Tan•gazine April 2012 Vol 2 Issue 07

Page 1

Peng

Hock

Tan

Broker

April Apririlil 2012 Ap 2012 20 12 Volume Vo V olu lum me e 02 02 Issue Issssu ue e 07 07

Tan and the

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Visit Us At: www.TANteam.com

CONTENTS April 2012 Volume 02 Issue 07 FEATURED CONTENT pg 12

The Carney Dilema and Tan’s Insight

pg 20

Tight Market Drives Double-Digit Price Growth April Mid-Month Resale Market Figures

pg 21

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Rosebush Road Ro

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Hansen Road North

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Title Insurance - Peace of Mind for Home Owners

pg 08

What does a REALTORÂŽ do?

pg 10

Things You Should Know

Garcia Street G

pg 16 The 10yr mortgage: “is it the right time to go long?�

Recent comments from Mark Carney

pg 16

pg 18 Report blames non-mortgage debt for

consumer woes

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protects buyers from past - and som

alerie Brewis's $750,000 dream home nearly turned into a nightmare for its owner. A few months after Brewis and her children moved in 2009, a Toronto building inspector knocked on the front door and asked permission to inspect the house. One of the previous owners had made extensive renovations, but the work had not been given final approval. The inspection found that some of the work had not been done to code. More work was required to upgrade insulation, drainage, door heights and two outside decks. The estimated cost was $60,000. "I called my lawyer, and it turned out that she had purchased title insurance for me, and it covered this," says Brewis, a single mother in her 50s. "Thank goodness that she did, or I would have had to take out a second mortgage on my home." The one-time insurance premium cost Brewis less than $900. Title insurance protects a policyholder from disputes over the ownership - or title - of his or her property. It also provides coverage for losses from work done prior to the purchase that is not in compliance with building regulations - as was the case with Brewis's home. Sub-standard work of this kind may not come to light in a typical home inspection.

4 | penghocktan.com

Title insurance got its start in the U.S., where many states have poor land-registry systems and problems with property title frequently arise. Before it arrived in Canada in the early 1990s, real estate lawyers did title searches for their clients to reveal undisclosed information about the property. "They provided clients with an opinion that they had a good and marketable title on the property," notes Ray Leclair, Ontario real estate lawyer and vice-president, public affairs at LawPRO, a Torontobased insurance company that insures property purchasers and lenders. "The client who purchases title insurance is relying not on a lawyer's opinion but on the insurance policy." Unlike automobile and other types of property insurance, which protect a policyholder in case of future events, Ron Usher, Vancouver-based general counsel for the Society of Notaries Public of British Columbia, notes that title insurance looks backwards, protecting a policyholder from the results of events that occurred in the past. And unlike other property/ casualty products, it has no termination date and no time limit for filing claims. But there are some future events that title insurance will cover - and that lawyers cannot, Leclair says, such as fraud that occurs after the real estate purchase. "A fraudster may forge the owner's signature on the land transfer document. There have been cases in which tenants put houses up for sale and sold them."

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me future - problems that may arise after they move in While it is an important tool in a real estate lawyer's tool box, Leclair says title insurance won't solve all problems. "Say you buy a home because it has a beautiful deck," he says. "Then the city comes in and tells you the deck was put there contrary to code. It has to be removed. You have title insurance, which pays for the removal and pays to install steps from the house down to the lawn. And the insurance company then does a home evaluation that shows that the property has the same value with or without the deck." The problem is fixed, but not to your satisfaction. You no longer have your deck. "Or you may find that the condo you purchased has a view of the parking lot instead of the lake view you expected," he says. "Title insurance will make up the difference in the price of the two units, but you still won't be happy looking out at the parking lot."

of buildings on the lot, are not mandatory for the purchase of family homes in many provinces, and purchasers may opt to buy title insurance instead of having a survey done. "This decision is often based on cost," he says. "Title insurance often costs less than a survey; its onetime premium is based on the value of the property. So if a survey costs $600 and the title insurance premium is $300, the purchaser may opt for the latter. Of course, the really prudent purchaser would get a survey." It's important to have an experienced real estate lawyer involved in a property purchase, Leclair says. "And you need to tell your lawyer what you want to use the property for. Do you plan to run your business in your new home? The property may be zoned as residential. You also need to tell the lawyer your plans for the property for down the road. Do you intend to put in a garage, a swimming pool or an extension? You may find that you can't build on this part of the property."

