Facts About Condominium Insurance

October 2, 2015 By

Fact 1
The condominium legislation in Alberta requires a condominium corporation to insure the common property and the unit for the perils listed in the condo Regulation. These perils include water loss which is one of the largest causes for damage to occur.

Fact 2
Well drafted Bylaws require the owner to be responsible for the deducible in the case of claim where the claim resulted when through an act, or omission to repair a component within their units damage occurred to their unit or neighboring units.

Fact 3
Insurance premiums and deductibles are impacted by the number of claims and the number of water damage issues. It is not uncommon to have a deductible of greater than $50,000.

Fact 4
Owners need to be aware of the amount of deductible in the condominium insurance policy, the requirements of the bylaws in regards to their responsibilities to repair and maintain components within their unit and to paying the insurance deductible.

Owner Insurance
Each owner, even those who rent out their units, should carry coverage for their contents and liability coverage.

Ask your Insurance Broker about the riders available for condominium owner policies.

Report any water escape issues immediately to the manager to reduce damages.

Dishwashers, laundry hoses, toilet seals, leaky shower heads and taps and garburators are leading causes of water
damage. Keep yours maintained.

Source: Condo Check September 2015 Brochure
 

Filed Under: Miscellaneous Articles

Amber Cove Cruise Center set to open October 6

October 1, 2015 By

The arrival of the Carnival Victory cruise ship marks the opening of the Amber Cove Cruise Center in the Bay of Maimon near Puerto Plata, the newest cruise ship port in the Caribbean. The ship is scheduled to be in port from 8am to 4pm on Tuesday, 6 October 2015. The second ship to arrive will be the Carnival Fantasy, again from 8 to 4pm.

The project is designed to re-establish the Dominican Republic’s North Coast as a popular cruise destination. The last cruise ship to call at Puerto Plata was nearly 30 years ago.

The new two-berth Amber Cove Cruise Center will be able to accommodate up to 8,000 cruise passengers and 2,000 crew members daily.
A transportation hub allowing visitors easy access by land and sea to the surrounding destinations and attractions will be included, as well.
Tourists can choose from a wide selection of excursions, ranging from trips to Punta Rucia’s Paradise Island (Cayo Arena), La Isabela (the first European settlement in the New World), Puerto Plata city tour, Cabarete beach for windsurfing, kiteboarding and beach-eating, deep-sea fishing tour, inner country adventures, ATV adventures, Puerto Plata tradition and local flavor tour, dolphin swim and Ocean World day pass, deluxe catamaran sail, two-tank dive, mega truck adventure, and trips to several beaches.

Source: dr1 Travel News

Filed Under: Dominican Republic

RE/MAX Commercial Investor Report 2015

September 30, 2015 By

EDMONTON

In the first half of 2015, the commercial property market in Edmonton felt the impact of the drop in oil prices. The number of commercial building and land sales was down 9 per cent and the overall value of those sales was down 13 per cent year-over-year. For the first time in three years, total sales at mid-year dipped below $1 billion.

The most significant decline was in land sales; sales decreased by 30 per cent year-over-year, indicative of a slowing economy. A bright spot was multi-family residential – sales increased by 45 per cent year-over-year, driven by continued low vacancy and high rental rates in the city. Overall, sales in the third quarter are pointing toward continued slower activity through to the end of the year.

There is a good representation of Real Estate Investment Trusts (REITs) and pension funds; however, the regional/local private companies are currently driving demand in Edmonton’s commercial property market. The industrial market has slowed, due to downsizing in the oil service sector driven by decline in oil prices. There is increasing demand from foreign buyers for good quality assets. U.S. investors in particular are taking advantage of the opportunities afforded by the lower Canadian dollar.

Top tier assets in all sectors continue to be in high demand. Multi-family residential, well-positioned retail and industrial properties with well-capitalized tenants are the most in-demand property types. There is a shortage of good-quality products in these categories and they are quick to sell when they come on the market.

Vacancy rates in the city were healthy at mid-year; the vacancy rate in industrial was at 5 per cent, and retain and multi-family at 2.5 per cent. Office vacancy rates are at 8.5 per cent and expected to rise in the coming year as new supply comes on the market. 1.2 million square feet of new office inventory, plus over 3.0 million square feet of new industrial supply and sublease space are anticipated to come on the market by the end of 2016. With oil companies downsizing to reduce costs, owners may be competing to attract and retain office and industrial tenants, which could cause hesitation among investors in these segments. Conversely, opportunities may arise for assets that will need to be repositioned.

Recent developments that may slow down Edmonton’s commercial property market in the coming year include the NDP goverment’s provincial oil and gas royalty review, further capital spending cutback announcements by the oil producers, increases in provincial personal and corporate taxes and the minimum wage increase to $15 per hour. In June 2015, Alberta’s provincial government forecast in its first quarter fiscal update a disconcerting $5.9 to $6.5 billion annual deficit for the year ending March 31, 2016.

Despite economic slowdown due to the downturn in the oil industry, ongoing development projects are boosting the city’s outlook. In downtown Edmonton, the 25-acre, $2 billion Ice District development features a new arena, public plaza, office and condo towers, entertainment venues, hotels and retail. A new provincial museum, new LRT station and expansions to the campuses of MacEwan University and NorQuest College are in progress as well. The completion of the Anthony Henday ring road, scheduled for 2016, is expected to unlock suburban development opportunities in northeast Edmonton.

Until oil rebounds, Edmonton is expected to remain in a down cycle. However, significant ongoing development in the city is prompting optimism, and with an experienced commercial group of owners, the market is expected to adjust and move forward.
 

Filed Under: Commercial Real Estate

Fall Home Maintenance

September 25, 2015 By

The days are getting shorter, and maybe there’s a nip in the air – autumn is here at last. Now is the perfect time to get your home in shape before winter starts to take its toll, and while the weather is still pleasant enough to spend time outdoors.

Seal it up: Caulk and seal around exterior door and window frames. Look for gaps where pipes or wiring enter the home and caulk those as well. Not only does heat escape from these openings, but water can enter and may eventually cause structural damage and mold problems.

Look up: Check the roof for missing or damaged shingles. Upcoming winter weather can cause serious damage to a vulnerable roof, leading to a greater chance of further damage inside the home. It’s best to have a qualified professional inspect and repair the roof, but you can do a preliminary survey from the ground using binoculars.

Clear it out: Clear gutters and eaves troughs of leaves, sticks, and other debris. Consider installing leaf guards if your gutters can accommodate them – they are real time savers and can prevent damage from clogged gutters. Check the joints between sections of gutter, as well as between the gutter and downspouts, and make any necessary adjustments to tighten them.

No hose: In climates with freezing weather, drain garden hoses and store indoors to protect them from the elements. Shut off outdoor faucets and make sure exterior pipes are drained of water. Faucets and pipes can easily freeze and burst, causing leaks and water damage.

Warm up time: Have the furnace inspected to ensure it’s safe and in good working order. Most utility companies will provide no-cost inspections, but there can often be a long waiting list come fall and winter. Replace disposable furnace air filters or clean the permanent type according to the manufacturer’s instructions. Using a clean filter will help the furnace run more efficiently, saving you money and energy.

Light that fire: If you enjoy the crackle of the fireplace on a chilly fall evening, have the firebox and chimney cleaned before using it this season. Creosote, a byproduct of wood burning, can build up to dangerous levels and cause a serious chimney fire if not removed.

Source: Pillar to Post e-Newsletter
 

Filed Under: Miscellaneous Articles
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