Garry Marr
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Condominiums continue to have a major impact on the apartment market across the country as more and more people buy them as investments and rent them out, says a new report.

Canada Mortgage and Housing Corp. released data Thursday for October 2012 which shows that in 10 of the 11 markets surveyed, the percentage of condos being rented out continued to rise, with as much of 30.4% of the stock in Calgary’s market now being used as rental apartments.

In Toronto, easily the largest condo market in the country, 22.6% of that housing is now rental apartments.

It is the secondary market that is providing and has provided most of the new rental supply for the last 30 years

That massive build-out of condominium towers has all but saved the apartment sector from a vacancy problem as landlords have cut back on so-called purpose-built apartments constructed exclusively for rental, said the head of a major industry group.

“We would be in deep trouble,” says John Dickie, president of the Canadian Federation of Apartment Associations, about where the market would be without the condo sector. “It is the secondary market that is providing and has provided most of the new rental supply for the last 30 years.”

The CFAA says the percentage of new housing made up of traditional apartment buildings was as high as 30% in the 1960s but has shrunk to below 10% recently. Renewed demand for income-oriented property from the real estate investment trust sector has helped fuel some construction, said Mr. Dickie.

 

“There is more than before because of the demand for rental properties by REITs,” he said. Canadian investors looking for consistent yield have turned to publicly traded REITS which are up about 75% over the last three years in terms of total return and currently yield about 5%.

“The REITs have been buying out the apartment stock and are hungry to buy more. As the REITs are buying up the apartment stock, it becomes potentially more attractive to build them,” Mr. Dickie said.

Not attractive enough to outpace condos and his group is calling for tax deferral for apartment building owners on any capital gains if they sell a building and buy another one.

While critics decry overbuilding in the condo sector, CMHC data shows a relatively tight vacancy rate. The vacancy rate in the Toronto condo market was 1.2% in October 2012, up from 1.1% a year earlier. For traditional apartments that vacancy rate was 1.7% in October 2012 up from 1.4% a year earlier.

Condo apartments are being scooped up in most of the 11 major markets surveyed with Ottawa having the highest vacancy rate at 3.2% in October 2012 up from 1.4% a year earlier. Calgary had the sharpest drop as the vacancy rate for condo apartments hit 2.1% in October 2012, down from 5.7% a year earlier.

CMHC won’t comment on the impact the condo market might be having on traditional apartments but the vacancy rate in that sector jumped to 2.6% from 2.2% during the period studied for the 35 major centres studied. During the same period rents jumped 2.2% for a two-bedroom unit in a traditional building.

The Crown Corp. did say people over the age of 25 likely helped boost the condo market which is described as “typically a high end substitute” for traditional apartments. Full-time employment for those older than 25 jumped 2.2% during the period helping to boost condo demand.

“Older households are generally more affluent than younger adult households,” CMHC noted in its report.

Meanwhile that 25 and under group, the ones more likely to be in cheaper existing apartment stock, saw their employment numbers go down over the last year.

“Students and young workers typically rent first and then go to home ownership. When you have lower employment, it impacts household formation,” says Mathieu Laberge, deputy chief economist with CMHC.

© 2013 National Post

Susan Pigg
Other

The rental market remains tight across the GTA – and especially in the highly-coveted downtown core – despite a surge of new condos over the last five years that now account for 16 per cent of all the rental units in the region, according to the Canada Mortgage and Housing Corporation.

While the vacancy rate for rental apartments bumped up slightly in October over a year earlier, it still remains at one of its lowest levels in a decade, 1.7 per cent, compared to an even lower vacancy rate of 1.2 per cent for rental condos, the federal housing authority said Thursday.

That slip year-over-year in condo vacancy rates occurred despite the fact there was a six per cent increase in the number of condo units up for rent in the GTA in October over a year earlier.

Condo rents continue to run about 40 per cent higher than apartment rents, especially older apartments, notes the report.

A one-bedroom unit in the GTA now rents for an average $1,003 a month, compared to $1,430 for a rental condo while two-bedroom apartments average $1,170 compared to $1,586 for a rental condo.

Rents are higher in the City of Toronto: $1,010 for a one-bedroom apartment compared to $1,456 for a condo. Two bedrooms average $1,194 and $1,602 respectively, says the report.

