“Everyone, whether they have a job or not, will need a place to live—whether it is in an apartment or a home. Especially in the South Asian community, we can get a house anywhere without a job because we can live together and share a place. So the house market has not been affected in the GTA for that community.”

Mike Chettri has worn many hats throughout his life. Blossoming over the years as the familiar immigrant taxi driver to the neighborhood corner store owner to what he is most known for, a booming real estate agent within the GTA, Mr. Chettri has finally found a hat that he will not only wear with pride, but ultimately keep for good.

With his name engraved as the 2011 Hall of Fame recipient, apart from his fellow four thousand other Remax agents in the GTA, Mr. Chettri attributes his success to mainly his customer service skills that have eventually resulted in many word of mouth referrals. “I teach all my clients about how to handle their money. I give them advice on their house and where to buy. That is what made me on top. It made me stand out.”

With his ten years of customer service in the real estate industry, Mr. Chettri has shared with our Generation Next reporter a few of his words of wisdom for potential buyers looking to take advantage of the next hot thing in the real estate market.

As condos within the downtown core are becoming somewhat of a trophy item for young professionals, Mr. Chettri encourages investors that it is a worthwhile investment for not just the younger generation, but the older ones as well. “The youth in the next generation are definitely interested in the condos for living, but the older generations are buying condos for investments. Since I work mostly with condos, the way that I see it is that the condo market will remain strong. Right now the condo market is selling approximately 700 dollars per square foot. If you buy one condo now, in three years, the price will be 1,000 dollars per square foot. So for every square foot it would be a 300 dollar profit. Over the next three years, the condo market in Toronto will grow stronger.”

As condos continue to be sought out, there are still many factors that individuals should consider before taking that next step. Mr. Chettri cautions new buyers on what factors can become a major assets when deciding on where one chooses to live. “Look at the city plans over the next five years of where you want to move to. See what is being developed so that in five years the price will go up in your investment.” Thinking ahead is the key to Mr. Chettri’s advice to his clients as many buyers can later flip their investment into a profit that will ultimately land them in a bigger and better property in the future.

Even with the recent economic setback, with many Canadians struggling to find full-time jobs, Mr. Chettri is optimistic that this will not have a great impact on the real estate market. “Everyone, whether they have a job or not, will need a place to live—whether it is in an apartment or a home. Especially in the South Asian community, we can get a house anywhere without a job because we can live together and share a place. So the house market has not been affected in the GTA for that community.”

With the GTA continuing to fill orders for more condos and houses to be built for their clients, residents are becoming more and more familiar with the buzzing chainsaws of the 6 am morning construction worker. Mr. Chettri believes that many residents should take this as a sign, especially for potential investors, as he believes that the high property demand has yet to be satisfied with enough supply.

Experience the electrifying Voltage lightning display and the 2012 Chevrolet Volt, the electric car that goes farther.  Check out the Volt MY DRIVE app, and then get in and take a Volt for a test drive.

Need some help balancing work and life?  Take a lunch-time break at the Chevrolet Orlando Stage with our three life experts.  CityLine’s Nanny Robina whips up dinner for four in seven minutes.  Erica Ehm from YummyMummyClub.ca talks about her family trip to Orlando in an Orlando, with tips to help you cope on those long drives, and Wendy Woods helps you relax and have fun with Laughter Yoga.

Plus, you might win entering the Orlando Parking and the Orlando Packing challenges.

Get into the 2012 Chevrolet Sonic.  It’s fun, turbocharged.  Get inside a Sonic and mash up your favorite tune with a mix from world-renown DJ Dopey.  Watch as Toronto Graffiti artist SKAM creates a 40’ work of art, live throughout the day.

And then at 7:30, join us for a free concert with FITZ AND THE TANTRUMS, live on stage.  Come to Yonge-Dundas Square on October 4^th, and text for a chance to win a 2012 Chevrolet Sonic to be given away during the FITZ AND THE TANTRUMS concert.

Test drive Sonic, Orlando and Volt, at Yonge-Dundas Square on October 4^th, have fun, and see how Chevrolet is Driving Our World Forward.

