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CBC
a few seconds ago
- CBC
New report says N.L.'s community housing stock is far below national average
As the cost of living continues to increase while incomes stay the same, housing advocates in Newfoundland and Labrador are calling for more affordable housing units. A report published this month by the Community Foundation of Newfoundland and Labrador (CFNL) and Annex Consulting says only 0.3 per cent of the province's total occupied housing stock represents non-profit units. "Nationwide, community housing accounts for approximately four per cent of the overall housing stock, meaning this province is far below average," said the report, titled Breaking the Bottleneck. According to executive director Nicole Dawe, CFNL stewards funding for communities in need and commissions reports like this one to shed light on where that money should go. Now, the charity is pointing people's pocketbooks to community housing. The report says housing provided by non-profit organizations and co-operatives could be the solution to what it calls a provincewide crisis. "It's gotten considerably worse over the last couple of years," said Dawe. She added that "infinitely accelerating" housing costs and the pressures of the free market are not factors in community housing, making it a worthwhile investment. The only added cost is maintenance. Annex Consulting president and housing advocate Hope Jamieson says community housing needs more help from funding bodies because the non-profit organizations are already stretched thin. "When you think about how the cost of operating anything has increased, you can see how those dollars are certainly not going as far as they used to," they said in an interview. "People are struggling to just maintain the services that they already provide, the housing that they already have. And then when you add the enormous administrative burden of pursuing a housing project, it's a very, very challenging hill to climb," said Jamieson. It's very difficult to access public funding for new projects because of the various different streams and the endless applications, according to Jamieson. They added that there's also no funding available to acquire land or existing buildings. "That on its own is a real challenge, especially for organizations that are new, starting out with no equity. So it comes down to, you know, land, time, capacity, finances," said Jamieson. "I really don't think people know how hard it is." The recommendations laid out in the report aim to jump over those hurdles. Some of the points include offering financial support to early-stage projects, and to bring funders together to streamline applications and funding requirements. Dawe says progress starts at the beginning, at that fabled bottleneck. "We need to figure out how we meet [organizations] where they are with the support and also the funding to make it happen," said Dawe.
Globe and Mail
29 minutes ago
- Globe and Mail
Detached housing values at Greater Vancouver's and Toronto's most affordable price points edge upward as buyers cautiously return to inventory-rich markets, says REMAX Canada
Buyers tired of waiting for the "right time" to buy TORONTO , July 24, 2025 /CNW/ -- Signs of the much-anticipated spring market finally materialized in June as greater inventory and softer overall values reinvigorated buyer intentions and bolstered demand for detached housing in the Greater Toronto Area (GTA), Greater Vancouver and the Fraser Valley, according to a report released today by REMAX Canada. REMAX Canada's 2025 Hot Pocket Communities Report examined 83 markets across the Greater Toronto Area , Greater Vancouver and the Fraser Valley, between January 1 and June 30, 2025 , and found that almost 23 per cent of markets (19/83) reported detached housing sales on par or ahead of year-ago levels in the first half of the year, while just over 19 per cent reported an upswing in values (16/83). In terms of sales during the six-month time-frame, the Greater Toronto Area's 416 area code led in rebounding momentum, with just over 34.2 per cent of Toronto 416 neighbourhoods experiencing stable or growing activity in the detached home segment — ahead of the GTA's more suburban 905 area code. Likewise, Greater Vancouver experienced a sales uptick of just over 29 per cent — outperforming Fraser Valley markets. Limited inventory levels in key areas of Greater Vancouver and Toronto proper — especially at affordable price points — are supporting price appreciation in the detached home category. Greater Vancouver took the lead with 29.4 per cent (5/17) of communities noting an upswing in median price, and 22.8 per cent of 416 markets seeing the same. "After a prolonged period of uncertainty, we're starting to see slow but building momentum in Canada's largest real estate markets," says Don Kottick, President, REMAX Canada. "Buyers who have been sitting on the sidelines for months, prepared and ready