Ottawa is increasing the payroll support for employers to 75 per cent

Kirsten Clarke
Western Investor

The federal government has increased the payroll support and introduced new measures, including loans and tax deferrals, to help small- and medium-sized businesses weather the storm of COVID-19.

The previously-announced wage subsidy – designed to help employers cover their workers’ wages – will be raised from 10 per cent to 75 per cent, said Prime Minister Justin Trudeau, who announced the new measures Friday morning during his daily briefing from outside his Rideau Cottage home in Ottawa.

Small- and medium-sized businesses, he said, are the “backbone” of Canada’s economy.

“It’s becoming clear that we need to do more, much more,” said Trudeau. “So we’re bringing that (payroll support) percentage up to 75 per cent for qualifying businesses.”

That subsidy will be backdated to Sunday, Mar. 15, said Trudeau, and means people will continue to be paid even if their employer has had to slow down or reduce operations. 

Trudeau said the government should have more details on the wage subsidy Monday, adding he hopes employers will be able to keep workers on the payroll or hire people back if they’ve had to lay them off. 

“We know that allowing people to continue to feel and know they have a job, and allow employers to keep supporting those families who work with them is a really important thing,” said Trudeau, “not just for people’s confidence, but for all of us to bounce back strongly from this once we’re through it.”

Ottawa is also launching the Canada Emergency Business Account. Through this, banks will be able to offer $40,000 loans, guaranteed by the government and interest-free for the first year, to qualifying businesses.

“We know that small storefront businesses are struggling with cash flow right now. It’s hard to raise money and make money in this climate,” said Trudeau.

If businesses meet certain conditions, said Trudeau, $10,000 of that loan will be forgivable.

The prime minister did not elaborate on what those conditions would be. 

The federal government will be providing $12.5 billion to Export Development Canada and the Business Development Bank, said Trudeau, to help small- and medium-sized businesses with their cash-flow requirement. This means, he said, that businesses will be able to apply for a guaranteed loan when they go to their banks for help. 

In addition, the government will defer GST and HST payments, plus duty and taxes on imports until June, said Trudeau, the equivalent of giving $30-billion in interest-free loans to businesses.

This will allow businesses to use money they otherwise would have owed the government on their immediate expenses, said Trudeau.

“I know the past few weeks have been really tough,” said Trudeau, speaking directly to business owners. “You’re worried about what COVID-19 means for your business and for your future. These are uncertain times. But my message to you today is, we’re going to be here for you. Small- and medium-sized businesses are the backbone of our economy.

You are, collectively, the largest employer in the country, you support millions of families, you serve our communities. And you make our towns and cities better places.”

Trudeau acknowledged that these are “exceptional measures,” necessitated by the “exceptional times,” with almost total economic slowdown and shutdown in Canada. 

“We have one of the best balance sheets in the G7, which allows us to make the investments we need to keep Canadians focused on what they need to do right now: stay home and take care of their families,” he said. 

Copyright © Western Investor

Tenant advocates are openly wondering if it even makes sense to pay rent

Frank O’Brien
Western Investor

A B.C. emergency-response rental package that could balloon above $1 billion over the next 90 days will leave landlords exposed to huge losses, according to agents and LandlordBC.

Tenant advocates are openly wondering if it even makes sense to pay rent.

In a response to the COVID-19 crisis, the March 25 announcement by the provincial government will end virtually all rental evictions – including those currently in process – freeze rental increases, and pay $500 direct to landlords to help tenants battling job and income losses over the next three months.

“This is not the time to seek rent increases and there is just zero per cent chance of that happening,” said Premier John Horgan. “Landlords will be prevented from legally raising rents starting April 1. Increases slated to take effect on April 1 will no longer be applied.”

Despite the good intentions, many say the unprecedented program is wide open to abuse. This is apparently recognized by the provincial government whose models concede that 100 per cent of B.C.’s 500,000 renters could theoretically qualify for assistance.

The new rental supplement is in addition to federal and provincial programs announced to offer financial aid to those who lose income due to the health crisis.

Mark Goodman, a multi-family real estate specialist with Goodman Commercial Inc. Vancouver, estimates B.C.’s rental aid package could add up to more than $1 billion over the next three months, but argued it is landlords who could end up paying the most. The $500 paid directly to the landlord will not compensate for losses from the rental increase freeze, Goodman said.

