Archive for April, 2021

DLC announced robust financial results for the quarter and year ending December 31, 2020

Friday, April 23rd, 2021

DLC announces full-year results

Ephraim Vecina
Mortgage Broker News

 Dominion Lending Centres has announced robust financial results for the quarter and year ending December 31, 2020.

The network posted its strongest performance on record when it comes to funded mortgage volumes, totalling around $17.5 billion during Q4 2020 and approximately $51.5 billion for the whole of the pandemic year. This represented annual growth rates of 46% and 23%, respectively.

Gary Mauris, executive chairman and CEO, said that these increases “drove annual revenue and EBITDA growth of 17% and 30%, respectively.”

“Due to the dedication of our national teams at Dominion Lending Centres, MA, MCC and Newton, the DLC Group was able to successfully navigate a year filled with significant uncertainty caused by the global pandemic,” Mauris said. “The DLC Group will continue building leading mortgage brokerage platforms and connectivity solutions to assist our mortgage professionals in growing their businesses.”

Read more: DLC inks new franchise agreement with Alberta-based brokerage

DLC also saw its revenues reach record highs of $17.5 million for Q4 2020 (up 33% annually) and $52.4 million (up 17%) for the whole of 2020.

The network enjoyed net incomes of $22.6 million for Q4 2020 and $25.6 million for the year ending December 31, 2020. This includes $16.7 million deferred tax recovery “for non-capital losses that are usable against future taxable income,” DLC said.

 

Copyright © 2021 Key Media

Bluebird Self Storage continues to expand across the country with an aggressive plan to grow its portfolio

Thursday, April 22nd, 2021

Bluebird Self Storage continues growth, buys 5 Alberta sites

Mario Toneguzzi
other

 Reade DeCurtins, Bluebird Self Storage’s co-founder and real estate director. (Courtesy Bluebird Self Storage)

Toronto-based Bluebird Self Storage continues to expand across the country with an aggressive plan to grow its portfolio.

Recently, the company announced it had acquired StoreSmart Self Storage’s five locations in Alberta – Canmore, Cochrane, Edmonton, Red Deer and Sherwood Park – adding 3,000 units comprising 362,000 square feet of space to its portfolio. Bluebird is now the fourth-largest self-storage company in Alberta and seventh-largest in Canada.

Reade DeCurtins, Bluebird Self Storage’s co-founder and real estate director based in Calgary, said the Alberta market is fertile ground for the company’s growth.

“Our footprint is rapidly expanding in Western Canada and we’re bullish by what we see ahead. Storage rates in select Alberta markets match those of other major metropolitan markets in Canada and we are encouraged to see our coast-to-coast acquisition strategy materializing,” DeCurtins told RENX.

“We’re focused to become Canada’s most recognized, premium self-storage brand.

“This transaction in Alberta takes our capital outlay to nearly $200 million since December 2020. Moving aggressively, we are seeking management and acquisition opportunities in British Columbia.”

The growth of Bluebird

The first Bluebird store opened in 2016 in Woodbridge, in the northern part of the Greater Toronto Area. The brand was conceived and developed in 2015.

Today, the company owns 20 locations and third-party manages another five. Properties it owns are located in Ontario, Quebec, Nova Scotia and Alberta. Properties it manages are located in Ontario and Alberta.

There are 16,415 units and 2,105,965 net rentable square feet with properties owned, and 3,622 units and 369,445 net rentable square feet with properties managed by Bluebird.

“With the completion of some upcoming British Columbia deals, we are excited about Bluebird becoming Canada’s first coast-to-coast premium self-storage brand,” said DeCurtins. “Our pipeline has new locations in Alberta (three), B.C. (two), Quebec (one)  and Ontario (two) that are currently in various stages of negotiation and/or due diligence.”

DeCurtins said Bluebird was founded on the principle that everyone deserves a high-value, hassle-free self-storage experience.

“To us, that value includes working with a trustworthy staff, customized amenities and service, and storing your possessions in our convenient and highly secure facilities. While every Bluebird facility is one-of-a-kind, the second you step into any of our locations, you can expect the same great experience,” he said.