to pounce, are finally starting to make their moves. Life moves forward and eventually, necessity dictates action. As a result, there has been a greater number of sales with 'subject-to-sale' clauses — especially in the Greater Vancouver and Fraser Valley markets — that provide a safety net for buyers. Sellers are more accommodating as well, often willing to work with buyers to achieve a sale. Timing is crucial, as buyers are well informed, and markets appear to have bottomed out." To illustrate, detached home sales in the GTA fell to 13,991 in the first half of the year, according to Toronto Regional Real Estate Board data — the lowest level on record in more than a decade and nearly 34 per cent below the 10-year average. Still, the detached category remains the frontrunner in terms of percentage of overall sales year-to-date, representing the lion's share of activity at 45.2 per cent of total residential sales in the first six months of the year. In Greater Vancouver , local board data shows detached home sales at 3,273 for the first six months of 2025 — the lowest level in 10 years and 39 per cent below the 10-year average. Market share for the detached housing segment in Greater Vancouver has slowly declined since 2021, falling to its lowest level in the first half of this year at 27.3 per cent. At its highest point in 2016, detached homes represented 40.1 per cent of total residential sales in Greater Vancouver . Growing urgency for affordable homes in Toronto was identified by REMAX Canada as a major driver in recent weeks, with many buyers in the $850,000 to $1.2 million price range worried that the window of opportunity is already starting to close. "In fact, certain microcosms cropping up within Toronto markets — including hot pocket communities such as Leaside, East York , Riverdale , Trinity-Bellwoods, Davisville and Little Italy — are consistently experiencing healthy demand for detached homes," says Tim Syrianos , Broker, REMAX Ultimate Realty Inc. and REMAX Condos Plus. "And while many of those properties will sell in multiple offers, make no mistake — today's buyers are laser focused on value and will walk away from properties if sellers are unreasonable." Hot Pockets for Detached Home Sales Key 416 neighbourhoods led the way in terms of percentage increases in sales, including central core communities Yonge-St. Clair , Casa Loma, Wychwood, Annex (C02) up 31.3 per cent (63 sales in 2025 compared to 48 sales in 2024); and Mount Pleasant East, Mount Pleasant West (C10) up 6.7 per cent (48/45). Two central areas remained on par year-over-year — Banbury-Don Mills, Victoria Village , Parkwoods-Donalda (C13) (89 sales in 2025 and 89 in 2024) and Waterfront Communities, Moss Park, Cabbagetown-South, St. James Town, Church-Yonge Corridor, and Regent Park (C08) (3/3). Five markets in the eastern district saw sales rise or hold steady, including the Beaches, Woodbine Corridor, East-End Danforth (E02) up 27 per cent (113/89); Highland Creek, West Hill, Centennial, Scarborough Rouge (E10) climbed 15.6 per cent (178/154); Oakridge, Birchcliffe-Cliffside (E06) up 1.9 per cent (109/107); Eglinton East, Scarborough Village , Cliffcrest, and Guildwood (E08) up 1.9 per cent (110/108); and Milliken, Agincourt North, Agincourt South, Malvern West (E07) on par (89/89). Three markets in the west end reported sales on par or ahead of year-ago levels, including South Parkdale , Roncesvalles, and High Park-Swansea (W01) up 56.6 per cent (72/46); High Park North, Junction Area, Runnymede-Bloor West Village, Lambton-Baby Point , Dovercourt-Wallace and Emerson-Junction (W02) up 25.9 per cent (136/108); and Kingsview Village, the Westway, Humber Heights, Willowridge-Martingrove and Riverview (W09) up 2.1 per cent (99/97). Sales in the 905 were more tempered, with Brock and Pickering being the only communities reporting an increase over year-to-date 2024 levels. Sales were up 1.4 per cent in Brock (71/70) and 0.6 per cent in Pickering (321/319). In Greater Vancouver , detached sales in the first six months of 2025 rose in Port Moody / Belcarra , up 31 per cent (76/58); the Gulf Islands rose 22.2 per cent (22/18); Bowen Island climbed 11.5 per cent (22/18); Squamish increased 4.5 per cent (93/89); and the Sunshine Coast registered a 5.8 per cent uptick (236/223). Meanwhile, no gains were reported in the Fraser Valley. "Buyers are cautiously re-entering detached housing markets, taking advantage of more balanced market conditions, especially at affordable price points," explains Tim Hill , of Tim Hill and Associates, REMAX All Points Realty. "Most are young professionals who have spent years saving for a downpayment and are well-positioned to now move forward with their purchase plans." Hot Pockets for Detached Home Price Growth While there has been an upswing in values in key areas, most markets remain slightly off year-ago price levels for the same period. "The uptick in demand for properties at the $1.8 million to $2.2 