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Jan 29, 2014

Fund manager AGF profit below estimates, hurt by redemptions

TORONTO (Reuters) – AGF Management Ltd (AGFb.TO: Quote, Profile, Research, Stock Buzz) reported a smaller-than-expected fourth-quarter profit on Wednesday as the redemption of a single legacy account helped trim assets under management by 12.1 percent, even as global stock markets gained.

The Canadian fund manager, one of the nation’s largest independents, said net income from continuing operations was C$7.1 million ($6.4 million), or 8 Canadian cents per share, in the fourth quarter ended November 30, compared with C$13.0 million, or 14 Canadian cents per share, a year earlier.

Jan 15, 2014

Canada existing home sales soften in December – CREA

TORONTO, Jan 15 (Reuters) – Sales of existing homes in
Canada dropped sharply in December from November, the Canadian
Real Estate Association said on Wednesday, adding to a string of
data showing Canada’s housing market was cooling as 2013 drew to
a close.

The industry group for Canadian real estate agents said
sales activity was down 1.8 percent last month from November.
Actual sales for December, not seasonally adjusted, were up 12.9
percent from December 2012, which was a particularly weak month.

Jan 14, 2014

Canadian home prices edge higher in December -Teranet

TORONTO, Jan 14 (Reuters) – Canadian home resale prices
edged up in December and returned the Teranet-National Bank
Composite House Price Index to a record high after a decline the
month before.

The index, which measures price changes for repeat sales of
single-family homes, showed on Tuesday that national prices rose
0.1 percent last month from November. In November, they fell 0.1
percent from October.

Jan 9, 2014

Canada housing starts, permits drop, prices flat as market cools

TORONTO, Jan 9 (Reuters) – Canada’s once-hot housing market
showed signs of cooling as 2013 drew to a close, with building
permits and housing starts falling and prices leveling off in
the final months of the year after a strong summer and fall.

Three separate reports released on Thursday showed the same
cooling trend, with weaker-than-expected readings for November’s
new housing price index and building permits, and December’s
housing starts.

Jan 2, 2014

Scandal-plagued Toronto mayor launches re-election campaign

TORONTO (Reuters) – Toronto Mayor Rob Ford, who won global ridicule last year after admitting to having used crack cocaine, registered on Thursday for the October mayoral election, saying he was the best mayor Canada’s largest city has ever had and would be re-elected.

Ford, who last year admitted that he smoked crack while in a “drunken stupor,” purchased illegal drugs while in office and drove after drinking, said his slogan will be “Ford more years.”

Dec 20, 2013

Fed’s taper portends year of the bond picker

TORONTO, Dec 20 (Reuters) – It’s been years since fixed
income offered investors the “safe and stable” side of a
portfolio, but Canadian asset managers believe the waves created
by the Federal Reserve’s tapering may make investing in bonds an
especially bumpy ride in 2014.

The year ahead has been billed as one in which interest
rates start creeping back to historical norms and the 30-year
bond bull market comes to an end. But with economic growth still
sub-par, Canadian money managers say there is money to be made
in fixed income if investors pick the right spots.

Dec 18, 2013

Canadian regulators put off fiduciary duty standard

TORONTO, Dec 18 (Reuters) – Canada’s investment industry is
gearing up for a final battle to kill a proposed regulation that
would formally require advisers to act in the best interest of
clients, a change that could eat into the profit of wealth

According to polls, most Canadian investors do not realize
that advisers have no “fiduciary duty” to their clients. Instead
of looking after the best interests of the investors they serve,
advisers currently need only meet a “suitability standard,”
providing advice or selling products that conform with the
investor’s needs.

Dec 18, 2013

Canadian housing market in good shape -federal housing agency

Dec 18 (Reuters) – Canadian condominium construction has
surged but population growth has kept oversupply in check, the
federal housing agency said in a report on Wednesday that also
showed declining mortgage arrears and high home-equity levels.

In its annual report on the housing market, the Canada
Mortgage and Housing Corp pointed to steady mortgage debt and an
increasing number of households as evidence that residential
real estate is in good shape, despite warnings from observers
that the market is overheated.

Dec 16, 2013

Canada home sales edge lower in November

TORONTO, Dec 16 (Reuters) – Sales of existing homes in
Canada dipped in November from October as a surge in autumn
sales spurred by rising mortgage rates abated, the Canadian Real
Estate Association said on Monday.

The industry group for Canadian real estate agents said
sales activity was down 0.1 percent last month from October.

Nov 15, 2013

Canadian home sales fall in October as rate risk fades

TORONTO, Nov 15 (Reuters) – Sales of existing homes in
Canada declined in October from September, suggesting the summer
surge in sales was boosted by homebuyers who jumped into the
market amid the threat of rising mortgage rates, dampening
demand as the year draws to a close.

The Canadian Real Estate Association said on Friday sales
activity was down 3.2 percent last month from September, ending
a string of monthly gains that began in the spring.