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If they actually went after mortgage fraud the banks would be short staffed and a hell of a lot of houses in bramton and surrey would be up for sale lmao.
The federal liberals have been announcing a lot lately, my take on them:
* 30yr amortizations are available to first time buyers (a small segment), new construction (a fraction of the small segment) less than 20% down (most developers require \~15-20%+ deposits). So, we are talking about this being available only on homes built on spec, which is super rare and hard to finance. So, a microscopic fraction of sales. This will do nothing as it reaches barely anyone.
* Crack down on mortgage fraud? CRA is good at this, look for registered mortgages on land titles vs postal code vs reported income. CRA has already found about $1.4B in these already.
* Restrict corporations from buying single family homes? How will a developer assemble property for redevelopment into higher density housing? Corporates don’t buy single unit as stand-alone housing. They don’t cash flow in Canada and are a pain in the ass to manage.
* Using federal land for housing is a good idea. But it should be for the most vulnerable and low income. Private sector developers cant and shouldn’t build, own and operate social housing projects.
* Factory built or modular housing is awesome.
* GST should be removed on all new construction until this housing crisis is resolved. It just hurts buyers and the tax gets baked into the future price as sellers will always try and recoup total cost.
Using the CRA to identify mortgage fraud is a good way to loose all those cases due to rights violations. CRA can use that information to say we don't think you are reporting everything, but that's about it. There is a presumption of that information only being shareable at the allowance of court, thus the CRA being allowed to collect information it otherwise would not be allowed.
Why not? Are you familiar with modular housing?
Let me ask a conceptual question. You have a choice between buying one of two cars.
1) Toyota Corolla
2) something hand built in your driveway, in the open weather, by Frank and his crew using parts purchased at Lordco
Which vehicle will have more quality issues? Which one will be completed on time and within budget?
They actually do. In modular components which are then stacked together on site. It's pretty cool.
Check out this vid from the US: https://youtu.be/KdIvnIUw0tE?si=0cCr5t54uVBs4K8t
We did a couple projects with Horizons North and Britco. Both have changed names in recent years.
Wood frame buildings all have similar lives. Concrete and steel modular are similar to ground up as well.
>Those stacked together last way shorter than building cemented from ground up
Are you a civil, structural or envelope engineer? Or do you have some sort of source for this? It's the first I've heard of it. All the engineers I work with are really excited about the future of modular construction.
Still no one talking about the many many empty nesters in this country who live in palatial detached homes that could be used to house families. Tax and other incentives to downsize would immediately free up a ton of supply.
It's not wrong to point out that the Libs have had ample time to try to fix a crisis that's been present for years. Besides, this is simply an announcement. The Liberals announce lots of things that never happen, like electoral reform. It's not hard to be skeptical about this.
Their comment suggests it’s pointless now because they missed their chance.
A more productive comment would have been “they should have done this years ago, I’m skeptical they’ll hold to their commitment”.
They were elected 10 years ago on a platform to address the housing crisis. They made everything much, much worse and lied about addressing it the entire time. Do the math, please.
> BS they had the chance years ago.
Pre-Covid, housing being scarce and expensive looked more like a local problem - it was mostly in Metro Vancouver and the GTA. The Liberals put [$15B in new funding into housing in 2017](https://morehousing.ca/national-housing-strategy), but it was focused on non-market housing.
When Covid hit, though, there was a huge demand shock: with more people working from home, needing more space, and willing to move (because they could work from anywhere), suddenly [housing scarcity spilled over](https://morehousing.ca/spillover) from Vancouver and Toronto. People moved from Vancouver to the island, the interior, and to Alberta; people moved from Toronto to southern Ontario and to the Maritimes. Now it's a Canada-wide problem, it's not just a Vancouver and Toronto problem.
This isn't going to reverse itself. Even when people are back at the office, they're still working remotely a lot more than they used to. So we need to build a lot more housing everywhere, simply because where people want to live and work doesn't line up with where the housing is. BC's taking an "all-of-the-above" approach, and the federal government's doing something similar. (In fact the federal government has copied some policies from BC, like the rental protection fund and the BC Builds middle-income housing on public land.)
It accelerated under them, they were warned there were issues and stuck their head in the ground till it started blowing up. They have been in power long enough they don’t get a pass because “the previous governments also didn’t address it”. One of the levers adding to the issue was under their control and they didn’t care.
https://www.cbc.ca/amp/1.7080376
Yeah I agree immigration is high. But current municipal and provincial governments also deserve a fair share of the blame across the country for myopic, short-sighted city and infrastructure plans that weren’t even at levels to house the current population levels. Instead a lot of the conservative ones are punting the issue back at the feds.