million price point, particularly in the city's established neighbourhoods, has placed modest upward pressure on values," says Syrianos. "Modest bungalows and two-storey homes on smaller lot sizes in Riverdale , the Beaches, High Park-Swansea, and Corso Italia-Davenport are most sought-after due to the proximity to the downtown core and overall walkability factor." In the 416, eastern markets reporting average prices on par or ahead of 2024 include South Riverdale , Greenwood-Coxwell, Blake-Jones, and North Riverdale (E01) up 1.7 per cent ( $1,721,370 in 2025 compared to $1,693,128 in 2024); The Beaches, Woodbine Corridor, East-End Danforth (E02) up 0.3 per cent ( $2,023,403 / $2,016,381 ); and Eglinton East, Scarborough Village , Cliffcrest, Guildwood (E08) up 2.1 per cent ( $1,284,047 / $1,257,739 ). Central markets showed upward momentum in the Waterfront Communities, Moss Park, Cabbagetown-South, St. James Town, Church-Yonge Corridor, Regent Park (C08) up 21.5 per cent ( $2,166,667 / $1,783,289 ); Rosedale-Moore Park (C09) rising 5.6 per cent ( $4,265,874 / $4,039,383 ); and Bridle Path-Sunnybrook-York Mills, St. Andrew-Windfields (C12) up 11.5 per cent ( $4,608,619 / $4,134,825 ). Two west-end markets experienced upward pressure on average price, including South Parkdale , Roncesvalles, High Park-Swansea (W01) up a modest 1.2 per cent ( $2,091,470 / $2,065,721 ); and Rockcliffe-Smythe, Keelesdale-Eglinton West, Caledonia -Fairbank, Corso Italia-Davenport , Weston-Pelham Park (W03) climbing 6.2 per cent ( $1,102,706 / $1,038,548 ). In the 905, Durham Region's Scugog reported a two-per-cent increase in values ( $1,112,146 in 2025 compared to $1,090,069 in 2024), while average price in Peel Region's Caledon area jumped 5.6 per cent ( $1,540,693 / $1,458,934 ) year-over-year. "Affordability continues to play a huge role in Greater Vancouver and the Fraser Valley, with the greatest activity occurring between $1 million and $1.5 million ," says Hill. "For buyers looking to establish a foothold in real estate, communities such as Squamish and Bowen Island offer the best of both worlds–close proximity to the city against a recreational backdrop, while Mission's picturesque landscape is a draw for those looking to get into the market at the million-dollar mark." Median price appreciation was evident in the first six months of 2025 in five markets, including Bowen Island , up 9.1 per cent ( $1,500,000 in 2025 compared to $1,375,000 in 2024); Delta-South, up one per cent ( $1,509,523 / $1,494,000 ); Squamish , up 7.6 per cent ( $1,690,000 / $1,570,000 ) ; West Vancouver /Howe Sound at 2.6 per cent ( $2,998,000 / $2,922,200 ); and Whistler/Pemberton at 12.1 per cent ( $2,663,500 / $2,350,000 ). Mission was the sole market to report a nominal increase in average price in the Fraser Valley, rising 0.7 per cent to $1,052,454 in the first six months of 2025, compared to $1,044,946 in 2024. "Buyers now have the advantage of time and are working closely with lenders to ensure a seamless home-buying process," says Kottick. "Some are still awaiting further announcements from the Bank of Canada regarding interest rate cuts. Should those materialize, we could see the full impact of pent-up demand. The U.S. trade situation continues to weigh on economic performance, and we can expect an air of caution to linger until a trade deal is struck. In the meantime, moves toward economic transformation and diversification bode well for Canada's future. As such, the back half of 2025 should see recovery underway and a resumption in price growth in a number of major and micro markets." Other trends in the market include: Greater sales at affordable price points. In the Greater Toronto Area , homes priced from $850,000 to $1.2 million in key microcosms are moving quickly, while sales in the $1 million to $1.5 million price point in Vancouver and the Fraser Valley are most active. Year-round living in more recreational areas. Purchases in more recreational markets such as Bowen Island , the Gulf Islands , Squamish and the Sunshine Coast continued in the first six months of 2025. Rental suites still in demand. Buyers continue to offset mortgage costs by renting out suites within their homes. Luxury market less impacted. Buyers at this price point continue to make their moves, regardless of market conditions, as evidenced by rising values in the Bridle Path, Rosedale, and West Vancouver . In the first six months of the year, 11 properties changed hands over the $10 million price point in the GTA, up considerably over the four property sales reported during the same period in 2024. "Price, quality, time—consumers are often told to pick two, because it's very rare to realize all three," says Kottick. "In real estate, it's the perfect trifecta. This may be one of the very rare windows of opportunity where active buyers could now reap the benefits of all three. It's an anomalous event from a historical real estate perspective to have ideal