An estimated 33 per cent of all new condos coming on the market across the GTA are now being rented out rather than lived in by owners, but competition remains especially fierce in the coveted downtown core and, increasingly, North York and Peel Region, according to CMHC.

Yet all those new investor-owned glass-and-granite rental condos did little to ease demand and drive up vacancy rates in older, purpose-built apartments, which stood at just 1.4 per cent in October of 2011, according to the annual rental market review.

“While vacancy rates increased slightly this year, the overall average rate remained relatively low as job opportunities improved, first-time (home) buying slowed and supply growth remained muted.”

“The increase in vacancy rates can partly be attributed to fewer young adults and immigrants entering the market, as well as more people leaving the GTA or choosing to rent in the condo market,” said Shaun Hildebrand, CMHC’s senior market analyst for the GTA.

Average rents increased by 2.8 per cent across the GTA, but by 4 per cent in the City of Toronto where the vacancy rate has slipped below one per cent.

© Copyright Toronto Star

The Soft Gooey Centre Of A Cycle – The $64,000 question is, of course, when (and how soon) will demand recover?

Alan Skinner
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As I commence composing this month’s Update (and the final edition of 2012), I am gazing at the REBGV Average Price graph for Jan 1977 to Nov 2012; you know, the one that has appeared frequently in the newspaper and in articles (and advertisements exhorting people to become home owners – until earlier this year, that is!). (To view the graph visit http://rem.ax/TSsQR4)

It is created by placing a “pin prick” on the graph each month which represents the average price of all detached, attached and apartments sold in that specific month. As is the nature of graphs, a squiggly line appears by “linking the dots” much like that on a patient’s chart at the foot of a hospital bed. Since earlier this year (I’ve heard theories ranging from Feb to May ’12 as the “height of the market”) this jagged curve has been falling, representing higher supply and lower demand, or, as one commentator stated – those on the selling side who have to sell and those on the buying side who can buy at their price. The point being that nobody really “has to” buy. The “softer” demand is borne out, in our neck of the woods, by the fact that the total number of sales on the North Shore Nov 2011 to Nov 2012 dropped by 28% (i.e. from 3723 to 2702 by the end of this past month). The clear message to sellers continues to be “if you have to sell in the short term (with minimal evident demand) accept a lower, and declining, sales price”. If they can, “wait and see” with an anticipated recovery of demand, that may well be to their advantage. The $64,000 question is, of course, when (and how soon) will that demand recover? Could today’s unhurried seller become next quarter’s frantic seller? Either way it augers well for those seeking enhanced affordability and, yes, those seeking a great deal.

With this year coasting to a quiet close, I reiterate a previous injunction – potential sellers, seek advice from an experienced Realtor on when to sell (and at what price to list the property) and potential buyers do likewise with a heightened emphasis on an experienced negotiator to pin down that “great deal”. Please note, no Realtor can make you buy or sell – you must have the confidence that your decision is the right one for the times.

Now to the 11 month YTD 2012 figures vs. 2011 – North Van detached homes sold down 21% from last year, attached (t/homes) down 23% and apartments down by 12% from 2011. Detached average prices +5% and inventory now up by 45%. Average prices up 2% (t/hse) and up by 1% (apts). Inventory (t/hse) 55% higher than Nov 30th 2011 and (apt) up from the same date by 7%. These relatively high inventories and soft demand will continue to keep sales prices level.

In West Van, detached number of sales YTD has dropped by 48% from 2011. Average price up 6% and inventory up 25% over Nov 30th 2011. On the condo side – attached (t/hses) sold YTD are up 5% from 2011 at 63 vs 60 units (townhomes being the only contrarian). Active listings are up year over year from Nov 30th 2011 by 64% (51 vs. 31). Apartments reflect 151 sold YTD vs. 198 by Nov 30th 2011; with average price down 12% from Nov 30th 2011 and active listings up 67% from Nov. Overall North Shore demand is sluggish with inventory significantly higher than Nov 30th 2011. Yes, folks, the average prices YTD 2012 vs. 2011 are still up in all segments except for the “small sample” apts in W/Van. With this few actual sales to compare we are far more prone to anomalies such as possibly fewer “luxury units” changing hands in these lower demand times. Note that I continue to report, as I always have, on average YTD prices – while this may soften the impact of recent price slippage, it does show the price picture over the longer term. This was equally important during the rampant “up-cycle” we left some 9 months ago.

