Tag : Ottawa

Mortgage group says Canadian housing starts will plunge 25-30 per cent by 2015

Posted by Miracle Dream Homes at 7:30 pm

OTTAWA — Canada’s housing market is slowing dramatically in terms of both sales and construction, dragging down economic growth and putting some 150,000 jobs at risk in coming years, a mortgage industry association warns in its spring report.

The Canadian Association of Accredited Mortgage Professionals stops short of calling the ongoing slide that began about nine months ago a crash, but chief executive Jim Murphy says policy-makers should stop trying to tighten lending rules further and start thinking about helping for first-time purchasers.

“They’ve gone enough in terms of regulatory changes and we’re seeing a real slowdown in the overall housing market. The federal government wanted that to happen, but the question is how much … and what is that impact on the overall economy,” Murphy said Wednesday.

“Some people thought the market would come back(this spring). Well it hasn’t come back. It is a definite trend.”

Murphy notes that his organization never agreed with the perception that Canada had a housing bubble problem, but any concerns on that front have been dispelled following last summer’s action by Finance Minister Jim Flaherty and the bank regulator to tighten mortgage rules and loan underwriting practices.

Since then, home resale activity has fallen 8.3 per cent and housing starts by 15 per cent. They are likely to fall further, the report says.

CAAMP predicts that by mid-2015, national home construction will fall to about 150,000 units annually, or about 25-30 per cent less than the 205,000 average for 2011-2012. That will result in about 150,000 fewer construction and indirect jobs, such as in the real estate sector and support industries.

In the Toronto area, the tumble will be even more dramatic, with starts dropping 50 per cent to about 22,000, leading to a loss of about 35,000 jobs.

Vancouver — the other municipality known for its hot housing market — starts are expected to fall by a third to about 13,000, resulting in a loss of about 7,500 jobs.

Quebec urban areas are projected to lose about 15,000 starts and 20,000 jobs.

Among the major markets, Calgary and Edmonton are expected to buck the trend. The report says the two Alberta cities will see home construction activity increase, generating 2,500 additional jobs each.

“Until now, housing has played a major role in the recovery from the 2008/09 recession,” CAAMP chief economist Will Dunning notes. “That economic driver is disappearing as we see housing related jobs dry up and consumer confidence erode at a time when the national recovery is struggling to pick up steam.”

Last week, the Office of Superintendent for Financial Institutions gave notice it is looking into whether it needs to lower the amortization period to 25 years for homeowners with over 20 per cent equity, so-called conventional mortgages that do not require government-backed insurance.

“You question why all these things need to be done in an environment where the market is slowing dramatically,” said Murphy.

Instead, Murphy said he has asked Ottawa to consider indexing the RRSP homebuyers plans, or giving more flexibility to qualifying first-time buyers in terms of amortization periods to lower monthly payments.

There is also some good news in the report, including that most Canadian homeowners are having little difficulty meeting mortgage payments and are in fact paying off their debts faster than required.

Almost seven in 10 homeowners responding to an online survey said they have fixed mortgages and are paying a lower interest rate (3.52 per cent) than last year (3.64 per cent). Some 18 per cent of respondents said they had increased their payments in the past year and 16 per cent said they had made lump sum payments.

As well, most mortgage holders said they expect to repay their loan 3.4 years earlier than the 25 year amortization period.

The Canadian Association of Accredited Mortgage Professionals based its estimates and projections on a number of sources, including raw data and an online survey of about 2,000 homeowners and renters that was conducted in April by Maritz.

Article source: http://london.ctvnews.ca/mortgage-group-says-canadian-housing-starts-will-plunge-25-30-per-cent-by-2015-1.1292317

Construction Begins on Tanger Outlets Ottawa

Posted by Miracle Dream Homes at 7:28 am

Tanger Factory Outlet Centers, Inc. and RioCan Real Estate Investment Trust hosted an official Ground Breaking Ceremony today to announce that construction has begun on Tanger Outlets Ottawa. When complete, we expect that Phase I of the project will be home to approximately 293,000 square feet of branded factory outlet retailers from the U.S. and Canada.