conditions in each these pivotal variables. It's not only rare; it's fleeting. As rebounding home sales gain momentum, the alignment will inevitably shift." Regional Overview Greater Vancouver and the Fraser Valley While economic uncertainties have curtailed homebuying activity throughout the first six months of the year, an uptick in sales in recent weeks suggests the Greater Vancouver , and to a lesser extent, Fraser Valley markets are beginning to show signs of recovery. Buyers are cautiously re-entering the detached housing market, making offers despite not having sold their current homes—and including "subject to sale" clauses to mitigate risk. Surprisingly, sellers are adapting to the new strategy, often allowing 30-days with a trigger clause that stipulates that if another offer is presented during that time, the buyer has 24 to 72 hours to commit or lose the property. As a result, nearly four in every ten properties are sold or under contract (with offers subject-to-sale). The lion's share of detached activity is occurring in the $1-million to $1.5-million price range, but lower rates and greater stability in the weeks and months ahead will serve to further rouse the market. Balanced market conditions currently exist, with some areas approaching buyer's market territory. After years of tight market conditions, the ability to view a plethora of homes and take more time to make decisions will ultimately provide a healthier backdrop for homebuying activity in the immediate future. Greater Vancouver communities such as the Sunshine Coast , Squamish , Port Moody / Belcarra , the Gulf Islands and Bowen Island remain popular with buyers, with all reporting an uptick in detached housing sales in the first six months of 2025. Five markets in Greater Vancouver , including Bowen Island , Gulf Islands , Port Moody / Belcarra , Squamish , and the Sunshine Coast have experienced an increase in median prices, while average values have climbed in Fraser Valley's Mission area. Detached properties are the strongest segment of the market—with most selling if they are well-priced. Rental suites are increasingly important to younger buyers entering the market as they look to offset hefty mortgage costs. Most buyers are professionals with ample savings for a solid downpayment on the properties they purchase. The current real estate market presents a unique opportunity for buyers. Moving into the traditional fall market, lower interest rates and increased economic stability will help propel greater homebuying activity, with the resilience of both buyers and sellers shaping the market. The window of favourable conditions will make this one of the best years in recent memory to invest in a home. Greater Toronto Area While overall housing sales in the Greater Toronto Area (GTA) have declined compared to year-ago levels, demand for detached housing continues to bolster the market, with the segment representing nearly half of total sales. First-time buyers have been driving detached sales in recent weeks, spurred by the increase in May's average price, with many realizing that as detached property values rise, the window of opportunity is closing. Certain microcosms within the Toronto market — including Leaside, East York , Riverdale , Trinity-Bellwoods, High Park, Davisville, and Little Italy — are experiencing healthy activity in the $850,000 to $1.2 million price range, with some properties selling in multiple offers. Average days on market in the central core, for instance, was considerably less than the overall average at this price range, with most homes moving within 19 days during the first six months of the year. The market for homes priced between $1.8 million and $2.2 million is also solid across the city, particularly in established traditional neighbourhoods. In essence, the delayed spring market has finally arrived. Interest appears to be piquing with more listing views, more showings, and more offers. However, the buyer mindset has two settings — deal or no deal. They're prepared to walk if the seller is unreasonable. Sellers, on the other hand are prepared to hold firm or, in more dire circumstances, end up setting new benchmarks for prices in their neighbourhood. Pent-up demand remains contained, as a result, at least until one or two more interest rate cuts can really stimulate activity. The swing market, encompassing properties priced between $2.8 million and $3.3 million , has been the most affected during this challenging period. Listing inventory is high at the entry-level to the luxury price point and sales are few and far between. Conversely, the luxury market, priced around $3.8 million to $4 million , has been less impacted, as purchases in this range are often driven more by desire than necessity. Greater Toronto Area's housing market is navigating a complex landscape marked by varying levels of demand across different price segments. The delayed spring market — finally materializing in June — has