Title insurance is often purchased because many banks accept it as an alternative to a land survey in order to obtain a mortgage, says Usher. "It's also an alternative to the cost of doing due diligence to safeguard against title problems such as finding that your house is on the neighbour's lot," he adds. Surveys, which show the property lines and the location

penghocktan.com | 5

Tan.gazine NEWS

Celebrations of Motherhood other's Day is a celebration honoring mothers and celebrating motherhood, maternal bonds and the influence of mothers in society. It is celebrated on various days in many parts of the world, yet most commonly in March, April, or May. It complements Father's Day, the celebration honoring fathers. Celebrations of mothers and motherhood occur throughout the world; many of these can be traced back to ancient festivals, like the Greek cult to Cybele, the Roman festival of Hilaria or the Christian Mothering Sunday celebration. n most countries, Mother's Day is a recent observance derived from the holiday as it has evolved in America. When it was adopted by other countries and cultures, it was given different meanings, associated to different events (religious, historical or legendary), and celebrated on a different date or dates. Some countries already had existing celebrations honoring motherhood, and their celebrations have adopted several external characteristics from the US holiday, like giving carnations and other presents to your own mother.

Sunday, May 13, 2012

Tan.gazine NEWS

The extent of the celebrations varies greatly. In some countries, it is potentially offensive to one's mother not to mark Mother's Day. In others, it is a little-known festival celebrated mainly by immigrants, or covered by the media as a taste of foreign culture. Mother's Day in Canada is celebrated on the second Sunday in May (it is not however, a public holiday or bank holiday), and typically involves small celebrations and gift-giving to one's mother, grandmother, or other important female figures in one's family. Celebratory practices are very similar to those of other western nations, such as Australia, the United Kingdom and the United States. Many people in Canada express their gratitude towards mothers and mother figures on Mother’s Day. A Québécois tradition: many Québécois men offer roses or other flowers to the women. - Source: Wikipedia

Mom its your special day - you get to do whatever you want!

Have A Wonderful Mother’s Day - Tan and the TAN Team

Right: Box off chocolates on - among and a Carnation some of the popular choices of Gifts ifts for Mom’s

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ike most REALTORSŽ who have worked in the profession for a number of years, from time to time I have been asked to explain the value of a REALTORŽ’s services, and what we do throughout the course of a transaction. Here is my take on what’s involved in our work and the most important contribution a REALTORŽ can make to what is likely a consumer’s largest financial decision. Most of a REALTORŽ’s day involves following the market, not just specific houses and neighborhoods, but the ups and downs of the marketplace in general. We also deal with the ups and downs of our clients, their successes and failures, as well as changes to their family structures. Eventually we start to develop a way of seeing so much product that we become adept at sifting out the good from the bad. We recognize that buzzwords like “knob and tube wiring� or “old furnace� are fixable if the house is right. As my first REALTORŽ advised me, “You can fix anything in the house with money but you cannot move the house.� His words guided me to a less expensive house on a great street at a time when I was caught up dreaming of the renovation that I had seen on a less desirable street. I have never regretted that decision, and I know that I would have made a mistake had I not listened to his guidance. As REALTORSŽ, we know that buying and selling a home is a very emotional experience. One of the best services that a REALTORŽ provides is their third party unemotional

SHIFT_the way you move 8 | penghocktan.com

observation, which can help Buyers and Sellers realize what is important, what is worth fighting for, and what that extra bit of mortgage will really mean in the long term. On occasion, media reports infer that REALTORSŽ somehow create the marketplace. This couldn’t be farther from the truth. It is, in fact, the Buyer and the Seller who do so. It is natural for the Seller to want the highest price possible for their property and also for the Buyer to want to purchase for the least amount. How far each is willing to go is entirely up to them. When six REALTORSŽ and the Buyers they represent attempt to purchase one house, the math will tell you that there are going to be five unhappy Buyers and REALTORSŽ who do not achieve their goals. Does that sound like fun? Is that really what REALTORSŽ want? Where is the benefit for the REALTORŽ? These days, REALTORSŽ try to keep their clients realistic, set goals and help them remember that getting excited about a kitchen design to the exclusion of having a main floor family room is steering them off of their must have list, which was responsible for initiating their search in the first place. Providing that kind of guidance is the most important thing that a REALTORŽ can do, notwithstanding making sure that the I’s are dotted and T’s are crossed. It is what keeps us busy, no matter what market we are in. This most important face-to-face contact is one that a computer program will never be able to replace.