This is particularly evident in Metro Vancouver, he said, where the average rent is now $2,351, according to Rentals.ca.

While the $500 payment direct to landlords is welcome, David Hutniak, CEO of LandlordBC, said that, with no potential for evictions, landlords have little  protection if a tenant refuses to pay the balance owing.

“This is wide open to potential abuse,” Hutniak said. He added he hoped common decency would keep abuses in check.

“Two-thirds of landlords in Metro Vancouver are mom-and-pop situations,” Hutniak said, which includes people renting out a basement suite or a condominium to help cover the highest mortgages cost in the country. These owners are also struggling during the current crisis, Hutniak said.

According to a December 2019 survey by Canada Mortgage and Housing Corp., there are 67,000 rental condos in Metro Vancouver.

Hutniak also noted a naivety in the potential of landlords qualifying for a mortgage payment deferral. Premier Horgan encouraged banks to provide this, but Hutniak doubts most landlords would qualify or could afford such a deferral.“We have heard advocates speak about landlords getting mortgage deferrals so they can ‘pass those savings onto renters.’ But a mortgage deferral by a bank does not constitute any savings to the landlord. It has to be paid back with compound interest on the deferred amount.  In other words, interest upon interest,”Hutniak explained. Any deferred amount is added to the mortgage principal, whereas a landlord doesn’t have any security for deferred rent from a tenant, he noted, or from the loss of legal rent increases.

Angela Calla, mortgage broker with Dominion Lending Centres, said landlords oare unlikely to get approved for a deferral from some mortgage lenders, even if their tenants can’t pay rent due to lost income. “Deferrals are not being approved on rentals at this time,” she said on March 25. “If/when they are, it will come with additional costs for the landlord, once determined.” However, she updated this information March 26 with the news that Scotiabank is now allowing deferrals regardless of occupancy, and other banks may follow suit.

“It is the government’s expectation that all renters, including those renters impacted by the COVID-19 crisis, who have the capacity to pay rent do the responsible thing and pay their rent,” Hutniak added.

But the Vancouver Tenants Union noted that Premier Horgan conceded he could not guarantee that any rental aid will actually be paid by April 1, when the next rent is due.

“Every person should think towards the future, see where they are going to be in a few months and decide if it makes sense to pay rent,” said Mazdak Gharibnavaz, a steering committee member of the Vancouver Tenants Union, in a March 25 interview on CiTR 101.9 FM’s station at the University of British Columbia.

Copyright © Western Investor

Prospective homebuyers are taking COVID-19 seriously.

Canadian Real Estate Wealth

Before going any further, CREW would like to first say this:

STAY. HOME.

And if you can’t do that:

KEEP YOUR DISTANCE.

The sooner everyone begins following the suggestions of the world’s best-informed health experts and avoiding the kind of contact that all but guarantees the continued spread of COVID-19, the sooner everyone goes back to work. The sooner we’re all back to work, the sooner we can start building the economy back up. None of that happens, however, until we start acting like adults. And sometimes being an adult involves doing what you’re told by people who know more than you.

This goes doubly for investors who are flat-out ignoring the COVID-19 crisis by continuing to view properties in person, and triply for those who see the pandemic as a way of saving money by purchasing properties in a less competitive environment. Opportunism at a time like this doesn’t prove a person’s shrewdness. It’s just a naked display of grossness. If you can’t put your personal appetites on hold for the greater good now, there’s not much hope for you the next time the world’s in turmoil.

Fortunately, recent data indicates that prospective homebuyers are taking COVID-19 seriously.

A recent study by Point2Homes showed that visits to the company’s website dropped 8 percent on March 11 and continued falling for the next several days. By March 16, traffic on the site had fallen by 32 percent.

Point2Homes also tracked Google Trends and found search activity related to homebuying has also fallen. Searches for “real estate” had fallen by over 25 percent between March 9 and March 16, with “homes for sale” searches declining by almost half over the same period. “Houses for sale” decreased in popularity by approximately 40 percent by March 16, but there was a spike in searches around March 14, just before the crisis started hitting home for Canadians and the Canadian economy.

Shifting to 3D space, technology provider ShowingTime found that real estate showings in three provinces have dipped significantly. In Ontario, the average number of weekly showings started falling on March 13. By March 24, the average weekly number of showings had decreased by 28.8 percent.

