So when’s the housing bubble bursting?
- Thread starter Dr. Truth
- Start date
Homeless struggle to find shelter as Richmond council scrutinizes low-barrier homes
A homeless camp was recently dismantled, leaving its inhabitants scrambling for a place to live.
www.richmond-news.com
‘Very scary time’: Poll finds 76% of B.C. mortgage holders worried about next renewal | Globalnews.ca
Three-quarters of B.C. mortgage holders said they worried their next renewal could cost them more, with 35 per cent saying they were worried it would cost "significantly more."
globalnews.ca
How high variable-rate mortgages cripple homeowners, hobble housing market
To pay higher mortgage payments, British Columbians are getting second jobs, cashing in investments, reducing spending and cancelling trips.
Richmond developer allows buyers to move in today, pay mortgage in two years
Developer said the incentive will help buyers avoid high interest rates, but expert warns what’s saved in interest could be lost in purchase price
www.richmond-news.com
Number of Mortgage-Free Homes in Vancouver Points to One Thing: Foreign Money
The fact that half of all Vancouver homeowners are enjoying a mortgage free life reveals the unique nature of the local real estate market.
storeys.com
Half of Vancouver homeowners are mortgage-free, data shows
Statscan analysis indicates Vancouver also has a huge appetite for investment properties
www.theglobeandmail.com
And now we got these silly headed Bi-Partisanship Democrats joining in now.
The Clock is ticking down…
Bill restricting Chinese from buying Florida land passes House
The legislation has sparked protests across the state and divided Democrats.
By Lawrence Mower
Times staff
May 5, 2023
www.tampabay.com
TALLAHASSEE — Floridians who are Black, gay, transgender or immigrants have accused Gov. Ron DeSantis and the Legislature of targeting them in policies and bills this year.
Now, many Chinese Americans say they feel discriminated against by a DeSantis priority bill that would prohibit people “domiciled” in China from owning property or land in the state if they’re not a U.S. citizen or permanent resident.
SB 264 would limit land purchases near military bases and critical infrastructure from residents of a handful of foreign adversaries, including Russia, Iran, North Korea and Venezuela.
Only Chinese citizens would be prohibited from owning land — or homes — anywhere in the state.
The legislation has sparked protests outside the Capitol, divided Democrats and prompted lawmakers to imply that those against the bill were conspiring with the Chinese Communist Party.
“Chinese Americans and Chinese residents who are here in Florida have been silenced, likely by China, for merely speaking out in support of this bill,” Rep. David Borrero, R-Sweetwater, told lawmakers on Wednesday.
The bill is in reaction to reports of Chinese people buying land around the country. Last month, federal charges were filed against two men accused of running an unauthorized Chinese police outpost in New York City.
Several other states are considering or have adopted similar measures. The Texas Senate recently passed a version that restricts purchases of agricultural land, timberland and oil and gas rights.
“If this bill mirrored the legislation in Texas, I would be an upvote all day, every day,” said Rep. Robin Bartleman, D-Weston, who voted against the Florida House bill. “They got the language right.”
This week, House lawmakers amended SB 264 to ease the restrictions on foreign nationals from “countries of concern” other than China — Russia, Iran, North Korea, Cuba, Venezuela and Syria.
Previously, they would have been prohibited from owning land within 20 miles of a military installation or critical infrastructure, such as a seaport or wastewater treatment plant. Now the limit is just 1 mile from those facilities.
The House voted for the bill 95-17, with several Democrats voting for the bill. The bill now heads back to the Senate, which already voted unanimously for the earlier version of the bill.
Since the Senate last voted for it, however, Floridians of Chinese descent have mobilized, holding protests across the state and forming the Florida Asian American Justice Alliance to fight the legislation.
On Saturday, Chinese Americans and recent immigrants protested outside the Capitol, chanting “Florida is our home” and holding signs to motorists that said, “No anti-Asian bill” and “Equal protection for all.”
Last month, more than 100 people spoke against the bill in a committee, recounting the racial insults they’ve heard and asking lawmakers to vote against the measure.
Several said they were concerned it would lead to racial profiling. If the bill passes, it would require home and land buyers to sign an affidavit that they’re not prohibited from buying land. Realtors would be subject to “civil or criminal liability” if they have “actual knowledge” that the transaction violates the law.
