TORONTO, Aug 25 (Reuters) – Canada’s Liberals, trailing
third in the polls for October’s election, on Tuesday rolled
out a heavyweight economic team including former finance
minister Paul Martin in a bid to counter charges that leader
Justin Trudeau is too inexperienced to lead the country.
The advisers include policymakers who erased the budget
deficit during the 12-year Liberal reign that preceded the
nine-year-rule of Conservative Prime Minister Stephen Harper,
whom Trudeau derided for failing to balance the budget.
TORONTO, Aug 13 (Reuters) – While Canada’s overall housing
market is at low risk of overheating, its largest city, Toronto,
is at high risk of overvaluation, the federal housing agency
said on Thursday in a report that highlights the nation’s uneven
real estate market.
Amid concerns that bubbles are growing in several cities,
the Canada Mortgage and Housing Corp said Toronto, Winnipeg and
Regina show high risk of overvaluation, price acceleration or
TORONTO, Aug 11 (Reuters) – Canadian housing starts fell
more than expected in July from June but were broadly in line
with demographic fundamentals and analysts said housing remained
a bright spot in Canada’s otherwise sluggish economy.
The report from the Canadian Mortgage and Housing Corp
showed the seasonally adjusted annualized rate of housing starts
fell to 193,032 in July from a downwardly revised 202,338 units
in June. Forecasters had expected 195,000 starts.
TORONTO, July 21 (Reuters) – The Canadian dollar firmed
against its U.S. counterpart on Tuesday as U.S. dollar buyers
took a breather and gold and oil prices stabilized, but an
analyst said the outlook remained grim for Canada’s
“The U.S. dollar has been extremely strong for the last
month and it really came off today. The Canadian dollar also
benefited from gains in oil, so we saw a sharp snapback in the
Canadian dollar, but we’re skeptical it will last,” said Adam
Button, currency analyst at ForexLive in Montreal.
TORONTO (Reuters) – The Bank of Canada has more than a credibility problem. It also has an effectiveness problem. With interest rates already at record lows, Wednesday’s interest rate cut or any further easing will have little impact given borrowers are already leveraged to the hilt.
And much like his peers in industrial economies around the world, Governor Stephen Poloz has few tools left in his kit.
TORONTO, July 15 (Reuters) – Sales of existing homes in
Canada fell in June from May as a decline in sales in Ottawa and
Montreal outweighed increases in the Toronto area, but national
prices continued to rise, the Canadian Real Estate Association
said on Wednesday.
The industry group for Canadian real estate agents said
sales activity was down 0.8 percent last month from May, but
noted that sales levels in May and June were at the strongest
level in more than five years.
TORONTO, July 14 (Reuters) – Canadian home prices rose to a
record high in June from a month ago, the sixth consecutive
monthly increase, and were up strongly from a year ago as
Toronto and Vancouver held momentum, the Teranet-National Bank
Composite House Price Index showed on Tuesday.
The index, which measures price changes for repeat sales of
single-family homes, showed national home prices rose 1.4
percent last month from May.
TORONTO, July 10 (Reuters) – Toronto greeted the opening of the 2015 Pan Am Games with a mix of annoyance and indifference on Friday as concern about traffic, ticket sales and money spent weighed on a city that would have rather been hosting the Olympics.
The July 10-26 Pan Ams will be the largest multi-sport event held in Canada as nearly 7,000 athletes from across South and Central America, the Caribbean and North America compete in 36 sports.
TORONTO, July 9 (Reuters) – Canadian housing starts rose
more than expected in June and new home prices climbed in May,
reports showed on Thursday, suggesting Canada’s long housing
boom still has momentum even as the rest of the economy
The Canadian Mortgage and Housing Corp said the seasonally
adjusted annualized rate of housing starts rose to 202,818 units
in June from a downwardly revised 196,981 in May. Analysts had
expected a slowdown to 190,000.
TORONTO (Reuters) – Canada’s housing boom is increasingly driving homebuyers to seek mortgages from private lenders, who demand rates that can be more than five times higher than those charged by the nation’s banks.
Canadian house prices have risen 36 percent since June 2009, according to the Teranet-National Bank house price index. At the same time, Canadian banks have become more conservative and regulators are making it harder to lend, giving rise to an alternative market, including Canadians who refinance their own homes at low rates and then use the money to become mortgage lenders themselves.