August - September 2015 Volume 04 Issue 05
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ontents August • September 2015 Volume 04 Issue 04 Royal LePage Announces Major Expansion in British Columbia
04
RBC: Canadians Are Likely To Have Borrowed More Despite Recession
Toronto Home Sales Still Heading North
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06
Vancouver - August Sales Higher Than A Year Ago, Down From July
06
Royal LePage Launches #IMHOME Marketing Campaign
Royal LePage Shelter Foundation Named A National Partner In Sheltersafe.ca
Labour Market Boosts Canadian Real Estate In The Second Quarter
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10-11
Rare Opportunity In Norval - 2.30 Acres Detach Bungalow
12
Home Affordability At ‘Risky’ Levels, But Prices Forecast To Keep Rising
13
*UHDWHU 7RURQWR 0DUNHW :DWFK $XJXVW
14
This Magazine Is Brought To You By:
P e e l | H a l t o n | H a m i l t o n | To r o n t o | Yo r k | W e l l i n g t o n | D u r h a m | D u f f e r i n | S i m c o e | K i t c h e n e r - W a t e r l o o | C a m b r i d g e
Designer: Kai Min • Cover: “Chicago Skylineâ€? - Source: citywallpaper.com • Advertising: Kai Min | admin@tanteam.com
Royal LePage Meadowtowne Realty™ is a licensed franchise to Royal LePage and is Independently Owned and Operated. :KLOVW HYHU\ FDUH KDV EHHQ WDNHQ LQ SUHSDULQJ WKLV PDJD]LQH 7DQ̽JD]LQH DQG DOO YHQGRUV FRUSRUDWLRQV EXVLQHVV̾ DQG DIͤOOLDWHV JLYH QR ZDUUDQW\ IRU WKH LQIRUPDWLRQ FRQWDLQHG KHUHLQ 3RWHQWLDO SXUFKDVHUV VKDOO VDWLVI\ WKHPVHOYHV DV WR DOO PDWWHUV DQG VHHN LQGHSHQGHQW DGYLFH LI QHFHVVDU\ 7KH YLHZV H[SUHVVHG LQ WKH DUWLFOH V WKURXJKRXW 7DQ̽JD]LQH DUH WKRVH RI WKH DXWKRU DQG GR QRW QHFHVVDULO\ UHSUHVHQW WKH YLHZV RI 7KH 7$1 7HDP DQG LWV DIͤOLDWHV 7KH LQIRUPDWLRQ FRQWDLQHG KHUHLQ GRHV QRW IRUP DQ\ SDUW RI DQ\ FRQWUDFW RIIHU RU UHSUHVHQWDWLRQ $GGLWLRQDOO\ WKLV PDJD]LQH LV QRW LQWHQGHG WR VROLFLW SURSHUWLHV FXUUHQWO\ FRQWUDFWHG DQG RU DOUHDG\ OLVWHG IRU VDOH
Royal LePage Announces
Major Expansion in British Columbia Move makes it the largest real estate company on Vancouver
fastest growing national real estate business in British
Island.
Columbia and in Canada,� Soper continued.
Royal LePage Real Estate Services (Royal LePage) has
Established in 1984, Coast Realty Group is a large, independent
announced the acquisition of the Coast Realty Group brokerage
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and property management business which will operate under
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the Royal LePage banner, effective immediately.
Columbia.