The ‘SnapStats‘ (what price ranges are selling and which are not) is being extremely well received. I am now forwarding the past 12 month trend for not only N and W/Van but including ALL available metro neighbourhoods, as many were requesting. Just fire off an e-mail to me at [email protected] asking for SnapStats. If any locations are not of interest, please ignore those areas.

Again, visit my website to see and “hear” the new developments. I continue my commitment to keep you… www.OnTopOfTheMarket.ca – the “go to” site for North Shore Real Estate analysis and jumping-off point for FULL market listing information. To join those wishing to get the e-mail version of this “update” and SnapStats – send a request now to [email protected] and you’ll be assured receipt; phone me at (604) 988-7368 or visit www.OnTopOfTheMarket.ca

Now, as we approach the Season, it is once again the time to embrace our families, give thanks for our blessings, and some extra cheer to strangers in need. Thanks to all my friends, colleagues, clients and acquaintances for your support, feedback and for reading my monthly missives! To all, stay safe and keep warm in your abodes… ’til 2013….

Copyright © 2012 Jurock Publishing Ltd.

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Last chance to savour Sesame in East Village

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The historic Rosewood Hotel Georgia sits in recently-restored glory at the corner of Georgia and Howe Streets, but now there’s a shimmering new Vancouver landmark adjacent to it that includes some of the most desirable condominium homes in the world. The Private Residences at The Hotel Georgia are aimed at people who expect the very best and insist on maximum convenience. Bruce Langereis, president of Delta Land Development Ltd., believes that the hotel’s proximity is a huge benefit for residents.

“In its first year, the hotel has won a wide range of accolades – both from major international magazines and within the Rosewoood group itself. No luxury condos in Vancouver are involved with a hotel of this class,” he said. Travel & Leisure Magazine recently voted the Hotel Georgia one of the best new hotels in the world. He added: “The quality of the homeowners’ experience in The Residences is a function of the quality of the hotel – Rosewood Hotel Georgia is No. 1.”

Purchase a Private Residence at the Hotel Georgia and the hotel’s many amenities await. The fitness centre, 52-foot indoor saltwater lap pool and Sense, A Rosewood Spa®, keep your body in tune, while round the clock concierge and security services are always at your disposal. The tantalizing cuisine of the hotel’s world-class ‘Hawksworth‘ Restaurant is available in the ambiance of the opulent restaurant itself or in the comfort of your home. Valet parking, housekeeping and in-home dining services – the finishing touches – bring the ultimate hotel experience home.

Within the Private Residences tower, an exclusive residents’ lounge is available for socializing or business meetings, together with a professionally designed state-of-the-art video theatre, billiards room and an exquisite boardroom. Hotel conference rooms may be reserved for residents. Except for the pool and fitness facilities built into strata fees, residents access to hotel services and amenities are on a preferential a la carte basis.

Located close to some of the best shopping and dining in the country, The Residences is a limited edition of unique homes offering spacious floor plans, gourmet kitchens, spa-style ensuites and, of course, breathtaking ocean, mountain and city views. “People think that because we’re right in the middle of the city, we have no views, but this is absolutely not the case, we have gorgeous water and mountain views,” said Langereis.

The building itself boasts dramatic leading-edge design by IBI/HB Architects. The double-height private entry lobby features floor-to-ceiling glass and an impressive Swarovski chandelier. Concierge services operate on a 24/7 basis. Close by are major corporate head offices and the city’s SkyTrain service is just a short walk away. Major sports, conference and exposition facilities are nearby, as is the Vancouver Art Gallery.

Langereis is particularly proud of suite layouts at The Residences. “There are lots of fine luxury condos in Vancouver, but we believe we’ve been particularly successful with the unique layouts and there’s nothing to match them. Making good use of available space is critical and that’s exactly what we’ve done,” he said. Floor plans include two, three and four-bedroom homes with interiors by award-winning Mitchell Freedland Design.

Suites are accessed via oversized mahogany veneer doors with satin brass inlay detailing. Kitchens have Miele appliance packages and most homes have a wine fridge. Bathrooms feature Thassos white marble flooring and in-floor heating. Homes are pre-wired for today’s electronic communications and entertainment lifestyle.

