Connect with us

Real Estate

Huawei exec’s arrest halting Chinese firms’ Canadian expansion plans, says auto sector spokesman

Editor

Published

on

[ad_1]

Several Chinese automakers planning to expand production into Canada have put their plans on hold over the Vancouver arrest of Chinese telecom giant Huawei’s CFO, says Flavio Volpe, president of the Automotive Parts Manufacturers’ Association.

“Those companies are saying, ‘Look, while we’re still interested of course, North America is a target market for our goods … right now, we’re going to put this on pause,'” Volpe told CBC News.

Volpe said that over the last several months, the APMA has hosted delegations from two major Chinese automakers and was planning on hosting another firm next month. Volpe would not identify the companies by name.

Meng Wanzhou was arrested in Vancouver earlier this month under an extradition request from the United States.

American prosecutors allege Meng deceived financial institutions into dealing in dirty money through an arrangement which saw Huawei and another company called Skycom doing business in Iran, in contravention of U.S. sanctions against the Islamic republic.

Volpe said the arrest has put a chill on the Chinese firms’ expansion plans in Canada.

“They’ve explicitly brought that up, and have changed the discussion to, instead of the immediate term, they’re talking about, ‘Well … let’s settle the uncertainty first and we might be a couple years out,'” he said.

Canadians Michael Spavor and Michael Kovrig were detained by China last week over what the Beijing News, a state-run Chinese newspaper, described as suspicion of engagement in activities endangering China’s state security — a move widely seen as payback for Meng’s arrest.

A Destination Canada ad promoting Canadian tourism to the Chinese market on the Chinese social media site Weibo. (weibo/Destination Canada)

The news of the Chinese automakers pulling back comes as Destination Canada, a Crown corporation that markets Canada as a tourism destination internationally, has called a temporary halt to its efforts to advertise in China.

“Destination Canada, along with our co-invested partners, (has) decided to temporarily pause or postpone our current marketing efforts in China,” said spokeswoman Emma Slieker.

“There are exceptional circumstances when geopolitical issues or tragic events make tourism marketing potentially damaging to the destination’s reputation, and has given cause for us to temporarily delay or pause marketing activities abroad.”

The Canada-China Year of Tourism 2018 was developed as a partnership to promote travel between the two countries. Tourism Minister Mélanie Joly had planned to be in Beijing for the closing ceremony, set for Dec. 17 to 20, but the government called off her trip last week.

Replacing Oshawa

Lynette Ong, an associate professor in the University of Toronto’s department of political science and Asian Institute, said that a two-year delay on Chinese investment in Canada is probably a “worst case scenario” and that a six month chill is more likely.

“I think the most serious consequences should be seen in the next three months or so — that is, when Meng’s extradition trial is due in February,” Ong said. “The next three months will be absolutely critical for Canada-China relations.”

Volpe said that Canadian auto parts makers were selling about $3 billion a year in product to the General Motors plant in Oshawa. Now that the automaker has decided to close that facility, the auto parts industry in Canada needs a new customer.

“An investment by a Chinese automaker would replace that capacity,” he said. “These opportunities run at the same scale as the ones that decide to leave.”

‘An emerging cold war’

The APMA president said there are only limited number of automakers around the world with the ability to replace the Oshawa facility — maybe five or six at the most. Luring Chinese manufacturers to Canada has become much more challenging, he said.

“We’re doing a lot of work to express that, on a 20-year investment basis, the Chinese can’t beat being in Ontario,” he said. “But … the Americans have put us in a very tough spot here.

“There’s an interplay between the two biggest superpowers. It’s maybe an emerging cold war of sorts. And the Americans, of course, know that we are a rule of law country, and they’ve put us between the unstoppable force and the immovable object.”

Volpe said that the U.S. typically sought international trade expansion in the past, but U.S. President Donald Trump’s administration has instead been forcing Canada to choose between the rest of the world and the American market.

“We’re not stupid — 75 per cent of the opportunity will always be tied geographically to the Americans, and I think our industry has done very well serving the American market,” he said.

In the meantime, Ong said, Canada should avoid making drastic moves or acting out of panic.

“If the Chinese authorities were to arrest a third Canadian, then I would start to panic,” she said.

Ong said she expects to see the dispute resolved in the next six months, allowing business and trade to get back on track.