“I am thrilled to welcome the more than 150 highly regarded professionals at Coast Realty to the Royal LePage family,� said Phil Soper, President and CEO, Royal LePage. “This important acquisition is consistent with our goal to give Canadians everywhere access to the superior service that only comes from working with one of our uniquely trained and equipped RealtorsŽ.� “We have made growth in the all-important British Columbia market a strategic priority and the focus has paid huge dividends. In the last year alone, Royal LePage has experienced incredible momentum across the province, adding 600 RealtorsŽ through acquisition. We are both the oldest and the
April/May 2015 Volume 04 Issue 03
Royal LePage News
July 22, 2015
RBC: Canadians Are Likely To
Have Borrowed More Despite Recession
:KLOH RIͤFLDO ͤJXUHV VKRZ D WHFKQLFDO UHFHVVLRQ IRU WKH ͤUVW half of 2015, it seems Canadians were not put off from borrowing. A report from RBC shows that the average household’s level of debt grew to a new record high. The bank’s economist Laura Cooper estimates that Canadians now have $1.84 trillion in debt, including mortgages; up 4.9% IURP WKH ͤUVW KDOI RI +RPH ORDQV LQFUHDVHG While interest rates are low and there have been some income gains, Cooper’s report warns that this will not continue forever and notes that 40% of outstanding debt is held by just 12% of
Steve Randal @ Canadian Real Estate Magazine
households.
September 04, 2015
These could become a problem as mortgage rates rise.
Steve Randal @ Canadian Real Estate Magazine
September 04, 2015
Toronto Home Sales
Still Heading North
All housing types in the Greater Toronto Area saw an increase
"It was encouraging to see annual growth in new listings
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outstrip annual growth in sales, but we will need to see this for
Estate Board.
a number of months before market conditions become more balanced,"
The overall increase year-over-year was 5.7% with 7,998 VDOHV &RQGR VDOHV JUHZ E\ \HDU RYHU \HDU
3ULFHV LQFUHDVHG LQ ERWK +3, &RPSRVLWH %HQFKPDUN DQG average selling price terms.
New listings grew faster than sales but the overall level of active listings was lower in August than the same time in
In the City of Toronto the average price in August was
2014, making it a sellers’ market.
$605,817, up from $564,270 in 2014, while the rest of the GTA VDZ DQ DYHUDJH RI XS IURP LQ
“A record year for home sales continued to unfold in August as competition between buyers exerted upward pressure on
Detached houses and townhouses achieved the highest price
selling prices," said Jason Mercer, TREB's director of market
increases, at 12.4% and 11.7%, respectively.
analysis.
April/May 2015 Volume 04 Issue 03
5
Royal LePage named Canada’s 2015 Outstanding Corporate Citizen Royal LePage Real Estate Services has been named the 2015
The Outstanding Corporate Citizen Award is presented annually
Outstanding Corporate Citizen by the Canadian Franchise
to a franchise system that has demonstrated genuine and
Association (CFA).
The company received the award for
ongoing concern and support for a community or social service
demonstrating sustained support for the local communities
organization. Royal LePage is the only real estate company to
WKURXJK LWV QHWZRUN RI RYHU EURNHUDJH RIͤFHV DQG IRU
ever win the award.
philanthropic innovation on a national scale. All administrative costs of the Royal LePage Shelter Foundation The company’s 16,000 Realtor network has raised more than
are underwritten by the company, ensuring 100 per cent of all
$20 million through the Royal LePage Shelter Foundation, the
donations go to the cause.
largest public foundation in Canada committed to ending violence in the home, and providing support to the women and children who fall victim to it. Phil Soper, president and CEO of Royal LePage, says, “I am
Remonline.ca
extremely proud of the women and men of Royal LePage, for
June 12, 2015
WKHLU RQJRLQJ ͤQDQFLDO FRPPLWPHQW WR RXU IRXQGDWLRQ DQG IRU the compassion they show through countless hours of volunteer work for the cause. The good works we do wouldn’t be possible without the immense support we receive from business partners and clients.�
Vancouver - August Sales Higher Than A Year Ago, Down From July 6DOHV RI KRPHV LQ *UHDWHU 9DQFRXYHU ZHUH XS E\ LQ -XO\ compared to a year earlier but down 15.5% from June. The Real Estate Board of Greater Vancouver says that there ZHUH VDOHV LQ $XJXVW $OWKRXJK WKLV ZDV ORZHU WKDQ in July, it was 27.9% above the 10-year average for the month. Tighter inventory has made an impact on total sales. Although new listings on the MLS increased by 8.7% year-over-year in August, the total number of homes available was 26.2% lower WKDQ D \HDU HDUOLHU DQG ORZHU WKDQ LQ -XO\ 7KH 0/6 +RPH 3ULFH ,QGH[ FRPSRVLWH EHQFKPDUN SULFH LQ Greater Vancouver was up 12% year-over-year to $708,500.