Jason Koonin, CEO of Bluebird Storage Management, said the goal now is to get Bluebird back to basics in its initial founding principles of great customer service with a premium experience and premium pricing.

“Really getting back to the core of, ‘What is the brand’ in terms of better quality facilities and a better experience. It’s more a premium positioning for us in the market,” said Koonin.

Self-storage remains strong through pandemic 

Bluebird Self Storage has acquired five former StoreSmart self-storage locations across Alberta. (Courtesy Bluebird)

The self-storage business from a real estate perspective has been quite strong especially in the past year during the pandemic.

“From an investor perspective, I think it’s a return to safety,” said DeCurtins. “We saw the same thing during the recession in the U.S. Self-storage tends to do well in positive economic times as well as in negative economic times. For different reasons, there’s demand.

“What started off as speculation is starting to become reality. A lot of operators and investors are seeing self-storage, the need for self-storage, increasing – like this new norm.

“We think on a go-forward basis with the new norm, demand is going to be even greater. And the fact of the matter is no one has ever been able to accurately predict or tell us what equilibrium will be in any given market with self-storage.

“When I got started in the business 20 years ago, they said when you get to four square feet per person in any given market you’ve kind of reached equilibrium or saturation.

“Several years later the trade shows and the publications are saying it’s five square feet per person and so on. . . . We’ve only got 3.5 square feet per person across Canada.”

It’s the reason for the company’s ambitious plans for growth in Canada.

Where Bluebird wants to buy or build

DeCurtins said Bluebird is not interested in historically overbuilt sites in industrial corridors, parks and along train tracks.

“That’s not the type of location where Bluebird is going to be interested in. We’re interested in retail, high-traffic-corridor types of locations that are very convenient and accessible to our customer base, which is primarily within a five-kilometre radius,” he said.

“Right now, it seems like there’s unlimited runway but our goal is to build a critical mass of premium assets from coast to coast in Canada. And what critical mass means is difficult to pin down.

“I feel like by the end of 2022 we’ll probably have 50 locations under Bluebird flags whether they’re owned or managed. The idea is to continue to grow aggressively but prudently and to build out a critical mass of 50 stores or more in the next five years.”

Koonin said the company will continue to grow in three ways – new development projects, acquisition of existing facilities and third-party management contracts.

“We either build them, buy them or get the contracts for them,” he said.

 

2018 Real Estate News Exchange (RENX)

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Thursday, April 22nd, 2021

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The Vancouver Sun

How OSFI test level affects the broker?

Thursday, April 22nd, 2021

Why one broker isn’t stressing about OSFI proposals

Fergal McAlinden
Mortgage Broker News

 Proposed changes to the stress test rate have caused waves in the Canadian mortgage industry over the past week or so – but one Ontario broker doesn’t see what all the fuss is about.

Nick L’Ecuyer (pictured), president and principal broker at Mortgage Wellness, told Mortgage Broker News that the Office of the Superintendent of Financial Institutions (OSFI) proposals to hike the test level to 5.25%, or two percentage points above the market rate, represent a mild increase – and that they will affect only a small overall percentage of prospective homebuyers.

“The new stress test doesn’t deserve the attention it’s getting because it’s such a small change,” he said. “When the stress test originally came in, it decreased a buyer’s affordability by 20%. This change decreases a buyer’s affordability by less than 5%.

“At the end of the day, it’s a small decrease in affordability; it’s only really going to affect those people that were trying to buy at the top of their budget.”

OSFI made the announcement last week that it intended to raise the stress test level for uninsured mortgages from 4.79%, based on the current average five-year posted rate at Canada’s biggest lenders, as per the B-20 Guidelines.

L’Ecuyer said that he thought the proposed measure had much to do with policymakers seeking to level the playing field between the categories of buyers who can qualify for mortgages at 25-year and 30-year amortizations – and that the wrong type of buyer was being targeted.

“Who identified this category of buyer as being high risk?” he said. “People who have 25% down and work full-time are not high risk. I think that policymakers just identified the difference between a 25- and a 30-year amortization and said, ‘OK, let’s do something about that.’”