As the capital of Canada and the fourth largest city in the country, with 1.2 million residents and 7.5 million visitors annually, we believe Ottawa is the ideal location for the first ground-up construction of a Tanger Outlet in the Canadian market. Tanger and RioCan currently co-own outlets in Cookstown, Ontario, Bromont, Quebec, and St. Sauveur, Quebec.

The upscale outlet project will be located off the TransCanada Highway (Highway 417) at Palladium Drive. The site is located in the suburban area of Kanata and will benefit from its access to the greater Ottawa market. The concept, design and merchandising of the Ottawa centre will be similar to those within the successful, established Tanger portfolio of outlet centres in the United States.

Tanger Outlets offers consumers the opportunity to purchase merchandise that is on trend and in- season from leading designer and brand name manufacturers at a savings of 30 to 70 percent off retail prices. We expect the centre will include over 80 leading brand name and outlet stores including: American Eagle Outfitters, Gap Outlet, Banana Republic Factory Store, Calvin Klein, Nike Factory Store, Tommy Hilfiger, Aeropostale and many more.

The projected total cost of this ground up construction project represents an estimated $120 million dollar investment in Ottawa. The new centre will have a positive economic impact for the area by creating an estimated 700 jobs during construction and approximately 1,000 full and part-time retail jobs upon completion. Once complete, we believe the centre will create an estimated $15 million dollars in annual sales tax.

“We are excited to begin construction on this dynamic new centre in the Ottawa market and look forward to bringing the Tanger Outlets shopping experience to local residents as well as area tourists,” said Steven B. Tanger, President and Chief Executive Officer of Tanger Factory Outlet Centers, Inc. “The centre co-owned by Tanger and RioCan will deliver new brand name outlet stores to the market as we strive to continue to elevate the shopping experience for our Canadian customers.”

“The Ottawa Tanger Outlet Centre development represents an excellent opportunity for RioCan and Tanger to extend our relationship as we develop the Tanger Outlet experience here in Canada,” said Edward Sonshine, CEO of RioCan. “This development, our fourth shopping centre together, will bring an exciting and new shopping experience that to date has not previously been available in Ottawa and surrounding areas.”

Source: http://www.tangeroutlet.com

Article source: http://www.azobuild.com/news.aspx?newsID=16779

Queensway construction to cause ‘serious’ disruption this week

Posted by Miracle Dream Homes at 7:28 am

Photos: Senators vs. Penguins, Game 3, May 19, 2013

Ottawa Senators…

• more »

Article source: http://www.ottawacitizen.com/news/ottawa/Queensway+construction+cause+serious+disruption+this+week/8384350/story.html

Crown narrows focus in ICI Construction case

Posted by Miracle Dream Homes at 7:28 am

OTTAWA — The Crown unexpectedly withdrew fraud charges Monday against Marlene Eid, a former principal of ICI Construction.

This is the Ottawa firm that went bankrupt in January 2008 after Marlene and her husband, Roland Eid, transferred $1.7 million to a personal account and left for their native Lebanon.

Crown attorney Moray Welch said Monday he had concluded that a case against Marlene Eid would be unlikely to succeed.

However, he added, the Crown will proceed with multiple fraud charges against ICI founder Roland Eid.

The charges stem from a bizarre series of events late in 2007, when — according to Roland Eid — he sold his interest in ICI to his controller and second-in-command at the company, Sebastien Dagenais. Court documents submitted by Eid’s lawyer Richard Addelman note that Roland “acknowledges that he transferred $1.7 million from ICI to Lebanon� but that he believed the money “legitimately belonged to him.�

The Citizen has a copy of a $3-million offer to purchase ICI initialled by Dagenais and the Eids — it’s dated Nov. 30, 2007.

The document seems destined to play a prominent role in this legal proceeding. It was signed in the presence of Patricia Pilson, one of 15 witnesses the Crown intends to call at trial.

ICI in 2007 had been involved in a number of small but lucrative contracts including, the renovation of part of the fourth floor of the Lester B. Pearson building and the construction of an RCMP building at Shirley’s Bay in Ottawa’s west end. Eid maintains that progress payments from the government should have ensured there was sufficient cash flow to keep ICI solvent.

Eid and his wife remained in Lebanon until March 2012, when they turned up suddenly in Ottawa.

