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[ad_1] Delhi Lieutenant Governor V K Saxena has approved the creation of 918 posts at the Indira Gandhi Hospital in Dwarka and the conversion of 76 temporary posts at Dr Baba Sahib Ambedkar Medical College into permanent ones. According to a statement, 144 posts of teaching faculty, 44 of junior residents, 369 of nursing staff, 58 of administrative staff and 273 of support staff (technicians, assistants, nursing orderlies, security supervisors and security guards) have been created at the Indira Gandhi Hospital. The hospital had been facing a shortage of staff due to various reasons and the decision will put an end to adhocism in appointments on regular government posts, the statement said. [ad_2] Source link

[ad_1] Some Americans believed we entered a recession at the start of 2022; however, the jobs report for May came in at 390,000, dashing any hopes that this was the case and starting their weekend on a foul note. We did have some minor negative revisions to the prior reports, but the 10-year yield stayed firm after the announcement at 2.95%, with no real movement. We have quieted the recession talk, for now, and I am getting more excited about the labor call I made, which predicted that all the jobs that were lost to COVID-19 would be back by September of 2022. With a few months left, let’s take a look at the state of the U.S. economy. From BLS: Total nonfarm payroll employment rose by 390,000 in May, and the unemployment rate remained at 3.6 percent, the U.S. Bureau of Labor Statistics reported today. Notable job gains occurred in leisure and hospitality, in professional and business services, and in transportation and warehousing. Employment in retail trade declined. Unemployment rates: The unemployment rate for men and women ages 20 and over is 3.4%. A tighter labor market is a good thing, I always say; this means people with less educational backgrounds can get employed as we do have many jobs that don’t require a college education. Here is a breakdown of the unemployment rate and educational attainment for those 25 years and older: —Less than a high school diploma: 5.2%.—High school graduate and no college: 3.8%—Some college or associate degrees: 3.4%—Bachelor’s degree and higher: 2.0% During a job recovery, the data line I love to track is the employment-to-population data for the prime-age workforce, ages 25-54. That’s the proper working-age workforce. The employment-to-population percentage is now only 0.5% away from the pre-COVID peak of 80.5%, currently at 80%. As the COVID-19 recovery got stronger, the internal labor market dynamics have been very positive for a while now, as we had a lot of job openings that needed to be filled. In fact, over a year ago, when we had a jobs report that missed estimates, I stressed early in this recovery that job openings would get to 10 million, which nobody, not even the people who work at the BLS, thought was possible. Today, job openings are at 11.4 million and the highest print we have had in this recovery so far has been 11.9 million.Total jobs dataEven though I retired my America is Back Recovery model on Dec. 9, 2020, I knew getting all the jobs back lost to COVID-19 would take some time. Even though the recovery was the fastest ever, getting all the labor back from a global pandemic and having an aging society wasn’t as fast as some had hoped. However, I was confident we should get it all job back by September of 2022. —Feb 2020: 152,553,000 jobs—June 3, 2022: 151,682,000 jobs That leaves us with 817,000  jobs left to make up over the next five months, which means we need to average adding 217,750 jobs per month. And the unemployment rate currently stands at 3.6%. Look at the jobs data and which sector added jobs in March: Construction jobs came in positively, but retail trade took a big hit. Coming from the demand boom in COVID-19, specific sectors of our economy have too many people working for them as that demand boom can’t be sustained. I use Peloton as my example for this, so you can see layoffs or hiring freezes with those companies while the general economy is still in an expansion. Job openings in construction and manufacturing have picked up recently. The notion that robots and immigrants took all the jobs hasn’t aged well over the decades. Recession red flag watch:Where are we in the economic cycle? Only four of my six recession red flags are up, so until they are all up, I don’t use the word recession unless I can point to an extreme economic shock, such as COVID-19. Let’s review them in order, as my model is based on an economic progression model, which isn’t the most exciting way to look at economics. However, economics done right should be boring. Here are the recession red flags: 1. The unemployment rate got to 4%; this is a progression red flag, meaning the economic expansion is more mature. 2. The Federal Reserve starts to raise rates, another progression red flag; expansion is more mature. 3. The inverted yield curve. This is more of a market drive bond yield red flag; I had been on an inverted yield curve watch since Thanksgiving of 2021. This is when the 2-year yield and 10-year yield slap high fives and say hi to each other: another progression red flag, the more mature stage of the economy.  4. Find the overheating economic sector where demand can’t be sustained. Once that demand comes back to normal, people will be laid off. We see this in the durable goods data. A few companies are laying people off or putting a hiring freeze Now the last two recession red flags are the most important ones. So far, they’re on my radar for the next 12 months, but I haven’t raised them yet. 5.  New home sales, housing starts, and permits fall into a recession Once mortgage rates rise, the new home sales sector does get hit harder than the existing home sales market. Recently we have seen a big supply spike in the new home sale data which indicates a big decline in new homes. However, this spike in supply isn’t like the spike we saw during the housing bubble crash, it needs more context. Out of that nine months of supply for new homes: 6.0 of that are homes that haven’t started to build yet. Ghost Supply 2.2 Months are homes under construction 0.8 months are completed new homes Remember that the housing completion data in America looks terrible, so the builders need to sort out how many of the homes in contract that they haven’t