There has been some speculation in the mortgage industry that the proposed new measures, mooted to take effect on June 01, will lead to even more madcap activity in the housing market as Canadians look to secure a deal under the current rules before they change. However, L’Ecuyer said that buyers should hold fire on rushing in to purchase before June.

“My advice would be: slow down,” he said. “You don’t have to rush to get into something, because this change is not drastic. It’s a 4% decrease in affordability, so as long as you’re qualified in a prudent manner, and [a broker] didn’t quote you at a ceiling purchase price, you’re probably still good.

“Any good mortgage broker would not quote you at your max – there has to be a little bit of wriggle room in there. So as long as you weren’t quoted your absolute max, you probably should still be fine.”

L’Ecuyer highlighted the important role of mortgage brokers in the current climate, noting that they have a critical part to play in providing the appropriate advice and reassurance for clients who might be unsure about how the proposed changes could impact their plans.

“Anybody that’s looking to purchase with 20% down who hasn’t yet purchased, does need to check in with their broker and see how the changes are going to affect them,” he said. “But the changes shouldn’t have that much impact on them, really.”

Speculation is also rising in the industry about further federal intervention to cool down the currently red-hot Canadian housing market and stave off fears of a potential bubble. However, L’Ecuyer warned that the economy was currently in too precarious a situation to withstand such measures.

 “I think Canadians need stability in this economy with everything happening right now,” he said, “between businesses closing and the provinces shutting down.

“I don’t think any further changes are warranted – we’re just not in a position as an economy to withstand that right now.”

 

Copyright © 2021 Key Media

Does immigrants is one factor that keeping housing market hot?

Wednesday, April 21st, 2021

Can immigration keep the housing market hot?

Fergal McAlinden
Mortgage Broker News

An influx of new immigrants into Canada in the coming years could help the housing market’s trajectory and offset the impact of interest rate rises, according to an industry veteran.

Ron De Silva (pictured), president and CEO, Broker One, told Mortgage Broker News that low interest rates had helped compensate for the lack of new immigrants entering the market since March 2020 due to COVID-19, and that newcomers to Canada would now play an important role in propelling the market when those rates rose.

“During the pandemic, we had non-existent immigration to Canada, but interest rates dropped so low that they sustained the market,” he said. “Now, once we come out of this pandemic we’ll probably have some inflation and the rates will likely go up a little bit – but it might be offset by more immigrants coming back into the fray.

“I think we’re probably looking at a very balanced future in our industry.”

The outbreak of the pandemic saw a dramatic drop-off in the number of newcomers to the country, with the official number of new permanent residents arriving in 2020 – 184,370, according to federal government figures – falling well short of the targeted 341,000.

That shortfall likely had a significant impact on the housing market. The 2016 federal census showed that 39% of immigrants who arrived in Canada during the previous five years owned their homes; those home ownership rates rose to 70% for established immigrants who had spent at least five years living in the country.

The shortfall in new immigrants last year led the federal government to unveil even more ambitious targets for 2021, with minister for immigration Marco Mendicino announcing last October that it planned to welcome 401,000 new permanent residents to the country this year.

De Silva also noted that movement within Canada would help propel the housing market in the near future. “You’re going to have demand in Ontario for sure – and of course, the largest centres attract people,” he said. “Those centres will probably buoy the real estate market because of demand that will continue to grow.”

While a continuation of the current madcap pace of the housing market seems unlikely, De Silva said that the coming years were likely to see “more of a steady flow” with demand settling, more inventory entering the fray, and properties returning to a more reasonable time on the market.

“What we’re seeing right now is around three to seven days [on the market],” he said. “Eventually, you’re probably going to see 45-60 days, which is really a normal market.”

De Silva, who launched Real Mortgage Associates in 2006 and still serves as the company’s principal broker, said that the role of the mortgage broker would always have value regardless of whether the market was up or down.

“I’ll tell you something about brokers: we’re very versatile, and we’re good at survival – no matter what has been thrown at us,” he said. “In October 2016, our world was completely changed [by the introduction of the mortgage stress test]. An outsider might have thought that that would be the end of the broker profession. But look at what’s happened since.

“I think as rates rise, there are things that we will be able to do to make sure that we mitigate any downside risk.”