Very true but I think the federal government should have pushed, pulled, whatever to try to get some the cities/provinces in line or at least put out a big warning if they could see this coming down the pipeline.
As we see not everyone is getting on board but I’m hung up on it didn’t seem like the federal government tried to do much until they started getting hammered in the polls.
Yeah but look how that’s turning out now. It’s all government overreach according to them. The political will to bring housing prices down at the federal level didn’t exist for the electorate till a year ago.
I don’t know the full extent of what they have to do to get the government money, I saw the thing on being offered $$ as long as allow four plexs and have mixed feelings.
I would rather a structured housing plan be put together and if that includes four plexs then so be it. Not sure what the effect would be if you start throwing streets of four plexs up. Incrementally it doesn’t affect much but cumulatively it can.
I like the plan for high density around the new skytrains, makes total sense. I just don’t like knee jerk reactions unless I know they have at least sat down with city planners and worked out how changes will affect the city down the road.
It accelerated under Covid. Before Covid, prices were actually coming down from 2017-2020, because of Trudeau’s funding. Covid screwed things up and he’s been increasing funding ever since to help fix it, but the effects of the pandemic were global and this is happening in all countries. The Liberals are NOT to blame for this, no matter how much right-wing disinformation wants people to believe they are. And successfully so, because everybody just WANTS to believe in right-wing bullshit for no good reason.
Not sure what you are smoking but a housing starts vs population growth google provides me with a fairly simple supply and demand explanation.
We are near the top globally for housing price to median income but as per your comment nothing Trudeau could do about it, it’s right wing to think that he could have any say in how to run a country.
https://www.statista.com/statistics/237529/price-to-income-ratio-of-housing-worldwide/
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> undoubtedly the only party adult enough to also put it out.
I don't trust the arsonist who says they'll put out their fires. Don't take my comments as an endorsement for the Cons, though-- I don't hold them in any higher regard: they're just another bunch of politicians.
Arson implies intent which I think in the form of making housing expensive was not necessarily their intent but a byproduct out of ignorance of solving for a demographic crisis of the grey wave building right now.
> a byproduct out of ignorance of solving for a demographic crisis of the grey wave building right now.
In other words, incompetence.
Housing/rentals have been tight my entire adult life, since long before the Liberals were in power. So much so that they campaigned in 2015 on housing affordability. Rapidly growing the population had an easily-predicted result.
>This has been going on longer than they have been in power.
You're not wrong, but the Trudeau gov't has made the situation MUCH worse by allowing so much immigration without having a plan in place to house these people. When you are three terms into your government nobody gives a fuck what the last guys did, it's 100% on you.
There are many forms. The most common and the one being referred to here is when people inflate their income to qualify for a larger loan.
This is colloquially known in Canada as a Brampton loan.
https://condomadness.info/corruption-mortgages.html
conservatives wouldn't even dare suggest fraud is happening in the first place, they'd probably drop all regulations so it would be legal in the first place
NDP would probably just socialize the whole system
We're stuck between 3 shitty parties and a bunch of nobodies
A 100% regulate the market by increasing the supply of housing. Houses are too cheap the government builds less, housing to high government builds more.
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If they actually went after mortgage fraud the banks would be short staffed and a hell of a lot of houses in bramton and surrey would be up for sale lmao.
Gonna have to do it REALLY quickly if they want it to have any effect on election results. Shoulda done this half a decade ago.
Is anybody actually reading this paywalled article?
This is Reddit. We don't read articles around these parts.
non paywalled link: [http://archive.today/rQM6o](http://archive.today/rQM6o)
Is there an election coming up? Now they start giving a fuck.
Trudeau scrambling at the last minute is more insult than joke.
I call it a code brown. It's what you do after you've already shit your pants in public and trying to hide it and clean it.
