Iranian-Canadian Affected by Sanctions

On December 11, 2012,  the Finance Minister announced further sanctions on Iran that include an asset freeze and dealings prohibition on 98 new entities and one additional individual (http://www.international.gc.ca/sanctions/iran.aspx?view=d)

Also, the following items are prohibited for export to Iran: “different types of goods used in shipbuilding, mineral exploration, mining, metal production, and telecommunications industries; vessels designed to transport or store crude oil or its products; hard currency totalling $40,000 or more in value; etc..”.

All members of the Iranian-Canadian community, who have intentions to sell their properties in Iran and transfer the funds to Canada for investment, are greatly affected by these sanctions, together with other self-imposed limitations by lending institutions against Iranian Canadians, such as TD-Canada Trust.  http://www.cbc.ca/news/canada/toronto/story/2012/07/11/iranian-canadian-td-accounts269.html )   This is systematically reducing the number of Iranian-Canadians in the real estate market.

As a real estate salesperson, I have firsthand experience in dealing with Iranian-Canadians as buyers and sellers in the GTA. In certain areas, this community constitutes up to 80% of real estate transactions.  The limitaion imposed on Iranian- Canadians will greatly affect property values in those areas and will have a negative impact on the real estate market in the GTA.

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