Rep. Katherine Waldron, D-Wellington, the Democratic co-sponsor, told lawmakers that she heard the protesters were bused in from Texas. She and Borrero said they know of Chinese Americans who have been threatened from speaking in favor of the bill and silenced on WeChat, the dominant phone app in China.
“Do not be intimidated by the vocal and aggressive actors we’ve seen in the past few weeks, who do not have our country’s best interests in mind,” Waldron said. “The communist threat to our nation is real.”
Records from the meeting show that nearly all of the opponents of the bill listed Florida addresses, and several were quickly verified through homeownership records. Several of the speakers said they were professors at Florida universities.
Democratic representatives who voted against the bill on Wednesday said they were bothered by the vague terms in the bill and lack of specifics about who would enforce the measures.
The term “domiciled” isn’t defined in the bill, for example, and Borrero wouldn’t define it when asked by Rep. Fentrice Driskell, D-Tampa.
The definition of “domicile” in Black’s Law Dictionary includes “a person’s true, fixed, principal, and permanent home, to which that person intends to return and remain even though currently residing elsewhere,” according to Tampa immigration lawyer Danielle Hernandez.
“It is a very technical term that is not widely known or accepted,” Hernandez said in a message.
Driskell said the bill had numerous problems and appeared unconstitutional.
“Who is going to enforce this? Realtors?” Driskell said Wednesday. “Come on. We are better than this.”
Protesters stand outside Florida's Capitol on Saturday, April 29, 2023, in opposition to a bill that would ban Chinese people who are not U.S. citizens or permanent residents from owning any land or property in the state.
The Clock is ticking down…
Bill restricting Chinese from buying Florida land passes House
The legislation has sparked protests across the state and divided Democrats.
By Lawrence Mower
Times staff
May 5, 2023
Bill restricting Chinese from buying Florida land passes House
The legislation has sparked protests across the state and divided Democrats.
TALLAHASSEE — Floridians who are Black, gay, transgender or immigrants have accused Gov. Ron DeSantis and the Legislature of targeting them in policies and bills this year.
Now, many Chinese Americans say they feel discriminated against by a DeSantis priority bill that would prohibit people “domiciled” in China from owning property or land in the state if they’re not a U.S. citizen or permanent resident.
SB 264 would limit land purchases near military bases and critical infrastructure from residents of a handful of foreign adversaries, including Russia, Iran, North Korea and Venezuela.
Only Chinese citizens would be prohibited from owning land — or homes — anywhere in the state.
The legislation has sparked protests outside the Capitol, divided Democrats and prompted lawmakers to imply that those against the bill were conspiring with the Chinese Communist Party.
“Chinese Americans and Chinese residents who are here in Florida have been silenced, likely by China, for merely speaking out in support of this bill,” Rep. David Borrero, R-Sweetwater, told lawmakers on Wednesday.
The bill is in reaction to reports of Chinese people buying land around the country. Last month, federal charges were filed against two men accused of running an unauthorized Chinese police outpost in New York City.
Several other states are considering or have adopted similar measures. The Texas Senate recently passed a version that restricts purchases of agricultural land, timberland and oil and gas rights.
“If this bill mirrored the legislation in Texas, I would be an upvote all day, every day,” said Rep. Robin Bartleman, D-Weston, who voted against the Florida House bill. “They got the language right.”
This week, House lawmakers amended SB 264 to ease the restrictions on foreign nationals from “countries of concern” other than China — Russia, Iran, North Korea, Cuba, Venezuela and Syria.
Previously, they would have been prohibited from owning land within 20 miles of a military installation or critical infrastructure, such as a seaport or wastewater treatment plant. Now the limit is just 1 mile from those facilities.
The House voted for the bill 95-17, with several Democrats voting for the bill. The bill now heads back to the Senate, which already voted unanimously for the earlier version of the bill.
Since the Senate last voted for it, however, Floridians of Chinese descent have mobilized, holding protests across the state and forming the Florida Asian American Justice Alliance to fight the legislation.
On Saturday, Chinese Americans and recent immigrants protested outside the Capitol, chanting “Florida is our home” and holding signs to motorists that said, “No anti-Asian bill” and “Equal protection for all.”
Last month, more than 100 people spoke against the bill in a committee, recounting the racial insults they’ve heard and asking lawmakers to vote against the measure.