injected new energy, with increased interest and activity, although buyers remain cautious and sellers steadfast. As external factors such as interest rate cuts and easing trade tensions come into play, GTA market's dynamics may shift, potentially unlocking pent-up demand and fostering a more balanced environment. Durham Region Rapid population growth has contributed to strong homebuying activity over the past decade in Durham Region, but buyers have pulled back in 2025 given hesitation in the market attributed to overall economic uncertainty and concerns over Canada-U.S. trade negotiations. Affordability has been a major draw for buyers to the area in recent years, with single-detached properties often priced well under homes in the 416-area code. This year, however, the number of properties that have changed hands is down by 20 per cent and more throughout the region, while average prices are holding relatively stable. At least two markets have reported values on par or ahead of 2024 levels in the first six months of 2025 including Brock , a small rural market, equalling year-ago values for detached homes, while Scugog, with its luxury rural properties, posted an increase of over seven per cent in the first six months of the year. Buyers have started to trickle back into the market given healthier market conditions that are more reminiscent of yesteryear. An ample supply of detached housing is available throughout the region, and buyers are taking their time viewing homes listed for sale — without the urgency present in the pandemic/post-pandemic period. With current market conditions expected to persist throughout the coming months, the outlook for detached home sales in the Durham Region is best characterized as "slow and steady." Detached home sales are expected to come close or slightly surpass levels reported in 2024, while average price in Durham Region is anticipated to move marginally ahead of year-ago figures. About the RE/MAX Network As one of the leading global real estate franchisors, RE/MAX, LLC is a subsidiary of RE/MAX Holdings (NYSE: RMAX) with more than 140,000 agents in over 9,000 offices with a presence in more than 110 countries and territories. REMAX Canada refers to REMAX Canada, Inc., which is an affiliate of RE/MAX, LLC. Nobody in the world sells more real estate than RE/MAX, as measured by residential transaction sides. RE/MAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. RE/MAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network Hospitals ® and other charities. To learn more about RE/MAX, to search home listings or find an agent in your community, please visit For the latest news from RE/MAX Canada, please visit Forward looking statements This report includes "forward-looking statements" within the meaning of the "safe harbour" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements may be identified by the use of words such as "believe," "intend," "expect," "estimate," "plan," "outlook," "project," and other similar words and expressions that predict or indicate future events or trends that are not statements of historical matters. These forward-looking statements include statements regarding housing market conditions and the Company's results of operations, performance and growth. Forward-looking statements should not be read as guarantees of future performance or results. Forward-looking statements are based on information available at the time those statements are made and/or management's good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. These risks and uncertainties include (1) the global COVID-19 pandemic, which has impacted the Company and continues to pose significant and widespread risks to the Company's business, the Company's ability to successfully close the anticipated reacquisition and to integrate the reacquired regions into its business, (3) changes in the real estate market or interest rates and availability of financing, (4) changes in business and economic activity in general, (5) the Company's ability to attract and retain quality franchisees, (6) the Company's franchisees' ability to recruit and retain real estate agents and mortgage loan originators, (7) changes in laws and regulations, (8) the Company's ability to enhance, market, and protect the RE/MAX and Motto Mortgage brands, (9) the Company's ability to implement its technology initiatives, and (10) fluctuations in foreign currency exchange rates, and those risks and uncertainties described in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission ("SEC") and similar disclosures in subsequent periodic and current reports filed with the SEC, which are available on the investor relations page of the Company's website at and on the SEC website at Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date on which they are made. Except as required by law, the Company does not intend, and undertakes no duty, to update this information to reflect future events or circumstances.