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Calgary, Alta. Coquitlam, Port Coquitlam and Port Moody, B.C. Durham Region, Ont. Edmonton, Alta. Halifax, N.S. Halton Region, Ont. Langley, Pitt Meadows and Maple Ridge, B.C. North Shore, B.C. Peel Region, Ont. Toronto, Ont. Vancouver, B.C. York Region, Ont. $( function () { $( ‘.WB18__nav–toggler’ ).click( function () { $( ‘.WB18__nav–citylist’ ).slideToggle(); } ); } ); Video by Sam Batson on Pexels Vancouver is considered one of the most desirable—and one of the most expensive—places to live in Canada. It’s a coastal city and a major tourist destination, connected to the northern and southern ends of British Columbia by the Sea-to Sky-Highway, and to eastern B.C. via the Trans-Canada Highway. The western part of the city is home to Stanley Park, the Robson and Alberni street shopping districts, and Davie Village (the heart of the city’s gay community). On the east side lies the third-largest Chinatown in North America, the Main Street and Hastings Street shopping districts, and the neighbourhood of Mount Pleasant. And in the city’s north end, by the port district, rests downtown Vancouver.  Vancouver rivals Toronto in being the most closely watched real estate market in Canada. So, for the 2022 edition of Where to Buy Real Estate in Canada, MoneySense partnered with Zoocasa—a full-service tech brokerage—to highlight the top Vancouver neighbourhoods in which to buy property, based on value and the potential for price growth. If you’re willing to buy or relocate outside of Vancouver, our guide also includes a national ranking of cities and regions, as well as information on the top neighbourhoods in 12 other markets across Canada (found by tapping or clicking on the menu above). The rankings are based on data collected at the end of March 2022, and interviews were conducted in March and April. Read more about our methodology.  Where to buy real estate in Vancouver Why we’re watching Vancouver Vancouver’s future real estate outlook Vancouver’s top three neighbourhoods You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized

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[ad_1] Japan considers resuming tourism discount as COVID eases -Nikkei [ad_2] Source link

