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Toronto Real Estate Market is Growing While the Stress Test Remains the Same

TORONTO, Dec. 04, 2019 (GLOBE NEWSWIRE) — Real Estate Analyst and Vice President of PPS Realty Brokerage, Ali Salarian, explains why Toronto and surrounding real estate markets are still growing while the mortgage stress test remains constant.

Since the introduction of new mortgage stress test back in Oct. 2016 and 2017, the real estate market in Ontario and in particular, GTA & GTHA has seen a dramatic change to slow down due to affordability issues for most of its segments. However, 2019 has been the other way around with higher price growth. Also, inventory level has decreased drastically from 3.0 times in Jan. to 2.2 times in May and to 1.8 times in Oct. of 2019, indicating the relationship between the number of active listings and sold properties of the same month. This reflects a strong seller market.

When the number of sales increased in Oct 2019 by 14% from 7,448 in Oct. 2018 to 8,491, the number of active listings also decreased from 14,435 in Oct. 2018 to 13,050 in Oct. 2019 (-9.6%) Market Watch TREB Oct 2019. The number of available listings decreased against the number of active buyers; this pushed the price upward. The stringent mortgage qualifications have led to this, by making existing homeowners hesitate selling their properties and upgrade as the qualification for higher mortgage loans became more difficult than before, while the buyers and in particular, first-time buyers are still out there looking for the first property to buy.

“Mortgage stress test to be blamed,” said Ali Salarian, and needs to be updated to lower basis points in order to provide elasticity in the market and maintain a balance in all segments as the price growth has benefited properties worth below one million-dollar only.

Reps Task Regulators on Building Collapse

The Nigerian Ministry of Works and Housing has been urged to implement the National Building Code to reduce cases of collapse buildings in the Country.

This was contained in a motion on the need to curb rising incidences of building collapse in Nigeria.

Sponsored of the motion, Mr. Wale Raji from Lagos State attributed the frequent cases of building collapse in the country to negligence and lack of professionalism.

The lawmaker noted that strict adherence to the building code would address the menace and save lives and property from avoidable loss.

“The incidences of building collapse across the country have reached alarming proportion, with on less than 60 cases within the last 4 years, according to a report by the Federal Ministry of works and Housing, resulting in tragic loss of lives and destruction of property.

The frequent cases of building collapse can be attributed to negligence on the part of contractors, client and professionals, faulty designs, lack of professional supervision and adherence to the Building code, lack of effectiveness of government agencies responsible for monitoring building procurement and construction processes, quackery at pre and post contract stages and the use of substandard materials, among others,” he said.

Adopting the motion the lawmakers also urged the standard Organization of Nigeria to sanitize the building materials sector to get rid of sub-standard goods in the market.

 

Source: von.gov

Failed building demolition: Five Narrowly Escape Death in Lagos Island

Five male workers, narrowly escaped death on Monday, when a two-storey building they were working on suddenly, collapsed on them at Obanikoro Street, in Enu Owa, Lagos Island.

According to Director-General, Lagos State Emergency Management Agency, LASEMA, Dr Femi Oke-Osanyintolu, who confirmed the incident said the victims were immediately rushed to the hospital for treatment. At press time, no death was recorded while the rescue operation was still ongoing.

The five adult workers according to on-site investigations conducted by LASEMA’s team, the building which had been marked for demolition caved in on them in the process of controlled demolition. However, due to the prompt response of the emergency team, the victims were rescued alive and taken to hospital for treatment.

Consequently, the entire premises, located in the heart of Enu Owa Market had been cordoned off by LASEMA to forestall secondary incidents, while those in the neighbourhood have been sensitized on the need to avoid the collapsed building site.

 

Source: Vanguard

Umahi Orders Full Probe Of Collapsed Building Which Killed 3 Siblings In Ebonyi

The governor of Ebonyi State, Chief David Umahi, on Thursday reacted to the collapsed building in Akaeze community, Ivo LGA which resulted to death of three siblings in the state.

The governor spoke when he visited the family of the victims in company of some stakeholders and foundling fathers of the state.

Umahi, represented by the secretary to the state government, SSG, Dr. Kenneth Ugbala stated that he received the news of the collapsed building with a heavy shock.

His words: “I heard the news with shock and I decided to visit the scene by myself. It is difficult to bear a huge loss of three children without any form of sickness but through such accident.”

He noted that such occurrence is first of its kind in the state and ordered a full investigation into the root cause of the incident.

He urged the family to take heart as God is still God, while praying God to divinely bless the living in such a way that those alive will replace the vacuum that may be created by the incident.

Umahi equally thanked the Chairman of Ivo LGA, Hon. Ogbonnaya Chukwu Ude and Coordinator of Akaeze DC, Kingsley Ogbadu for taking quick action by starting to build a new house for the family.

