“It has become clear to us through this process that the only viable alternative to bankruptcy would be to transfer control and operation of the property, in an orderly manner, to the lenders and their representatives. We make this decision as we feel a battle over the property or a contested bankruptcy process is not in the long-term interest of the property, its residents, our partnership or the city.”
29
Jan 10
Is Commercial Real Estate About to Go Belly-Up?
25
Jan 10
How did Intrawest rack up so much debt?
Bankers said Wednesday they will move to auction off Intrawest Holdings unless the ski resort operator can find a way to settle its debts.
22
Jan 10
Toronto commercial real estate sinks
Toronto’s commercial real estate
industry had its worst year in a decade in 2009, despite an end of the year investment surge.
15
Jan 10
Research shows Canadian mortgage market can manage risks
New data collected by CAAMP indicates homeowners are borrowing less, not more, than they can afford to borrow
TORONTO, Jan. 14 /CNW/ – New research using data collected by the Canadian Association of Accredited Mortgage Professionals (CAAMP) from its corporate members strongly suggests that Canadian mortgage lenders and borrowers, including first time home buyers, are being extremely prudent with their borrowing and lending.
12
Jan 10
Encouraging mid-rises a tall order
City planners talk up the benefits of low-slung buildings, but developers say red tape and high costs are working against them.
12
Jan 10
Dubai opens world’s tallest building
DUBAI, UNITED ARAB EMIRATES–Dubai opened the world’s tallest skyscraper Monday in a blaze of fireworks, then added a final flourish: It renamed the half-mile-high tower for the head of neighbouring Abu Dhabi, whose billions bailed out Dubai amid last year’s financial crisis.
05
Oct 09
How are Commercial real estate rents quoted?
Are you somewhat confused by all the terms that real estate agents throw around like nothing? Well don’t worry, I can assure you that you are in good company.
Lets get a few of the basics out of the way and then we can move on to some of the specifics. One of the first things you have to understand is that there are several components to the overall rental rate that you ultimately end up paying. There is the rent that you pay the Landlord for the use of their space, but also as a commercial Tenant you will also pay for the following items; the maintenance of the overall building, the property taxes, building insurance and management of the property. (I know, I know, it doesn’t seem fair to be paying for the management and maintenance of someone else’s property, but that’s the real world, so get used to it!)
29
Sep 09
Rental buildings taking the lead in smart sub-metering
Anyone following the progress of Ontario’s Smart Metering Initiative and wondering how it applies to condominiums should read an August 2009 decision of the Ontario Energy Board (“OEB”) on smart sub-metering in rental buildings.
29
Sep 09
Why invest in apartments?
Suppose you own a house and a ten unit apartment building. If you have a vacancy in each building what do you have? A 100% vacancy in the home and a 10% vacancy in the apartment. Vacancy means no income. Plus you would still have to pay the utilities. With the apartment, you would have the 9 other properties pulling money in.
Lenders would rather lend large amounts of money over smaller amounts. Naturally they want to lend more, because that means they would get a higher commission from it. Buying single family homes, the borrower must qualify for the loan. They look at the borrower first then the property. With apartments it is the opposite. Logically if you own a 25 unit apartment building and the debt service/mortgage is $15,000 a month very few individuals could support that payment on their own. The lenders want to know how much income the property brings in. The property is the business so to speak.