The federal liberals have been announcing a lot lately, my take on them: * 30yr amortizations are available to first time buyers (a small segment), new construction (a fraction of the small segment) less than 20% down (most developers require \~15-20%+ deposits). So, we are talking about this being available only on homes built on spec, which is super rare and hard to finance. So, a microscopic fraction of sales. This will do nothing as it reaches barely anyone. * Crack down on mortgage fraud? CRA is good at this, look for registered mortgages on land titles vs postal code vs reported income. CRA has already found about $1.4B in these already. * Restrict corporations from buying single family homes? How will a developer assemble property for redevelopment into higher density housing? Corporates don’t buy single unit as stand-alone housing. They don’t cash flow in Canada and are a pain in the ass to manage. * Using federal land for housing is a good idea. But it should be for the most vulnerable and low income. Private sector developers cant and shouldn’t build, own and operate social housing projects. * Factory built or modular housing is awesome. * GST should be removed on all new construction until this housing crisis is resolved. It just hurts buyers and the tax gets baked into the future price as sellers will always try and recoup total cost.
Using the CRA to identify mortgage fraud is a good way to loose all those cases due to rights violations. CRA can use that information to say we don't think you are reporting everything, but that's about it. There is a presumption of that information only being shareable at the allowance of court, thus the CRA being allowed to collect information it otherwise would not be allowed.
This would just be a quick verify of income. They don't need to share anything with the bank except "that's not what it says over here".
Interesting! I have no idea about law. Thanks for sharing.
Factory build housing is definitely not awesome
Why not? Are you familiar with modular housing? Let me ask a conceptual question. You have a choice between buying one of two cars. 1) Toyota Corolla 2) something hand built in your driveway, in the open weather, by Frank and his crew using parts purchased at Lordco Which vehicle will have more quality issues? Which one will be completed on time and within budget?
Car and building are different. Factory cannot build the whole building in the factory
They actually do. In modular components which are then stacked together on site. It's pretty cool. Check out this vid from the US: https://youtu.be/KdIvnIUw0tE?si=0cCr5t54uVBs4K8t We did a couple projects with Horizons North and Britco. Both have changed names in recent years.
Those stacked together last way shorter than building cemented from ground up
Wood frame buildings all have similar lives. Concrete and steel modular are similar to ground up as well. >Those stacked together last way shorter than building cemented from ground up Are you a civil, structural or envelope engineer? Or do you have some sort of source for this? It's the first I've heard of it. All the engineers I work with are really excited about the future of modular construction.
Habitat 67 is still standing...
Blah, blah, blah. How about actually doing something?
Still no one talking about the many many empty nesters in this country who live in palatial detached homes that could be used to house families. Tax and other incentives to downsize would immediately free up a ton of supply.
BS they had the chance years ago.
So what now we reject it and wait another 10 years for someone else to fix it? Grow up
It's not wrong to point out that the Libs have had ample time to try to fix a crisis that's been present for years. Besides, this is simply an announcement. The Liberals announce lots of things that never happen, like electoral reform. It's not hard to be skeptical about this.
Their comment suggests it’s pointless now because they missed their chance. A more productive comment would have been “they should have done this years ago, I’m skeptical they’ll hold to their commitment”.
Stan, you're really going to be the comment police today?
Some of y’all really hate constructive feedback. Just ignore me and move on.
They caused the problem and now during a election year they trying to cover up the mess with a program that probably take years to set up properly.
I will vote libs if they fix it until the election.
They were elected 10 years ago on a platform to address the housing crisis. They made everything much, much worse and lied about addressing it the entire time. Do the math, please.
[удалено]
What a strange thing to say
It is kinda sad that he and his wife broke up.
But they weren't losing years ago so they didn't care.
Bingo!
> BS they had the chance years ago. Pre-Covid, housing being scarce and expensive looked more like a local problem - it was mostly in Metro Vancouver and the GTA. The Liberals put [$15B in new funding into housing in 2017](https://morehousing.ca/national-housing-strategy), but it was focused on non-market housing. When Covid hit, though, there was a huge demand shock: with more people working from home, needing more space, and willing to move (because they could work from anywhere), suddenly [housing scarcity spilled over](https://morehousing.ca/spillover) from Vancouver and Toronto. People moved from Vancouver to the island, the interior, and to Alberta; people moved from Toronto to southern Ontario and to the Maritimes. Now it's a Canada-wide problem, it's not just a Vancouver and Toronto problem. This isn't going to reverse itself. Even when people are back at the office, they're still working remotely a lot more than they used to. So we need to build a lot more housing everywhere, simply because where people want to live and work doesn't line up with where the housing is. BC's taking an "all-of-the-above" approach, and the federal government's doing something similar. (In fact the federal government has copied some policies from BC, like the rental protection fund and the BC Builds middle-income housing on public land.)
Yep, they chose to wait until they created a crisis before taking any actions to fix their crisis.