Debanshu Majumdar, Regional Head - Americas answers the press questions as Sudhesh Giriyan, Vice President Xpress Money listens intently

2011 has been a “very very important year” for Xpress money, said Sudhesh Giriyan, Vice President Xpress Money at Xpress Money launch ceremony in Toronto. With 35,000 locations in India, Xpress money is making its mark both in the corporate world of money transfers and at individual level.

It distinguishes its services from its competitors in a variety of different ways:

One, the text message is sent to the recipient the moment funds are transferred.

Two, the funds are instantly available

Three, there is no charge in case of cancellation

Four, network of strong and reliable partners in South Asia

Five, strong IT capability, and,

Six, superior customer service.

Xpress Money charges modest $8 to send money to India ($8 fee is the starting off fee) and $0 to send money to Pakistan.

While people may get unsettled when asked to provide detailed documentations to send money overseas from Canada, Mr. Debanshu Majumdar, Regional Head Xpress Money says that Xpress money will be compliant with all the laws the Canadian legislators have put in place.

With uncertain global climate, Canadian governments at all levels are trying hard to create business friendly environment in Canada. With its plans to spread its network across GTA, Montreal and Vancouver, Xpress Money will undoubtedly create jobs in Canada. It plans to have 150,000 active locations. Some of these locations will operate in Canada. It’s vision is to have Xpress Money agent at every 2 kilometers. Xpress money will also be launching an online money transfer system from Canada as early as November 2011. Canada will be the first country to offer Xpress Money online service.

Mr. Giriyan noted that 4 per cent of India’s GDP is contributed by Indian Diaspora living abroad. He stated that Canada is a premier market as the Indian Diaspora is strong and viable in Canada.

Here in Canada, Mr. Majumdar says that they have outreached to organizations like Indo Canada Chamber of Commerce, Canada Pakistan Business Council and other South Asian organizations.

That’s why 15/8 is a good time to think, ponder, be aware of your rights as a citizen of this great nation. We can overcome every hurdle, fight back every impossible odd if we cherish and insist on the freedoms we still have. For me, they rank way, way ahead of patriotism. Let us build on them.

I was born into freedom, grew up with it. So you must forgive me if I am not particularly hostile towards the British who ruled over us till 15/8 1947. You must also forgive me for not hating the Pakistanis as much as I am expected to because I never watched India being sliced into two by Jinnah’s machinations or Gandhi’s indifference, as others claim. I am a child of freedom. Not colonialism. Nor the Partition of India.

For me and millions of Indians, freedom means everything. We love asserting ourselves, even when we are in the wrong, and refuse to be cowed down by truth or fear. That’s why we chose democracy. It gave us the right to speak out without fear. And every now and then, when elections are held in different parts of India, we are surprised by the courage and wisdom of the voters. No Government, no political party, no leader has ever survived by underestimating the electorate. We saw the humiliation of Indira Gandhi in the polls, even after she won the only full fledged war this nation has ever fought. And that was because she imposed an Emergency to curb our freedoms. It destroyed her credibility. Not only was the Congress chucked out of power but she lost her own seat in Parliament to a complete crackpot called Raj Narain.

Having lived with freedom all of my life, I am surprised to find it under so much threat today. No, I am not particularly surprised when Governments try to curtail our freedom. That’s expected. Most Governments use every pretext, from national security to public weal, to try and curb our rights. Faith, caste, regional identity, developmental goals, everything is grist to the mill. The assertion of who we are is constantly at odds with what the State wants us to be. Today, for all practical purposes, each of us is just a PAN number who must be maximally taxed at every point of transaction. Soon each of us will have a UID number, our phones will be tapped, our emails read, our chats followed, our choices questioned, our rights curbed. The almighty State, run by goons, thugs and petty thieves, will become even mightier. Even though some of its most august stakeholders may be locked up in Tihar and a thick cloud of doubt and suspicion overhangs the rest.

The fact that we allow such people to rule over us has emboldened others to attempt similar tactics. The underworld gets murkier by the day and the thin dividing line between law breakers and law enforcers is disappearing. Everyone’s on the same side today, against you and I. On top of that, every kind of radical fringe wants to intimidate us, cull our freedoms, extort us. They are using the same methodologies as the State, the same arguments. They want to dictate to us what we must wear, what we can eat and drink, how we may pray to our different Gods, what books to read, what movies to watch, what art to appreciate and what to denigrate and vandalise.