Several said they were concerned it would lead to racial profiling. If the bill passes, it would require home and land buyers to sign an affidavit that they’re not prohibited from buying land. Realtors would be subject to “civil or criminal liability” if they have “actual knowledge” that the transaction violates the law.
Rep. Katherine Waldron, D-Wellington, the Democratic co-sponsor, told lawmakers that she heard the protesters were bused in from Texas. She and Borrero said they know of Chinese Americans who have been threatened from speaking in favor of the bill and silenced on WeChat, the dominant phone app in China.
“Do not be intimidated by the vocal and aggressive actors we’ve seen in the past few weeks, who do not have our country’s best interests in mind,” Waldron said. “The communist threat to our nation is real.”
Records from the meeting show that nearly all of the opponents of the bill listed Florida addresses, and several were quickly verified through homeownership records. Several of the speakers said they were professors at Florida universities.
Democratic representatives who voted against the bill on Wednesday said they were bothered by the vague terms in the bill and lack of specifics about who would enforce the measures.
The term “domiciled” isn’t defined in the bill, for example, and Borrero wouldn’t define it when asked by Rep. Fentrice Driskell, D-Tampa.
The definition of “domicile” in Black’s Law Dictionary includes “a person’s true, fixed, principal, and permanent home, to which that person intends to return and remain even though currently residing elsewhere,” according to Tampa immigration lawyer Danielle Hernandez.
“It is a very technical term that is not widely known or accepted,” Hernandez said in a message.
Driskell said the bill had numerous problems and appeared unconstitutional.
“Who is going to enforce this? Realtors?” Driskell said Wednesday. “Come on. We are better than this.”
Protesters stand outside Florida's Capitol on Saturday, April 29, 2023, in opposition to a bill that would ban Chinese people who are not U.S. citizens or permanent residents from owning any land or property in the state.
'I can't afford $1,800 a month': London, Ont. woman evicted on her 83rd birthday
Christel Barrett did not expect to be crying on her 83rd birthday. The London octogenarian and her daughter Deborah Barrett were two of 20 tenants of 1270 and 1280 Webster St. who received eviction notices by their landlord.
Richmond home prices continue to rise but sales remain low
Richmond is the only city in Greater Vancouver that saw positive year-over-year growth in apartment prices
www.richmond-news.com
Richmond resident builds luxury modular homes
The homes are designed to minimize the environmental impact on harsh terrains
www.richmond-news.com
People have a ton of equity right now, so they might be paying cash or have a huge down payment. I'd bet money that virtually no one in that line was a first time home buyer.
Posthaste: Looks like Canada's housing market has finally turned the corner
And that could stop the Bank of Canada from cutting rates this year
Toronto landlord found condo listed on AirBnb by someone who wasn't her tenant. She blames lax city rules
A Toronto condo owner is demanding changes to how the City of Toronto grants short-term rental licences after learning someone other than her approved tenant was able to obtain one for her unit. Allison Rasquinha, a real estate agent, says the licence was used to rent out her downtown studio on...
Three-quarters of homeowners worry about mortgage renewal: Poll
Variable and fixed mortgage rates have soared to the mid-single digits from ultra-low levels in just over a year.
Lifelong renters need to save 50% more for retirement than homeowners: Study
Renters face higher shelter costs in their retirement years while home-owning retirees could downsize and potentially reap a cash windfall.
Agree to 40% rent hike or we may sell your homes, landlord tells Surrey, B.C., renters
Tenants in Surrey, B.C., are devastated their landlord demanded a 40 per cent rent hike from them — with a warning if they don't agree, they could lose their homes. A tenants' rights advocate says while the situation has some unusual aspects, landlords are free to make demands for higher rent...
Tenants say no quality of life during years-long renovations at Etobicoke building
Several residents of an Etobicoke apartment building who have lived through more than two years of renovations say their landlord is trying to force out long-time renters in an attempt to make more from new tenants Steve Agalitiotis, who has rented a unit at 240 Markland Drive for 13 years, says...
Vancouver's April home sales down 16.5% from a year ago: board
VANCOUVER — The Real Estate Board of Greater Vancouver says April home sales slid 16.5 per cent from a year ago as new listings remained below historical norms. The B.C. board says sales for the month totalled 2,741, almost 16 per cent below the 10-year seasonal average. The composite benchmark...