Three months later, in a move that infuriated Roland Eid, the RCMP charged them both with fraud. Addelman explained why his client was upset.

“Ms. Eid was a mere figurehead for ICI,� he wrote in a defence document “and was not involved whatsoever in the day to day operation of the company.� Roland Eid maintains the RCMP arrested Marlene Eid to exert pressure on him.

When the Crown withdrew charges against her on Monday, the couple had been scheduled to begin a preliminary hearing.

The purpose of such a proceeding is to determine whether there is enough evidence to warrant a full trial. But the bar is set fairly low and defendants often opt to go straight to trial to save time and money.

Such was the case with Eid, who has elected trial by judge alone, instead of one by judge and jury. The parties are to meet June 7 to set a date for the trial, which is unlikely to start before 2014.

It’s not clear how Eid intends to finance such a potentially long legal battle. He has petitioned Legal Aid Ontario unsuccessfully for assistance. He has also made a so-called Rowbotham application which could, if successful, compel the state to pick up Eid’s legal costs. Such an application is based on a potential violation of Eid’s rights to a fair trial for lack of counsel.

His current lawyer, Richard Addelman, had agreed to represent him up to the pre-trial, and through the Rowbotham application, but not beyond.

Article source: http://www.ottawacitizen.com/business/Crown+narrows+focus+Construction+case/8378940/story.html

Renovate now to live well later

Posted by Miracle Dream Homes at 1:22 am

It’s no secret that Canada has an aging population. By 2036, the number of people aged 65 and over is expected to more than double — growing from five million to 10.4 million. Baby boomers are getting older and soon we’re going to see a big push for more home modifications that help them.

Sometimes these changes are big, like a full-scale renovation to create a barrier-free home or installing an elevator. But other times, a few changes is all it takes to make a world of difference. And it really is a world of difference, because as you get older your home becomes a bigger part of your world. Can you imagine not being able to function in it?

People like being independent. They want to stay in their own homes and function in them easily — and there are many renovations that can help them do that. For instance, because mobility can become an issue as we get older, more homes will need to be accessible for people in walkers or wheelchairs, or those with conditions like arthritis.

There are plenty of options. Some of the design features we’re going to see more of include kitchen cabinets that can be lowered and raised; wheelchair ramps; wider hallways and entryways; lowered peepholes, light switches, countertops and cabinets; countertop extensions that fold down to make working in the kitchen easier for people in wheelchairs; lever-style doorknobs and light switches, which are easier to use if you have arthritis; and less carpeting (if you’re in a wheelchair, carpet isn’t your best friend). We’re going to see more non-slip flooring, too.

The goal is to improve your home for your new needs — not necessarily rebuilding the house. For example, specialized kitchen installers can add a hydraulic device to your current kitchen cabinets that lowers and raises them. But sometimes all you need is a simple fix, like installing an offset hinge, which makes a door flush with the door jamb. That opens up the doorway a couple of inches, which could be enough for a wheelchair to pass through.

When mobility is an issue, stairs are your worst enemy. That’s why some people are choosing to convert their home’s main floor. They’ll turn the dining room into a bedroom, combine a closet with a bathroom and add an accessible shower. The renovation can be expensive but it might offer the best solution.

If you’re already planning to renovate your home, think about what kind of things would be helpful for you 10, 15 years down the road. Talk to a pro about it. Make sure they know what the issues are and that they have a lot of experience retrofitting homes to make them senior friendly.

In a bathroom, it might mean adding a more accessible shower, a bathtub with a seat in it or some grab bars, higher toilet seats, easy-to-use faucets or wall-mounted vanities.

Most bathroom renos are a complete gut and cost at least $10,000. If you’re already spending that kind of money, are you willing — and able — to spend another $10,000 to make your new bathroom accessible for you when you get older? I always say, when you spend your money smart you spend it once. Take the time now to make that renovation worth it in the long run.

Article source: http://www.ottawacitizen.com/homes/Renovate+live+well+later/8288812/story.html

Catering to the rich and famous in the Hamptons

Posted by Miracle Dream Homes at 1:21 am

Judging by early demand for everything from doggie daycare to Ferrari rentals and fine art, rich Americans are going to make this a strong summer in one of their favourite playgrounds – the beach towns on the eastern end of Long Island collectively known as the Hamptons.

