TORONTO (Reuters) – Long convinced the country’s housing boom would never end in a crash, Canadians have watched this autumn as a sharp slowdown in real estate spreads across the country, leaving would-be home buyers hopeful and sellers scared.
“The power is in the hands of the buyer – that’s what I’m feeling,” said Andria Petrillo, 32, as she and her husband toured a quiet open house in the heart of Toronto, where crowds and chaos once reigned over weekend home showings.
TORONTO, Oct 24 (Reuters) – Home prices dipped in September
from August and year-over-year price gains slowed for a 10th
straight month in another sign that Canada’s housing 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 fell 0.4 percent in
September from a month earlier, the third September drop over
the past 13 years.
Oct 23 (Reuters) – Canada’s response to cyber threats has
been slow and incomplete, the federal Auditor General said in a
report on Tuesday that cited bad communication and part-time
monitoring as weaknesses in the nation’s computer and
infrastructure security system.
The federal government has made limited progress in patching
cracks in the security of Canada’s physical and information
technology network since a cyber attack crippled the Finance
Department and Treasury Board in 2011, Auditor General Michael
TORONTO (Reuters) – The head of wealth management at Royal Bank of Canada (RY.TO: Quote, Profile, Research, Stock Buzz) said on Thursday the bank is seeking small to medium-sized acquisitions, particularly in Latin America and Asia, to build its equity capabilities in global asset management.
“We’re very strong in North America, and globally in fixed income, so we are interested in strengthening our international equity capabilities with a particular focus on Latin America and Asia,” RBC Wealth Management group head George Lewis told Reuters in an interview.
Oct 16 (Reuters) – Strategists at two of Canada’s top
independent wealth managers say the time may be right to invest
in companies that make cars, consumer durables and even
industrial equipment like rail cars, as aging fleets and
inventories spur a replacement cycle.
After a long consumer and corporate pullback, spending has
begun to bloom again on big-ticket purchases, offering
investment opportunities for Canadians looking to pump up
portfolio growth with careful stock picks.
TORONTO, Oct 15 (Reuters) – Sales of existing homes in
Canada rose in September from August, notching the first monthly
gain since March, the Canadian Real Estate Association said on
Monday, but year-over-year sales dropped sharply in another sign
Canada’s hot housing market is cooling.
The industry group for Canadian real estate agents said
sales activity was up 2.5 percent in September from August.
Actual sales for September, not seasonally adjusted, were down
15.1 percent from a year earlier.
TORONTO, Oct 9 (Reuters) – Canadian housing starts slowed in
September as multiple urban starts slumped, particularly in
Ontario, in line with expectations that housing construction
will ease as the year progresses, Canada Mortgage and Housing
Corp said on Tuesday.
The seasonally adjusted annualized rate of housing starts
was 220,215 units in September, compared with 225,328 units in
August. The August figure was revised up from 224,900 units
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.