Windsor student says he's on the verge of homelessness because of soaring rental prices
Damon Farnworth-McCorkle shares an apartment with his sister, and says their rent was just increased to a number they simply cannot afford. The 24-year-old Windsor student says he lives off of $600 per month from Ontario Works, and now his sister is moving out. "I've got two months to either...
Traditional starter homes 'completely dead' in big cities: Realtor
With a worsening affordability crisis at play, the notion of a typical, detached house being a starter home is long gone in Canada's big cities.
Landlords escaping requirement to impose large rent hikes gradually
Loopholes in a rule meant to guard New Brunswick tenants against large rent increases in a single year have rendered the protection useless for many renters, especially long-term tenants, figures are beginning to show. According to early cases finalized by the Residential Tenancies Tribunal —...
Water kept seeping into new condos north of Montreal. Now, more than 160 people could lose their homes
A group of condo owners in a suburb north of Montreal have learned that their recently built homes will have to be demolished — or repaired at an exorbitant cost — because of flawed construction and design, according to a lawsuit. The condos, part of a development in Boisbriand, Que., that...
Must be location because I'm seeing houses sit, reduce prices and then being taken off the market. I'm looking at the area by Sequoyah Golf Course.
I live in the Lakeshore area
B.C. mortgage broker deposits and withdraws millions into bank account prior to receivership
The owner of a B.C. mortgage company is facing several lawsuits from investors, accusing him of not repaying them.
Vancouver's Empty Homes Tax was set to increase in 2023. That may not happen after all.
Vancouver city council is set to consider a recommendation to freeze the rate of the Empty Homes Tax rather than proceed with a planned increase.
This is different than the LLPA changes based on credit score.
"The Federal Housing Finance Agency (FHFA) on Wednesday announced that it would rescind a controversial loan-level pricing adjustment (LLPA) for conventional borrowers with debt-to-income (DTI) levels at or above 40%."
"Still, no LLPA fee elicited a stronger response than the new DTI requirement. Lenders argued they would not be able to accurately determine a borrower’s actual income before rates had to be locked, and the timeline didn’t allow them to change terms of the loan if new information came in later in the process, which happens frequently."
"The Federal Housing Finance Agency (FHFA) on Wednesday announced that it would rescind a controversial loan-level pricing adjustment (LLPA) for conventional borrowers with debt-to-income (DTI) levels at or above 40%."
"Still, no LLPA fee elicited a stronger response than the new DTI requirement. Lenders argued they would not be able to accurately determine a borrower’s actual income before rates had to be locked, and the timeline didn’t allow them to change terms of the loan if new information came in later in the process, which happens frequently."
I am about to ask a really dumb ass question that I should know, but since my CPA does all my taxes and I trust him, isn't mortgage interest a tax write off??
So if the interest is high, that extra money you are paying is a tax write off? Correct?
I had to look it up. It appears the answer is both yes and no. Yes you can claim the deduction if you itemize, but no you can't claim all of it if you live in a high cost of living area that'll take you over the limit or if your total amount of properties takes you over the limit.
Of course Trump lowered the limit with the tax bill in 2017. It went from $1M to $750k.
The new limitations only apply to property purchased after 2017.
Home Page
We’ll help you get approved for a mortgage when other providers won’t. Visit our site to get some of the best Canadian mortgage rates in the Ontario area.
www.rocketmortgage.com
I had to look it up. It appears the answer is both yes and no. Yes you can claim the deduction if you itemize, but no you can't claim all of it if you live in a high cost of living area that'll take you over the limit or if your total amount of properties takes you over the limit.
Of course Trump lowered the limit with the tax bill in 2017. It went from $1M to $750k.
The new limitations only apply to property purchased after 2017.
Home Page
We’ll help you get approved for a mortgage when other providers won’t. Visit our site to get some of the best Canadian mortgage rates in the Ontario area.
Bro thanks. I knew you could, but wasn't 100% sure how it works. I think you can claim it if you have 2 homes as well.
'Reverse Robin Hood': Vancouver developers get $3.8M tax break
A retroactive exemption to Vancouver's Empty Homes Tax will see millions returned to developers whose newly built units were unsold and unoccupied last year.
B.C. Housing probe could affect entire non-profit housing sector
Advocate says reform is needed, but agency must keep flexibility to respond fast to housing crises