With stock prices surging, home prices recovering, and borrowing costs low, there is a renewed sense of confidence among the wealthy and the merely well off. It may not be conspicuous consumption of “The Great Gatsby” kind but it could be the best season since the financial crisis slammed the U.S. economy in 2008.

It is “new” money coming in that is making the difference, since the “old” money in the Hamptons never really stopped flowing, at least in terms of the ultra-wealthy spending on things like food, wine and household staff.

But discretionary spending did slow down over the past few years, so it’s making a noticeable comeback now for vendors like Mark Humphrey, who has owned a gallery on Main Street in Southampton for more than 30 years.

“We had a good winter, and that just never happens. We are usually barely open,” he says.

Last summer, he had a lot of browsers, but they rarely opened up their wallets. Suddenly over the past few months, he has been contacted by some of those window shoppers who were finally ready to buy, and he has sold 10 paintings at $5,000 to $10,000 since December.

It is a similar story for American Bull Rentals, which is for the first time expanding into the Hamptons with its rentals of mechanical bulls to bring the rodeo experience to house parties and fundraisers.

“I have a sliding scale, and for Hamptons calls, whatever amount I tell them, they say ‘whatever, send the contract,’” says Mike Marrazzo, owner of Prestige Excursions, based in Bellmore, New York, which operates the service.

While rentals in other areas might run $1,400, he’s getting $2,800 to $3,000 for his Hamptons bookings.

So far in 2013, luxury spending is correlating highly to the stock market. Both the latest study from the American Affluence Research Center and American Express’s Survey of Affluence and Wealth in America, found that spending on second homes, vacation travel, dining in restaurants and new luxury cars is increasing.

BRING YOUR OWN STAFF

In the Hamptons, second homes can range from a cottage in East Hampton for $1.4 million to an 11,760-square foot mansion in Sagaponack for $13.5 million, with seven bedrooms, 10.5 baths, a swimming pool, tennis court, outdoor kitchen and lower-level entertainment center.

There are about 1,200 active sales listings right now. The Corcoran Market Report for the Hamptons for the first quarter of 2013 showed that the number of sales was up 20 percent over last year but average sale prices were down nearly 10 percent, because there haven’t been a lot of high-priced sales so far this year. The next report comes out in July.

Prices may be hotting up. With locals whispering about Jennifer Lopez scouting properties in the area – and the New York Post reporting that she dropped $10 million on an estate in Water Mill – the summer season is just getting going.

As for rentals, there are still some available, but owners are not negotiating and they are going fast, says real estate agent Tom Friedman.

Friedman says his busy season started early this year – he usually doesn’t get calls about summer rentals until mid-January, but this year they started in November, right after Hurricane Sandy, which largely spared Hamptons beaches. It didn’t trickle off until mid-April, and now he’s getting last-minute callers. They don’t mess around with seeing dozens of places and looking for bargains, but instead jump on whatever is available – whether it is $20,000 per month for a small cottage or $550,000 for a beach-front estate.

That price probably includes a driveway, but in the Hamptons, there is daycare for your Bentley instead so it doesn’t get damaged by the salt air. Good luck finding a space, though. The Bridgehampton Motoring Club, which has slots for 45 vehicles at two locations, is at capacity for now, says co-owner Adam Bellin,

The same goes for renting a Ferrari 458 Italia over the coming Memorial Day weekend for around $2,500 a day from Imagine Lifestyles Luxury Rentals, which services the northeast. The company is sold out of their entire fleet of Ferraris, Bentleys, Porsches and BMWs for the weekend. “We’re definitely up this year. People are spending money, and demand is outweighing supply,” says co-CEO Ryan Safady, who is based in Pennsauken, New Jersey

Also at capacity: doggie daycares and domestic services. “Memorial Day is busier than usual for us,” says April Cullum, manager of the Hampton Pet Club, which has daytime care and overnight “hotel-like” accommodations for up to 35 dogs. She has her usual standing reservations that she’s had for the past few years – dog owners who have an annual party and send the dogs out for the night, weekend Hamptonites who board their pets during the week – but also a whole influx of new dogs.

Hampton Domestics owner Vincent Minuto is turning away callers. New summer folk, he says, should bring their own help with them.