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Tan.gazine NEWS

Things You Should Know Sunny Freeman - The Canadian Press March 8, 2012

umber 3 is the question that seems to be asked on a daily basis. This is something that you should be aware of. 1. CIBC has FirstLine Mortgages up for sale. So how does this affect you if you hold a FirstLine mortgage? We are not entirely certain but for those of you renewing your mortgage or switching from a variable/adjustable rate mortgage to a fixed mortgage..............FirstLine has increased their rates in order to not attract new/existing business. Their 5 year closed term is approx. 3.64% compared to discounts normally around 3.19% (disregard the no frills mortgages, see #3) & 10 year term 1.0% higher, see #5. 2. GMAC RFC mortgage holders most likely know by now GMAC Residential Funding in the USA closed its doors years ago. With that, your GMAC mortgage WILL NOT be renewed by GMAC RFC of course. Please contact me to either refinance your mortgage to an historic low rate or to lock a rate for your pending renewal. 3. BEWARE of the banks offering the “no-frills” mortgages, for example the 2.99% rate mortgages. Some of the mortgages are misleading and the lenders themselves DO NOT explain the “fine print” of the product. The biggest problem with looking at rate alone is that you may end up paying thousands of dollars in early payout penalties if you opt for a five-year fixed-rate mortgage, for instance, and then decide to move before the five years is up. No-frills mortgage products won’t let

10 | penghocktan.com

you take your mortgage with you if you purchase another property before your mortgage term is up – ie, portability is not an option with this product. Portability is an important option that could save you money over the long term if the home of your dreams is within your reach before your mortgage term is up and ! rates have risen, which they have a tendency to do over a five-year period. Many people won’t sign a cell phone contract for longer than three years that they can’t get out of, so why would they then sign a mortgage for five years that they can’t get out of ? 4. Should I lock in my variable/adjustable rate mortgage? Very good question, many of you have discounted mortgages, some as much as Prime minus 1.0%! Historically speaking, since these below Prime products became available they’ve been the most cost effective route to take in financing your homes for decades. So, should you lock in when we don’t expect Prime to rise until next year? The point to look at is; what closed rate will you lock into in the following years as we’re enjoying the lowest rates in history. (Note the attached documents). The bond market has increased 50 basis point in the past 3 months and economists are projecting rates will increase in the near future. 5. Should I renew, switch or purchase with a 10 year term mortgage? Again, consider the fact that we’re currently enjoying the lowest rates in history & please note the attachments. A 3.99% 10 year closed term mortgage looks very attractive. Please note, you may port these mortgages to another

Tan.gazine NEWS

There are many questions that have been asked recently on the following subject. I thought I would just send out this list of frequently asked questions on the recent activity in the financial and mortgage industry.

home in the future. Currently we only have access to 3 lenders that offer the 10 year discount rate of 3.99%. This rate is less than a percent higher than the discounted 5 year terms. 6. What is the longest “discount� rate I can hold or get pre-approved for? For the most part the best discounted rates are those with mortgages closing/funding from today to 30-45 days. Discounts are available up to 4 months and some that are just “a bit� higher but still very attractive are available up to 6 months. 7. What is the lowest line of credit rate available? Secured LOC’s or HELOC’s are generally available at Prime (3.00%) plus 0.50%.

to own and maintain numerous rental properties. There are currently a handful of lenders that will allow you to qualify for multiple rental properties on the rental properties ability to carry itself. Lenders commonly will allow you to carry 3-5 rentals in total or some with rentals with other lenders. We have access to lenders that allow strong clients to carry an unlimited amount of rentals aside from what you hold with them. 10. Are zero down mortgages still available? We do have access to lenders that will allow you to use their cashback product for downpayment. One of our lenders gives you 5.50% cashback to use 5.0% as your downpayment and the remaining 0.50% for closing costs.