This is what worries me. You can change Governments that intrude upon your personal freedoms. But you can’t change the way some people think. Burning books, harassing artists and film makers, vandalising libraries and art galleries, outlawing beer bars, beating up college girls who dress in jeans, banning alcohol for those under 25, the increase in honour killings, gender crimes, custodial deaths, and stupid, meaningless bomb blasts that kill innocent people are all different ways to attack our freedom. Now you can’t park your bike in Zaveri bazaar. You can’t go to watch a play or a movie without being frisked. You can’t wear what you want because some perverts believe it’s an invitation to rape. You can’t file your taxes and rest in peace because the system has decided to see every law abiding citizen as a likely tax evader. While the real crooks and criminals are safely ensconced within the ruling system, safe in the knowledge that power protects them.

That’s why 15/8 is a good time to think, ponder, be aware of your rights as a citizen of this great nation. We can overcome every hurdle, fight back every impossible odd if we cherish and insist on the freedoms we still have. For me, they rank way, way ahead of patriotism. Let us build on them.

Source: http://blogs.timesofindia.indiatimes.com/extraordinaryissue/entry/what-15-8-stands-for

The theories on international or domestic conspiracies are popular with the societies in decay that refuse to admit that something has gone wrong with the society. Such a mindset is inimical to developing autonomous capacity to address socio-economic problems.

Pakistan will celebrate 64^th Independence Day on August 14, 2011. This provides an opportunity to large number of Pakistanis living in Pakistan or abroad to undertake a dispassionate analysis of how and why British India was divided and Pakistan was established as a sovereign and independent state.  There is a divergence of opinion on this issue. The same can be said about the inability of Pakistani state and society to address the socio-economic problems of its people.  The analysts put forward different explanations that often reflect a partisan view of the situation.

An important section of public opinion links Pakistan’s establishment and current problems to the clash of political and economic interests between the Hindus and the Muslims. They highlight more what they call the exploitation of the Muslims by the Hindus of British India. The emphasis is on contradictions between the Muslims and the Hindus which, in their view, is still relevant to addressing the current India-Pakistan relations.

The exploitation theme can be referred to as a factor in the history of Pakistan which has greater appeal for those who experienced the pre-independence society.  However, this argument loses much of its appeal to the second and the third post-independence generation that is experiencing exploitation by their countrymen, invariably the Muslims.   Unless their problems and concerns are addressed, their attitude towards that state and society is going to be influenced more by their own experience rather than the historical narratives of exploitation of the Muslims by the Hindus in the pre-independence period. Pakistani state must address their concerns and problems so that they identify closely with the state.

There are those who track the current problems to the establishment of Pakistan and the decisions made in the early years of independence.  They argue that the establishment of Pakistan was a political choice which was adopted without giving a serious thought to what was to be done subsequently.  Many decisions were made on the spur of the moment rather than taking into account the long term implications. For example, some analysts track the rise of religious extremism in Pakistan to the passing of the Objective Resolution (March 1949) that incorporated Islamic identity in the political and constitutional arrangements for the future. This is viewed by many as yielding to the pressure of Islamic clergy which the later used subsequently to justify their demand for a purely religion based political order.

The Objectives Resolution was not the beginning of emphasis on Islam but a natural corollary of the employment of Islamic identity, culture and history for political mobilization and identity formation by the All India Muslim League in the pre-independence period.  The framers of the Objectives Resolution were convinced that the modern notion of state and democracy can be combined with the teachings and principles of Islam that were viewed as the ethical foundation of the Pakistani society rather than a set of punitive and regulative injunctions.

All Pakistani constitutions direct the state to “ENABLE” the Muslims to lead their lives in accordance with the teachings and principles of Islam.  Another constitutional stipulation emphasizes that there will be no law contrary to the principles and teachings of Islam because the latter were accepted as the ethical source of guidance for the state and society.

The basic change in the role of the state from an “Enabler” to “Enforcer” of Islam came during the military rule by General Zia-ul-Haq who began to enforce Islam through state orders and machinery for achieving his domestic and foreign policy agenda. Until 1977, there is only one instance of such enforcement; the state and society generally pursued a moderate disposition towards religious issues.

