Real Estate

Ayala Land net income up 18%

MANILA— Property giant Ayala Land Inc. (ALI) grew its profit by 18 percent in the first nine months of 2017, driven by strong residential sales. ALI told the local bourse its net income reached PHP17.8 billion in January to September from PHP15.08 billion during the same period last year. Consolidated revenues posted at PHP98.9 billion, up …

RECO freezes bank accounts of Toronto area brokerage, substantial sum missing

VANCOUVER — The bank accounts of a Toronto brokerage are frozen to protect consumer deposits after Ontario’s real estate professional regulatory body discovered “a substantial amount” missing. The Real Estate Council of Ontario issued a freeze order for the first time in about six years on Nov. 1 against RE/MAX Right Choice Inc. “This is …

Number of foreign homebuyers up slightly in Metro Vancouver

VICTORIA— The latest property transfer data released by the British Columbia government shows the percentage of sales involving foreign nationals in Metro Vancouver inched up between April and September. The data shows five per cent of the 6,105 property transfers in September involved foreign nationals, up from 2.5 per cent in April. That remains far …

Alberta to roll out new rules to better protect condo owners, buyers in 2018

EDMONTON— Alberta plans to roll out new rules next year that aim to better protect the owners and buyers of condominiums. The changes will require developers to provide realistic estimates of condo fees, firm move-in dates and hold buyer deposits in trust while units are being built. The Condominium Property Amendment Act also gives the …

Tap growing UHNWIs, developers told

MANILA — The country’s property developers are urged to look into the growing number of ultra-high net worth individuals (UHNWI) as these can be potential investors in the Philippines’ residential market. In a media briefing Wednesday, Victoria Garrett , Knight Frank head for Residential for Asia Pacific, said global population of UHNWI is expected to …

Oakville, Ont., council rejects bid to demolish Glen Abbey despite heritage status

OAKVILLE, Ont. —  An Ontario town council has voted unanimously to reject a plan to demolish the historic Glen Abbey golf course despite its heritage status. Glen Abbey’s owner ClubLink filed an application Monday to demolish or remove the golf course and some buildings to make way for a mix of homes, offices and stores. …

Congress mulls amendment of REIT law

MANILA — The House of Representatives may push for the amendment of the Real Estate Investment Trust (REIT) Act, Representative Arthur Yap said Monday. During the real estate market briefing of Leechiu Property Consultants (LPC), Yap said the lower house may opt to amend the REIT law and specify that the transfer of assets into REITs …

Canadian snowbirds will face higher insurance costs even if unscathed by Irma

MONTREAL — Canadian snowbirds who were lucky enough to escape property damage from hurricane Irma will still face higher costs as insurance providers jack up premiums and condo associations levy special assessments, say Florida insurance experts. “We’re probably looking at across-the-board 15 to 20 per cent increase in property insurance costs over the next year,” …

New eviction rules in effect today to protect Ontario tenants

TORONTO— New tenant protections come into effect today that place more requirements on landlords evicting them. When a landlord evicts a tenant to use the unit themselves or for a family member, they have to now give the tenant one month’s rent as compensation. Alternatively, the landlord could offer the tenant another acceptable rental unit. …

Sunvar to obey court order to vacate Mile Long property

MANILA – Real estate firm Sunvar Realty Development Corporation, owned by the Rufino and Prieto families, will comply with the Makati City Regional Trial Court (RTC) order to vacate the 2.9-hectare Mile Long property in the city. Sunvar legal representative Atty. Alma Mallonga, however, said that they will appeal the court’s decision. “While Sunvar has appealed the …

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