[ad_1] Leading industrialist Gautam Adani on Friday committed an investment of Rs 70,000 crore in Uttar Pradesh at the third edition of the UP Investors Summit in Lucknow. Speaking at the event, the billionaire investor said this investment will create 30,000 jobs in India’s most populous state. Out of this investment, Rs 11,000 crore has already been spent on projects like transmission and green energy. “We are investing over Rs 70,000 crore in the state. We anticipate that this investment will create over 30,000 jobs,” Adani said. The group is also investing Rs 24,000 crore on road & transport infrastructure and Rs 35,000 35,000 crore on multi-modal logistics and defence sector. Besides, it is in the process of the setting up South Asia’s largest ammunition complex in Kanpur. Ashish Rajvanshi, president & CEO of Adani Defence & Aerospace, said, “The ammunition complex will have state-of-the-art technology across small and medium calibre ammunition, along with short-range air defence missiles. It shall be a key facilitator in India’s goal of achieving $5.0 billion exports in defence manufacturing.” Speaking on the eve of the signing of the MoU, Awanish Kumar Awasthi, CEO, UP Expressways & Industrial Development Authority (UPEIDA) and additional chief secretary, said this project is going to prove to be a landmark in the history of indigenous defence manufacturing. Other prominent industrialists, including Kumar Mangalam Birla, Sajjan Jindal, and Mukesh Ambani’s son Anant, are likely to attend the event, officials aid.Earlier in the day, Prime Minister Narendra Modi attended the ground breaking ceremony of the summit, during which he laid the foundation stone for 1,406 projects worth more than Rs 80,000 crore. “I believe that it is Uttar Pradesh that will give momentum to India’s growth story in the 21st century. In the next 10 years, Uttar Pradesh will be a big driving force for India,” Modi said. According to an official statement, the investment in the Friday’s ceremony will fund at least 805 projects in the micro, small, and medium enterprise sector, 275 in agriculture and allied industries, and 65 in pharmaceuticals and medical supplies. The first UP Investors Summit was held in 2018 and the second one in 2019. (With agency inputs) [ad_2] Source link

[ad_1] This week’s HW+ member spotlight features Stuart Sim, head of industry development and brand ambassador at Chime Technologies. Prior to Chime, he has held a number of leadership roles, including roles at Realtor.com and NCL Sales & Strategy Consulting. Below, Sim answers questions about the housing industry: HousingWire: What is your current favorite HW+ article and why? Stuart Sim: Latest Market Trends + Real Trends lists — great information to keep me up to date to inform my customers and colleagues. HousingWire: What are you fast thoughts on the following: Stuart Sim: My most useful tech tool is… my iPhone. The weirdest job I ever had was… Club Med GO. My biggest learning opportunity was… leading people and learning as we grew rapidly. If I had picked a different career path, I would be a… pilot. I felt like a success at my job when… when I hit unexpected high targets. HousingWire: What is the best piece of advice you’ve ever received? Stuart Sim: Live life to the fullest and enjoy what you do for a career. HousingWire: What’s one thing that people aren’t paying attention to that you think they should be paying attention to? Stuart Sim: Listed as follows: State of the Industry — Seller’s market, low inventory, high prices, Interest Rates How Realtor’s need to change their way of thinking — Top of funnel is in the past Traditional Real Estate vs. New Concepts — Ibuyer/Power Buyers/EXP model Recruiting is hard for brokers Thoughts on Crypto for Real Estate and how it can change traditional transactions with NFT’s as partial ownership or tokenizing Real Estate HousingWire: If you could change or implement one piece of housing regulation, what would it be and why? Stuart Sim: I live in Canada where we have high foreign ownership that is driving prices very high in Vancouver. I think the current tax directive needs to be increased to make it less attractive to foreign investment. To become an HW+ member, click here. For more information on HW+ benefits, click here. To view past issues of our HW+ exclusive HousingWire Magazine, go here. The post HW+ Member Spotlight: Stuart Sim appeared first on HousingWire. [ad_2] Source link