De Silva said that the controversial Office of the Superintendent of Financial Institutions (OSFI) proposals to hike the mortgage stress test rate in June may prove unnecessary as a measure to cool the housing market, which has already calmed considerably in his eyes.

“I don’t think it’s going to be needed,” he said of the proposed increase. “I think the market itself is settling right now. We may have lower interest rates for the next little while, but I certainly don’t see the craziness that we’ve seen over the last couple of months continuing on.”

 

Copyright © 2021 Key Media

BOC adjustment rate is very incremental stimulus for the economy recovery process

Wednesday, April 21st, 2021

Bank of Canada makes rate announcement

Ephraim Vecina
Mortgage Broker News

Amid an improved outlook for both the domestic economy and the global financial system, the Bank of Canada announced that it will hold its target for the overnight rate at the effective lower bound of 0.25%, and that it will be adjusting its weekly net purchases of Government of Canada bonds.

The bank rate has also been kept at 0.5%, and the deposit rate at 0.25%.

“The Bank continues to provide extraordinary forward guidance on the path for the overnight rate, reinforced and supplemented by the Bank’s quantitative easing (QE) program,” the institution said in its announcement. “Effective the week of April 26, weekly net purchases of Government of Canada bonds will be adjusted to a target of $3 billion. This adjustment to the amount of incremental stimulus being added each week reflects the progress made in the economic recovery.”

Canada’s sustained resilience despite the COVID-19 pandemic has called for these steps, although the central bank emphasized that “the recovery remains highly dependent on the evolution of the pandemic and the pace of vaccinations.”

Read more: Finder: Low-rate environment can help Canadians address high debt levels

The BoC projected global GDP to grow by just over 6.75% in 2021, around 4% in 2022, and nearly 3.5% in 2023.

“The recovery in the United States has been particularly strong, owing to fiscal stimulus and rapid vaccine rollouts,” the bank said. “The global recovery has lifted commodity prices, including oil, contributing to the strength of the Canadian dollar.”

However, while “substantial” employment gains in February and March accompanied Canada’s stronger-than-expected economic growth in the first quarter, the BoC warned that “new lockdowns will pose another setback and the labour market remains difficult for many Canadians, especially low-wage workers, young people and women.”

“As vaccines roll out and the economy reopens, consumption is expected to rebound strongly in the second half of this year and remain robust over the projection,” the Bank added. “Housing construction and resales are at historic highs, driven by the desire for more living space, low mortgage rates, and limited supply. The Bank will continue to monitor the potential risks associated with the rapid rise in house prices.”

The BoC is expecting Canada’s real GDP growth to touch 6.5% in 2021, and then moderate to around 3.75% in 2022 and 3.25% in 2023.

The Bank has scheduled its next overnight rate announcement for June 09.

 

Copyright © 2021 Key Media

Minister of Public Safety issue orders under the Emergency Program Act to restrict people’s ability to leave their health authority

Tuesday, April 20th, 2021

B.C. restricts camping, leisure travel in crackdown

Wl Staff
Western Investor

— Campgrounds will halt bookings during latest travel restrictions. | Re/Max

B.C. Premier John Horgan said orders will be issued by April 23 that will restrict people’s ability to leave their health authorities.  The measures will continue in the May long weekend.

“At this point, non-essential travel should be limited to local travel only,” he said.

The premier reinforced Provincial Health Officer Dr. Bonnie Henry’s message from last week, encouraging British Columbians to stay in their respective neighbourhoods. 

All current guidelines and orders will remain in place. However, people will not be able to book camping spots outside of their respective health areas because the tour operator in that community will not book them. 

On April 23, Minister of Public Safety Mike Farnworth will issue orders under the Emergency Program Act to restrict people’s ability to leave their health authority.

“This will be conducted through random audits, not unlike roadside stops for a counter-attack during the Christmas season. They will be susceptible to all travellers, not just a few travellers, and again they will be random and there will be a fine if you are travelling outside of your area, without a legitimate reason,” said Horgan.

Horgan stated that BC Ferries will stop accepting bookings for recreational vehicles like campers and trailers as of April 23. It will also be contacting its passengers that have booked reservations to make sure that their travel is essential and not recreational.