Globe and Mail
29 minutes ago
- Globe and Mail
You were targeted in a scam. Is your bank liable for the losses?
Crystal Quast had just finished writing a mystery novel when she found herself embroiled in a real-life mystery of her own. Ms. Quast, a corporate communications professional based in Waterloo, Ont., had decided to self-publish her book through Amazon. The technology behemoth's logo was on her receipts, and calls from the representatives she was dealing with came up as 'Amazon publishing' on her phone. But something felt off to Ms. Quast. The company was charging $2,500 for a publishing package that included editing, but didn't appear to be doing much of it. Ms. Quast eventually reached out to a friend at Amazon who informed her that she was dealing with an imposter. 'I was really shaken. My confidence was shaken ... I didn't think I'd ever get taken in by a scam,' Ms. Quast said. Ms. Quast is one of a growing number of Canadians falling victim to fraud, and its changing nature is raising questions about who should be liable for the losses that siphon hundreds of millions of dollars out of the economy each year. Fraud victims reported a total of $647-million in losses to the Canadian Anti-Fraud Centre last year, up from $577-million in 2023. Those figures likely represent just the tip of the iceberg, as an estimated 90 to 95 per cent of fraud goes unreported, according to the agency. Scammers are impersonating finance experts to steal millions – and the real ones are struggling to stop it As financial institutions have bolstered their defences, criminals have shifted tactics, creating new challenges for banks and other institutions. Victims, meanwhile, are forced to navigate a patchwork of regulations that in many cases leave them footing the bill. Geoff Morton, senior director of fraud strategy at Royal Bank of Canada, said that in the past, criminals would typically commit what's known as unauthorized fraud by gaining access to a customer's bank account and transferring funds out, all without the victim's involvement. 'That was a problem for a very long time across all the banks, not just in Canada but everywhere. And so everybody's been investing very heavily into lots of technological solutions to that,' Mr. Morton said. Banks have implemented stricter authentication requirements in recent years, making it harder for criminals to gain access to client accounts, and have also gotten better at spotting and blocking those types of fraudulent transactions, Mr. Morton said. But rather than putting an end to the theft, the new security measures have prompted the criminals to change tactics to what's known as authorized fraud, Mr. Morton said. Instead of gaining unauthorized access to a victim's account, the perpetrators are interacting directly with the victims, and convincing them to transfer funds. 'The biggest trends we're seeing these days are things like investment scams, romance scams ... where they convince the client to send a payment directly to them,' Mr. Morton said. 'That's been a shift we've seen over the last year really accelerate,' he added. That creates new challenges for banks, whose fraud detection tools are geared more toward identifying the markers of unauthorized fraud – for instance, transactions originating from new devices or locations. When the customer has fallen prey to a scam, those markers no longer apply. Instead, banks have to look for transactions that don't match the client's typical pattern of behaviour, Mr. Morton said. Addressing scams also requires more call-centre resources. In an unauthorized fraud, customers are asked a simple yes or no question: had they authorized the transaction? With authorized fraud, call-centre employees may find themselves in a trickier situation: telling a customer they've fallen prey to a scam, after the bank has blocked the transaction. Still, customers may insist it's a valid transaction and that the payment be made. 'You have to break this spell that the client is under,' Mr. Morton said. In many cases, the victims have been coached by the scammer on what to say when the bank calls to verify the transaction, he added. 'It's a whole element of behaviour that we haven't had to deal with in the past as a bank.' Victims can be so bought into the scam that they refuse to heed the bank's advice. British digital bank Revolut has in some instances resorted to asking suspected scam victims to take selfies while holding up a sheet of paper that states the bank warned them against completing a particular transaction. Banks aren't the only institutions affected by what the Ontario Securities Commission has described as a massive surge in online scams and fraud. The deceptive and unauthorized use of a company's name or logo, known as brand abuse, has had such a significant impact on Amazon that the tech giant has taken the matter to court. In late 2023, Amazon sued what it described as a 'ring' of individuals and entities based in the United States and Pakistan for scamming authors by falsely claiming to be affiliated with Amazon Publishing and Kindle Direct Publishing, the company's self-publishing arm. Authors such as Ms. Quast were lured into paying what the company described as 'substantial sums of money' for inadequate or non-existent services, the company alleged. In February, the Northern District of California court awarded Amazon US$36.4-million in damages. The company said it will 'evaluate its options to most effectively use any damages recovered to benefit those impacted by impersonation scams.' 