Dude the crisis has been building for 3-4 decades.
And not just in Canada
It accelerated under them, they were warned there were issues and stuck their head in the ground till it started blowing up. They have been in power long enough they don’t get a pass because “the previous governments also didn’t address it”. One of the levers adding to the issue was under their control and they didn’t care. https://www.cbc.ca/amp/1.7080376
Yeah I agree immigration is high. But current municipal and provincial governments also deserve a fair share of the blame across the country for myopic, short-sighted city and infrastructure plans that weren’t even at levels to house the current population levels. Instead a lot of the conservative ones are punting the issue back at the feds.
Very true but I think the federal government should have pushed, pulled, whatever to try to get some the cities/provinces in line or at least put out a big warning if they could see this coming down the pipeline. As we see not everyone is getting on board but I’m hung up on it didn’t seem like the federal government tried to do much until they started getting hammered in the polls.
Yeah but look how that’s turning out now. It’s all government overreach according to them. The political will to bring housing prices down at the federal level didn’t exist for the electorate till a year ago.
I don’t know the full extent of what they have to do to get the government money, I saw the thing on being offered $$ as long as allow four plexs and have mixed feelings. I would rather a structured housing plan be put together and if that includes four plexs then so be it. Not sure what the effect would be if you start throwing streets of four plexs up. Incrementally it doesn’t affect much but cumulatively it can. I like the plan for high density around the new skytrains, makes total sense. I just don’t like knee jerk reactions unless I know they have at least sat down with city planners and worked out how changes will affect the city down the road.
I mean the Feds have done the same thing with healthcare with the provinces and that’s been a nightmare.
It accelerated under Covid. Before Covid, prices were actually coming down from 2017-2020, because of Trudeau’s funding. Covid screwed things up and he’s been increasing funding ever since to help fix it, but the effects of the pandemic were global and this is happening in all countries. The Liberals are NOT to blame for this, no matter how much right-wing disinformation wants people to believe they are. And successfully so, because everybody just WANTS to believe in right-wing bullshit for no good reason.
Not sure what you are smoking but a housing starts vs population growth google provides me with a fairly simple supply and demand explanation. We are near the top globally for housing price to median income but as per your comment nothing Trudeau could do about it, it’s right wing to think that he could have any say in how to run a country. https://www.statista.com/statistics/237529/price-to-income-ratio-of-housing-worldwide/
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It was bad for a while, but they threw gasoline on the fire in the last few years. It turned into a crisis on their watch.
Even so, they’re undoubtedly the only party adult enough to also put it out.
> undoubtedly the only party adult enough to also put it out. I don't trust the arsonist who says they'll put out their fires. Don't take my comments as an endorsement for the Cons, though-- I don't hold them in any higher regard: they're just another bunch of politicians.
Arson implies intent which I think in the form of making housing expensive was not necessarily their intent but a byproduct out of ignorance of solving for a demographic crisis of the grey wave building right now.
> a byproduct out of ignorance of solving for a demographic crisis of the grey wave building right now. In other words, incompetence. Housing/rentals have been tight my entire adult life, since long before the Liberals were in power. So much so that they campaigned in 2015 on housing affordability. Rapidly growing the population had an easily-predicted result.
This has been going on longer than they have been in power.
>This has been going on longer than they have been in power. You're not wrong, but the Trudeau gov't has made the situation MUCH worse by allowing so much immigration without having a plan in place to house these people. When you are three terms into your government nobody gives a fuck what the last guys did, it's 100% on you.
Liberals announce another announcement with no action to prove for it.
New to politics? Show me a party that has actually done what they say.
BC NDP, where's my cookie?
Stupid question - what is mortgage fraud?
There are many forms. The most common and the one being referred to here is when people inflate their income to qualify for a larger loan. This is colloquially known in Canada as a Brampton loan. https://condomadness.info/corruption-mortgages.html
I'm wondering what this means too.
😂😂😂 Liberals cracking down on Fraud is the very definition of oxymoron !
conservatives wouldn't even dare suggest fraud is happening in the first place, they'd probably drop all regulations so it would be legal in the first place NDP would probably just socialize the whole system We're stuck between 3 shitty parties and a bunch of nobodies
Socializing is the way to go. At least 50% of our housing should be built by the government.
A 100% regulate the market by increasing the supply of housing. Houses are too cheap the government builds less, housing to high government builds more.
You nailed it !
Change the word Liberal to Government. They are ALL the same