8. Are self employed mortgages still being offered? Lenders and insurers are definitely tightening up on financing offered for self employed or other clients that require “stated income� or “declared income� products. If you’re looking at obtaining financing, now is definitely a great time to get off the fence and look at your options. 9. As an investor how many properties may I own before I get cut off ? All lenders will look at your ability to debt service or in other words, your ability

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The Carney Dilema

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ank of Canada Governor Mark Carney says that segments of the housing market in particular parts of the country are heading for trouble where their prices are reaching an all-time high. Is Mark Carney suggesting a housing market bubble exists in Canada?

Mark Carney believes that Canadians are taking on too much household debt, especially since the Bank of Canada left its key interest rate the same for the 13th consecutive time. He wants to curb the people's appetite for cheap money. "First and foremost, it's the decisions of the individuals who take out the loans, and Canadians are a smart and prudent people." Carney says, he also mentioned that it isn't just the Canadian individuals pulling out a loan, it's also the banks and institutions that must also change their game plans and have systems in place to stop lending money to people who cannot pay them back. This leads to the federal govern-

12 | penghocktan.com

ment to tighten mortgage lending rules. Hence "help to ensure the system is resilient," he said.

Tan Team Leader and Broker, Peng Hock Tan sheds some insight on Mark Carney's proposed tightening and mentions in a brief interview with the Tan Team Editors, "By tightening lending, we are putting a stunt on the growth of the economy. Money to people is like milk to infants. By tightening the amount of milk we give out, we rob our infants needed opportunity of growth.” Tan says, “While tightening lending may be a good idea, we must also acknowledge the fact that we have hungry infants all around us.”

He continues, “The economy still works with or without intervention – there exists people who rely on loans to continue their daily doings and then there are those who rely on the lending but not ‘that much’ and of course there exists those who

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e n Tan.gazine NEWS

and Tan’s insight completely don’t rely on the loans at all. What I’m saying is tightening won’t solve anything and mixing everyone under the 'completely relying on loans' category is just downright unfair.” He added that the while household debt will have a definite impact on current home owners and future-to-be home owners, this tightening will bar those who may be able to afford a home right now in the near future. This may mean your 5% down for a new home will require you to dish out 10% instead even though you are fully capable of pulling a loan and paying it back.

Tan added, "Yes, house prices are at an all time high in segments of the housing market, the thought of a housing market bubble is feasible - however, it should be noted that the market as hot as it is now, is lacking inventory which will mean one thing. Pent up demand for homes will push home prices further up." he says, "The market forces are dictated by the

consumers, You and I, and what we choose to do will affect the housing market directly and or indirectly." For example, if chance were to throw a large amount of homes onto the market to feed the hungry home buyers, then it'll probably even out the market - eventually there will be pent up demand for home buyers again, which will mean home prices will remain stable until that demand is met and the cycle repeats.

"The cycle will continue to spin, there is no stopping it. This leads us back to our last interview where the killer question is: 'When's the right time to buy or sell?' - Well, it's right now of course!" You should buy or sell when you are in the position to do so. Whether you are forced to or, if the timing says that it's time to make a move - is completely up to you. Will you fuel the demand for homes on the market? Or will you add to the already existing net of hungry home buyers?

penghocktan.com | 13

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Tan.gazine NEWS

The 10-year mortgage ROMA LUCIW - Globe and Mail Blog March 26, 2012

hen our mortgage came up for renewal about a year ago, my husband and I did what many couples do and debated whether to go variable or fixed. What we never seriously considered was locking in to a fixed rate for a decade – that option wasn’t even on the table. What a difference a year makes. A surge of interest in the 10-year mortgage has dramatically altered the home-owner mortgage debate, which has traditionally been a choice between two five-year products – the fixed and variable, says mortgage broker Vince Gaetano of MonsterMortgage.ca. “The reality is that consumers are now smarter and have more foresight. There is considerable understanding that we are at the bottom of the rate cycle.” He says inquiries about the 10-year fixed mortgage rate picked up in January, when it first dipped below 4 per cent.