[ad_1] CMHC insurance calculator If you’re buying a home and have a down payment of less than 20%, you’ll need to purchase mortgage default insurance, also known as mortgage loan insurance or CMHC mortgage insurance (named after the Canada Mortgage and Housing Corporation, one of the three mortgage insurance providers in Canada). In the end, all three terms refer to insurance that protects the lender if you become unable to make your mortgage payments.  Read on to learn how mortgage default insurance works, how much it costs and how to calculate your mortgage insurance premium and fees.  What is mortgage default insurance (CMHC insurance)?  Mortgage default insurance protects the lender if you, as the borrower, stop making your mortgage payments or break the terms of your mortgage contract. It is not the same as mortgage life insurance, mortgage protection insurance or mortgage disability insurance—forms of insurance that help cover the balance of your mortgage if you die or become unable to work due to a serious illness or injury.  Mortgage default insurance can add up to thousands of dollars; however, it is mandatory for home buyers with a down payment of less than 20%. The benefit is that, because the insurance makes the mortgage less risky for lenders, it can mean getting a more favourable interest rate on your mortgage.  Homes worth $1 million or more (for which buyers need a down payment of at least 20%, as set out by the Government of Canada) aren’t eligible for mortgage default insurance. You’re 2 minutes away from getting the best mortgage rates in CanadaAnswer a few quick questions to get a personalized rate quote* I’m buying a homeI’m renewing/refinancing You will be leaving MoneySense. Just close the tab to return. How much is mortgage default insurance in Canada?  The cost of mortgage default insurance is tied to the amount of money you are borrowing for your mortgage.  To know how much you’ll pay, you first have to determine your loan-to-value ratio (LTV) by dividing your mortgage amount by the purchase price of the home. (To figure out your mortgage amount, subtract your down payment from the purchase price.) For example, if you have a 5% down payment, the loan-to-value ratio is 95%—another way of saying your mortgage represents 95% of your home’s value.  Your mortgage default insurance premium is calculated based on the loan-to-value ratio. For insurance on properties with a down payment of less than 20%, your premium will be somewhere between 2.8% and 4% of your mortgage amount. The premium is the same for all three mortgage default insurance providers in Canada. If you have a down payment of more than 20% (in the chart below, these scenarios are noted with an asterisk), you won’t have to pay for mortgage insurance. However, your lender may choose to purchase it anyway. Loan-to-value Mortgage insurance premium applied to mortgage amount Up to and including 65%* 0.60% Up to and including 75%* 1.70% Up to and including 80%* 2.40% Up to and including 85% 2.80% Up to and including 90% 3.10% Up to and including 95% 4.00% *Loan-to-value ratios representing down payments of 20% or more Using the table above, we can determine the mortgage default insurance premium for any home purchase. For example, let’s say you purchase a home for $700,000 and have $105,000 for the down payment. In this case, your mortgage amount is $595,000, and your loan-to-value ratio is 85%. Based on the table above, your mortgage default insurance premium is calculated as $595,000 x 2.80%, which comes to $16,660. Instead of making these calculations manually, you can use a mortgage insurance calculator, which lets you adjust various inputs and quickly see the impact they have on your mortgage default insurance premium.  What mortgage insurance calculator is best? The calculator above is a free tool designed to calculate the total cost of the mortgage loan insurance. It gives you the mortgage insurance fee at a glance, so that you can easily see how the premium varies, based on your down payment. However, you can also use a free mortgage payment calculator. This tool shows you the cost of mortgage default insurance (based on your down payment) and the taxes owed on the insurance premium (based on your location). In Ontario, Manitoba and Quebec, you must pay provincial sales tax on the premium. That fee is charged upfront and considered part of your closing costs.  How to qualify for mortgage loan insurance  You’ll need to meet specific eligibility requirements to qualify for mortgage default insurance. These requirements are in place to ensure that you can faithfully make your mortgage payments. In order to qualify, you must have:  A mortgage with a maximum amortization of 25 years.  The minimum down payment for your home’s purchase price. For homes valued under $500,000, you’ll need a down payment of 5%, and for homes valued between $500,000 and $999,999, you’ll need 5% of the first $500,000 plus 10% of the remaining value. Homes valued at $1 million or more are not eligible for mortgage default insurance, and you must have a down payment of at least 20%. A credit score of at least 680.  A gross debt service ratio of less than 35%.  A total debt service ratio of less than 42%.  Proof that your down payment is not borrowed money.  Mortgage default insurance providers in Canada  Only three institutions provide mortgage default insurance in Canada. The first is the Canada Mortgage and Housing Corporation, a crown corporation of the Government of Canada. Its mandate is to improve Canadians’ access to housing, and mortgage default insurance is part of that mandate. There are also two private mortgage default insurers in Canada: Sagen (formerly Genworth Financial) and Canada Guaranty.  Though mortgage loan insurance is sometimes referred to as CMHC insurance or CMHC mortgage loan insurance, the crown corporation is now the third-largest provider in the country.  How do you pay mortgage default insurance?  Mortgage insurance providers charge the insurance premium to banks and other mortgage

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