In Alberta, showings began slowing on March 11. On March 24, the number of showings in the province had shrunk by 56.7 percent.

In Nova Scotia, the only other province being tracked by ShowingTime, showings began their decline on March 10. Two weeks later, their number had fallen by 38.9 percent.

Will a slightly quicker response among buyers in Alberta and Nova Scotia help limit the spread of COVID-19 more effectively than what’s being seen in Ontario? Probably not. But it does imply a level of seriousness that anyone living in Toronto, where groups of people are still meeting in parks and cars are buzzing along most roads – to where? someplace essential? – would find refreshing.

Copyright © 2020 Key Media Pty Ltd

Top-tier residences had sales growth in first two months of 2020

Gerv Tacadena
Canadian Real Estate Wealth

Top-tier residential properties recorded substantial sales growth over the first two months of the year, particularly in the Greater Toronto Area (GTA), Vancouver, and Montreal, according to the latest market update from Sotheby’s International Realty Canada.

In GTA, residential sales of over $1m grew by 107% over the past two months. At the same time, sales of properties of over $4m surged 75%.

GTA reported gains across housing types despite the limited inventory. Condominiums registered the highest jump in sales at 117%, followed by single-family homes at 115%. Sales of attached homes also grew, up by 52%.

Vancouver’s luxury home market managed to rebound in January and February, reporting an 80% increase in sales of homes with values of over $1m.

In Montreal, luxury home sales of over $1m rose by 68% in the first two months of 2020.

Don Kottick, CEO of Sotheby’s International Realty Canada, said the shortage of listings and the robust demand in Toronto, Vancouver, and Montreal will help boost the resiliency of these markets in the months ahead.

“Furthermore, historically favourable mortgage lending conditions and extreme stock market volatility make Canadian real estate a desirable and secure investment. While uncertainty lies ahead, housing will remain essential, activity will continue and the long-term prospects for Canadian real estate are solid,” Kottick said.

Copyright © 2020 Key Media Pty Ltd

Spacious townhomes, passive house design on offer at Skagen in Coquitlam

Michael Bernard
The Province

As Metro Vancouver’s residential market continues to evolve, developers face the constant challenge of identifying and building new housing product that meets the needs of young families who have outgrown a condo but don’t want the maintenance or costs of a single-family home.

Eighth Avenue Development Group Ltd. and its owner Ed Kolic are finding success with an approach summed up by the mottos “upsize your home” and “upsize your life.” The company aims to meet the needs of young, growing families seeking a new category of home: something bigger than a two-bedroom condo but more affordable and manageable than the maintenance-heavy older single family home. Kolic’s newest project—Skagen in Coquitlam—also promises that its larger three and four bedroom townhomes that are “future proofed” through advanced environmental standards also save people money—lots of it. There are 14 three bedroom homes and 12 four bedroom units being built in each of two phases.

 “The typical townhome comes in at 1,350 square feet while Skagen’s homes range between 1,650 square feet and 2,030 square feet,” Kolic said.  “We see these as the ‘missing middle’ between the existing choices of a condo and the older traditional model townhome and the single-family home. At this price point (from $929,900 for a three bedroom and $1,019,900 for a four bedroom) you can basically buy an older 50-year-old single family home that requires a major overhaul and investment of $250,000. So Skagen meets the needs of people who want an urban lifestyle and want a home but not the maintenance of a single-family home.”

The larger size homes are just one differentiator, says Kolic, whose firm prides itself on being one of Canada’s leading passive house builders. Skagen’s passive house design includes features such as double the conventional insulation thickness to R40 values, triple-glazed windows, a heat recovery ventilation system, no thermal bridging through which heat is lost and airtight construction.

“We call it a high-performance building with a passive house design. It’s a premium building, not a luxury building. Luxury focuses on high-end finishes that you may or may not need. With a passive house, you are getting reduced energy costs, and a quiet, comfortable home that is healthy.”

Kolic says there is an 80-per cent saving in heat reduction. “The concept is effectively like putting on a down jacket to keep warm. If you don’t lose the heat, you don’t have to re-create it.”

The double insulation walls, floors and roofs mean that the heat already in the unit can be re-captured through heat recovery ventilators while air quality is maintained by a constant new supply of fresh air, he said. The homes are also greenhouse gas free through the use of electric baseboards and hot water tanks based on heat pump technology. “Basically we are future-proofing your home,” Kolic said.

