the area, along with the fact that money laundering is known issue, along with the very well known affinity of the Chinese for property as an investment (see Evergrande et al), and yeah it’s not hard to connect those dots.
The unfortunate part is it’s hard to get stats to back it all up because of a failure of governance for decades at all levels of government.