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Found 8 results

  1. Wireless win will mean new growth for Quebecor: Peladeau VIRGINIA GALT Globe and Mail Update August 5, 2008 at 9:21 AM EDT Montreal-based media company Quebecor Inc. is “poised to embark on a new round of growth” as a result of its successful bid for a new wireless spectrum licences covering all of Quebec and part of the Toronto area, the company said Tuesday. “This is a key strategic development for Quebecor media, since consumer demand for advanced wireless services is expected to increase substantially in the coming years,” said chief executive officer Pierre Karl Paul Peladeau, in releasing the company's second quarter financial results. The company, which has gone through a major restructuring, reported consolidated net profit of $57.3-million, or 88 cents a share, compared with $43.2-million, or 77 cents a share, in the corresponding period a year earlier. The year-ago result was dragged down by a $6.7-million loss at the company's former printing subsidiary, Quebecor World Inc., which sought court protection from creditors earlier this year. “Once again, Quebecor's very positive results were spearheaded by robust numbers in the cable segment, which continued to log strong customer growth for all its services,” Mr. Peladeau said. Quebecor Inc. “At the conclusion of the spectrum auction for advanced wireless services, Quebecor Media held standing high bids on 17 operating licences, covering all of Quebec and part of the Toronto area.” Quebecor bid $554.6-million for the operating licences in the auction that closed late last month – an investment that pave the way for future growth by allowing the company to offer its customers “a still more complete and competitive array of cable and telecommunications services,” Mr. Peladeau said. The company reported that consolidated revenue from continuing operations increased to $942.3-million, up 15.6 per cent from the corresponding period a year ago. Revenue in the cable segment was up 20.3 per cent to $75.6-million, “reflecting continued customer growth for all services,” the company said. Newspaper revenue was up 27.2 per cent to $65.7-million, due primarily to the acquisition of Osprey Media Income Fund in August, 2007, and broadcasting revenue was up 4.2 per cent to $4.5-million.
  2. Produits forestiers Arbec fermera sa scierie Péribonka de L'Ascension pour une période indéterminée à compter du 1er novembre. Pour en lire plus...
  3. Un article du New York Time sur un penthouse à Vendre à Montréal. à Source: New York Time Album Photo INTERNATIONAL REAL ESTATE For Sale in ... Montreal By CLAIRE McGUIRE WHAT A one-bedroom penthouse apartment with industrial details and panoramic views of Montreal HOW MUCH 1,995,000 Canadian dollars ($1,866,400) SETTING This 10-story former factory was built in 1912 in the Paper Mill District near the financial district and Old Montreal. It shares the top floor with two other apartments, and overlooks several museums, the old port and the Chinatown neighborhood. Montreal is situated on several islands at the point where the Saint Lawrence and Ottawa rivers merge. It is about 325 miles north of New York City. Montreal is known internationally for its architecture and design, its strong arts scene and its vibrant gay community. INSIDE The apartment has an open layout; only the bedroom, bathrooms and a sitting room are enclosed. It would be easy to create an additional bedroom. The bedroom has an en suite bathroom and a walk-in closet with one wall made of opaque glass. There is a double-sided fireplace between the living room and the kitchen. The floors are of blue-stained hardwood in some places and slate tile in others. The high ceilings, painted brick walls and textured concrete pillars recall the building’s industrial history. The apartment’s seven arched windows overlook the city, three at the front of the building and four along one side. OUTSIDE A skylight in the kitchen could be enlarged to provide roof access, and the apartment’s owners have the right to create a private rooftop garden. The ground floor of the building has a restaurant, and all building entrances have electronic security doors. The apartment comes with two indoor parking spaces. Next door, the grounds of St. Patrick Church offer the nearest green space. The area has many bicycle paths, and the building is within walking distance of the city’s financial district, as well as cafes, museums and art galleries. HOW TO GET THERE The apartment is 25 