6
April/May 2015 Volume 04 Issue 03
Steve Randall @ Canadian Real Estate Magazine
September 03, 2015
Royal LePage Launches #IMHOME Marketing Campaign
Royal LePage has launched an online contest to connect with
Clients and prospects can enter their photos in the contest by
clients and prospects over the summer and fall months.
clicking on a personalized URL they receive from their agent. 2U WKH\ FDQ HQWHU DW DW WKH ,0+20( FRQWHVW ZHEVLWH DQG
Canadians are being asked to take photos of what home
include the agent’s name on the entry form.
PHDQV WR WKHP DQG VKDUH WKHP RQ WKH ,0+20( FRQWHVW VLWH The sales rep or broker with the most submissions is eligible Contestants are entered for a chance to win $25 weekly gift
to win a grand prize $2,500 Air Canada or Sunwing Vacations
card prizes, $250 monthly gift card prizes or a $2,500 home
travel voucher.
VKRSSLQJ VSUHH DW +XGVRQĚľV %D\ +RPH 'HSRW RU %HVW %X\ Canada.
Royal LePage News
Royal LePage’s brokers and sales reps have been equipped
August 14, 2015
with a variety of digital marketing tools and pre-printed and customizable signs to be used in their client photos.
Royal LePage Shelter Foundation
Named A National Partner In Sheltersafe.ca
The Royal LePage Shelter Foundation has been named a
accessible on all platforms including the web, on smartphones
national partner in Sheltersafe.ca – a new online resource –
and tablets. In this way, the needs of women living in remote,
along with RBC Foundation. Funds will be provided to
rural and urban areas will be served.�
underwrite the costs of the new website. Sheltersafe.ca uses a clickable map to help women connect quickly with the shelter
Shanan Spencer-Brown, executive director of the foundation,
in their community. In addition to being a safe place to stay,
says: “The key to bringing safety to women who have
shelters have 24-hour phone lines to support women in crisis.
experienced abuse is for them to know that support is available at a local women’s shelter. Sheltersafe.ca will make
“Royal LePage has long been known as a leader in real estate
LW HDVLHU IRU WKHP WR ͤQG WKLV KHOS ̚
industry technological innovation. We felt it was important to apply the same focus to our Royal LePage Shelter Foundation, as another way to show our commitment to helping women and children who have experienced domestic violence,� says Phil Soper, president and CEO of Royal LePage. “The Sheltersafe.ca website is the only one of its kind in Canada and is
Remonline.ca
July 22, 2015
April/May 2015 Volume 04 Issue 03
7
Labour Market Boosts Canadian Real Estate In The Second Quarter Royal LePage reports that 2015 is shaping up to be a record year; urges Bank of Canada move cautiously on further
Some of the highest average price increases in the country
interest rate cuts.
ZHUH VHHQ LQ 7RURQWR DQG +DPLOWRQ SDUWLFXODUO\ LQ WKH detached home segments. In the second quarter of 2015,
Against the backdrop of mixed economic signals at home and
Toronto saw a 12.9 per cent year-over-year average price
abroad, Canada’s real estate market remained healthy in the
increase in detached bungalows and an 11.6 per cent increase
second quarter of 2015, with solid national average price
in the price of standard two-storey homes. During the same
appreciation across housing segments. Furthermore, the
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combination of high sales volumes and vigorous price
in the same two categories, respectively. Running parallel to
appreciation in Canada’s largest cities has put the national
this, Toronto gained approximately 69,000 jobs between June
residential real estate market on track for a record year in
2014 and June 2015 and saw a decrease of 1 full percentage
terms of total sales. With most Canadian real estate markets
point in the unemployment rate to 6.9 per cent, according to
across the country advancing modestly, and some rapidly,
6WDWLVWLFV &DQDGD> @ +DPLOWRQĚľV XQHPSOR\PHQW UDWH DOVR
Royal LePage advises that a further interest rate cut by the
declined, sitting at 5.2 per cent in June, down from 6.5 per cent
Bank of Canada could over-stimulate markets such as greater
in the same month last year, as the city gained approximately
Toronto and Vancouver.