He however, made a donation of an undisclosed amount of money to the family and assured them of more assistance.

Responding, the father of the victim, Mr. Sunday Okereke, who is a commercial motorcycle rider blamed the ugly incident on mysterious rain.

The 43-year-old Okereke noted that he lost two daughters and a son aged 8, 6 and 2 respectively.

Source: anaedoonline

Collapsed Building Kills Three Siblings

Tragedy struck at the weekend in Akaeze, Ivo Local Government Area of Ebonyi State when a dilapidated building in the community collapsed and killed three siblings.

A source in the community told The Nation that the three kids were sleeping in the mud building with another sibling and their mother, when the building caved in and fell on them.

The names of the children were given simply as Mmesoma, 11; Onyinyechi, 5, and John, 3.

They were all children of a man identified simply as Okereke, in the area. The tragedy occurred on Friday night.

Okereke’s wife, Elizabeth, The Nation learnt, had urged her husband to work towards relocating the family to another building as she was afraid of the building, which was dilapidated.

“But the family could not afford funds to make alternative arrangements for relocation as a result of hardship,” a source said.

The deceased children were removed from the building by neighbours and have been buried, while their mother and her only surviving son were still receiving treatment in an undisclosed hospital as at the time of this report.

Police spokesman, Loveth Odah, a Deputy Superintendent of Police, said she had yet to get details of the incident.

She promised to get back our correspondent with the details of the incident.

“I called the DPO of Akaeze Development Centre and he said he would text me the details, but he has not. I am still waiting for his text,” she said.

But she had yet to do so at the time of this report.

However, Coordinator of Akaeze Development Centre, Onyebuchi Ogbadu, confirmed the incident.

“When I received the information, I rushed to the place and saw that three kids were dead instantly while their mother and one of the children were rushed to the hospital. It was very critical. The incident happened on Friday night,” he said.

Source: thenationonlineng

LASG Demolishes Four Two-Storey Buildings in Ikoyi

The Lagos State Government has pulled down four two-storey  buildings under construction in Ikoyi for failing integrity test.

This came after a two-storey building under construction at Glover Court, Ikoyi, collapsed on Friday, killing one person and injuring four labourers working at the site.

The Director-General of the Lagos State Emergency Management Agency, Dr Olufemi Oke-Osanyintolu, announced the demolition in an interview with the News Agency of Nigeria in Lagos on Saturday.

He said the four buildings under construction at Glover  Court, Ikoyi, were in  the same compound where the Friday incident occured.

Osantintolu explained that while the test was conducted by Solid Material Testing Agency, Lagos State Building Control Agency and  the Ministry of Physical Planning’s action was taken to avoid further loss of lives.

He stated, “The test was conducted following rescue of four persons and recovery of one body in the collapsed building at  4:10p.m on Friday.

The decision to pull down the buildings is to avert further loss of lives and property.

“The operation is now completed”

Source: punchng

Why Lagos Government Can’t Take Over Building Collapse Sites

The obvious absence of strict enforcement of laws, especially as it relates to building control appears to have worsened incidences of building collapse, loss of lives and properties in recent times in Lagos State.

The resurgence of the menace on yearly basis suggests that some things weren’t right. Perhaps, failure to pay diligence to soil structure, building material components, corruption by government officials, inclusion of quacks at both pre and post-construction stages and others, are significantly part of the causative factor.

But more of concern to the stakeholders in the built industry is the observed inertia on the part of government and its regulatory building control agency. Facts check by The Guardian revealed that up till today, nobody has been prosecuted for building collapse or the building sites taken over by the government in accordance with the established position of law.

Building professionals estimated that there had been over 100 cases of building collapse in the past nine years with Lagos recording the highest number of both collapsed buildings and the number of casualties while a whooping 36,000 potential collapse waits to happen, on the average.

Chapter 59 Section 74 of the Urban and regional planning and development law of Lagos state 2010 which was signed by former Governor, Mr. Raji Fashola states that in the event of the collapse of any property or structure due to negligence on the part of the owner, or the developer, such property shall be forfeited to the state government after due investigation and or publication in the state official gazette.

It thus seems that government agencies saddled with that responsibility are very forgiven people that look for palliatives and so the law doesn’t serve as a deterrent to anyone. But the government needs to be assertive and protect the citizenry.

Overtime, government pronouncement to take over sites of building collapse in the incidents of building collapses in Ojuelegaba, the site for collapse of a five-storey building under construction on Kusenla Road, Ikate-Elegushi in Lekki Phase I area of Lagos which caused the death of 34 people and over 100 others severely wounded and many others has remained a resolve up in the air.

A Lagos state tribunal of inquiry report on building collapse in 2015 found that there were at least 135 cases of building collapse from 2007 to 2013. In 2016, it was reported that more than six fatal cases of building collapse were recorded in Lagos. While there were also cases of collapses in locations such as the Alaba market, Ebuta-Metta, Agege, Isolo and Abesan part of the state in 2017. The menace is yet abated as more than four cases have so far occurred from January to October 2019. In some of the incidents, there have been recorded cases of loss of lives.