minutes by car from the airport, and two blocks from Montreal’s main train station. WHO BUYS IN MONTREAL Louise Latreille, a real estate agent with Sotheby’s International Realty Quebec, said that she had seen an increase in buyers from Morocco, Lebanon, United Arab Emirates, China and Japan — and that many foreigners were buying condos for their college-age children. Most of the city’s American buyers spend winters in Florida or California and summers in Montreal, she added. European buyers tend to look for homes in the mountains, not in Montreal itself. Meanwhile, many Canadian empty-nesters are moving back to the city, looking for “something chic and exclusive,” she said. MARKET OVERVIEW Sandra Girard, senior analyst of the Montreal market for the Canadian Mortgage and Housing Corporation, says the market has been less active this year than it was in 2007. According to Ms. Girard, the number of transactions in the first half of 2008 was 3 percent lower than in the same period last year. However, 2007 broke records for the number of real estate transactions, making a slight slow-down inevitable, because “the activity registered in 2007 is difficult to sustain.” Meanwhile, sales prices continue to increase at a slower rate. Ms. Girard said overall prices for residential real estate increased 4 percent in the first half of 2008, compared to 8 percent in the same period last year. Ms. Latreille says condominiums continue to be popular among buyers in Montreal. A report by the Canadian Mortgage and Housing Corporation and the Greater Montreal Real Estate Board shows that prices for single-family detached homes increased less than 2 percent in the 12-month period to June 2008, while condo prices increased more than 7 percent over the same period. BUYING BASICS Stéphane Hardouin, a notary and partner in the law firm Sylvestre Lagasse in Sherbrooke, Quebec, says legal fees in Quebec are usually 1,200 to 1,800 Canadian dollars ($1,146 to $1,719). If the property is financed, he said, buyers usually pay an additional 750 Canadian dollars ($716) to the notary, and a mortgage registration fee of 137 Canadian dollars ($131). Buyers pay for an inspection, costing 600 to 1000 Canadian dollars ($573 to $955). Mr. Hardouin says the seller pays around 1,000 Canadian dollars ($955) for a surveyor’s certificate, and also the real estate agent’s commission of 5 to 7 percent. A goods and services tax, or sales tax, is assessed on new homes and on real estate agent commissions, he said. This tax is 12.875 percent. Land transfer taxes in Canada are different for each province. In Quebec, transfer taxes are paid directly to the municipality, Mr. Hardouin said. Montreal’s transfer tax, commonly called the “welcome tax,” has a graduated structure based on the purchase price. The first 50,000 Canadian dollars ($47,800) is taxed at 0.5 percent. The next 200,000 Canadian dollars ($191,100) is taxed at 1 percent, and amounts over 250,000 Canadian dollars ($238,900) are taxed at 1.5 percent, he said. USEFUL WEB SITES Official portal of Montreal: ville.montreal.qc.ca Official tourism website of Montreal: http://www.tourisme-montreal.org Divers/Cité, Montreal’s gay and lesbian arts festival: http://www.diverscite.org Old Montreal official site: http://www.vieux.montreal.qc.ca Greater Montreal Real Estate Board: http://www.cigm.qc.ca LANGUAGES AND CURRENCY French is the official language of Quebec, while English and French are the official languages of Canada; Canadian dollar (1 Canadian dollar=$0.93) TAXES AND FEES Maintenance fees are 907 Canadian dollars ($865) a month. Municipal property taxes for this apartment are estimated at 11,800 Canadian dollars ($11,255) a year. Ms. Latreille says this figure is 25 percent lower than the normal tax rate because the building is historical. Additionally, school tax is 2,535 Canadian dollars ($2,372) per year. CONTACT Louise Latreille, Sotheby’s International Realty Quebec (514) 287-7434; http://www.sothebysrealty.ca Mon bout préféré:
