Billionaire Stephen Ross Believes in South Florida—and Is Spending Big to Transform It
The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
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The Related Cos. founder is following the money flowing south by bringing his influence to everything from real estate to schools and health care.
Initial data on US gross domestic product for the first quarter of 2024 is set to confirm an ongoing economic boom amid a tailwind from surging immigration.
A South Florida office skyscraper from Related Cos. landed new finance tenants, including a John Paulson business and a private equity firm that counts Mark Bezos as a founding partner.
Oracle Corp. is moving its headquarters out of the city. Tesla Inc. is pulling back after a rapid expansion. Almost a quarter of commercial office space is vacant, and nowhere in the country have residential real estate prices fallen further from their pandemic peak.
Mortgage rates in the US increased for a fourth straight week.
Mar 14, 2018
The Canadian Press
VANCOUVER - The British Columbia Real Estate Association says tough mortgage qualification rules are a key reason for a province-wide drop in housing demand last month compared with February 2017.
The association says home sales fell 5.7 per cent in February, with about 6,200 properties changing hands.
Chief economist Cameron Muir says on a seasonally adjusted basis, sales have plummeted more than 26 per cent since new federal mortgage rules took effect at the beginning of the year.
But the association says prices continue to climb, with the average home selling for just over $748,000, an 8.8 per cent jump over February of last year.
The Office of the Superintendent of Financial Institutions implemented new lending guidelines in January that require borrowers who don't need mortgage insurance to show they would still be able to make payments if interest rates rise.
In order to get insurance, homebuyers must prove they can service their uninsured mortgage at a qualifying rate two percentage points higher than the lender's rate or the Bank of Canada's five-year benchmark rate, currently set at 5.14 per cent.