The rich are also spending on others. Lavish benefits are a hallmark of the Hamptons social scene, and so far things are going phenomenally well, according to Ruth Appelhof, executive director of Guild Hall in East Hampton, the area’s chief arts venue. Overall, her fundraising is up 56 percent since 2009, and the big rise has come in the last year.

In March, a fundraiser honoring the retirement of the chairman of the board of trustees, Melville “Mickey” Straus, raised $2.5 million in one evening, when previous spring fundraisers only made about $500,000. “Mickey wanted to make sure we paid off the mortgage before he left,” says Appelhof, noting the special draw of the event. Guild Hall was able to use $1.5 million to close out the balance of a $17 million renovation that it had been fundraising for since 2001, years ahead of schedule.

“We’re feeling flush these days, but that’s not to say we don’t struggle every day to fundraise to keep our programs going,” Appelhof says.

Article source: http://www.ottawasun.com/2013/05/21/catering-to-the-rich-and-famous-in-the-hamptons

A Magnet for Shoppers Is Getting a Makeover

Posted by Miracle Dream Homes at 1:21 am

Woodbury Common Premium Outlets, an outdoor maze of shops an hour’s drive north of New York City, “has so much variety, there is nothing like it where we are from,” said Ms. Suleiman, 36. “Right now, I’m on the hunt for shoes for my son.”

The shopping complex, one of the largest in the country with 13 million visitors a year, offers a variety of items, from $10 Tommy Bahama board shorts to $5,000 suede suits at the country’s only Tom Ford outlet.

On a recent weekday afternoon, there was a jumble of visitors, many of whom had paid $42 for the CitySights NY bus from Manhattan’s Port Authority Bus Terminal. Those who had driven themselves spent as long as 30 minutes searching for a parking space among the acres of blacktop. Loudspeakers announced the day’s sales in various languages, including Mandarin and Spanish, as families pushed baby carriages and consulted maps to find their bearings.

Now, for the first time in 15 years, the complex’s plazas and labyrinthine layout are preparing for a face-lift.

“This is one of our oldest outlet centers. It was built in 1985, and this is its first complete overhaul,” said Danielle DeVita, a senior vice president in real estate at Simon Property Group, the public real estate investment trust. “It really was time.”

The $170 million renovation, which is to begin next month and is expected to be finished in 2016, will expand the center by 60,000 square feet for a total of 900,000 square feet. There will be room for about 20 additional stores, new parking to accommodate nearly 20 percent more cars and a welcome center.

The plan is expected to create about 400 new permanent jobs and as many as 500 construction jobs.

The outlet business is growing at a faster pace than the larger apparel market. Outlets posted sales of $12.3 billion over the last 12 months ending in March, nearly 14 percent higher than the $10.8 billion they posted the previous year, according to data from the NPD Group, a market research firm. The apparel market, with sales of $200 billion, grew less than 3 percent over the $195 billion it posted a year earlier.

Woodbury Common does a large portion of the country’s outlet business, with more than $1.3 billion in sales annually, or average sales of roughly $1,550 a square foot. “A good mall typically does north of $600 to $700 a square foot, so this is a pretty big number,” said Marc Frankel, a senior managing director at the broker Newmark Grubb Knight Frank Retail.

“We have customers that literally fly into JFK, get in a cab and go directly to the outlets, fill up their luggage and return home again,” Ms. DeVita said. “If you go on a Tuesday in February, it is still packed.”

Over the last 10 to 15 years, the outlet business has changed considerably, market experts said.

“It used to be that outlets were a clearinghouse, a place where consumers could get overruns, or extras that never sold,” said Marshal Cohen, a chief industry analyst at the NPD Group. “Now, 86 percent of merchandise that is sold in outlets is specifically made for them. While they may have fewer design elements than their premium brands, the consumer is getting a set of standards that is still higher than what are used by more affordable brands.”

Although the outlet industry is strong, and Woodbury Common is fully leased, shoppers must often contend with a confusing layout and snarled traffic.

“The problem up there is that on the weekends, you can sit in your car for three to four hours just to get inside,” Mr. Frankel said. “It is just not designed for those kinds of crowds. You really wouldn’t want to live near that place.”

