28 May

LNG Canada says it is committed to starting construction on Kitimat, B.C., project in 2018

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Posted by: Shahin Golestani

The chief executive of the LNG Canada project on British Columbia’s northern coast said on Tuesday that the company was committed to starting construction on the $40 billion liquefied natural gas export project this year.

An investment decision on the terminal in Kitimat, B.C., was delayed in 2016, due to sagging oil prices that hit cash flows, along with an unfavourable supply-demand outlook, but remains on track for 2018, Andy Calitz said at an LNG conference on Tuesday.

“It didn’t make sense in July 2016,” he said. “When [our stakeholders] asked the inevitable question, when will you reconsider the FID? Our answer was: We will be in construction in 2018. I reaffirm that commitment today.”

Calitz later told reporters that a trade spat over imported fabricated industrial steel components (FISC) was no longer an issue for the project and would not have any impact on an investment decision by the joint venture partners.

Slight backtrack

As word of Calitz’s comments spread, LNG Canada issued a statement, reiterating the fact that no final investment decision has yet been made.

“LNG Canada is currently preparing to submit a Decision Support Package for review by our Joint Venture Participants (JVPs) later this year. However, the exact date for an FID is up to the JVPs to make,” said director of external relations Susannah Pierce.

B.C. Energy Minister Michelle Mungall made the same observation but said the government was “very encouraged” by Calitz’s comments.

“It’s good to see that so many people in B.C., investors as well, are excited to see these types of projects go forward,” she said, adding that the government’s offer of providing a break on carbon taxes and an exemption on provincial sales taxes related to construction costs played a key role.

“We know the framework was very important to this. We need to make sure that B.C. is competitive.”

Tariffs no longer an issue

LNG Canada had asked Canada’s Finance Ministry to exempt it from the 45.8 percent anti-dumping tariffs, which apply to certain FISC components imported from Spain, South Korea and China. LNG trains, most of which are built in Asia, are FISC components.

Calitz did not make clear why the FISC duties were no longer an issue, but said the modules have been contracted and the company has more clarity on the parameters and legal application of the tariffs.

LNG Canada is a joint venture between Royal Dutch Shell Plc (RDSa.L), PetroChina Co Ltd (601857.SS), Mitsubishi Corp (8058.T) and Korea Gas Corp (036460.KS). TransCanada Corp (TRP.TO) will build the pipeline.

 

Source: Thomson Reuters ·

With files from Justin McElroy  http://www.cbc.ca/news/canada/british-columbia/lng-canada-committed-to-starting-construction-in-2018-1.4664489

 

 

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22 May

Why We Chose a Mortgage Broker

General

Posted by: Shahin Golestani

 

Why We Chose a Mortgage Broker

For Arthur Dubreuil, the recent purchase of his new house will sound like a similar story for many homebuyers. Looking to upsize to meet the needs of his growing family, the Toronto area resident looked east outside the city for a more affordable option. What he found was a perfect affordable 2,000 square-foot home on an acre of land in the community of Cobourg, Ont.
“The price point and what you get for the value moving out of the city… we couldn’t have something like that in the city,” Dubreuil said. So when it was time to get financing, he turned to a trusted source, a Dominion Lending Centres mortgage professional he used in the past.

With the help of a mortgage broker, Dubreuil was able to move in to his new home at the beginning of the year. And with a three year-old son getting ready to start school soon, he figures his family will be in their new home for many years to come.

Q: Why did you chose a mortgage broker?
A: I got pre-approved at the bank before I did anything. The interest rates were higher with the bank then by choosing my mortgage broker. I used my broker prior with my last home when I got my first mortgage. It seems like things are a lot clearer using a broker rather than using a bank. They’re [the banks] not very forthcoming. When I went to the bank they were telling me all these different things, basically the mortgage and rate were not negotiable. My broker found me the cheapest rate he could find. He actually got me a better rate.

Q: How was your experience working with a mortgage broker?
A: It was good. I had no issues, everything was professional. He was very straightforward with me, especially when it came to details about buying a house. Especially with these new rules and regulations put in place. He talked me through what my options were, and it worked out well.

Q: What advice would you give someone I your situation?
A: I just gave my buddy some advice, he’s doing the exact same thing but buying his first home. I told him everything you need to do. Clear away any debts and speak to everybody before you actually make a choice of what you want to do and get a mortgage. Go through your options rather than not. A lot of people just stick with the banks because they’re big and they’re trusted.

By Jeremy Deutsch Communications Advisor https://dominionlending.ca/news/why-we-chose-a-mortgage-broker/

 

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22 May

It’s not all about the rate: Amortization & Renewals

Mortgage Tips

Posted by: Shahin Golestani

It’s not all about the rate: Amortization & Renewals

Have you spoken to a mortgage broker lately? When it’s time to renew your mortgage you have the freedom to do a number of things that are not possible at any other time without a financial penalty. Renewal time is an opportunity.