The current religious and cultural intolerance and militancy is the product of the policies adopted since 1977, especially from 1979 onwards when Zia-ul-Haq embarked on enforcement of Islam to the satisfaction of orthodox and conservative Muslim clergy. It is very difficult to draw the conclusion that if the founders of Pakistan had sought a new basis of identity for Pakistan after independence Pakistan would have been free of the on-going extremism and militancy.

Another explanation talks of external conspiracies against Pakistan for undermining the pre-dominantly Muslim state and society. This discourse views all domestic and foreign policy developments as a function of religion. As the non-Muslim world is arrayed against Islam, there is a global conspiracy against Pakistan.  This means that there is nothing wrong with Pakistan and Pakistanis.

A variant of the conspiracy explanation is the well-known statement that Pakistan has all the needed natural, agricultural and human resources but the leadership is unable or unwilling to use them for the welfare of people or there is some international conspiracy for dissuading them from benefiting from these resources.

The theories on international or domestic conspiracies are popular with the societies in decay that refuse to admit that something has gone wrong with the society. Such a mindset is inimical to developing autonomous capacity to address socio-economic problems.

In the present day world, no matter how a country has come into existence and no matter what mistakes its rulers have made in the past, it cannot overcome its problems without acquiring modern knowledge and technology.   This needs to be coupled with unemotional reflection on the problems or failures. Pakistan falters on both counts and a large number of people are not willing to pay attention to improving domestic economic and political situation. They have developed the false notion of some “savior” coming forward to solve their problems.

By Dr. Hasan Askari

Lahore

The Canadian housing market is becoming highly segmented and multi-dimensional which is making traditional measures, like average prices, increasingly irrelevant in gauging the health and state of the sector, finds a new report from CIBC World Markets Inc.

“Glancing at popular metrics such as the price-to-income ratio or the price-to-rent ratio, it is tempting to conclude that the housing market is already in clear bubble territory and a huge crash is inevitable,” writes Benjamin Tal, Deputy Chief Economist at CIBC, in his latest Consumer Watch Canada report.

“Tempting, but probably wrong. When it comes to the Canadian real estate market at this stage of the cycle, any statement based on average numbers can be hugely misleading. The truth is buried in the details—and there the picture is still not pretty, but much less alarming.”

He notes that while the average house price in Canada rose 8.6 per cent on a year-over-year basis in May, that number slows to 5.6 per cent if you take Vancouver out of the picture. Remove Vancouver and Toronto and the average price increase drops to 3.7 per cent.

According to the information provided by Landcor, foreign money accounted for only 2.6 per cent of all sales during the same period. However, Mr. Tal believes that could be a serious underestimate, as it is based on where property tax assessments are mailed, and would exclude offshore buying on behalf of children or other local proxies. “There are many reasons to believe that a significant portion of what is perceived to be buying by offshore investors is, in fact, driven by Chinese immigrants that are integrated into the community but still maintain strong links to mainland China, with many residing and working in China while their family establishes roots in B.C.”

Mr. Tal feels the price correction in Canada will be gradual as the two key triggers for a price crash – a significant and quick increase in interest rates and/or a high-risk mortgage market that is very sensitive to changes in economic factors – are not at play in Canada.

“In Canada, a sharp and brisk tightening cycle is unlikely. The market expects a gradual increase in short-term rates in the coming years. The rising number of mortgage holders that carry a variable rate mortgage will be the first to feel the pain. But if history is any guide, they will return quickly to the comfort of a five-year fixed rate the minute the Bank of Canada starts hiking.”

He also believes that the country is in relatively good shape when assessing the two sub-segments of the mortgage market that traditionally account for most defaults: mortgage holders that carry a debt-service ratio of more than 40 per cent and those with less than 20 per cent equity in their house.

Just over six per cent of households have a debt service ratio of more than 40 per cent—a number that has risen by a full percentage point since 2008. “However, this ratio is still well below the ratio seen in 2003, when the effective interest rate on debt was more than a full percentage point higher, and no correction in house prices ensued,” adds Mr. Tal.

“All other things being equal, even a 300-basis-points rate hike by the Bank of Canada would take this ratio to only just over eight per cent. Not surprisingly, Vancouver has the highest ratio of households with high debt-service ratio, followed by Toronto.”