Now, he is seeing a “record” amount of interest in this product. “Nearly 60 per cent of our clients are currently choosing it, compared with around 5 per cent in previous years,” Mr. Gaetano says. Although interest rates are expected to remain at their current low for the next several months, the Bank of Canada has indicated that a hike is on the horizon. And with Canadian households saddled with record debt, Bank of Canada Governor Mark Carney has repeatedly expressed concern about how people will be able to make their payments once borrowing costs rise. The 10-year mortgage is “of considerable interest to people who are carrying a high debt load,” Mr. Gaetano says. The certainty of knowing that that their mortgage rate is secure for the next 10 years is most appealing to them, he added. In his 22 years in the mortgage business, he has never seen the 10-year mortgage rate below 4.5 per cent. “This is a tremendous opportunity.”

Recent comments from Mark Carney, OTTAWA – Bank of Canada governor Mark Carney often talks about the danger of too much household debt – but he’s unlikely to do anything about it when he has a chance this week. Economists are unanimous that Carney will hold back from raising borrowing costs on Tuesday when he and his policy council announce the new target interest rate. It’s been at one per cent since September 2010, and had been even lower since the recession – leading to some

16 | penghocktan.com

of the lowest borrowing costs in Canadian history. With the U.S. rate likely on hold until 2014, economists say it may be many more months before the Bank of Canada moves off one per cent, fearing that further widening the gap in the cost of money between the two countries will send the loonie into the stratosphere. Last week, all 12 members of the C.D. Howe Institute monetary policy panel were in agreement there should be no change to interest rates.

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Tan.gazine NEWS

Is it the right time to go long?

Robert McLister, the editor of the Canadian Mortgage Trends blog, says the spread between five and 10-year mortgage rates is as tight as he can recall. “The premium you are paying to know what your rate is going to be for 10 years is exceptionally reasonable on a historical basis.” As of late last week, people with good credit could secure a 10-year fixed mortgage for roughly 3.85 per cent to 3.89 per cent. But there are indications that at least some lenders are feeling the squeeze of the ulta-low rates and could soon pull back. Mr. Gaetano has in the past been a vocal supporter of the variable-rate mortgage. Not any more. “The reality is that that train has left the station. It is a dinosaur. Unless we see discounted variables like what we used to see at prime minus 80 [8/10ths of a per cent], there is no good reason to consider the variable.”

setting themselves up for renewing at higher rates in 2016 and 2017, when he expects mortgage rates will be 60 to 70 per cent higher. “I think people are fully aware that their income is not going to be rising by that much,” he says. Mr. Gaetano is concerned that people are not sufficiently prepared for what a rise in interest rates will mean to their mortgage payments. “With rates this low, any increment will be a dramatic increase from what they are paying today and it will be a shock.” York University finance professor Moshe Milevsky says the longer the amortization of your mortgage and the time period over which you plan to make mortgage payments, the more attractive the 10-year rate looks when compared to the 5-year fixed. His advice? “If you want to go with the 10-year, try your best to scrimp and save to shorten the amortization period.”

He believes home owners considering a four- or five-year fixed mortgage should be careful about

Bank of Canada governor “They (central bank) are very concerned about the household debt situation and the strength of the housing market, and the overall stability of domestic spending, and it just isn’t consistent with an overnight rate below inflation,” said Douglas Porter of BMO Capital Markets, a member of the C. D. Howe panel.

As long as the U.S. continues to struggle, despite the occasional encouraging signal, and the European debt problems remain unresolved, the Bank of Canada will be loathe to add negative drag to the domestic economy by tightening lending conditions, he explained. Where Carney may make news this week is an upgrade to economic growth expectation for this year.

“But unfortunately they face this eternal tension of a healthy domestic economy and a shaky external environment.”

penghocktan.com | 17

Tan.gazine NEWS

Report blames non-mortgage debt for consumer woes 9HUQRQ &OHPHQW -RQHV 0RUWJDJH%URNHU1HZV $SULO

Those highlights back up the concerns of mortgage professionals calling on banking regulators to shift their focus away from tightening mortgage lending rules and toward strengthening the underwriting on unsecured debt.

new report from Equifax is pointing a finger in the same direction as brokers, arguing non-mortgage debt as the real threat to consumer solvency.