Have you looked at your mortgage amortization lately? Let’s say that you started your present mortgage 10 years ago and you had a 30-year amortization. You now have 20 years left on your mortgage but your situation has changed. Your children have grown up and one is ready to leave for college and another one will follow in a couple of years. An easy way to help the kids out would be to refinance your home. However, the rules have changed and if the value of your home has not risen a lot and you have not paid down the balance, you may not have the 20+% you need to withdraw the equity.

Another possible solution would be to use the amortization on your mortgage to help you achieve your financial goals.
You can extend the amortization and lower your monthly payments thus freeing up cash flow.

Here’s an example. With a balance of $400,000 on your mortgage:

By adding 5 years to your mortgage you can lower your payments by $320 a month. If that’s not enough and you have more than 20% equity , in other words, your mortgage is less than 80% of the value of the home, you can extend your mortgage to 30 years with most lenders.

This will free up $520 a month. When your children graduate you or your mortgage broker can contact the lender and have your amortization lowered again. Note that changing the amortization can result in costs. Check with your Dominion Lending Centres mortgage broker before you make any changes to your mortgage.

By David Cooke Dominion Lending Centres – Accredited Mortgage Professional
David is part of DLC Clarity Mortgages in Calgary, AB. https://dominionlending.ca/news/its-not-all-about-the-rate-amortization-renewals/

 

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22 May

5 ways you can kill your mortgage approval

Mortgage Tips

Posted by: Shahin Golestani

A great article!

5 ways you can kill your mortgage approval

So, you found your dream home, negotiated a fair price which was accepted. You supplied all the needed documentation to your mortgage broker and you are waiting for the day that you go to the lawyer’s to sign the final paperwork and pick up the keys.

All of a sudden your broker or the lawyer calls to say that there’s a problem. How could this be? Everything has been signed and conditions have been removed. What many home buyers do not realize is that your financing approval is based on the information the lender was provided at the time of the application. If there have been any changes to your financial situation, the lender is within their rights to cancel your mortgage approval. There are 5 things that can make home financing go sideways.

1 Employment – You were working for ABC company as a clerk for 5 years making $50,000 a year and just before home possession you change jobs. The lender will now ask for proof that probation for this new job is waived and new job letters and pay stubs at the very least. If you change industries they will want to see more proof that you are capable of keeping this job.
If your new job involves overtime or bonuses of any kind that vary over time, they will ask for a 2 year average which you will not be able to provide.
Another item that could ruin your chances of getting the mortgage is if you decide to change from an employee to a self-employed contractor just before possession day. Even though you are in the same industry, your employment status has changed . This is a big deal killer.

2. Debt – A week or two before your possession date, the lender will obtain a copy of your credit report and look for any changes to your debt load. Your approval was based on how much you owed on that particular date. Buying a new car or items for the new home need to be postponed until after possession of your new home.
Don’t be fooled by “Do not pay for 12 months” sales campaigns. You now owe this money regardless of when the payments start. Don’t buy a new car and don’t buy furniture for the new home. This will increase your debt ratio and can nullify your financing.

3. Down payment source – And yet again I reiterate that the approval is based on the initial information you have provided. You will be asked at the lawyer’s office to verify the source of the down payment and if it is different than what the lender has approved, then you may be in trouble. For example, you said that you were going to save the funds and then at the last minute Mom and Dad offer you the funds as a gift. There’s no problem accepting the gift if the lender knows about it in advance and has included this in their risk assessment, but it can end a deal.

4. Credit – Don’t forget to make your regular credit card payments. If your credit score falls due to late payments, this can kill your financing. If you have a high ratio mortgage in place which required CMHC insurance, a lower credit score could mean a withdrawal of their insurance once again , killing the deal.

5-Identity Documents – This can be a deal killer at the lawyer’s office. The lawyer is required to verify your identity documents and see that they match the mortgage documents. Many Canadians use their middle names if they have the same name as their parent. Lots of new Canadians adopt a more Canadian sounding name for their day-to-day lives but their passports and other documents show another name.

Be sure to use your legal name when you apply for a mortgage to avoid this catastrophe . Finally, keep in touch with your Dominion Lending Centres mortgage professional right up to possession day. Make this a happy experience rather than a heartbreaking one.

By David Cooke Dominion Lending Centres – Accredited Mortgage Professional
David is part of DLC Clarity Mortgages in Calgary, AB. https://dominionlending.ca/news/5-ways-you-can-kill-your-mortgage-approval/

 

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22 May

The Statement House – Our House Magazine

General

Posted by: Shahin Golestani

The Statement House – Our House Magazine

Iseela Ibrahimi wanted wow. The successful Dominion Lending Centres mortgage broker had purchased numerous homes in the past, but she wanted her latest home in Caledon, Ont. to be something special.