Skagen, named after Denmark’s northernmost town and that country’s dedication to energy conservation, has lots of other advantages going for it. Situated in Coquitlam, it is just a 12-minute walk to the Burquitlam station on Skytrain’s Evergreen Line and just a 20-minute walk to the Lougheed station on the Millenium Line. It also has easy access to Highway 1. Burquitlam, an amalgam of Burnaby and Coquitlam, is also an older neighbourhood that is undergoing a welcome transformation but still retains more than its share of traditional parks and well-regarded elementary and high schools.

Inside the homes, there are two flex areas. The first is a 200-square-foot room entered from the underground car park that could be used for storage, an exercise room or workshop. On the top floor of three-living levels is space that could be retained as an open den or converted into a child’s bedroom adjacent to the master suite.

All homes have front and back doors opening onto patios. The homes feature resilient vinyl-plank flooring on the lower and main levels and soft wool carpet on the upper two levels. Each home comes with a 27-inch side-by-side stacking Whirlpool energy-efficient washer and ventless heat-pump dryer.

In the kitchen, the appliance package includes a 30-inch Blomberg electric range, a 30-inch KitchenAid bottom-mount fridge, an integrated Blomberg dishwasher and a Faber slide-out range hood. Optional upgrades are available including a 32-inch Fisher & Paykel bottom mount fridge, a 30-inch Fulgor Milano wall oven, and a 30-inch Fulgor induction cooktop. There is modern, flat-panel custom cabinetry in matte laminate and an island that also serves as a breakfast bar. Black plumbing fixtures, rather than chrome ones, have been chosen for a more modern look.

In the bedroom, the master suite is spacious enough for a king-size bed and walk-in closet. The ensuite bathroom is also spacious with his-and-her vanity, frameless glass-enclosed shower with fixed and moveable shower heads and an optional upgrade to a tub-shower combo. The shower stall also has a practical wall niche for holding toiletries. Most ensuites also have an opening window and there is also a main-level powder room.

The project also features a “common house”, a 1,600-square-foot, two-storey amenity building that can be booked by homeowners. Inside is a harvest table with bench seating and a full chef’s kitchen for preparing food. A kid-friendly entertaining space features oversize bean bag chairs, modular seating and TV viewing with Bluetooth connectivity. There is also a shuffleboard zone with books and games while a mezzanine features an intimate bar area and reading nook. Outside the common house is an outdoor terrace and barbeque area and a children’s playground.

Optional features include upgrades for air conditioning and for a personal EV charger in the homeowner’s parking stall. The underground parking also includes space for car and dog washing.

Skagen, Coquitlam

Project address: 606 Foster Ave., Coquitlam

Project Scope: Fifty-two three and four bedroom townhomes ranging in size from 1,653 sq. ft. to 2,083 sq. ft. and built in two phases. Located walking distance to the Evergreen and Millenium Skytrain stations, the revitalized Lougheed Mall and local shopping, recreation and schools.

Prices: Three bedrooms from $929,900; four bedrooms from $1,019,900

Developer: Eighth Avenue Development Group

Architect: Cornerstone Architecture

Interior Design: Port + Quarter

Sales Centre: 1071C Ridgeway Avenue, Coquitlam

Centre Hours: Noon to 5 p.m. Saturday through Wednesday (closed Thursday and Friday)

Sales Phone: 604-931-2283

Website: skagencoquitlam.com

Completed: Summer 2022

© 2020 Postmedia Network Inc.

There has been a decline in the number of Canadians searching for homes

Steve Randall
Canadian Real Estate Wealth

Unsurprisingly, there has been a decline in the number of Canadians searching for homes on a leading real estate portal in the past month.

Point2 Homes has seen a 38% decrease in searches on its website on March 23, compared to March 5. This decrease has accelerated since the World Health Organization declared the COVID-19 coronavirus outbreak as a pandemic.

Bloomberg has reported that there were also fewer searches on Google for terms such as “homes for sale” and “houses for sale” in recent weeks.

