The 30% drop in seasonally-adjusted monthly housing resales in the first seven months of this year has raised fears that a full-blown slump is in the works for Canada. However, we find little compelling evidence of irrationality or bubbles in the overall Canadian market relative to historical patterns.
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Headline News
TORONTO, ONTARIO--(Sept. 3, 2010) - TREB reports a 22% decrease in sales and a 6% increase in prices in August 2010 from August 2009. "Market conditions and the affordability picture would have to change dramatically before a sustained drop in the average selling price would take place," said Jason Mercer, TREB's Senior Manager of Market Analysis.
September 3, VANCOUVER, BC - Conditions in the Greater Vancouver housing market continued to favour buyers in August. Since April, prices have edged down slightly as the number of sales and the number of properties coming on to the market have been declining.
OTTAWA, Sept. 3 /CNW/ - The latest Harris/Decima-Investor's Group Measure of Consumer Confidence reveals that 1 in 5 Canadians see good times ahead.
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Person to Person
Wayne Sudsbury - Experience & Professionalism
Business to Business
Mike Linehan, Canadiana Financial Corp
JAC: Congratulations on your new entry to the market, Canadiana Financial. What stage are you at in terms of launching? Website? Staffing? Office location? Regional and/or National representation?
CFC: Thanks for your kind comments; the employees at Canadiana Financial Corp (CFC) are excited to have the opportunity to serve our loyal brokers. The launch is complete and CFC is fully operational in all Provinces excluding Quebec. We are planning future expansion into Quebec. CFC is a Vancouver based residential mortgage lender with business development professionals located in BC, Alberta and Ontario.
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Announcements
MONTREAL, Sept. 2 /CNW Telbec/ - Laurentian Bank of Canada reported net income of $30.1 million, or $1.13 diluted per common share, for the third quarter ended July 31, 2010, compared to net income of $28.7 million, or $1.08 diluted per common share, for the third quarter of 2009. Return on common shareholders' equity was 11.0% for the quarter, compared to 11.6% for the corresponding period in 2009.
Toronto, Sept. 1, 2010 - CIBC announced today it has completed its acquisition of an approximately $2-billion credit card portfolio from Citigroup's Canadian MasterCard business, making CIBC the largest dual issuer of Visa and MasterCard credit cards in Canada. The MasterCard portfolio includes accounts associated with co-branded Petro-Canada credit cards that offer the Petro-Points rewards program.
EDMONTON, Sept. 1 /CNW/ - Canadian Western Bank (TSX: CWB) today announced very strong financial performance marking the Bank's 89th consecutive profitable quarter. Third quarter net income increased 62% to $46.6 million compared to the same quarter last year while diluted earnings per common share increased 55% to $0.59.
The Honourable Jim Flaherty, Minister of Finance, today announced the coming into force of regulations to protect Canadians who use credit cards.
Gino Tieri is appointed Vice-President, Sales for MCAP Service Corporation.
TORONTO, Aug. 16 /CNW/ - Scotiabank lowers rates by 10 basis points, effective August 17, 2010:
TORONTO, July 15 /CNW/ - Genworth MI Canada Inc. (the "Company") today announced a substantial issuer bid, pursuant to which the Company will offer to purchase for cancellation up to C$325 million of its common shares.
TORONTO, July 3 /JAC/ - Welcome to the eighteenth issue of the Mortgage Broker e-Info Newsletter, produced and distributed by the Financial Services Commission of Ontario. This newsletter provides updates on Ontario's Mortgage Brokerages, Lenders and Administrators Act, 2006 and regulations.
TORONTO, June 30 /JAC/ - A comprehensive listing of HST applicable items and schedule for Ontario.
VICTORIA, June 29 /JAC/ - A comprehensive listing of HST applicable items and schedule for British Columbia.
Events
In the News
- "We did it: We are the least affordable city in North America."
- A home you like and can afford trumps the market
- Big-name realtors plot rival listings site
- Housing bubble 'an accident waiting to happen
- What to expect from banks this week
- Loonie Nears Weakest in Month After Revised Bank of Canada Expectations
- Carney Rate-Increase Odds Dip Below 50 Percent on Inflation: Canada Credit
Bloggers
Association News
Alberta
Calgary Housing Market in a Period of Correction
City of Calgary sales wane as town and country sales hold steady.
FRASER VALLEY HOME BUYERS TAKE HOLIDAY IN JULY
Surrey, BC - August 4 - The Fraser Valley Real Estate Board (FVREB) processed 1,101 sales on its Multiple Listing Service (MLS®) in July, a decrease of 47 per cent compared to the 2,089 sales during the same month last year and down 39 per cent compared to June.“Last year, we experienced the busiest July in our history and this year it was the quietest in a decade,” says FVREB President, Deanna Horn. “Although the real estate market typically slows in the summer months, we didn’t anticipate this level of change.
CAAMP continues efforts on GST/HST issue
VANCOUVER, August 9 / CAAMP/ - On June 30, 2010 the federal government released two revised documents regarding CRA Notice 250. This is the Notice that dealt with proposed amendments to the definition of financial services which may have resulted in broker commissions being subject to GST/HST. The revised Notice included two specific examples referencing mortgage brokers as well as changes to the definitions section of the Budget Bill referencing brokers.
OREB: Still a seller’s market in Ottawa; prices rise steadily
August 5, 2010 : Still a seller’s market in Ottawa; prices rise steadilyMembers of the Ottawa Real Estate Board sold 1,149 residential properties in July through the Board’s Multiple Listing Service® system compared with 1,578 in July 2009, a decrease of 27.2 per cent.