  4. Less Charter, more economy. MONTREAL — There was an initial sense among many observers that the Liberal election victory would be good for the economy, at least in the short run. It’s true that some measure of political stability will return to the province as the PQ’s divisive Charter of Quebec Values is thrown in the wastebasket and as the immediate risk of a referendum on sovereignty is removed. But the sobering truth is that Quebec could face years of mediocre economic growth unless it undertakes some major structural reforms. That warning came this week from Glen Hodgson, senior economist at the Conference Board of Canada, who said Quebec is heading for a prolonged period of economic underperformance unless decisive steps are taken by government and the private sector. “Quebecers could face the disagreeable prospect of deteriorating public services combined with a rise in income taxes” unless the province’s competitive position improves, he wrote in an opinion piece in La Presse. Interviewed Tuesday, Hodgson noted that over the past couple of years, during a period of economic recovery, Quebec has been unable to do better than a growth rate of around one per cent. That raises the question: What’s in store once the North American economic cycle shifts back to recession? The current underperformance has weakened the government’s fiscal position and made it less able to withstand the next economic downturn. Combined with a slowdown in private investment and little growth in the job market, this is playing havoc with government revenues. There are reports that the $2.5 billion deficit projected for 2013-14 may run as high as $3.3 billion once the Liberals get a full picture of public finances. Meanwhile, Quebec’s public debt is the highest in Canada, equalling about 50 per cent of its economic production. The Conference Board estimates growth of two per cent this year as the recovery in the United States picks up steam and extends into next year. “But the recovery will not last,” said Hodgson, “because the foundation for growth in Quebec is not solid.” The province’s long-term growth potential is around 1.5 per cent, he says, which will put it behind the eight ball. “You can’t grow at 1.5 per cent and be able to pay for health care when it’s growing at five per cent.” One doesn’t have to look far to find the reasons for Quebec’s troubles. “It’s really driven by demographics, private investment and productivity,” Hodgson said. Demographic forces are hitting Quebec harder than Ontario, which is also struggling with a weak economy. As active participation in the Quebec labour force declines, paying for expensive government programs like health care and education will get more difficult. The Conference Board projects growth in the labour force of just 0.5 per cent after 2015 as baby-boomer retirements kick in. Compensating for that reduction will require integrating more immigrants into the economy, providing more job training and boosting productivity. Former Liberal finance minister Raymond Bachand says he’s optimistic that some of those hurdles can be overcome. Bachand has agreed to head a new economic think tank called the Institut du Québec, which will be a joint venture between the Conference Board and the HEC business school in Montreal. The goal, he says, is to stimulate public debate with evidence-based research on the economy and public finances. Too many think tanks these days have a political bias, he believes. “We’re going to come up with a fiscal outlook in the next few weeks as our first piece of research,” Bachand said. “We know that we have a demographic challenge. We need the labour market to be healthy. “We have to get private investment back and we have to get our health costs under control. That’s the real goal of the Institut: to contribute to the debate from a fact-based point of view.” Between the Conference Board and HEC, the joint venture will have 400 researchers at its disposal to try to contribute to the debate. That should help the new finance minister and other government players get a better sense of the policy options available.
  5. Financial crisis bringing global economy to standstill: IMF By Veronica Smith WASHINGTON (AFP) – The International Monetary Fund slashed its economic growth forecasts Wednesday, predicting the severe financial crisis would brake global growth to the slowest pace in six decades. "World growth is projected to fall to 0.5 percent in 2009, its lowest rate since World War II," the IMF said in a sharp 1.75-point downward revision of November forecasts. "The world economy is facing a deep recession" under continued financial stress, it warned. The advanced economies were expected to contract by 2.0 percent, their first annual contraction in the post-war period and far more than the negative 0.3 percent the IMF estimated less than three months ago. "Despite wide-ranging policy actions, financial strains remain acute, pulling down the real economy," the 185-nation institution said, warning its projections were made in a "highly uncertain outlook."