“I say so because I think there’s also huge collateral damage on behalf of the Chinese authorities,” she said.  

“There’s costs on their legitimacy, costs on their reputation as an international trading power, just costs on the Chinese government as a whole. The longer they hold the two Canadians without any fair trial, without any fair charges, the greater the cost it is on their reputation.”

[ad_2]

Source link

قالب وردپرس

Real Estate

Window repair or replacement is the responsibility of the condo corporation

Editor

Published

on

By

If the windows in your condo are hazy, drafty, or have rotting frames, it’s an indicator that they need repairs or outright replacement.

However, under the Condominium Act, it is the responsibility of the condo’s board to carry out such changes as a replaced window is a common element.

“Under the Condominium Act, a declaration may alter the maintenance or repair obligations of unit owners and the corporation but cannot make unit owners responsible for repairs to the common elements,” said Gerry Hyman is a former president of the Canadian Condominium Institute and contributor for the Star.

“A declaration for a high-rise condominium invariably provides that the unit boundary is the interior surface of windows. That means that the entire window — whether it is a single pane or a double pane — is a common element. Necessary repairs or replacement of a broken pane is the obligation of the corporation.”

According to Consumer Reports, selecting an installing windows replacement can be very overwhelming for homeowners. Therefore, if you aren’t covered by your condo’s corporation, it would be necessary to hire professional hands.

Wood, vinyl and composite windows need to be tested on how they can withstand various natural elements. For wind resistance, a window can be very tight when it’s warm but get quite cold too—especially when it begins to leak a lot.

Whatever the case may be, the bottom line remains that replacement windows can save you heating and cooling costs, but it’s best not to expect drastic savings.

Additionally, while getting a new window might help you save on your electric and gas bills, due to their expensive cost, it may take a long time to offset their cost.

Mid-last-year, the government withdraw a $377 million Green Ontario program that provided subsidy on windows to installers and repairers. Window companies had to install energy-efficient windows in order to qualify for the government subsidy that pays for up to $500 of a $1,000 to $1,500 window.

Due to the largely generous subsidies from the government under the Green Ontario program, a lot of window dealers were fully booked for months—even after the program had ended.

“We’re fine with the program ending, we just need more time to satisfy consumers,” said Jason Neal, the executive director of the Siding and Window Dealer Association of Canada, the industry group representing window dealers in a report.

According to Neal, the Progressive Conservatives acted hastily, making massive changes with no prior notice.

“No notification was given to us by anyone,” he said, noting he learned about the change through one of his dealers.

“It’s created a ripple effect.If they had just given us notice we would have pushed that down the line from the manufacturer right into the dealer right down to the consumer.”

Neal noted that he wasn’t particularly sad to see the Green Ontario program end, as it was “the worst rebate program in the history of the window industry.”

“It’s been horrible,” he said. “$500 a window has created such hysteria.”

However, despite the program ending about a year ago, numerous homeowners have been contacting window dealers consistently with concerns that they might not be able to afford replacement windows without the government’s subsidy.

“I understand their concern,” said window dealer Chris George. “I would suggest they reach out to their local representative of the government in their riding and let them know about their concerns.”

Continue Reading

Real Estate

7 Vancouver Real Estate Buying Tips

Editor

Published

on

By

The real estate market in Vancouver is turning around for good for everyone looking to purchase a home.

Previously soaring prices are now beginning to ease up, making it a perfect time for buyers—with real estate agents already getting ready for a very busy spring and summer season.

However, before splashing cash on a new property, there are some very important tips you need to know to ensure you make the most of the buyer’s market.

Here are some few expert tips that would guide you when purchasing a home in the sometimes frustration Vancouver seller’s market.

  1. Get adequate financing

It is very important that before you make the move to purchase a property, you put into careful consideration your credit score.

Normally, home buyers with lower scores use the secondary mortgage market to finance their purchase, as they’re more likely to pay a higher interest rate.However, it is advisable to get loan approval long before purchasing the house. This way, you are fully aware of how much you are able to spend—but never be tempted to borrow the maximum amount of money available.

“What’s your mortgage payment that you’re comfortable with? And take into the fact the taxes you’re going to have to pay, if it’s a strata – what the maintenance fees are, if it’s a home what type of maintenance are you going to have to pay in the future?” said Phil Moore, president of the Real Estate Board of Greater Vancouver in a report.

