Canadian banking regulator to consider new mortgage lending rules to protect financial system
OSFI new rules for mortgage lending, and modifications to real estate loans, with the goal of lowering overall risk to the financial system.
The review of Canada’s mortgage-underwriting rules will look beyond the current main measure, which is a stress test requiring borrowers to qualify for higher interest rates than what their banks are offering.
The review will consider a broader range of debt-serviceability tools, including debt-to-income constraints, debt-service constraints, as well as the current interest-rate stress test tool. This may cause more headwinds for the housing market as Canadian home prices fell for a ninth straight month in November, bringing the cumulative price drop from February’s peak to 11.5%.
Ivanhoé Cambridge signs Fox News, News Corp in largest Manhattan lease agreement in 3 yrs
In the biggest Manhattan lease deal in three years, Ivanhoé Cambridge, a real estate company based in Montreal, has secured long-term leases with Fox News and News Corp. Jonathan Pearce, the Executive Vice President for Leasing and Development, stated that the demand for well-situated, transit-friendly, recently built and well-equipped buildings remains robust in major Canadian and American markets when commenting on current trends in commercial real estate
Due to the pandemic, more tenants are looking for high-quality, well-amenitized workplaces in newer buildings. These spaces should have high sustainability certifications and modern building systems, HVAC, and other features to attract and retain talent and support flexible workspaces and corporate culture. The trend of looking for these types of workspaces is also accelerated.
Uxbridge Farmhouse with 20 acres of land, heated floors, pool, and barn, just 70 mins from Toronto
The Home of the Week is a $2.4 million, sprawling two-storey farmhouse in Uxbridge, with 20 acres of farmland and forest, heated floors, wood stove, gas fireplace, and an inground pool. The property also includes forest, maple trees, fenced paddocks, hay field, fruit orchard, maple syrup stand, barn, outbuildings, chicken coop and greenhouse.
The property is located within two minutes of bicycle ride to trails and 10 minutes drive to three ski hills. The house has close to 3,000 sq. ft of living space, and has been updated with new flooring and renovated bathrooms. The house is located 70 minutes northeast of Toronto, short drive from downtown Uxbridge’s stores, restaurants, and hospital.
4BR duplex in Antares tower, Barcelona on sale for €6.2m w/ sea views, terraces, wellness, pool, spa, cinema, parking & close to beaches & innovation district
A duplex apartment with four private terraces in a new luxury tower, Antares, located in Barcelona, Spain is for sale for €6.2 million. The 26-storey tower was designed by the French architect Odile Decq, her first residential project, and has sea views from most of the units.
The duplex has an open floor plan, double height ceilings, a Gira home automation system, marble bathrooms, floor-to-ceiling windows, and two terraces on each level. The building amenities include a wellness area, infinity pool, spa, landscaped gardens, cinema screening room and private parking. The duplex also has an easy access to Mar Bella beach, Port Fòrum Marina, Museu Blau and the 22@ Innovation District.
Saudi Arabia’s real estate market set for growth due to government investment in NEOM and other non-oil industries, Investcorp to invest $1bn in next 5 yrs
Saudi Arabia’s real estate market could experience a boom in the next decade, as government investment in multimillion dollar projects such as NEOM may attract investors.
The country is working to diversify its economy away from oil revenues through initiatives such as the creation of NEOM, a futuristic city, and investments in the esports and video gaming industry. In a sign of potential growth, Investcorp Holdings, a large asset manager in the Middle East, plans to invest up to $1 billion in Saudi real estate over the next five years.
Experts predict that the next ten years will be the greatest time for the Saudi property market with potential growth of 100-300% in that period.
Investcorp to invest $1B in Saudi real estate to tap into predicted boom; already acquired logistics warehouse, $100M in potential deals
Investcorp Holdings, a large asset manager based in Bahrain, plans to invest up to $1 billion in Saudi Arabian real estate over the next five years to capitalize on a predicted real estate boom in the country. The company has already acquired a logistics warehouse and identified $100 million in potential deals.
Saudi Arabia is working to attract foreign investment in its real estate and logistics sectors as part of its goal to become a regional business and trade hub and diversify its economy away from oil income. Investcorp has previously invested about $4 billion in warehousing and logistics facilities in countries such as the US, UK, and India.
2023 BC Property Assessments available online, expect 5-15% rise in values, can appeal by Jan 31,2023. Based on July 1 market values and may be impacted by COVID-19
The 2023 BC Property Assessments are now available online and homeowners can expect to see a rise in assessment values of 5-15% compared to the previous year. Property owners who feel that their assessment does not accurately reflect the value of their property as of July 1st, 2022, can file an appeal by January 31, 2023.
The assessments take into account market value of similar properties sold up to and around July 1st and may be affected by the COVID-19 pandemic. It’s important to note that an increase in assessment value does not necessarily mean an increase in property taxes.
For more information, homeowners can visit the BC Assessment website and REALTORS® can also provide more information on how assessments are used to calculate property taxes.
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Arsh Syed, a real estate agent in Toronto, offers services to help property owners buy, sell, or rent their homes and manage the transaction.
He aims to establish relationships and provide exceptional service to improve the housing crisis in Toronto. By hiring him, property owners can reduce risks, save time, and save money.
For more information about his services, you can visit https://www.real-estate-in-toronto.com or contact (416) 844-2217.
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