Additionally, the province will be putting new border signs along the Alberta border, reminding travellers coming from outside the province, that unless they’re coming for essential business, they should not enter B.C.

Leisure travel allowed smaller hotels and motels in secondary cities to perform better than hotels in large cities that rely on international and corporate bookings, according to HVS International.  The outlier hotels and motels saw revenue per available room fall 40 per cent in 2020, but hotel revenue in bigger cities dropped by an average of 70 per cent in 2020, compared to a year earlier.

 

 

© Copyright 2020 Western Investor

CREA home average price now $ 715,300 might increase to 20 percent year over year

Tuesday, April 20th, 2021

What is the Tax on Unproductive Use of Canadian Housing by Foreign Non-Resident Owners?

Rachel Rehkof
other

 In March of 2021, the Canadian Real Estate Association announced that the average price for a home in Canada was now $715,300, with most provinces seeing an increase of pricing upwards of 20 percent year over year. In the midst of this record-breaking spring market, many Canadian’s anticipated that in the Federal 2021 Budget, released on April 19th.

While the budget did include major programming announcements surrounding a new federal childcare program and continuing relief for Candian’s impacted by the COVID-19 pandemic, there was minimal new policy implemented to cool the housing market.Most notably, the budget included the implementation of a new Tax on Unproductive Use of Canadian Housing by Foreign Non-Resident Owners and further action against money laundering and terrorist financing through Beneficial Ownership Transparency.We have analyzed these new program proposals to understand the impact, if any, these new policies could have on the Canadian Housing MarketThe 2021 Budget announced the federal government’s intention to implement a national, annual 1% tax on the value of non-resident, non-Canadian owned residential real estate that is considered to be vacant or underused, effective January 1, 2022.

This policy is aimed towards encouraging the productive use of Canadian housing, and avoiding homes purchased as speculative investments by non-residents sitting empty.The enforcement of this tax will require all owners of property that are not Canadian citizens or permanent residents to file a declaration explaining the current use of the property annually. Failure to file will result in a penalty. It is estimated that this measure will bring in $700 million in revenue over four years, which will be dedicated towards other investments in making housing more affordable in Canada.Before implementation, the government will undergo a consulting period with stakeholders to provide them an opportunity to comment on the specific parameters of the tax – including whether or not different rules should be established for smaller tourism and resort communities. 

Other Non-Resident Real Estate Taxes Across Canada

Many provinces have previously implemented speculation taxes targeted towards non-resident foreign investments. For instance, in 2017 Ontario implemented the The Non‑Resident Speculation Tax (otherwise known as the Foreign Buyer’s Tax). This was a 15% tax on the purchase of residential property located in the Greater Golden Horseshoe Region by individuals who are not citizens or permanent residents of Canada, by foreign corporations, and taxable trustees. This tax differs from the newly-announced Canada-Wide Non-Resident Vacant Home Tax, as it is a one-time fee charged at the time of purchase.Similarly, in 2018 British Columbia implemented a one-time property transfer tax of 20% in certain metropolitan areas for foreign nationals, foreign corporations or taxable trustees. This came in addition to a separate speculation and vacancy tax, charged annually, with a rate of 2% for foreign owners and satellite families, and 0.5% for Canadian citizens or permanent residents.While both of these programs target reducing the total number of homes sitting empty and foreign speculation in the Canadian real estate market, the previous provincial measures put a greater focus on taxing a larger sum at the time of purchase, instead of a consistent tax paid annually. 

Beneficial Ownership Transparency

In addition to new taxes surrounding foreign investments in real estate, the 2021 Budget proposes providing $2.1 million over the next two years to support the implementation of a publicly accessible corporate beneficial ownership registry by 2025. This builds upon ideas brought forth during a public consultation in 2020.A corporate beneficial ownership registry would be intended to help catch individuals who are attempting to launder money, evade taxes, or commit other financial crimes through the purchase of real estate or other activities.This policy has already begun to see positive reactions within the real estate industry. David Oikle, President of the Ontario Real Estate Association commented, “Money laundering is a multibillion-dollar problem in Ontario’s housing market, crowding out hardworking families looking to achieve their dream of one day owning a home… A beneficial ownership registry would help stop the practice of criminals using shell companies to buy up homes, giving law enforcement and government an important tool to keep dirty money out of Canada’s housing market.”Potential Impacts of the 2021 Budget on the Canadian Real Estate MarketWill this latest measure to cool too-hot-to-handle housing prices have the government’s intended effect? Let’s take a look at how previous similar measures have been absorbed by the market.