Always be careful of the type of loan you secure and ensure that you can comfortably afford it over a long period of time.

  1. Get a real estate agent

Buying a property without professional help is a very risky move and can be likened to choosing to represent yourself in court without a lawyer. While you might trust your negotiation skills, only realtors are permitted to present offers directly.

Therefore, it is necessary to get a professional real estate agent in the area to represent you. So, screen a few agents and select the best one who has in-depth knowledge of the markets and has a great reputation.

“They’re there to protect you. They’re there to walk you through each step of the process,” Moore said.

  1. Sign up for automated alerts

Most—if not all—realtors have access to the Vancouver real estate board’s database which is updated approximately two days before the public MLS website.

Therefore, you can request from your realtor to sign you up for automatic real-time alerts of all new listings. Doing this gives you an edge as you’re among the very first to know about new properties.

  1. Do a thorough inspection

After receiving an alert for a new listing, it is necessary to push almost immediately for an inspection from your realtor. In this current market, buyers now have time to make an inspection.

Making a quick inspection eliminates any surprises—as there could be major maintenance or repair issues that could spring up. Therefore, you can now table your offer based on the outcome of the inspection, with clauses about claiming your damage deposit back if everything isn’t as was advertised.

Additionally, if you notice that renovations were done, you need to be sure that it was permitted work and carried out appropriately. Failing to do this would ultimately lead to further cost down the line and simultaneously affect the resale value.

  1. Have a back-up plan

There’s always the possibility that everything may not go as smoothly as you’d want. From the inspection being a failureto the property not living up to your expectations—or not being able to agree on the closing date that matches with your needs.

However, a professional real estate agent will definitely help you get past all of these things. If you plan on selling the property as you buy, you can table that and make it part of the deal.

“You’ve got an option, especially in a buyer’s market: you can put in an offer subject to selling your place. So maybe you want to have a place lined up,” Moore added.

Additionally, building contingencies into your buying plan is necessary. Things such as unexpected delays in closing the deal, closing cost and moving costs that could result in added living expenses if that’s your permanent home.

  1. Don’t fall for the buyer frenzy

The Vancouver market buying frenzy that caused a serious climb in the prices a couple of years ago has ended. Thus, it is important not to get caught up in bidding wars with properties that have been deliberately under-priced—with the hope of initiating multiple offers.

“Some of the sellers have been on the market for over a year and they’re eager to sell. So what I’m saying to consumers is: you have a lot of choices, you’re in the driver’s seat, let’s go out and take a look at what’s available,” said Moore.

  1. Never be wary of multiple offers

When purchasing a property, don’t be afraid of multiple offers as you have the same opportunity as anybody else.

Typically, there are just a few offers below the asking price: a couple priced fully, and two or three above the asking price—depending on how close the fair market value is from the asking price.

Continue Reading

Real Estate

Do you know what kind of condo you’re buying?

Editor

Published

on

By

(NC) Condominiums can come in all shapes and sizes. But it’s important to know that not all condos are created equal when it comes to warranty coverage.

Whether you’re buying a condominium townhouse, loft-style two-bedroom or a high-rise studio, they are all classified as condominiums if you own your unit while at the same time share access (and the associated fees) for facilities ranging from pools and parking garages to elevators and driveways, otherwise known as common elements.

The most common types of condos are standard condominiums and common elements condominiums. The determination of how a condominium project is designated happens during the planning stage when the builder proposes the project and the municipality approves it.

When you’re in the market to buy, you need to know how your chosen condo is classified because it affects the warranty coverage under the Ontario New Home Warranties Plan Act. Standard condominiums have warranty coverage for units and common elements, but common elements condominiums only have unit coverage.

How could this affect you as the owner? If your condo complex has underground parking and, for example, there are problems with leaks or a faulty door, the condo designation will determine whether there’s warranty coverage.

If your unit is a standard condominium development, then the common elements warranty may cover the repairs. If it’s a common element condominium development, then repairs might have to be covered by the condo corporation’s insurance, which could impact your condo fees or require a special assessment on all the owners.

To avoid surprises, you should have a real estate lawyer review the Declaration and Description attached to your purchase agreement to be sure that you know the designation and boundaries of the unit you’re looking to purchase. Find more information on the types of condos and their coverage at tarion.com.

Continue Reading

Chat

Trending