QHZ MREV $OO ODERXU IRUFH ͤJXUHV UHIHU WR WKUHH PRQWK moving averages, adjusted for seasonality).
$FFRUGLQJ WR WKH 5R\DO /H3DJH +RXVH 3ULFH 6XUYH\ DQG 0DUNHW Survey Forecast released today, the average price of a home in
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&DQDGD URVH EHWZHHQ SHU FHQW DQG SHU FHQW
FRQͤGHQFH ̚ VDLG 6RSHU ̸7KLV FRQͤGHQFH LV GULYHQ LQ ODUJH
year-over-year in the second quarter. The detached bungalow
part by employment status and prospects. You can see this
segment had the highest national increase, rising 7.5 per cent
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jobs trends, supported by the low interest rate environment,
appreciated 6.8 per cent to $471,002. During the same period,
are encouraging home purchases in record numbers. We
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believe an additional interest rate cut, which has been
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discussed with increasing frequency in recent weeks, would be
average price of a home in Canada will increase 6.1 per cent
inappropriate policy at this time.�
for the full year when compared to 2014. “While the oil shock has been a troublesome drag on our “The robust national average home price increases that we
economy this year, it seems premature to ring the recession
have seen in the second quarter are heavily influenced by
alarm bells now, injecting further monetary stimulus,�
activity levels in Toronto and Vancouver,� said Phil Soper,
continued Soper. “The country’s all-important real estate
SUHVLGHQW DQG FKLHI H[HFXWLYH RIͤFHU 5R\DO /H3DJH ̸7KH
market simply does not need a rate cut. I worry that stoking
housing industry in both cities boasts a foundation of
this engine further could move us from a perfectly manageable
prosperous labour markets driving demand for housing that is
PDMRU PDUNHW H[SDQVLRQ LQWR D PRUH GLIͤFXOW FRUUHFWLRQ DV
in limited supply – above average price increases aren’t going
price levels decouple from more household incomes.�
away any time soon. Looking to Canada as a whole, 2015 is
8
shaping up to be a record year for housing, despite the cloud
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of economic uncertainty caused by low oil prices and twitchy
home price appreciation in the second quarter, posting 12.6
global economies.�
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April/May 2015 Volume 04 Issue 03
and standard two-storey home categories, respectively. In June, the city’s unemployment rate was 6.1, up 0.4 percentage
Threats to the health of Canada’s real estate market in the
points from its level a year earlier, but still lower than the
remaining months of the year include the continued drag from
national average and well within normal levels for the region.
oil price declines and the risk of sharper regional home price
Meanwhile in the Calgary market, job losses have been lower
corrections if oil fell further; further delay in anticipated export
than many expected in the wake of oil price declines. Although
EHQHͤWV IURP WKH ORZHU &DQDGLDQ GROODU D UHWXUQ WR FDODPLW\ LQ
the June unemployment rate has edged up 0.7 percentage
Europe if the tentative sovereign debt deal with Greece comes
points over the past year to a still low 5.9 per cent, the city
apart; and the potential for a brewing capital markets crisis in
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China.
prices in the region remained relatively flat year-over-year in most segments, with the average price of a detached
“A recession now, if we have technically reached that point,
bungalow slipping 0.9 per cent, while the average price of a
appears to be more of a stiff breeze to the hurricane we
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battled at the end of the last decade. Further, it would seem
average price of a condominium rose 1.6 per cent.
prudent for Governor Poloz to hold some dry powder in reserve, should one of the seemingly endless geopolitical
“We believe the oil-shock adjustment to home values in
crisis situations broadside us,� concluded Soper.