Earlier this month, Zoocasa analyzed the impact of Ontario’s 2017 Non‑Resident Speculation Tax on the Toronto Region real estate market. The report found that the initial implementation of the tax resulted in a 13% decline in real estate prices in the subsequent quarter, but prices stabilized shortly thereafter.However, it is important to note that the tax implemented in Ontario had much more significant up-front costs than what is proposed federally. Ontario’s tax is 15% of the purchase price payable on closing, whereas the new federal tax is 1% annually. This could lessen the likelihood of seeing a decrease in property values nationwide, unlike what was seen in the Toronto Region in 2017.“The purpose of this new measure is to enforce the federal government’s sentiment that Canadian real estate should be first and foremost for the end user, but it’s unlikely that it’ll have a material impact on housing affordability for this group,” says Penelope Graham, Managing Editor at Zoocasa. “It’s clear that unless current supply imbalances in major markets are addressed, upward pressure will remain on real estate prices.However, we may see a temporary lull in demand when the new OSFI proposal to stress test uninsured mortgages goes into effect, especially among the first-time buyer contingent, which is what we witnessed when this measure was first introduced in 2017.”Balances for mortgages issued to millennials fell 19.5% between Q4 2017 and Q1 2018, according to TransUnion. As well, a recent analysis by RateHub finds affordability for a family with an income of $100,000 and 20% down payment would be slashed by 5% with the new qualifying floor of 5.25%, compared to the previous 4.79% implemented in 2017.

 

© 2015 – 2020 Zoocasa Realty Inc., Brokerage

Legal action taken as owner in doubt that her property sold below market value

Saturday, April 17th, 2021

Seller claims realtor sold her Vancouver house for $425K below market value

Darryl Dyck
other

 A Vancouver property owner took her realtor to court, alleging her house was sold for $425,000 under market value.

The woman sold her house in the city’s Dunbar area in 2017, according to court documents posted this week, following a judgment in the case.

According to evidence presented in a courtroom in Chilliwack in September, the now-94-year-old seller hired a realtor that fall to sell what was one of four properties she owned in the city.

The property was initially listed by realtor Dean Macdonald, a defendant in the case along with other staff at Dexter Associates Realty, at $2,289,000, court documents say. The court heard that the asking price was based on the sale of another home in the area about three months prior.

But at that time, Macdonald hadn’t actually seen the house.

It turns out, Justice Ian Caldwell wrote in a summary of the evidence, that it was not without issues. The property had an oil tank, Macdonald told the court, and the depth of the lot was going to be reduced to make room for a widening Dunbar Street.

Still, an offer came in six days after the listing went up. Someone said they’d pay $1.9 million, subject-free, for the property.

But before Macdonald could ask his client what she thought, the offer was withdrawn.

The next day, following a discussion with the seller’s property manager, but not the seller herself, the listing price was brought down to $1,998,000. The court heard the seller appeared to agree, as she signed documents related to the reduction.

Toward the end of the month – almost three weeks after the first offer fell through – another offer came in of $1.5 million. Macdonald brought the offer to the seller, and reminded her they’d only had two offers the whole time it had been on the market.

The seller instructed Macdonald to go back to the potential buyer and ask for $1.7 million. But the counteroffer was rejected, court documents said, and the seller agreed to the first offer.

A contract was drawn up and signed, including the price and a condition the seller and buyer agreed to. The court heard these facts were not contested.

But then, after a conversation with a lawyer friend who the owner had granted power of attorney, the owner started to have doubts.

Her friend and lawyer hired someone to appraise the Dunbar property, and that appraisal suggested the market value was several hundred thousand dollars more than the sale price she’d agreed to.