A little more than 17 per cent of the Canadian residential real estate pool is in properties with less than a 20 per cent equity position, a number that has been rising over the past few years. More than 80 per cent of households with less than a 20 per cent equity position are first time buyers.

“Digging deeper and looking at the households with both low equity positions and high debt-service ratios, we found that this fragile segment of the market accounts for only 4.6 per cent of total mortgages—a number that has been on an upward trend over the past few years,” says Mr. Tal. “Shock the system with a 300-basis-points rate hike and that number would rise to a still-tempered 6.5 per cent. Historically, even in that group, the default rate has been well below one per cent. Thus, short of a huge macro shock, there does not appear to be the risk of large scale forced selling that would typically be the trigger for a precipitous plunge in the national average house price.

“As a result, while house prices are likely to adjust as interest rates eventually climb, the national pace of any correction is likely to be gradual. That could still entail a period in which housing underperforms other assets as an investment class, until rising incomes and a tame price trajectory bring the market back to equilibrium.”

“It was the young people who took the initiative and set the date and decided to go,” said Mohamed ElBaradei, a Nobel Prize winner and the former head of the International Atomic Energy Agency. Applauding the Egyptian youth, he also added that “young people are impatient.” “Part of this anger is also due to the youth’s frustration,” said Michael Amerhom Youssef, pastor and founding rector of Atlanta’s Church of The Apostles. “We have seen university students, mostly Shia, turn out to demonstrate in Tahrir Square.”Without any doubt, it was the enthusiasm of youth that wanted “the real change” which brought down the 30-year-old regime of Hosni Mubarak. The ages of these protestors were between 20 and 40. Of course the unrest has been brewing for years, nonetheless youth empowered by social media – Facebook, Twitter, SMS, emails – demanded change. They haven’t quite accomplished the change in leadership yet, but the leaders not only in Egypt but elsewhere in the world will be wise to look at the e-generation and take their issues seriously: unemployment, desire for a just and fair society, a society that is devoid of corruption and on the way to meaningful change. Take for instance Egypt. The unemployment rate in Egypt in 2009 was 9 per cent. To create jobs for Egyptian youth, Egypt needs the economic growth of 6% said Rachid Mohamed Rachid during the World Economic Forum at the Dead Sea in Jordan.In Egypt 1.3 million unemployed people held high school diplomas while 898,000 held university degrees, further pointing out that 56.4% of total unemployed were females and 43.6% males. 87.2% of the total number of unemployed were between 15 and 29 years of age.The lack of appropriate opportunities for college and university graduates results in unemployment at a time when inflation has risen and the stories of corruption in the higher echelons of the society are rampant. The unfairnees of rich having everything and poor having nothing is deeply troubling to young minds. The protests at Tahrir Square started on January 25th. The 6th April Movement – a Facebook group – members posted a message to gather at Tahrir Square. The leader of the April 6 movement is Ahmad Maher, a 28-year-old construction engineer Maher told Los Angeles Times: “After the revolution in Tunisia, we are able to market the idea of change in Egypt. People now want to seize something.”“One out of every 10 signs [held by protesters] in Tahrir Square referenced Facebook or Twitter in some way,” said Josh Levs, a media correspondent at CNN. And seize Egyptians did. Facebook has around 5 million users in Egypt, a fifth of which are mobile users. During the protest, the number of Groups and Pages created by users from Egypt have “risen sharply to around 32,000 groups and 14,000. Experts note that blocking of the internet and mobile phones by the government backfired. People who were communicating in virtual world turned to streets when the cyber world was blocked. But one must also note that downfall of Hosni Mubarak was not a sudden movement. It was people’s frustration lurking under the surface that exploded. This frustration with the leadership resulted in the end of Mubarak dynasty. And the end to the region was facilitated by social media and youth’s passion for “the real change.”

Toronto

For most three-year-old children, their first swimming lesson is not always as thrilling as their parents anticipated. For Sufyan Shaikh however, it was the start of a new and exciting career that would bring him countless medals, endless opportunities, and a breaking record.

At the young age of 20, Sufyan Shaikh has already accomplished so much as a competitive international swimmer. Shaikh grew up in Ahmedabad, Gujarat, and it was his mother who wanted her son to learn and be a brilliant swimmer. When Shaikh was just three-years-old, he began taking lessons. By the age of four, Shaikh was already swimming in competitive interclub competitions. A year later, Shaikh was privileged to train with international FINA referee Kamlesh Nanavati. By the age of nine, Shaikh won his first state championship.