Simon has expanded Woodbury Common three times: in 1993, 1994 and 1998. In this complete overhaul, there will be a new main boulevard leading into the center and a new entrance plaza. The main tower building, which was designed in the style of an American colonial village, and where visitors from as far as China line up to take photographs, will be demolished. In its place, Simon is building a new main building, Market Hall, that will feature an architectural tower in the same colonial style and a food court for 850 shoppers.

The old food court building, in the middle of the complex, is being replaced with a boulevard called Madison Avenue, which will connect shopping areas to one another. The center’s six shopping areas, known as districts, are also being redesigned. Their names will be changed to reflect New York State areas like the Hamptons and regions like the Adirondacks. The facades of the buildings will also be redone to reflect the areas for which they are named, so that the stores in the Hamptons district, for example, will include cedar-shake shingles, stone veneers and paint colors like sage and dark gray.

Simon will add 20 stores by filling in empty spaces. “We won’t be building on grass, just strategically placing infill where it is possible,” Ms. DeVita said. “The idea is to better orient people visually by connecting different areas of the center, to make it easier to navigate and facilitate the shopping experience.”

The company is also redesigning the roads to allow traffic to pass more easily. This includes realigning the perimeter road and redeveloping portions of the inner roadway. Parking spaces will be reconfigured and a four-level garage will be constructed. The company is also redesigning many of the outdoor plazas and sidewalks with new landscaping and seating areas.

Simon has put such effort into the redesign of the center because of its importance in the company’s overall portfolio. “Today, if a brand doesn’t have an outlet store, you can bet they are looking at potentially opening one,” said Michele Rothstein, a senior vice president in marketing at Simon. “And for a luxury brand, if they want to open an outlet, chances are they want to be at Woodbury Common.”

Article source: http://www.nytimes.com/2013/05/22/realestate/commercial/for-woodbury-common-an-overdue-makeover.html

Ottawa Street under construction for ‘long-term gain’

Posted by Miracle Dream Homes at 7:20 pm

Businesses on Ottawa Street are operating in a construction zone. But many say the inconvenience will be worth it in the end.

Phase 1 of the extensive work focuses on the three-block stretch between Windemere Road to Moy Avenue.

Water main and sewer work there is underway. New asphalt and sidewalks are also being added. The entire stretch will be lit with new street lights.

Jack Blaine, the owner of Karen’s 4 For Kids, says it’s about time. .

“We can certainly use some freshening up. It’s been the late 1980s since the last time the street has been done,” he said. “I think people like something that’s fresh, new and adds some character to the street.”

Blaine’s business has been on Ottawa Street for decades. He’s not worried about losing customers to construction.

“If you want to remain competitive, it’s something that’s important to keep a fresh face on and it’s a long-term gain for everybody,” Blaine said.

Every year in June, retailers on Ottawa Street get together to put on a massive sidewalk sale but with construction scheduled to go on until the end of July, some are wondering what’s going to happen to that annual event.

One business is planning a detour.

“There will be some form of a sidewalk sale, whether it be out in our back parking lot or if we have a sidewalk sale within the store, the sales will continue,” said Ari Freed of Freed’s of Windsor.

Moving a sidewalk sale inside is one thing, but restaurant owner Dave Krndija can’t really do much about his patio at Rockhead Pub.

“If you like construction, it’s a great view,” he said.

Krndija admits, he was concerned what the construction would do to business now he’s resigned to the fact it’s a necessity.

“I can’t lie, I wasn’t really pleased about it but at some point the streets need to be done so we’re going to have to suck it up for a few months,” Krndija said.

Erie Street went through it’s own beautification process last year.

Mike Vonella, the owner of Vonella Custom Clothing says business has been good ever since.

His advice to business owners on Ottawa Street is to deal with the construction, because it’s better for business in the end.

“People are coming back. There’s a lot of investment going on here in the street,” he said. “You go through Erie Street, you will see a lot of improvement. People are building. They have faith.”

Phase 2 of the Ottawa Street construction would extend two blocks west to Pierre Avenue.

If work on Phase 1 moves along nicely, crews are hoping to get to that before the end of July. If not they’ll have to come back next year.