Speaking on the issue, the general manager, Lagos State Building Control Agency, (LASBCA), Mrs. Abiola Kosegbe who spoke through the assistant director, public affairs for the agency Mrs. Titi Ajirotutu told The Guardian that it’s not all collapse building lands that the government could take over saying that such action by government was conditional.

According to her, the government often erect warning signpost in identified cases until the government decides on what it intends to do on the seized land.

Ajirotutu explained, “The owners can only forfeit the land if there are casualties. It is not every collapse sites that government could take over but once there are casualties and the owner is found wanting or haven’t done something right based on an investigation conducted on the collapse site, then the government could take over the site”.

On how many collapsed sites that have been taken over by government so far, she said, “ I can’t give you figures. I don’t have them now. But what I know in such instances is that the agency erects a signpost on the piece of land indicating that it has been taken over by the state government. We erect signposts stating that no trespassers are allowed on the property. That is our way, we do that all over the state.”
She added, “There is a case of a piece of land taken over by the state government on Lagos Island and such actions have happened several times.”

With potential hot-beds locations for building collapse still looming large in certain part of the city, the Lagos State Government needs to muster enough ‘political will’ to halt the social menace as well as pay serious attention to locations which industry experts say include, Arowojobe, Maryland, Medinah estate, Oke-Alo, Lekki, and Ilubirin Lagos Island, Oworoshoki/Bariga, Somolu, Ebute Meta, Mushin, Ajegunle, surulere, among others, to identify precariously standing buildings.

Source: Guardianng

Breaking: Another Building Collapses In Ikoyi

A two-storey building under construction has collapsed in Ikoyi area of Lagos, Southwest Nigeria.

Officials of the Lagos State Emergency Management Agency, LASEMA have raced to the scene to rescue trapped persons.

The building is said to have collapsed at Glover Court, Ikoyi.

Report had it that workers working on the building were trapped but the specific number of people on site is unknown.

Director General, LASEMA, Dr. Femi Oke-Osanyintolu said the building collapsed around 4.10pm on Friday at Glover Court, Ikoyi .

“It is a two-storey building under construction. LASEMA already activated the Lagos Emergency Response Plan for all first responders to move to the site of the collapsed building.

“Similarly, Lagosians within the vicinity of the incident have been enjoined to stay calm and allow emergency responders to do their job,” Oke-Osanyintolu said.

Source: pmnewsnigeria

Another building collapses in Jos

A section of a two-storey building on Sunday evening collapsed at Butcher line, Jos north local government area of Plateau State where a three- storey building had collapsed in July and claimed 12 lives.

It was gathered that there were no casualties from tye incident which occurred a few minutes after 3pm. This is the third building collapse in Jos North local government area in four months.

The owner of the building, Muhammad Kyauta told Journalist he was grateful no one was injured in the incident as members of his family were at another section of the house when it came down.

However, Ibrahim Aliyu whose, house was squashed by the collapsed building, said a woman had been rushed to hospital after her blood pressure rose due to trauma.

Aliyu said though the storey building had collapsed on his home, no member of his family had been injured. Three weeks ago, a section of a one-storey building had collapsed in Unguwar Rogo, Jos North, killing three people while three others sustained injuries.

 

No casualty as 2-storey building collapse In Lagos

Another two-storey building collapsed at Ojuelegba area of Lagos on Thursday evening, 12 days after the collapse of a three-storey building at Magodo Phase 1 in the state.

A correspondent of the News Agency of Nigeria (NAN) who visited  the scene at No 7, Rufai Street, Ojuelegba, said no live was lost in the incident which occurred  at about 8:55 p.m. on Thursday.

Some of the residents, who spoke with NAN, said that virtually all the inhabitants had vacated the building before the crash but still had some of their belonging inside the building.

According to the tenants, the building actually started collapsing gradually since Oct. 18.

Mr Emeka Anozie, one of the residents, said that when a window from the back flat collapsed around 7 p.m, he alerted all the remaining tenants who were busy removing their belongings to come out, adding that the entire building collapsed few minutes later.

NAN also learnt that the Lagos State Building Control Agency (LASBCA) had on March 25, 2019 marked the building and warned the residents and the landlord to vacate the premises.

NAN also learnt that LASBCA also served another notice on the landlord on May 21.

The Director-General, Lagos State Emergency Management Agency (LASEMA), Dr Olufemi Oke-Osanyintolu, said he immediately mobilised his team and other safety agencies to ensure protection of lives and properties in the area.

NAN reports that environment and safety officials of the Lagos State Government have commenced demolition of the collapsed building.  (NAN)

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