From then on, Shaikh qualified and succeeded in numerous competitions which included the Long Distance State Championship, the Asian Championship, the Gujarat State Aquatic Championship, the National Ganga River Long Distance Competition, and many more.

Shaikh put great emphasis on the endless support from his parents, and is constantly reminded who he is doing this for.

“My parents have always said, you are not swimming for yourself or your family, you are swimming for the nation.” Shaikh also recognized the countless other people who have been involved in his swimming career over the past 17 years, no matter how small a role they played.

“What I have done, I have done out of hard work, but I play only one person in all this; there are a lot more people to thank.”

Shaikh has competed all around the world, and has swum in the Arabian Sea, Persian Gulf, English Channel, Pacific Ocean, Atlantic Ocean, Adriatic Sea, Mediterranean Sea, and Indian Ocean. Shaikh admitted that the most difficult swim was in the Indian Ocean, where the water temperature was 49 degrees. The coldest water was seven degrees in the Pacific Ocean.

Shaikh has also made the LIMCA Book of Records for being the first person to complete swimming in nine seas.

Despite the numerous accomplishments and continuous media coverage, Shaikh still kept his success rather low key. “My friends did not even know that I swim until they saw me in the newspapers, and then they all started asking me,” Shaikh mentioned.

Shaikh talked about his adolescence, and what it was like to watch all his friends live typical teenage lives. Instead of socializing, Shaikh had to devote long hours training at the pool.

“Previously, I used to think I swim for no reason. I used to see my friends enjoying themselves, and I always thought to myself, why am I doing this? “

It did not take long for Shaikh to realize that he had already achieved so much at such a young age, and that he was truly gifted at his sport. “I have accomplished something for myself. All my hard work has paid off,” Shaikh said.

Shaikh completed high school in India, and he now lives in Nova Scotia, Canada. Shaikh is studying Business Administration at Arcadia University, and also swims for the university. Currently, Shaikh is in the midst of training for more competitions, and is also training in hopes of qualifying for the London Olympics in 2012.

“My aim and my parents’ aim is to bring a name for swimming. We want people to know about it, and learn it all around the world,” Shaikh said.

Until then, Shaikh will continue to compete with worldwide supporters following him, and his mother will cheer him on as she waves the Indian flag with pride and excitement.

With two locations to serve community in Peel region, Homelife Maple Leaf Realty Ltd. has managed to attract and recruit more than 135 agents in just one year. Homelife Maple Lead Realty Ltd. has taken over three other companies in last one year. The company has as diverse staff as its clients says Mr. Narender Sehgal, owner of Homelife Maple Leaf Realty Brokerage.

Addressing declining professionalism among realtors, Mr. Sehgal noted that “if a person really wants to be a realtor and to make it a profession, they have no choice but to learn. They have to find a broker and brokerage to train them well and give them tools to succeed. Many brokerages lack training. At Homelife Maple Leaf, we recognize that sales force has to be well trained to bring value to customer for the money they spend with us.”

Narender Sehgal (owner of Homelife Maple Leaf Realty) with his wife, two daughters and a son

(L-R) Sher, Anu, Haren Patel, Narender Sehgal, Ruchi, Indra, Rama, Amarji and Sarabjeet

(L-R) Suhas Soni, Sonal Shah (VP of Centum Supreme Mortgages), Jamie, Mehak, Anjellah and Sultan-- Homelife Maple Leaf Realty staff members

Rajanda Aujla with Sukhdev Sahota

Youth has become instrumental in real estate market. A number of university and college students are obtaining licenses to work as realtors. What is their work ethic like?

“Younger generation is much much professional, they are skilled in computer, they give customers the value of their money,” says Mr. Sehgal who has build a brokerage that has many people between the ages of 20 – 30.

Are these young realtors taken seriously by those who are spending hundreds of thousands of dollars?

“People may look young, but their knowledge and expertise is overwhelming..they have blown my mind away. They have keen sense of professionalism, they are service oriented, they know it’s the biggest investment of life, and that they should be patient,” he said.