These impressive condos are destined to become among Vancouver’s most prestigious addresses and the 48-floor tower, a key landmark. Concluded Langereis: “Because of recent City of Vancouver planning studies in the downtown area, it’s unlikely that another project like this one will be built. It’s a unique opportunity that may never be repeated.” Prices start at $1.4-million.

Westcoast Homes & Design Magazine

PETER MITHAM/FRANK O’BRIEN
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For perhaps the first time, Metro Vancouver residential real estate investors could be looking enviously next year at Calgary, Saskatoon and even Fort St. John as a careening market claims victims on the West Coast. But, while Vancouver’s housing market is dented, there is scant evidence of a crash.

A mid-year change in mortgage rules had pundits predicting the bursting of the B.C. housing bubble, but that forecast depended on two things: the existence of a housing bubble and a willingness among owners to accept significant losses on real estate.

And neither, according to Cameron Muir of the BC Real Estate Association (BCREA), are indicated by available data on the market.

“A significant decline usually takes a macro-economic shock, and we just don’t see that,” Muir told a gathering of media in November.

“We don’t see a recession on the horizon. We don’t see interest rates going up any time soon. So what is going to cause household financial calamity in Vancouver, to the point at which people are going to accept losing 25 per cent or whatever number you want to pick out of a hat?”

While job prospects for B.C. darkened in the closing months of the year, shedding 10,900 jobs in October, total employment stands at 2,317,400 – well above its pre-recession peak of 2,275,700. The recent gains have been at the expense of part-time jobs, indicating stronger household finances.

“Down the road we’re going to see some spinoffs from that in the housing market,” Muir said.

While the province is expected to lose 3,500 residents to other provinces – primarily Alberta – in 2012, annual net migration will stay steady at approximately 40,000 through 2013.

“That’s helped sustain our population growth, even during periods of downturns in the business cycle.”

Moreover, interest rates are at a 30-year low. With the Bank of Canada signalling no rate increases until 2014, Muir sees few disincentives to purchases.

Despite the dramatic 21.9 per cent drop in unit sales in Vancouver through October 2012 versus the same period of 2011, BCREA estimates call for 29,800 unit sales in 2013, a tally close to the 15-year average. The province will see an estimated 74,900 unit sales, up from approximately 69,200 units this year.

The activity in Vancouver will be spurred by downward pressure on prices, with buyers snapping up more affordable units. Provincially, demand will boost the average sale price as smaller markets continue to recover from the recession of 2009.

BCREA forecasts home prices in the province to average $522,000 in 2013, up from $518,600 this year. In Vancouver, the average price will drop from $734,000 to $720,000.

If cheap debt continues to fuel home sales, however, it has also supported aggressive pricing on building sites. But with downward pressure on sale prices in Metro Vancouver, many developers are starting to balk.

“It is slowing, there’s no question about it,” Andrew Tong, senior vice-president, investments, with Concert Properties Ltd., said during a recent panel discussion hosted by commercial real estate association NAIOP.

The cooling trend is making lenders more cautious, Tong said, precipitating tighter requirements for projects and pushing down pricing on development sites.

“Lenders are going to be tougher on everyone. I would be very careful,” he said. “We think that land pricing is still aggressive; vendors are not realistic. … [Vendors] in marginal locations will have the realization that their lands are not worth as much as they were a year ago.”

The best sites, in Tong’s opinion, are those near transit and backed by established developers. Or, as Avison Young principal Bob Levine remarked during the same discussion: “Commodity land is off the table.”

Developers can’t expect a project to sell just because it’s being built at a decent price point. Indeed, the real battleground is less price than amenities.

Data crunched by Michael Ferreira, principal of Vancouver market research firm Urban Analytics Inc., suggests that prices have already factored in a lot of the economic risks.

Alto, which Anthem Properties Group launched in 2007, was priced at $725 a square foot. But a more recent offering, 999 Seymour by the Townline Group, was just $730 a square foot. The “great recession” fell in-between, but prices have held the course.

“We’re not in crash mode,” Ferreira said.

Project financing

That is also the feeling of Jason Daviss, a principal with of Gryphon House of Finance in Vancouver, which handles between $200 million and $300 million in residential development and investment financing annually. Daviss expects the residential market to remain subdued but relatively stable – “even boring” – into 2013 even though some pundits see an oversupply of new strata units scaring the market.