Article source: http://www.cbc.ca/news/canada/windsor/story/2013/05/21/wdr-ottawa-street-construction.html

Construction begins on the LRT

Posted by Miracle Dream Homes at 7:20 pm

Signs are popping up around the Capital, signs of both progress and of traffic disruptions to come. They are the first signs if construction of Ottawa’s long-awaited Light Rail Transit system, or LRT. The intersection of Nicholas and Laurier Avenue is the first hot-spot as crews prepare to both start the east portal of the downtown tunnel and prepare Nicholas for temporary bus traffic. Starting Wednesday, pylons go up in the east end, according to Gary Craig, Acting Director of Rail Implementation. “The 174 currently west of Blair Road has 3 lanes. It will be reduced down to 2 lanes in the westbound direction.”

 In the weeks and months ahead, expect disruptions near Bronson and Slater – the west end of the tunnel, and most importantly on the Queensway from Nicholas to the split. The stretch will be modified to make temporary room for more buses. “We’re getting ahead of the game. We know that the transitway will be dug up. And we need that extra lane for buses on the Queensway going into the downtown,” says Ottawa Mayor Jim Watson.

It’s the latest of what has become a very busy construction, and traffic disruption, season for Ottawa. Many projects have been accelerated to make way for even more LRT-related disruptions in the years ahead. “It’s almost like instead of the band-aid coming off really slowly it’s being ripped off, get it done in one fell swoop and people will appreciate it,” says Watson.

In the meantime, the City will do what it can to manage traffic tie-ups. It’s hoping residents will do the same, opting for alternate routes, carpooling, and public transit. And when things get really bad, remember the long-term gain. Says Craig,”What everyone needs to remember is that 5 years from now, although it may seem like a long time, there’s going to be a significant improvement of mobility around this city.”

Article source: http://ottawa.ctvnews.ca/construction-begins-on-the-lrt-1.1290949

InterRent Announces May 2013 Distributions

Posted by Miracle Dream Homes at 1:19 pm

OTTAWA, ONTARIO–(Marketwired – May 21, 2013) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

InterRent Real Estate Investment Trust (TSX:IIP.UN) (“InterRent“) announced today that its distribution declared for the month of May 2013 is $0.0167 per Trust unit, equal to $0.20 per Trust unit on an annualized basis. As previously announced, the trustees decided to increase the amount of future distributions as a result of InterRent’s portfolio demonstration of strong, sustainable results. This month’s distribution represents a 25% increase over the previous 2013 monthly distributions. Payment will be made on or about June 17, 2013 to unitholders of record on May 31, 2013.

About InterRent

InterRent REIT is a growth-oriented real estate investment trust engaged in increasing Unitholder value and creating a growing and sustainable distribution through the acquisition and ownership of multi-residential properties. 

InterRent’s strategy is to expand its portfolio primarily within markets that have exhibited stable market vacancies, sufficient suites available to attain the critical mass necessary to implement an efficient portfolio management structure and, offer opportunities for accretive acquisitions.

InterRent’s primary objective is to use the proven industry experience of the Trustees, Management and Operational Team to: (i) provide Unitholders with stable and growing cash distributions from investments in a diversified portfolio of multi-residential properties; (ii) enhance the value of the assets and maximize long-term Unit value through the active management of such assets; and (iii) expand the asset base and increase Distributable Income through accretive acquisitions. 

Forward-Looking Statements

This news release contains “forward-looking statements” within the meaning applicable to Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “anticipated”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. InterRent is subject to significant risks and uncertainties which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward looking statements contained in this release. A full description of these risk factors can be found in InterRent’s most recently publicly filed information located at www.sedar.com. InterRent cannot assure investors that actual results will be consistent with these forward looking statements and InterRent assumes no obligation to update or revise the forward looking statements contained in this release to reflect actual events or new circumstances.

InterRent Real Estate Investment Trust
Mike McGahan
Chief Executive Officer
(613) 569-5698
(613) 569-5699 Ext 244
mmcgahan@interrentreit.com

InterRent Real Estate Investment Trust
Curt Millar, CA
Chief Financial Officer
(613) 569-5698
(613) 569-5699 Ext 233
cmillar@interrentreit.com
www.interrentreit.com

Article source: http://finance.yahoo.com/news/interrent-announces-may-2013-distributions-140000545.html