'The ultimate fraud machine': Scammers are using AI to target people and businesses with increasingly convincing deepfakes Some countries have implemented shared liability models, which aim to prompt institutions such as banks and telecoms to bolster their anti-scam measures by holding them responsible for losses. In Britain, for instance, liability for reimbursing the victims of what are known as authorized push payment scams is split equally between the bank that sent the money and the one that received it. (An authorized push payment scam occurs when a customer is tricked into a sending money to someone posing as a payee.) Singapore, meanwhile, has adopted what's known as a waterfall approach to determining who should bear the cost when a customer loses money to a phishing attack. The responsibility for compensating the victims falls first on the financial institution. If the bank has met all of its obligations under the rules, the burden shifts to the telecom company involved, then finally to the customer. 'I think that shared liability model on the surface is a good idea, because it really incentivizes every person in that chain to have skin in the game,' said Carl Davies, head of fraud and identity at Equifax Canada. 'The real challenge is, at some point, those organizations can do everything that is asked of them but the consumer will still do it because they've been bought into the scam,' he added. In Canada, the discussion around fraud liability is continuing. 'It is a patchwork right now in Canada,' said Sara Eve Levac, a lawyer and analyst at Montreal-based consumer advocacy Option consommateurs. For unauthorized credit-card transactions, the Bank Act limits the consumer's liability to $50, as long as the consumer wasn't grossly negligent. 'For any other modes of payment, there's no protection by law,' Ms. Levac said. 'You have to look at the rules under civil liability, or the contracts that the consumer has with the bank, and what we've noticed is that in many circumstances the bank will say that the consumer authorized the transaction, even if we're in the situation of a scam and the information was given under false pretenses,' she added. Option consommateurs has been advocating for changes to the Bank Act, including a uniform legal framework for all payment methods, and wording to specify that a transaction should not be considered authorized if the consumer has been tricked into providing their banking credentials. In Quebec, the government is looking to limit consumer liability for unauthorized debit transactions to $50, making the rules consistent with those governing credit-card fraud. RBC's Mr. Morton says the responsibility for tackling authorized fraud lies with multiple parties, including banks, customers, telecom companies, social media platforms and search engines. 'It's not just a bank problem to solve, we really need to bring everybody to the table,' he said. The Canadian Bankers Association has convened a roundtable, billed as the Canadian anti-scam alliance, in an attempt to do just that. Nathalie Bergeron, a spokesperson for the CBA, said banks are 'one of several lines of defence' in the fight against scams, and are continuously strengthening their security measures. 'Banks have controls – including fraud alerts and one-time passcodes – to help protect customers from fraud. Under client banking agreements, customers also share responsibility for protecting their personal information, including keeping PINs and passwords confidential,' Ms. Bergeron said in a statement. A report published last week by the Washington-based Bank Policy Institute calls on telecom, tech and social media companies to assist in the fight against fraud. 'Financial institutions cannot solve this problem alone and need cross-industry collaboration with tech and telecom to protect their mutual customers,' it reads. Scams can cost victims more than their money. Here's how to recover emotionally from fraud Ms. Quast has seen firsthand how scams impact the broader business ecosystem – from Google, whose search engine had taken her to the Amazon imposter's website, to Amazon to the banks that facilitated the payments. She used two different credit cards to pay the fake Amazon publisher. The Bank of Nova Scotia has refunded her for the payment made on its card. Ms. Quast said Toronto-Dominion Bank eventually also issued a refund, after protracted communication back and forth. A spokesperson for TD declined to provide details but said the case was closed in the spring. Ms. Quast's book Dinked: Serenity Acres: Where Secrets Barely Stay Hidden – which, coincidentally, contains an Amazon phishing scam subplot – has since been published, through Amazon's legitimate self-publishing arm. 'I'm happy with it, but it's turned what was a really joyous experience into a nightmare,' she said. 'I was thrilled that I had written my first novel, I was really happy with it, and it went from being something I was really proud of to being ashamed that I got suckered into a scam.'