“For the most part Vancouver developers are very sophisticated and savvy,” Daviss said, adding that “they are self-regulating” and won’t proceed with projects if numbers don’t pencil or presales don’t meet their expectations or those of their lender.

Lenders are more cautious on land development today, he said, though top brand developers should have no problem arranging loans for land purchases or construction.

“For well-conceived projects with strong sponsorship, financing continues to be readily available,” provided the land is already zoned or designated within an existing land-use plan and there are no other barriers to “a straight path to the market.”

“It is the Hail Mary, speculative-type projects that will run into resistance from lenders,” Daviss explained.

He said East Vancouver, Burnaby and parts of the Tri-Cities along the Evergreen Line should remain strong next year in a new home market now dominated by multi-family units, but that the once-market-leading West Side and Richmond markets “have seen some pullback and will likely continue reverting toward the mean” over the next year as Asian investment flattens.

Daviss added that it would be difficult to find residential land zoned for multi-family housing at less than $1 million an acre anywhere in Metro Vancouver.

There are 26 large condominium projects proposed for Metro Vancouver, but some will not proceed, suggests Andrew Evans, co-author of Deloitte’s inaugural Crane Survey on the Greater Vancouver real estate scene, released this fall.

“The larger well-financed developers will likely proceed with long buildouts, but some of the smaller developers may put projects on hold,” Evans said. A key reason is that lenders are increasingly demanding proof of up to 50 per cent pre-sales before condo projects will be financed.

Deloitte believes the hottest new condo construction is slated for South East False Creek, where 1,500 units have already been built, 1,300 are under construction, 450 are in pre-sale mode and 1,350 more are planned.

Condo investments

The top target for investors has been condominiums and they still account for more than 30 per cent of condo owners in the Metro region, according to Canada Mortgage and Housing Corp. But new mortgage rules that restrict down payments to a minimum of 20 per cent, higher prices and a slowdown in equity appreciation have made condos less attractive to speculators.

Enter the tiny condo, an attempt by developers to keep prices at the sub-$200,000 level.

The best example is Tien Sher’s Balance, a 56-unit low-rise condo project in Surrey, where the smallest unit is just 290 square feet (the smallest ever in B.C.).

Prices at the Balance will start at $109,900, which means mortgage payments could be as low as $600. Sixty per cent of the suites are 305 square feet or smaller, and the largest is a one-bedroom at 653 square feet. All micro suites will contain five stainless-steel appliances, hardwood floors and a balcony. Sales start in January.

While the Balance may be attractive to investors, Tien Sher president Charan Sethi believes that first-time buyers – “young professionals, retail employees, single parents” – will be the main buyers.

“Real estate prices in the Lower Mainland are among the richest in North America,” Sethi, whose company has built more than 420 homes in the Surrey Central area where the Balance will be located, said.

“In cities like New York, Tokyo and Paris they found a solution: build smaller but build closer to amenities,” he said. “We wanted to build suites that renters could afford to purchase, today. With suites starting at $109,900, if you can afford the $6,000 down payment and you make a salary of $17 per hour, we have a home for you.”

Reliance Properties, which was the first to introduce tiny apartments – in that case rentals – to downtown Vancouver, plans to build at least 500 micro condos, mostly in East Vancouver, over the next few years, says company president Jon Stovell. A trial run is completing in Victoria, where Reliance has converted an old hotel into a 100-unit building of 300-square-foot condos that will sell for $120,000 when launched next spring.

Apartment buildings

For larger landlords, the multi-family market is also shrinking due to bloated prices and skinny returns. Seventy-four apartment buildings sold in the first nine months in Metro Vancouver at a record average price “per door” of $274,000 in the city (based on 36 building sales) and $170,070 in suburban markets (where 38 buildings sold). These prices are up 20 per cent and 14 per cent, respectively, from a year ago.

Western Investor December 2012

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At 9:00 am EST, Tuesday December 4th, 2012, the Bank of Canada again did what we expected them to do… they maintained their overnight rate. What this means to you if you have a floating / variable rate mortgage, line of credit or student loan is that your rate will not change and remains based on prime rate at 3.00%. This is great news as you still have a great low rate and so continue to make the most of the low payments you will still have. Don’t forget as always we recommend you chat with a financial adviser about a Tax Free Savings Account or some RRSP contributions to trigger a potential income tax refund next year as your payments continue to remain low! If you don’t have a financial adviser, let us know and we’d be happy to recommend one to you.