  6. Prepare for home prices to drop Most Canadian housing markets overpriced, UBC study finds With Metro Vancouver past the peak of its current real-estate market cycle, more discussion is emerging about what the cycle's downside will look like. The latest discussion points lean towards a price correction in the double digits, with one study showing current Vancouver house prices overvalued by 11 per cent on a particular measure and an economist observing that prices are falling at a rate of 10 per cent or more this year. University of B.C. real-estate economist Tsur Somerville was lead author of a study that evaluated the cost to rent a detached, mid-market home in nine Canadian cities versus the cost to own, in order to find a balanced price. The study's conclusion was that in the second-quarter of this year, Metro Vancouver's house price, of $754,500, was 11 per cent higher than the balance point. However, that is less out of balance than Regina, Winnipeg, Ottawa and Montreal, which are 25 per cent out of equilibrium, considering prices and rents in those markets. Halifax house prices are 20 per cent out of balance. Titled Are Canadian Housing Markets Overpriced? the study observes that housing affordability is a severe problem in some Canadian cities, limiting the ability of markets to continue to rise. Calgary prices showed as being seven per cent higher than balance. Only Toronto showed prices in balance with rents, and Edmonton, which has already seen price declines, would need to see prices climb again by eight per cent to be in balance. "I was surprised the Vancouver number is as low as it was," Somerville, director of the centre for urban economics and real estate at the Sauder School of Business at UBC, said in an interview. He added that the rent-versus-own measure is a narrow observation that treats homes like a financial asset and does not take other measures of affordability or valuation into account. And what eventually happens in the Vancouver market, Somerville said, will depend on a host of variables ranging from changes in mortgage rates to changes in the long-term average appreciation of housing prices and economic conditions. "What you can identify is where the pressures are," Somerville added. "How the market plays out is very different." Prices do not have to fall for the market to correct, Somerville said. Prices can simply stagnate over a period of time, like Vancouver experienced through the mid-1990s until 2001. However, Somerville added that Vancouver has built new homes at a much higher rate than household formation in the city during the up-cycle, and the inventory of unsold homes in the market has ballooned rapidly, which make Vancouver more susceptible to price declines. "Those are two big warning signs," he said. Somerville said another unknown in the declining market is what the buyers of pre-sale condominiums that are now under construction will do once the units are complete. If a significant number of investor-buyers of those condominiums decide to sell them right away, that would put more downward pressure on prices. However, at this point there is little evidence of "calamity in the housing market," said Helmut Pastrick, chief economist for Central 1 Credit Union, formerly known as Credit Union Central B.C. Pastrick said the reversal in the housing market was caused because of affordability. Too many first-time buyers were squeezed out of the market for prices to rise higher. However, "it would take nastier economic conditions," such as a recession or sudden spike in mortgage rates to cause a more serious decline in Vancouver's markets, he said. Pastrick said Vancouver's housing price index has declined four per cent since its peak in February, and in his latest weekly economic briefing, he noted that prices are on pace to drop 10 to 15 per cent this year. "I think [the decline] will be closer to 10 per cent by the end of the year," Pastrick added in an interview. "And the [decline] will be at least 10 per cent from top to bottom [of the cycle]." The inventory of unsold homes, which had grown dramatically over the summer, dropped a bit in August and Pastrick expected that trend to continue over the next several months. At some point in 2009, he believes, the real estate market will find a new balance "and we could see housing prices tread water." "I'm not suggesting [prices will be] flat," he said. "There's going to be some movement, but it could be a period of time where prices don't make large moves up or down - perhaps plus or minus five per cent a year." Pastrick said significant numbers of first-time buyers will have to be able to afford to buy homes before the market swings back up. Recent declines in prices help that affordability factor, he said, but low interest rates and solid income growth will also be needed to put the market into its next upswing. "After going through this adjustment period, which I think will run its course next year," Pastrick said, "we could be in a period of a flat market" that could last through 2010 to 2012. http://www.canada.com/vancouversun/n...7-1a4e7666c4b2
  7. Passenger growth down, revenues up at Trudeau The Gazette Published: 1 hour ago Passenger traffic at Montreal-Trudeau International Airport grew by a lacklustre 0.4 per cent during the second quarter of 2008, as the economic slowdown in the U.S. drove down transborder traffic by four per cent, the Aéroports de Montréal said today. For the first six months of 2008, traffic at Montreal-Trudeau rose 2.8 per cent to 6.3 million passengers over the same period in 2007, mostly fueled by international flights. While an increase in payroll and pension payments drove up operating costs by 8.6 per cent during the first six months of fiscal 2008, revenues as of June 30, 2008 were up by $24.8 million, a 15.9 per cent rise over the half-year figure for 2007. The increase is mainly attributable to increased aeronautical fees and airport improvement fees, as well as small growth in passenger traffic, the airport authority said. Airport fees are now being contested by carriers who have asked the ADM for a break as they struggle with high fuel prices. The ADM usually sets its rates during the fall. And the authority appears to have some leeway. For the second quarter of 2008, the ADM made $2.6 million in revenues, over expenses, up from $2.3 million during the same period a year earlier. For the first half of the year, the airport authority made $11 million in net earnings, compared to $2.4 million for the same period in 2007.