Many realtors note that in the GTA especially in Peel region, more and more South Asians are buying property. “South Asian community is controlling more than 50 per cent of the real estate market..we believe in buying real estate, we believe in owning..we believe when we buy real estate, we get connected to the land. And this philosophy that has come to us from our parents, we are keeping it alive,” stated Mr. Sehgal in response to the question about how crucial South Asian community is in real estate world of the GTA.

As far as the Harmonized Sales Tax (HST) of 13 per cent is concerned, Mr. Sehgal is not much worried about it. “HST has affected the market but not as much as  we expected it to because it applies to commission not to the property value,” he said.

Mr. Sehgal was celebrating the first successful year of Homelife Maple Leaf Realty Ltd. with his agents and clients.

He noted that India is “the great emerging tiger” where “we [MPPs and MPs] can help the doors open to people interested in doing business with India because “we trust you [Indo-Canadian community]..you’re part of the [Canadian] family,” he said.

Mr. Delaney had visited the Indian state of Gujrat. He said that Chief Minister of Gujrat Narendar Modi and the Ontario government are on the same page when it comes to promoting bilateral trade between Canada and India. He noted that Canada can help India in sectors like water purification and water management. Conversely Canada has a lot it can learn from India.

Mr. Delaney noted that the trade between Canada and India equals the trade between one state of the United States and India – West Virginia.

ICCC had held its Open House at RBC-Meadowvale Conference Centre, Mississauga. At the event, President of ICCC Vinay Nagpal made opening remarks. These remarks were followed by Kundan Joshi’s presentation of ICCC. Paul Ferley, Assistant Chief Economist of RBC spoke about the state of Canada’s economy with special emphasis on the latest economic and interest rate trends. Dr. Vivian Rambihar, an eminent Canadian cardiologist addressed  the topic of proactive healthcare, with particular focus on the South Asian community.

______

Higher unemployment rates left Americans doubtful of stimulus injection by Obama administration

-          Paul Ferley, Assistant Chief Economist, RBC

Recently there has been a tremendous emphasis on trade between Canada and India both at Ontario as well as the federal government level. While the government sees huge potential in exploring Indian market, this potential has not been translated into dollar figures quite as high.

Mr. Paul Ferley had made a presentation to over 100 entrepreneurs at Indo Canada Chamber of Commerce’s Open House. Generation Next spoke with Paul Ferely, Assistant Chief Economist with Royal Bank of Canada to determine where the gap lies and how can it be filled to translate it into meaningful trade between Canada and India. Here’s our conversation:

GN: Your presentation indicates that the increase in Canadian exports to India has increased only about 3 per cent, and the imports are almost flat. Can you reflect on that?

There has been increase in terms of Canadian exports to India, so it is a bit of upward trend. We have seen some improvement on the balance side [in trade between Canada and India], but the dollar amount remains fairly small. It’s tough on expert’s side because our trade is dominated by the US, and, so, so bilateral trade with a number of other countries looks fairly small. We have seen some improvement with respect to India. But we have not seen rapid development of trade as we are seeing with China. China remains a larger economy than India.

GN: Why do you think there is this gap when political will is so evident? Can immigration related matters be one reason?

It’s the question individual companies can answer. One reason can be there is lack of understanding as to how Indian economy operates, what channels one needs to go through  to move the product in that country and how to distribute it. What we may be going through is that companies are becoming more familiar with how economy [in India] operates and once that information is in hand, Canadian companies may have more success in exporting products to India.

GN: You have also indicated that ‘stimulus injection’ is needed by the US economy. However American people rejected the notion of stimulating the economy as is evident from the midterm elections in the US. How do you respond to that?

It’s an interesting point. There has been modest rebound in the US economy..unemployment rates remain high. That is the problem that Obama encountered. Economic data is improving but it’s a moderate haze.  That persistence in unemployment rate left Americans thinking ‘are we really out of recession;’ that was the obstacle Obama administration found itself up against.

GN: How does that translate into Canada?

Our rebound is modest..our economic growth is outpaced as it benefits from higher commodity process. But unemployment rate is coming down..

GN: But this economic growth and happiness about 430,000 full time jobs and so on is not felt by average Canadian families.

Many families that lost jobs during the economic downturn are looking around saying ‘recovery, I don’t see it,’ and quite justifiably so we haven’t had growth strong enough to create jobs.