_______________________________________________________________

Depending on where you are in the home buying process, here are some helpful tips to help you continue searching for a home while also protecting yourself and others: Read News Tips
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US market slower The US has also seen a downturn in home listing viewings and searches and two major online services, Zillow and Redfin, have ceased their homebuying operations for now. Meanwhile, a survey of real estate attorneys in the US has found that 47% have already seen negative effects on their business as result of the virus outbreak with 95% expecting an extended impact over the next six months.

Copyright © 2020 Key Media Pty Ltd

Episode 3 of Open House by BCREA

Shaheed Devji
BCREA

Episode 3, The Impact of COVID-19 on REALTORS^®, features conversations with BCREA Chief Economist Brendon Ogmundson and Manager of Professional Services Jennifer Lynch. Ogmundson discusses the new Market Intelligence Report exploring the impact of COVID-19 on the BC housing market, while Lynch talks about the changes to Realtors’ day-to-day lives and business.

NOTE: This episode was recorded on Monday, March 23, 2020 and therefore may contain information that has since been updated or is no longer relevant or applicable. Please visit the BCREA COVID-19 Resources for REALTORS^® page for the latest relevant information.

Listen to the Podcast HERE

COVID-19 and Real Estate: How Home Prices changed During the 2008-2009 Recession

Penelope Graham
other

The last two weeks have ushered in a time of financial and public health uncertainty that’s unprecedented for many Canadians. As governments enact measures to keep the public safe from COVID-19 community spread, with the closing of schools, small businesses, and other non-essential services, many are questioning what the economic impact will be for all, from individuals to entire industries.

While we all do our part to “flatten the curve” by working remotely if possible, avoiding gathering in public, and going out only on a need-to basis, businesses that require an in-person approach are having to make drastic changes to continue to operate – and that includes the real estate industry.

The home buying and selling process typically requires a personal connection between real estate agents and their clients; from the first in-person meeting to discuss their needs, to the viewing of open houses and delivery of deposit funds, real estate transactions are typically hands on. 

However, while real estate brokerages and agent services have been considered “essential services” in some provinces including Ontario, the strong recommendation from municipal and provincial real estate bodies is to stop operations altogether in order to comply with best social distancing practices. This comes after a call last week to cancel all open houses, and make all showings virtual, to be conducted on an only as-needed basis. As well, it has been strongly discouraged to show homes that are currently tenanted. 

The bottom line is, as long as these health risks are present, it’s widely expected that anyone without an urgent need to buy or sell a home will put their real estate ambitions on hold for the time being. That bodes a lot of questions for the market in general; what will be the immediate impact? When the threat of COVID-19 dissipates, will prospective home buyers still be there to pick the market back up? 

To get an idea of how COVID-19 could shape the housing market in the short- and long-term, let’s take a look at a similar scenario that led to slower market conditions. 

A Look Back at the 2008 – 2009 Recession

Though the circumstances are very different, the closest economic event that’s comparable to the impact of COVID-19 is the 2008 – 2009 global recession, which was spurred by mass defaults in mortgage debt and resulted in similar monetary policy moves from central banks to mitigate the damage, along with bank bailouts and stock market upheaval. While Canada has been lauded for fiscally weathering that recession better than many nations, home prices did see a drop during its deepest crevice, between the springs of 2008 and 2009.

According to analysis by Zoocasa, benchmark real estate prices dipped across the nation during this time period by -8%, from $370,900 to $341,700. The drop was most pronounced in the Greater Vancouver real estate market, which experienced a -14% decline, from $575,400 to $497,000. Losses remained under double-digit percentages for Toronto homes for sale, down -6% from $367,100 to $344,900. 

However, as anyone who has been witness to the Canadian housing market over the last decade can attest, these losses were largely contained to the period of economic downturn, with enormous growth seen between January 2008 – February 2020. Canada-wide, home values have surged 75%, from $362,300 to $634,300, while gains were even more pronounced in the largest urban centres. Vancouver home prices rose 82% from $560,500 to today’s searing price tag of $1,020,600, while Toronto home prices were up a whopping 135% from $359,500 to $846,100.

What’s Next for the Market? Reason for Post-COVID Optimism

While it’s impossible to predict just how long COVID-19 will impact the economy, Lauren Haw, Zoocasa’s CEO and Broker of Record, points out that the fundamentals of the housing market, especially in large cities such as Toronto and Vancouver, generally don’t change. “There has long been a lot of pent-up buyer demand in these markets, particularly due to a long-term lack of inventory,” she says. “Combined with continued population growth in these regions, it’s expected that the market will experience a strong bounce back once the health risks have subsided, and buyers return to the market with restored purchasing power.” 