The argument may be loss on the Office of the Superintendent of Financial Services as it prepares to bring in a slew of new, more rigid guidelines for banks and other mortgage providers.

“It is not surprising to see consumer credit continue to increase given the significantly improved levels of consumer delinquencies and bankruptcies witnessed in the last year, coupled with record-low consumer borrowing rates,� said Nadim Abdo, VP of consulting and Analysis for the credit bureau.

Of immediate concern to brokers is its intention to increase the equity requirements for homeowners seeking HELOC – something that could remove that option for Canadians in desperate need of debt consolidation.

While Credit card debt continued its fall during the first quarter of 2012, decreasing by 2.1 per cent from the same period last year, the Equifax Report reveals total consumer indebtedness – excluding mortgage debt – actually increased by 3.4 per cent compared to the time last year.

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Tan.gazine NEWS

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penghocktan.com | 19

Tan.gazine NEWS Tight Market Drives Double-Digit Price Growth In March, the median price was $501,614 from the $456,234 recorded during March of 2011. Toronto, April 4, 2012

Greater Toronto REALTORS® reported 9,690 sales through the TorontoMLS system in March 2012. This result was up by almost eight per cent in comparison to the 8,986 deals reported during the same period in 2011. “The GTA resale market has not suffered from a lack of willing buyers this year. Buyers have been spurred on by the positive affordability picture brought about by low mortgage rates,” said Toronto Real Estate Board President Richard Silver. “The challenge has been a lack of inventory. Many listings have attracted multiple interested buyers. Strong competition has led to annual rates of price growth well above the long-term average.”

20 | penghocktan.com

The average selling price in the GTA was $501,614 in March – up by 10 per cent in comparison to March 2011. “The number of new listings was up last month in comparison to March 2011. However, based on the historic relationship between price and listings, the GTA resale market should be better supplied. If competition between buyers remains as strong as it is right now, we will almost certainly see an average selling price above $500,000 for 2012 as a whole,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Tan.gazine NEWS Greater Toronto REALTORS® Report Mid-Month Resale Market Figures Greater Toronto REALTORS® reported 4,557 transactions through the TorontoMLS system during the first two weeks of April 2012. This result represented an increase of almost seven per cent in comparison to the same period in April 2011. The number of new listings grew over the same period, but by a lesser annual rate than sales, which means market conditions tightened compared to last year. “Competition between buyers remained strong in many parts of the Greater Toronto Area during the first half of April, with many listings attracting a lot of attention. Strong competition meant that, on average, sellers priced within market value range received offers that matched their asking prices within three weeks,” said Toronto Real Estate Board President Richard Silver. The average selling price during the first two weeks of April was $506,954 – up by five per cent compared to the first half of April 2011. The annual rate of price growth was stronger in the GTA regions surrounding the City of Toronto. “Growth in listings has not kept up with growth in sales. In the City of Toronto, new listings for low-rise home types during the first half of April were actually down compared to last year. This helps explain why some of the tightest market conditions in the GTA can be found within the ‘416’ area code,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

penghocktan.com | 21

Tan.gazine NEWS

t h e f irst e xcl usi ve real est

12.1

Are You Ready “Why hasn’t any other real estate agent ever thought of this?”

“Every perso benefitting

- James Claudeu, home owner

- Stephanie Dubli

22 | penghocktan.com

Tan.gazine NEWS

ate c li e n t ne x u s ever created

2.12

For The Picking ?

on should be from this”

“Why benefit just once when you can benefit for life?”

in, home owner

- Robert Shelton, home owner

penghocktan.com | 23

Tan.gazine NEWS

Peng Ann the Ace of The harbinger of hope and happiness to the Wat Than Slum Community of Cambodia Peng Ann, Advisor/Director Sing-Cam programs February 18, 2012 I visited a slum community in the heart of Phnom Penh, the capital of Cambodia and found children going without a proper meal for days. They run about aimlessly without guidance, without love. I realized I had to do something. No point watching and talking. Do something was my immediate reaction. Instead of asking why, my immediate thought was what can be done. Together with a Cambodia friend who is the founder of a local NGO, we bought this poor child a bowl of porridge and saw the smile on his face. With this, the Porridge for Hope Program was conceived. The rest is history. I sought donations from caring friends in Singapore to develop a program for the community. This culminated in the start of the Sing-Cam Centre. With the Porridge for Hope Program and the Sing-Cam Centre, we were able to provide the following support for the children and youths since October 2011.

