Oct 5 (Reuters) – For the folks on the front lines of mutual
fund management at Canada’s top two banks, investor focus on
fixed income and aversion to equities is fueling concern that
clients may never risk enough to get the returns they need.
Four years after the start of the financial crisis and
subsequent bear market, wealth managers at both Royal Bank of
Canada and Toronto-Dominion Bank have a hard
time convincing clients they need to stop clinging to fixed
TORONTO (Reuters) – Hall of Fame center Wayne Gretzky expressed optimism on Monday that the National Hockey League’s (NHL) second lockout in eight years will be resolved in time for the showcase outdoor Winter Classic on New Year’s Day.
Gretzky, who retired from the NHL in 1999 and remains the league’s all-time points leader, said obstacles behind the labor dispute between owners and players should be quicker to overcome than the ones that forced the cancellation of the entire 2004-05 campaign.
TORONTO (Reuters) – While big financial institutions lost the trust of investors with LIBOR scandals and mortgage meltdowns, financial advisers have seen the trust drain away for more personal reasons with faces attached: Bernie Madoff, Earl Jones, Allen Stanford.
The hangover of mistrust caused by high-profile Ponzi schemes, together with volatile markets and distrustful investors, has created a perfect storm of sidelined cash and financial advisers worried about their future.
TORONTO, Oct 1 (Reuters) – Retired hockey superstar Wayne
Gretzky says his father, Walter, not only taught him how to play
the game but also to be financially conservative, avoid debt and
put his money where it is safest: in the bank.
“My dad always told me: ‘It could end tomorrow’,” Gretzky
told reporters in Toronto on Monday as he touted retirement
planning for the wealth management arm of Toronto-Dominion Bank,
Canada’s second-largest bank.
TORONTO, Sept 19 (Reuters) – Canadian home resale prices
edged higher in August from July but a slower pace of gains and
falling prices in three of 11 markets surveyed suggested the
market is cooling, the Teranet-National Bank Composite House
Price Index showed on Wednesday.
The index, which measures price changes for repeat sales of
single-family homes, showed overall prices climbed 0.2 percent
in August from a month earlier, the smallest August gain in 12
TORONTO, Sept 18 (Reuters) – New data showing a slowdown in
Canada’s hot housing market was largely expected and a market
correction will not have a significant impact on the Canadian
economy or on its big banks, the head of Bank of Nova Scotia
said on Tuesday.
As Canadian homeowners and economists watch and worry about
the risk of a U.S.-style housing crash, Scotiabank Chief
Executive Rick Waugh said he believes the country’s mortgage
lenders and its economy will withstand a drop in both prices and
TORONTO, Sept 17 (Reuters) – Sales of existing homes in
Canada dropped in August from July, notching the biggest
month-over-month decline in more than two years, the Canadian
Real Estate Association said on Monday as it cut its sales and
price forecasts for this year and next.
The industry group for Canadian real estate agents said
sales were down 5.8 percent in August from July. Actual sales
for August, not seasonally adjusted, were down 8.9 percent from
a year earlier.
TORONTO, Sept 11 (Reuters) – Canadian housing starts surged
unexpectedly in August as a few large multi-unit projects in
Toronto, presold in late 2010 and early 2011, broke ground, data
from Canada Mortgage and Housing Corp (CMHC) showed on Tuesday.
The seasonally adjusted annualized rate of housing starts
was 224,900 units in August, up from 208,000 units in July and
well above the 200,000 average forecast of analysts in a Reuters
July 30 (Reuters) – Debt-ridden Canadian consumers and a
cooling property market are leaving the country’s stalwart banks
vulnerable, credit rating agency Standard & Poor’s has warned,
fanning a growing national debate on whether Canada is facing a
U.S.-style housing debacle.
While S&P reaffirmed the high ratings of Canada’s biggest
banks, it dropped its outlook to “negative” from “stable.” It
was a shot across the bow for banks still considered among the
healthiest in the world but now facing the risks of a pullback
in consumer borrowing and a downturn in a booming housing market
- reminiscent of the forces that derailed their U.S. rivals four
TORONTO (Reuters) – With hungry Canadian shoppers flocking to U.S. outlet malls every weekend in search of deals, it is perhaps no surprise that U.S. developers have plans to bring a dozen or more premium outlets to Canada in the next few years.
The strategy is simple: coveted brands at below-retail prices – and no long lines to cross the border.