© 2015 – 2020 Zoocasa Realty Inc., Brokerage

Proptech (property + technology) which is described as the shift in mentallity

Angela Papassotiriou
REM

Can you imagine running your real estate business without the internet or your smart phone? How about no emails, social media or search engines? Many of us also rely on the conveniences of the Internet of Things (IoT) such as Alexa, robotic vacuums or Nest thermostats, which allow us to control things remotely.

Welcome to the world of proptech (property + technology), which is loosely described by some experts as the shift in mentality fuelled by these technological innovations. Others say it refers to the startups and new digital technologies themselves. I think it encompasses both. More importantly, I predict we are at the early stages of a huge proptech wave that will revolutionize the real estate industry. Those who do not plan to retire in the next three to five years better keep reading!

We all know there are concerns that technology might replace the real estate professional. This is a legitimate fear – it’s entirely possible. The million-dollar question: Is it probable? The billion-dollar answer is that it depends entirely on how we respond to the emerging proptech.

Our destiny is in our own hands. I began my real estate career in 1989 and over the years found that our industry has been very slow to embrace change in general. But in recent years I am very encouraged by what I am observing. I was especially pleased to attend OREA’s Reality 2020 Conference in Niagara Falls, Ont. in February. I applaud OREA for hosting an industry event that not only had a phenomenal line up of speakers but was very on-point with the disruptors and the crucial issues our industry is facing. In essence, the best way to prevent proptech from phasing us out of the industry is by studying and finding ways to embrace it and be involved.

While proptech companies emerged in the early 2000s and are nothing new, the substantial venture capital funding in recent years is. Real estate tech startups around the world raised $12.7 billion in 2015, which represented an 821-per-cent increase from 2011! Last year that number rose to an astounding $14 billion. Seeing such substantial funding activity taking place is a strong indicator of things to come.

We already have a lot of interesting proptech that has emerged and I expect we will see it being perfected and woven into every facet of our industry and our daily lives. Some of my favourites are drones, blockchain, artificial intelligence, augmented reality, cloud-based working environments, self-driven cars and even bricks that act as solar panels.

This is all technology that exists but we can also expect to see new innovations on the horizon. All this will give rise to smart communities such as the one by Google’s sister company, Sidewalk Labs, slated for Toronto’s Eastern waterfront. This is a futuristic neighbourhood that is gaining worldwide interest for being people-centric and for its unprecedented innovation, technology and climate-positive impact. Whether existing or new, proptech will drastically change how we do business and revolutionize the construction of homes, buildings and the development of entire communities.

The future is already here and I predict three key areas are on the cusp of transforming in a big way. First, there is the blockchain technology that supports cryptocurrency. We have all heard the recent buzz but my hope is this will soon be applied to real estate transactions safely, with the necessary encryption and built-in legitimacy checks. Dealing with cheques or bank drafts is the current industry norm but it is so inefficient and outdated.

The second is virtual reality home tours. These allow us to immerse ourselves in an interactive, 3D virtual world that simulates a real-life tour. This technology is already here and is poised to be much more commonplace for viewing existing or pre-construction homes. Some developers have started embracing virtual reality and it will be interesting to see how this evolves.

The third is cloud-based office environments or virtual offices. eXp Realty already has an extensive infrastructure in place. There is a full online world with offices, auditoriums and an outdoor space including a few fun components such as a beach with speed boats you can drive. Agents and staff log into “the world” as it is called, and using an avatar, they work remotely from anywhere there is an internet connection and smart phone available. The offices and auditoriums have presentation displays where one can stream anything remotely from a laptop onto the screen. It is changing the way agents meet with consumers. It also allows agents to collaborate and learn together in a very convenient way.

Proptech will be a huge driver of our industry the next while. If our profession wants to keep up with this revolution, it all begins with mindset. Business models will evolve, as will our markets and the consumers who shape them. The change has already begun and will intensify in the next few years. The future will favour those whose offerings and services keep up with these changes. As the Ancient Greek philosopher Socrates once said, “The secret of change is to focus all of your energy, not on fighting the old, but on building the new.”

© 1989-2020 REM Real Estate Magazine