24 | penghocktan.com

A

Understanding the Cambod

The Social Leadership Situation There is a severe shortage of Cambodian youths with leaders were killed to prevent uprisings. The effect is the shortage of

Cambodians need the skills to make their own decisions and There is a need for good and conducive environments for lea

Unfortunately, due in part to the legacy of the Khmer Rouge do not have the means to afford a good education will contin opportunities in student councils, extracurricular clubs and ot

There is an urgent need to develop a generation of effective y university education and confidence attitude as we need to bu will be the role-models for the new generation.

ACE Unique role in the dilemma Many NGOs in Cambodia already provide leadership training inclusion of Cambodia’s poorest and most vulnerable citizen between the rich and poor, as those with means seek to main

ACE is also unique by providing a very tightly integrated prog leadership experience on a daily basis. We guide the students projects.

Tan.gazine NEWS

ACE

dian Dilemma

ship skills especially from within the poorer communities. During the Khmer Rouge period, many educated Cambodians social leadership as can be seen by the enormous role played by foreign run NGOs.

solve their own problems in order to achieve sustainable social development and change, through self-governance. arning and applying leadership skills, and for developing good social role models.

e regime, the public schools in Cambodia are inadequately funded. The effect is the poor segment of the community who nue to be left behind. The schools these children attend also lack the resources to develop good leaders through learning ther organisations. The gap between the rich and the poor gets wider.

youth leaders, especially from the poorer segment of the community. It is necessary to provide poor people with uild professionals within the poor community who can act as change agents for the community. Moreover, these youths

g, but their programs are targeted towards, and only affordable to, middle and upper income Cambodians. This lack of s has resulted in the main beneficiaries of these programs being the wealthy. This further entrenches the wealth disparity ntain systems which reinforce their privilege and thus further impoverish the poor.

gram where students not only learn leadership training, but live in a self-governed environment and gain practical in their studies and give them a place to enhance their leadership qualities through organization of the ACE’s other

To See How You Can Help Contact Tan For More Information penghocktan.com | 25

Tan.gazine NEWS

DIY - Recipe For April 2012 Check out food.chatelaine.com for more cool recipes

April 23, 2012

Spicy recipes

P Preparation time: 10 minut Cooking time: 5 minutes C Makes 4 Servings M I Ingredients 1 tbsp olive oil 3340 g pkg frozen shrimp, thawed and peeled 1 tsp hot-red-chili flakes 11/8 tsp salt 3 tbsp lemon juice N Nutrients per Serving 1124 calories 117 g protein 2 g carbohydrates 5 g fat 1198 mg sodium

Roberto Caruso

tes

Tan.gazine NEWS

Lemon Shrimps a side dish idea

First Things First... 1. Heat a medium non-stick frying pan over medium-high. Add oil, then shrimp, chili flakes and salt. Cook until shrimp turns pink, 3 to 4 min. Remove from heat and stir in lemon juice. Preparation Tip: If there is no time to thaw shrimp, just rinse frozen shrimp in a sieve under cold running water until ice crystals melt. Separate the shrimp, then drain well and pat dry. Wine Pairings: ZESTY SHRIMP | FRUITY ROSÉ No blushing wallflowers here! This assertive dry rosé shows concentrated strawberry and plum and an intense, lingering finish. Though its bold flavour would overwhelm delicate seafood, it's terrific beside the hot chili and smoked cheddar in Spicy Lemon Shrimp We recomend you try out La Vieille Ferme Rosé, France, Italy, they retail for approximately $14 at most wine stores.

penghocktan.com | 27

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Down To Business We design, print and publish anything Just like this magazine you are viewing - Kai Min, Producer kaimin@melenion.org

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