Luxury home sales expected to heat up this fall as highend condo

TORONTO — Sales of luxury homes will likely gain momentum in the fall, fuelled by demand from international investors, according a new report from real estate sales and marketing company Sotheby’s International Realty Canada.The company said Tuesday that sales of high-end homes worth at least $1-million were up in major Canadian urban markets in the first half of the year compared with the second half of 2012.Sales were up 65% in Vancouver, 67% in Calgary, 61% in Toronto and 29% in Montreal.The real estate company says buyers from China, Russia, the Middle East, India and the U.S. are expect to continue to fuel demand for luxury homes this fall.The report also notes that the high-end condo market in the Greater Toronto Area has rebounded after a slower start to the year, a trend that is expected to continue into the fall.“There were a lot of numbers that were starting to look worrisome in Toronto,” said Sotheby’s president and chief executive Ross McCredie.However, while some economists are cautioning about an oversupply of condos about to hit the Toronto market, McCredie notes that there are far fewer high-end units available.“It’s not like the $600,000 shoebox condos where you’d have investors buying them and looking to renting them out,” he said.“If it’s a well-built building in a good location, people want to live there, so it’s more about lifestyle than pure investment.”McCredie also notes that those in the market for a luxury home are less likely to be deterred by short-term fluctuations.“They’re not first-time homebuyers,” he said.“They’ve seen cycles before. Most of our clients remember what it was like in the early 80s and the early 90s, when you had major corrections, so they’re not going into these markets blindly.”Sales of luxury homes are also expected to gain traction in Calgary and Vancouver and remain balanced in Montreal, according to Sotheby’s. read more

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Advertising giants Omnicom and Publicis call off 35billion merger

Advertising giants Omnicom and Publicis call off $35-billion merger by The Associated Press Posted May 9, 2014 12:18 am MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email NEW YORK, N.Y. – Omnicom Group and Publicis Groupe say they have scrapped their merger plans that would have created the world’s largest advertising firm.The companies issued a joint statement late Thursday saying they mutually agreed to call off the US$35-billion deal announced in July because they were not able to complete the merger in a reasonable time frame.They did not give details, but the Wall Street Journal reported that issues included getting tax and regulatory approvals, and debates over which company would be listed as the acquirer of the other.Omnicom Group Inc., based in New York, owns BBDO Worldwide, DDB Worldwide Communications Group and TBWA Worldwide, among other agencies.Paris-based Publicis Groupe SA runs its namesake agency as well as Leo Burnett Worldwide, Saatchi & Saatchi, and DigitasLBi. read more

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