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Around The League - 2024-25 Regular Season


Interest on mortgage being tax deductible applies even to 2nd, 3rd etc non primary resident homes for US taxation
 
What's the logic?

To stop foreign money inflows that are being blamed for the real estate cost explosions in Toronto and Vancouver.

A decade + of rock bottom mortgage rates is the real culprit. The number of foreign buyers is way too small and choppy to sustain such persistent increases.

Of course, they’ll declare victory when the increase in rates has its desired effect.
 
What's the "logic" behind that move? Seems extreme.
Count & those who live in BC can talk about it much more than I can because it's a long lasting problem from British Columbia, but from what I've seen & read (which is very little, I grant you), there's a major problem with multi-millionaire foreigners who will buy up tons of land and/or residences without living in them or using the land for anything. The houses/land get bought up, which drives the prices up artificially for regular people who want to buy a house/land because there's too much demand for not much supply.

Then, many years later, those same foreigners who bought the houses/land will then put it on the market and sell it at a considerably higher price than they had bought it due to make large profits.

This was a problem that started in Vancouver over a decade ago and has since gone throughout the country. When I was working in Kelowna, I had heard about it from people who were in town. I had heard that in Quebec, there's a large amount of real estate being bought up by Chinese & Arab money.
 
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