The appraisal suggested it was worth $1,925,000.

Litigation counsel was hired then, as the seller and her friend felt there was a “$425,000 shortfall in the sale price.”

The sale went ahead anyway, as planned, but the seller took her realtor to court, claiming he was liable for that alleged shortfall.

Based on the written reasons for Justice Caldwell’s decision, it appears he weighed the arguments from both sides, including expert testimony.

The seller claimed her realtor failed to act in her best interest, failed to “exercise reasonable care and skill in his performance,” failed to act honestly and failed to “take reasonable steps to determine the fair market value of the property.”

She also claimed Macdonald failed to market the property in a way that would result in her getting the best price, as well as other alleged failures including that he did not put her interest before all others.

But the judge said there was no evidence before him that would prove “on a balance of probabilities” that the realtor breached any of the duties of care he owed.

“In coming to this conclusion, I cannot help but note that, as previously mentioned, the seller presented absolutely no affidavit evidence in support of this application. There is no evidence from the seller that she has any complaint with Mr. Macdonald, his actions, his advice or for that matter, the sale price of $1,500,000. There is nothing challenging what Mr. Macdonald says occurred,” Caldwell wrote.

Ultimately, he dismissed the claims against Macdonald and others at Dexter Associates Realty, and found the defendants were entitled to their legal costs.

© 2022  All rights reserved.

5 Major Cities in Canada for Asian Buyers in 2020

Friday, April 16th, 2021

Top 5 Cities in Canada for Asian Property Buyers in 2020

Juwai
other

Investing in Canada is currently very appealing to foreign investments, from the taxation system, open immigration policies, a stable economy, and Canada’s leading G20 countries.

Here is a look into the top 5 cities in Canada attracting Asian property buyers in 2020.

1. Alberta

 Alberta’s economy is diversifying – a leader in energy, cleantech and agriculture, Alberta is also capitalizing on growth across the technology, financial services, aviation and logistics and tourism sectors.

Alberta’s rich history of success and growth was forged during the hard times by the tenacity and optimism of our entrepreneurs. Alberta is perfectly positioned to offer the best business environment for the next generation of entrepreneurs and business builders in an increasingly connected world.

This Canadian province has a long history of implementing policies that enable our industrial sectors to reduce emissions and environmental impacts and have made significant investments in innovative technologies.

2. Calgary

 Ranked the fifth most livable city globally, Calgary is also ranked third when finding a job.

The city with the second-highest concentration of self-employed people of major cities in Canada, Calgary’s workforce is young, diverse, and educated – also known as a top tech talent market in Canada.

In terms of real estate, the city has the most affordable rates and a higher vacancy rate than most major Canadian cities.

The city’s apartment and condo rentals are less expensive, providing people with more options to shop around. And options for families exist all over the city, with a variety of single-family homes, duplexes, and townhouses for sale and rent in the suburbs, which are available at a range of affordable prices. 

3. British Columbia

 If you are looking for communities with world-class services and long traditions of supporting resource development, the large and diverse province of British Columbia is your answer.

British Columbia range of communities from Metro Vancouver – a vibrant, modern city to the many coastal and inland communities, you are given the perfect tool to find the best location for your business.

British Columbia, Canada, has one of North America’s most competitive, flexible, and supportive business climates for those seeking opportunities or challenges. Our vast resources, low taxes, stable and well-regulated financial system and fiscally responsible government attract investment worldwide.

4. Manitoba

 Manitoba’s northern forests provide an enormous opportunity for regional and industry stakeholders who want to explore Manitoba’s vast northern forest resource’s economic, social and environmental benefits.

With good markets for forest products – including a growing bioeconomy, an underutilized wood supply in the region, a willing and able workforce, and existing infrastructure, Manitoba’s northern towns and communities are well-positioned for growth in the forest sector. 

5. Vancouver

 The city of Vancouver has become one of the driving forces behind Canada’s economy and a North American benchmark for industries such as digital design, video games and entertainment.

Vancouver has a population of over 2.5 million populace, a city of diversity and high educational level. It focused its efforts on offering the best quality of life to its residents.

 

2021 © Juwai. All Rights Reserved