Ibrahimi bought the brand new 4,500 square-foot home in 2014, but quickly had her heart set on a major renovation.
“I knew the end product from a typical builder would never make me happy,” she said. “I wanted to create something that, no matter what your style is, it would still have that statement and it would still have that wow factor.”

By 2016, she was ready to take her vision to the next level. While Ibrahimi had a keen eye for design, it wasn’t her expertise. So she partnered with Oakville designers Parkyn Design to turn her ideas into a reality. What followed was a stunning transformation. Instead of cookie-cutter, Ibrahimi got a completely custom high-end look. From the front foyer all the way to the bedrooms, Ibrahimi said she got the flow she wanted, calling it “transitional but classy at the same time.”

“They’ve nailed it for me,” she said of the work by the design team at Parkyn, adding they brought what was in her mind to life. She also added it was important the design was going to stand the test of time. The renovation took five months to finish, but Ibrahimi pointed out the complete transformation, including the furniture, wasn’t really done until the end of 2017.

Pictures of the redesigned home have found their way onto the popular design website Houzz and are getting a little bit of buzz. While Ibrahimi admits it may not have logically made sense to renovate a near brand-new home, she said it was a personal decision. And now having time to settle in, she couldn’t be more satisfied with her decision.
“The whole point of this was you can still create what you want to create as long as you’re OK with where you are.”

By Jeremy Deutsch Communications Advisor  https://dominionlending.ca/news/the-statement-house-our-house-magazine/

 

 

Planning to Purchase a Home?
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20 May

$700 million for Hudson’s Bay Vancouver store highlights heated commercial market

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Posted by: Shahin Golestani

$700 Million for Hudson’s Bay

VANCOUVER — When it comes to commercial real estate in the Lower Mainland, the mantra seems to be “go big, or go home.”

Metro Vancouver has a new commercial real estate mega deal to add to several recent acquisitions seeing sky-high prices.

Reuters reported on Monday that the Canadian department store Hudson’s Bay and venture partner RioCan REIT have signed “a conditional agreement” to sell its flagship store on Granville Street to an undisclosed Asian buyer, “who owns a closely held real estate company,” for a purported $675 million.

Peter Anderson, a solicitor in commercial real estate at Boughton Law, who is not involved in the department store deal, but works for a dozen landlords who either own or operate large and small commercial properties in Vancouver, said the deal could be a sign the company needs to “unlock” capital to stay competitive with other large online retailers like Walmart, which tend to be in suburban areas where rents are lower.

Hudson’s Bay, Anderson explained, is one of the few blocks of land in downtown that don’t already have office towers or condos on site. It would be a prime site to be developed into a “higher use” property with larger buildings. If they did redevelop, he said, it would be worthwhile to keep the heritage façade of the existing building.

StarMetro reached out to Hudson’s Bay Company, but the company declined to comment on what it considers “rumour” and “speculation.” But reports last year point to the company’s failure to generate sales. The company lost $243 million in the third quarter of 2017.

The company’s latest plan to sell its downtown real estate is part of a string in the past month of several record-breaking commercial purchases and leases in Metro Vancouver. This in an environment where commercial vacancies have dropped to an “all-time low.” According to the commercial real estate firm CBRE, Metro Vancouver’s vacancy rate will drop to 1.4 per cent by the end of this year.

Stefan Morissette, industrial vice-president of Colliers International in Vancouver, represented Daiya Foods in signing a lease for a 400,000 square-foot facility in Burnaby, making it the largest industrial lease in 2018. He said there are very few options for industrial spaces in the current low-vacancy climate.

“I have a client that wants 40,000 to 50,000 square feet right now, just general warehouse space nothing special, and I’m struggling to find them property across all Lower Mainland markets, because of small handful of options.”

Morisette said Daiya Foods, which is owned by the Japanese company Otsuka Pharmaceutical Co., said the company was initially looking for a 200,000-squarefoot space. But the lack of options, and their long-term plan to grow made the company consider the bigger space.

“I have encouraged them to look at a slightly larger facility with the opportunity to sublet out a portion of it. I’ve actually had a number of clients in the last 12 months do that.”

Last month, Hungerford Properties also announced the acquisition of two large industrial sites in South Vancouver with a combined 675,000 square feet of space on Marine Drive, making it the largest industrial land deal in a decade worth an undisclosed amount, said Michael Hungerford, a partner in the company specializing in commercial and residential properties.

Hungerford said the company will work with the city to “intensify land use,” and expects to see mixed-use commercial developments.

Source: https://www.thestar.com/vancouver/2018/05/07/700-million-for-hudsons-bay-vancouver-store-highlights-heated-commercial-market.html

 

 

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