  8. March 15, 2009 ON THE HOMEFRONT By JONATHAN MAHLER A few years ago, while working on a profile of Mayor Bloomberg for this magazine, I had dinner with his deputy mayor for economic development, Dan Doctoroff, at an Italian restaurant in the Clinton Hill neighborhood of Brooklyn. At the time, the city was flush with cash — weeks earlier, it reported a budget surplus of $3.4 billion — the Dow was above 12,000 and still climbing and Doctoroff was presiding over a long list of extensive public-private projects across the five boroughs, bold strokes of urban re-engineering reminiscent of the days of Robert Moses. As a violent summer storm raged outside, Doctoroff sketched out for me Bloomberg’s ambitious plans for New York. The rail yards and warehouses of the far West Side would be replaced by condos, hotels and retail stores. Thousands of apartment units and a new arena for the Nets would rise on the site of the Atlantic Yards in downtown Brooklyn. Penn Station would undergo a gut renovation (and be renamed after Senator Daniel Patrick Moynihan). Lower Manhattan would be transformed into a recreational playground, with cafes, performing-arts pavilions, ball fields, an outdoor ice rink, even a floating garden on the East River. I’ve been thinking a lot about that dinner over the past several months, while watching the Dow plummet and the city’s unemployment rate soar. All of Bloomberg’s mega-projects are now indefinitely delayed, victims, in part, of the credit crunch and the mounting municipal deficit. Even if he’s elected to a third term, the mayor probably won’t ever realize his grand vision for New York. And yet his legacy is already visible on the city’s landscape. It is less sweeping, perhaps, but no less significant: he empowered the private sector to remake the city bit by bit. This was partly a function of the way Bloomberg ran New York, a natural byproduct of his ability to govern the ungovernable city. “The perception under Bloomberg has been that New York is a good place to do business, and that’s very important for developers,” says Jonathan Miller, one of the city’s best-known real estate appraisers. But it was also deliberate. Bloomberg is a businessman. He believes in growth and has faith in the private sector. His administration expedited permits and signed off on building designs with minimal interference. It also freed up underutilized land — old piers, elevated freight lines, warehousing districts, rail yards — either by rezoning or by threatening to employ its powers of eminent domain. In many cases it offered attractive incentives, most notably tax breaks, to encourage companies to build. The administration did its share of construction too, adding parks across the boroughs and along the city’s long-neglected waterfront and, in partnership with private developers, initiating New York’s largest affordable-housing project in decades. You don’t have to be an architect or an urban planner to recognize how much the city was transformed along the way. Walk around most neighborhoods in Manhattan and many neighborhoods in the outer boroughs, and you will be confronted with new construction, whether the steel-and-glass condominium complexes that tower above the old factories and warehouses on the rezoned waterfront of Greenpoint and Williamsburg; the 43-story headquarters for Goldman Sachs that recently sprouted in Lower Manhattan (thanks, in part, to a generous financial incentive from the city); or the two virgin ballparks where the Yankees and Mets will soon open their 2009 seasons (with the help of big municipal tax breaks and an enormous infrastructure investment in the stadium’s respective neighborhoods). All of these structures represent the newest layer in a cityscape that bears witness to the cyclical nature of New York’s economy. The post-Civil War bonanza, when New York cemented its status as the nation’s commercial and financial capital, produced the iconic cast-iron structures of today’s SoHo; the city’s ur-luxury apartment building, the Dakota; and such Beaux-Arts masterpieces as the American Museum of Natural History. (Not to mention a park, Central Park, laid out on an undesirable strip of land that had housed pigsties, slaughterhouses and shantytowns.) It was during the Roaring Twenties that many of the city’s most recognizable steel skyscrapers — the Chanin and Chrysler buildings, among them — sprang to life. Post-World War II peace and prosperity ushered in a wave of Modernist structures like the Seagram Building and Lever House. The “greed is good,” precrash 1980s