Here is an excerpt of the announcement from the Bank of Canada and what they had to say about their decision:

“The economic expansion in the United States is progressing at a gradual pace and is being held back by uncertainty related to the fiscal cliff. Europe remains in recession, Chinese growth appears to be stabilizing and global financial conditions remain stimulative, though vulnerable to major shocks from the U.S. or Europe. In Canada, economic activity in the third quarter was weak, owing in part to transitory disruptions in the energy sector… the pace of economic growth is expected to pick up through 2013. The expansion is expected to be driven mainly by growth in consumption and business investment, reflecting very stimulative domestic financial conditions.”

Even though Canada’s economy was slower than expected in the last quarter, the bank still expects it to pick up momentum in 2013. They are unlikely to increase their rate in the foreseeable future with any change most likely to occur sometime in mid to late 2013. Remember, that any increase to the prime rate since 1992 has only been by 0.25% at any ONE time, so you won’t see a large significant increase all at once.

Fixed rates haven’t changed much at all since the last announcement, slightly lower at around 3.04% – 3.19% for a five year fixed term.

Brent Richter
Other

It appears developer Onni Group is giving up on its proposal to build condos, offices and retail space at the Safeway site on Lonsdale at 13th.

In a Dec. 3 letter to City of North Vancouver Mayor Darrell Mussatto and copied to the rest of council, Onni’s president states that the company will be withdrawing its application because of comments made throughout the public process by Couns. Pam Bookham and Rod Clark.

“We intend to announce publicly within the next 48 – 72 hours that we are withdrawing our application…,” Rossano De Cotiis states. “Unfortunately, we are no longer able to tolerate public abuse from these colleagues of yours and are unwilling to continue to go to endless rounds of public hearings until Councillors Bookham and Clark get their way.”

Specifically, it was the accusations that Onni had manipulated the town hall meeting and public hearing and otherwise manufactured public support for the project.

“The outrageous public comments made by Councillor Clark and Councillor Bookham over the past number of months are not only unprofessional and undemocratic but, in our view, possibly defamatory,” De Cotiis states.

An Onni employee had come to sign up a host of supporters to the Nov. 19 public hearing speakers list, though council has noted that is not a violation of any rules.

If followed through on, this will kill the controversial project which would have seen 344 condo units in two towers measuring 180 and 240 feet in height, atop a commercial podium including a new grocery store, as well as 40,000 square feet of office space.

This is the second proposal Onni has put forward for its property at 1308 Lonsdale Ave. The last one, submitted in 2010, included three 18-storey towers and was rejected by council. But the most recent attempt did win support from nearby residents, De Cotiis noted in the letter.

“According to your own staff, we have exceeded expectations in terms of public outreach and consultation and have significantly changed the project based on feedback from residents,” he said. “Neighbours who were initially opposed to the project have become public and vocal supporters based on our commitment to amending our proposal to address and incorporate their concerns.”

De Cotiis also reminded council of the amenities the city will be forfeiting with loss of the application.

“This is not a decision we made lightly and deeply regret the loss of much needed commercial space, childcare and other amenities negotiated in good faith,” he said.

The developer had offered to include 5,000 square feet of childcare space, 10,000 square feet of non-profit affordable housing, heightened environmental building standards, a connection to the Lonsdale Energy Corporation and a $1-milion contribution to the city’s amenity fund.

The increased height and density above what is allowed in the official community plan, as well as the traffic flow around the massive development were huge points of contention for critics of the proposal throughout the process.

De Cotiis goes on in the letter to lecture Bookham about comments she made about Onni’s supporters, most of whom described themselves as young professionals at the public hearing.

“Further, it is not surprising that we see diminishing voter turnouts and growing apathy among young people towards our democratic processes given some of the disturbing comments made by Councillor Bookham,” he wrote. “Discriminatory attacks based on age have no place in any public hearing by anyone, let alone by an elected official who is supposed to represent their interests.”

Council had Onni’s proposal on the agenda for a vote at Monday night’s council meeting but after a short discussion and little explanation, council voted to delete the Onni items early in the meeting. Mussatto said the removal of the items would mean the second public hearing would go ahead for late January.

© Copyright (c) Richmond News