Calgary has for the most part already taken place and expect stable to modestly declining prices through the second half,� said Soper. “Vacancy rates remain low in Calgary as individuals and families continue to be attracted to the vibrant city and those that have spent their careers in the energy sector shrug
Royal LePage News
July 14, 2015
off declines as temporary and simply a characteristic of the industry’s cyclical nature.�
April/May 2015 Volume 04 Issue 03
9
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April/May 2015 Volume 04 Issue 03
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SPACIOUS AFFORDABLE SEMI-DETACH Fletcherâ&#x20AC;&#x2122;s Creek Village - Brampton. Property is centrally located in mature and quiet neighbourhood, easy access to SXEOLF WUDQVLW VFKRROV DQG SDUNV %RRN D private showing with The TanTeam today! MLS W3284778 - $449,813
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April/May 2015 Volume 04 Issue 03
11
R A R E
O P P O R T U N I T Y
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&
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Abundance of Space Which Includes A 125 Yd Pvt Golf and Putting Practice Range. Future Development Studies In The Area Include,
P e e l | H a l t o n | H a m i l t o n | To r o n t o | Yo r k | W e l l i n g t o n | D u r h a m | D u f f e r i n | S i m c o e | K i t c h e n e r - W a t e r l o o | C a m b r i d g e
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PENG HOCK TAN REAL ESTATE BROKER
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Direct: 416-669-1748 Email: tan@tanteam.com
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KAI MIN TAN SALES REPRESENTATIVE
Not intended to solicit currently listed properties. The above information is from sources believed reliable, however, no responsibility is assumed for the accuracy of this information. April/May 2015 Volume 04 Issue 03
Direct: 416-720-1738 Email: kai@tanteam.com
Toronto, Vancouver Home Affordability
At â&#x20AC;&#x2DC;Riskyâ&#x20AC;&#x2122; Levels, But Prices Forecast To Keep Rising
+RPH DIIRUGDELOLW\ LQ 7RURQWR DQG 9DQFRXYHU LV DSSURDFKLQJ
"Elsewhere, markets that had embarked on soft landings over
â&#x20AC;&#x153;riskyâ&#x20AC;? levels, according to a report from RBC, but low interest
the last few years, including Ottawa, Montreal and Quebec City,
rates and even the falling loonie mean Canadians shouldnâ&#x20AC;&#x2122;t
have seen activity either stabilize or perk up," TD said.
count on affordability improving in those two cities. The cost of owning a home has been holding steady
"The central theme for housing affordability in Canada continues to be the wide divide between stretched
in most parts of Canada, but affordability declined during the
conditions in Toronto and Vancouver, and fairly neutral
second quarter in the two most expensive markets, Vancouver
conditions in the rest of the country," RBC said in its report.
and Toronto, RBC said. The gap in housing affordability between Toronto,
"The split, in fact, widened during the second quarter of 2015, with strong price increases for single-detached
Vancouver and the rest of the country widened to an all-time
homes in Toronto and Vancouver squeezing affordability
high. Affordability in Vancouver is nearing the worst on record,
further in these markets, whereas a slow pace of appreciation
and affordability in Toronto is approaching the levels seen in
â&#x20AC;&#x201D; at best â&#x20AC;&#x201D;kept the cost of home ownership mostly stable in
1990 before a long downturn, RBC said.
the majority of other markets."