brought another real estate boom to New York, though one with a limited impact on the physical appearance of the city. Much of the development community’s energy was focused on converting rental units into co-ops. The new construction was largely confined to the island of Manhattan and, with the notable exception of the handiwork of a young real estate mogul named Donald Trump, was generally unremarkable. During the most recent binge, with property values soaring and capital readily available to both builders and buyers, developers didn’t bother with generic, low-slung apartment buildings and conversions. Soaring glass condo towers sprang up everywhere. New York, long criticized for its lack of cutting-edge architecture, became a destination for celebrity architects like Norman Foster, Frank Gehry, Jean Nouvel, Charles Gwathmey and Renzo Piano. That era is over. Since November, some $5 billion worth of development has been delayed or canceled. New York is again a city of abandoned lots, half-finished buildings and free-floating anxiety. “At this particular moment, I think that everyone who is honest with themselves can’t but help think about 1929, which came at the end of an extraordinarily fertile period for architecture,” says Robert A. M. Stern, dean of the Yale School of Architecture and designer of the apartment building 15 Central Park West, which in 2007 earned the distinction of being the highest-priced new apartment building in the history of New York. Even for the rare developers who still have credit lines, there’s the separate question of whether they want to bring a new building to a market with vacancy rates climbing all over the city. The city has been here before. Work on the Empire State Building was completed in 1931, when the Great Depression was already under way. Renters were scarce — so scarce, in fact, that the city’s tallest skyscraper became known as “the Empty State Building.” Not until 1950 did it become profitable. During the 1970s, those infamous years of white flight and urban blight, the city was so broke and certain neighborhoods so desperate and depleted that one former city-housing commissioner, Roger Starr, suggested that New York simply cut off services to them and let them die — “planned shrinkage,” he called it. The current downturn, like the previous downturns, is not something to celebrate; the city and its residents will suffer. But the building boom, while breathing new life into a number of long-struggling neighborhoods, was problematic in its own right. New York got some first-class architecture, but it also got more than its share of eyesores, and the proliferation of luxury-condo towers accelerated the regrettable transformation of Manhattan into an island of the wealthy. Too much of the new construction did nothing to enrich the fabric of the city. “Here we practice the art of the deal, not the art of the city,” as the architecture critic Ada Louise Huxtable has put it. The downturn will give New York a chance to pause and reflect on this period of hyperactive development, and to think about what sort of buildings it needs in the future. Better still, the absence of private capital may spur federal investment that could enable the city to not simply patch up its deteriorating infrastructure but to reinvent it for a new, greener era. “Even though we’ve come through a period of real economic development, we have an infrastructure that badly needs investment and imagination,” says Vin Cipolla, president of New York’s Municipal Arts Society. For its part, the Bloomberg administration has no intention of scaling back its Moses-like ambitions. When I spoke recently with Doctoroff, who is now president of Bloomberg L.P., he told me that he and his colleagues had always envisioned their grand scheme as part of a long-term plan for New York. They never assumed they could outrun the next bust. “We are now in the middle of the 12th serious downturn since New York became a major financial center in the early 19th century,” Doctoroff said. “The lesson of every single one of these previous 11 busts is that the city always comes back stronger than ever. History is perfect on that one.” Jonathan Mahler is a contributing writer. His most recent book is “The Challenge: Hamdan v. Rumsfeld and the Fight Over Presidential Power.” Copyright 2009 The New York Times Company Privacy Policy Search Corrections RSS First Look Help Contact Us Work for Us Site Map http://www.nytimes.com/2009/03/15/realestate/keymagazine/15Key-lede-t.html?_r=1&scp=3&sq=future%20of%20skyscrapers&st=cse