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Brady Sets Border Tax Hearing as McConnell Predicts Failure
 
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Canadian Real Estate CanadianREI   May 17, 2017   94   0   0   0   0   0
(Bloomberg) — House Ways and Means Chairman Kevin Brady is forging ahead and planning to hold a hearing next week on the proposed border-adjusted tax, even as the top Senate Republican said the measure probably won’t pass his chamber.  “One key element of that hearing will be border adjustment and the role that it plays as a crucial element in tax reform to level the playing field for made-in-America products,” Brady told reporters Tuesday. The controversial provision is a centerpiece of House Republican leaders’ blueprint for overhauling taxes because it would raise more than $1 trillion over 10 years to help offset the cost of individual and corporate rate cuts. Brady and House Speaker Paul Ryan have continued to defend it, even as it’s faced attacks from industries that import goods as well as criticism from the White House and Senate Republicans.  Brady has said he wants a tax overhaul to get done in 2017, and on Tuesday he pushed back against the idea that distractions from the White House were making that goal harder. White House controversies -- the firing of FBI Director James Comey, reports that Trump leaked highly classified information to the Russians and an allegation that the president asked Comey to end the investigation into his former national security adviser -- have dominated political discussions on Capitol Hill, sidelining the GOP’s legislative agenda. ‘Less Drama’ Senate Majority Leader Mitch McConnell said Tuesday in an interview with Bloomberg News that he’d like to see...
10 Must Reads for the CRE Industry Today (May 17, 2017)
 
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Canadian Real Estate CanadianREI   May 17, 2017   76   0   0   0   0   0
10 Must Reads for the CRE Industry Today (May 16, 2017) May 16, 2017 Georgia Tech Launching Masters Degree in Real Estate Development May 15, 2017 Phoenix Approves Deal for $500M Data Center Development May 13, 2017 10 Must Reads for the CRE Industry Today (May 12, 2017) May 12, 2017
Clarification May Finally Be Coming for HVCRE Rule
 
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Canadian Real Estate CanadianREI   May 17, 2017   115   0   0   0   0   0
Banks may soon get the answers they have been waiting for when it comes to regulatory requirements for High-Volatility Commercial Real Estate (HVCRE) loans. The HVCRE rule, which was introduced as part of Basel III regulations, effectively raised the capital reserve requirement for qualifying acquisition, development and construction loans. Historically, banks were required to set aside 8 percent of the value of those loans as a risk mitigant. Under the HVCRE rule, the required amount of capital to be set aside increased to 12 percent. Since the new rule went into effect in January 2015, banks have become increasingly frustrated with poor guidance clouding the new rule. Banks are not entirely sure which loans will be classified as HVCRE or when those loans can be converted from HVCRE to permanent status. “The confusion is not only what goes into the HVCRE bucket on day one, but when those loans can come out of the HVCRE category,” says Christina Zausner, a senior director, policy and industry analysis, for the CRE Finance Council. Regulators have issued some FAQs related to HVCRE. However, the info didn’t provide the details banks were looking for, and banks have not been able to get that clarity in talking with their bank examiners, notes Bruce Oliver, associate vice president for commercial/multifamily policy at the Mortgage Bankers Association (MBA). That industry frustration has resulted in a new bipartisan bill H.R. 2148[1] introduced by Congressman Robert Pittenger (R-NC) and Congressman David Scott (D-GA) that aims to clarify the existing...
News Canadian Real Estate Magazine   May 17, 2017   54   0   0   0   0   0
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News Canadian Real Estate Magazine   May 17, 2017   63   0   0   0   0   0
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News Canadian Real Estate Magazine   May 17, 2017   84   0   0   0   0   0
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Are Media Headlines Affecting How Millennials Buy Houses? | Kathy Buckworth
 
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Canadian Real Estate Jarek BucholcJarek Bucholc   May 17, 2017   63   0   0   0   0   0
Oleksiy Maksymenko via Getty Images It's common to hear about houses going for hundreds of thousands over asking price, bully offers and bidding wars especially in large cities such as Toronto and Vancouver. The current housing bubble doesn't appear to be anywhere near to bursting, and every day we are bombarded with media headlines and reports on the escalation of rising prices for homes. But are the media headlines themselves affecting the market by making buyers more fearful about getting into the market? A recent study by TransUnion Canada[1] says that one particular demographic says yes. More than half of Canadian Millennials (aged 18-34) agreed that the headlines around house prices are making them worry about their future home buying potential. Braden Halpin, 28, is currently renting a condo in downtown Toronto, but hoping to enter the housing market, and he agrees. "Of course. Half the time I feel I need to do whatever I can to get into the market immediately, the other half I'm wistfully searching affordable properties in Thunder Bay and imagining they existed in the GTA." In fact, Ontarians are more likely to say that media headlines are making them fearful of their home buying potential, at 50%, versus 39% in the rest of the country. On the positive side, more than 55 percent of Millennials say that they will be in a financial position to purchase a home within the next five years. Halpin sees himself in this situation but...
 
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Canadian Real Estate Jarek BucholcJarek Bucholc   May 16, 2017   54   0   0   0   0   0
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10 Must Reads for the CRE Industry Today (May 16, 2017)
 
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Canadian Real Estate CanadianREI   May 16, 2017   74   0   0   0   0   0
Georgia Tech Launching Masters Degree in Real Estate Development May 15, 2017 Phoenix Approves Deal for $500M Data Center Development May 13, 2017 10 Must Reads for the CRE Industry Today (May 12, 2017) May 12, 2017 10 Must Reads for the CRE Industry Today (May 11, 2017) May 11, 2017
 
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Canadian Real Estate CanadianREI   May 16, 2017   89   0   0   0   0   0
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Canadian Real Estate CanadianREI   May 16, 2017   85   0   0   0   0   0
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Canadian Real Estate CanadianREI   May 16, 2017   95   0   0   0   0   0
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Canadian Real Estate CanadianREI   May 16, 2017   82   0   0   0   0   0
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Canadian Real Estate CanadianREI   May 15, 2017   113   0   0   0   0   0
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Vancouver House For Sale In Bitcoin A Sign Of Suspicious Activity
 
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Canadian Real Estate Jarek BucholcJarek Bucholc   May 15, 2017   114   0   0   0   0   0
Here’s something a little different: A home in the Vancouver suburb of Coquitlam is on sale on Craigslist. The asking price? A measly-sounding 2,099 bitcoin. But that’s not chump change — it’s C$4.85 million at current exchange rates, pricey even by Vancouver standards. The house is described as “new” in the ad and looks unlived-in in the pictures provided. The ad appears on the Vancouver[1] and Hong Kong[2] real estate pages of Craigslist. It doesn’t list the number of bedrooms or bathrooms, or the square footage. Just that the owner will sell for bitcoin or Ethereum, another cryptocurrency. The ad mentions that the house is in “one of the hottest markets on the planet, voted #1 place to live in the world.” That claim might be a little outdated at this point. Vancouver’s housing market has seen considerable cooling over the past year. In the wake of a provincial foreign buyer tax and China’s crackdown on cash outflows, buyer interest has slowed. Home sales have fallen for much of the past year; nearly half the money flowing through the market has vanished[3]; and price growth has stalled. But if this ad is an indicator of anything, it’s that foreign buyers are still playing in Vancouver’s housing market -- they’re just doing it more on the sly now. China has been cracking down on cash outflows from its economy[4]. The country’s investors, who are allowed...
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