But that slump in Toronto happened when interest
RBC said there was evidence that buyers were more
rates were high and rising, an ingredient thatâ&#x20AC;&#x2122;s missing from
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the market today. In a separate report released Monday, TD
quarters as a result of the dramatic decline in oil prices, but
Bank said it expects a decline in Canadian borrowing rates in
"prices still remained under slight downward pressure for the
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most part . . ."
but then have a waning effect in the late stages of this year. In its latest analysis of housing trends, RBC also
"The picture was a little different in Saskatchewan where a recovery in single-detached home prices negatively
said Monday it expects prices will continue to rise in Toronto
affected the affordability of bungalows and two-storey
and Vancouver in the short term because of tight supplies of
homes."
detached homes for sale. The bank said supply and demand are more balanced in other Canadian markets and affordability has been close to the long-term average since 1985. It says the low-rate environment has helped to keep markets "humming" in hot markets and reduce the impact of
In Quebec, RBC said home prices were "quite stagnant" and that contributed to improved housing affordability. "Widespread improvements similarly took place in Atlantic Canada, although there remain few indications that housing demand is turning a corner in the region."
low commodity prices in other markets, particularly in Alberta and Saskatchewan. And with the Canadian dollar hitting 11-year lows last week, some market insiders say foreign investors will be snapping up more real estate in Toronto and Vancouver.
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August 31, 2015
Toronto developer Peter Freed, who is reportedly having his best sales year ever, told the Globe and Mail heâ&#x20AC;&#x2122;s seeing more interest from foreign investors in the wake of the loonieâ&#x20AC;&#x2122;s decline. â&#x20AC;&#x153;Itâ&#x20AC;&#x2122;s been our best year ever in our 20-year history,â&#x20AC;? he said. â&#x20AC;&#x153;We spent 10 years selling 2,000 units in King West and weâ&#x20AC;&#x2122;ve sold almost 2,000 units at Yonge and Eglinton in 24 months.â&#x20AC;? TD said commodity-dependent regions such as Edmonton, Calgary, Regina and Saskatoon "have weakened considerably so far this year, but to a lesser degree than was originally anticipated."
April/May 2015 Volume 04 Issue 03
13
Sales and Average Price Up in August In August, the median price was $602,607 from the $546,482 recorded during August of 2014 TORONTO, September 4, 2015 -- Toronto Real Estate Board
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President Mark McLean announced that Greater Toronto Area
and the average selling price for all home types combined were
REALTORS® reported 7,998 residential transactions through
up substantially in August compared to the same period in
the TREB MLS® System in August 2015. This result
2014, with both increasing by approximately 10 per cent
represented a 5.7 per cent increase compared to 7,568 sales
year-over-year.
reported in August 2014. On a GTA-wide basis, sales were up for all major home types.
“A record year for home sales continued to unfold in August as competition between buyers exerted upward pressure on
The annual growth rate in new listings was greater than the
selling prices. It was encouraging to see annual growth in new
annual growth rate in sales, but active listings at the end of
listings outstrip annual growth in sales, but we will need to see
August were still down compared to last year. This suggests
this for a number of months before market conditions become
that sellers’ market conditions remained in place, especially
more balanced," said Jason Mercer, TREB's Director of Market
where low-rise home types like singles, semis and townhouses
Analysis.
were concerned.
̸%X\HUV LQ WKH *7$ UHPDLQ FRQͤGHQW LQ WKHLU DELOLW\ WR SXUFKDVH and pay for a home over the long term. They see ownership housing as a quality investment that has historically produced positive returns while at the same time providing owners with a place to live in their chosen community,” said Mr. McLean.
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April/May 2015 Volume 04 Issue 03
Find Us On The Go! ,W̵V 1HYHU 7R 'LIͤFXOW 7R *HW ,Q 7RXFK Find Us On: 2QOLQH ZZZ WDQWHDP FRP *RRJOH 0DSV ̸7KH 7$1 7HDP 0LVVLVVDXJD̹ 7ZLWWHU #3HQJ+RFN7DQ )DFHERRN ZZZ IDFHERRN FRP 7DON7R7DQ *RRJOH ZZZ JRRJOH FRP WDQWHDP April/May 2015 Volume 04 Issue 03
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