OTTAWA, (Reuters) – After five years of unsteady gains, the Canadian housing market appears to be cooling with regional disparities looming large, two reports showed on Thursday.
The Teranet-National Bank Composite House Price Index, which measures price changes for repeat sales of single-family homes, showed national home prices rose 0.8 percent in May, but it also showed the pace of price appreciation decelerating slightly on a year-on-year basis.
TORONTO, June 9 (Reuters) – Canadian housing starts picked
up more than expected in May and April was revised higher,
suggesting housing will contribute to economic growth in the
second quarter after a harsh winter put the brakes on
construction, data released on Monday showed.
A report from the Canada Mortgage and Housing Corp showed
the seasonally adjusted annualized rate of housing starts rose
to 198,324 in May from an upwardly revised 196,687 units in
April. That surpassed analysts’ expectations for a May reading
TORONTO, June 6 (Reuters) – Canada’s federal housing agency
will no longer offer mortgage insurance for condo construction,
it said on Friday as it made further changes to its programs
with the aim of cutting risks amid the country’s housing boom.
Canada Mortgage and Housing Corp (CMHC) also said it will
restrict mortgages insured via low loan-to-value bulk insurance
by limiting their maximum purchase price, mortgage length and
debt service ratio.
TORONTO, May 23 (Reuters) – The Canada Pension Plan
Investment Board, one of the world’s biggest dealmakers, said it
is hard to find good deals because most assets are fully priced,
but it will be patient and focus on emerging markets to find
deals that offer long-term value.
CPPIB, which manages Canada’s national pension fund, said on
Thursday its assets rose to a record C$219.1 billion ($201.39
billion) at the end of fiscal 2014, as its investment portfolio
returned 16.5 percent for the year ended March 31.
TORONTO, May 22 (Reuters) – Canada federal housing agency
lowered its forecast for housing starts but not prices in 2014
and said sales and construction will be flat or barely higher in
2015 as the once-roaring market adjusts to a glut of
condominiums coming onto the market.
Canada Mortgage and Housing Corp said the nation’s housing
boom is coming to an end in what officials hope will be a soft
landing as construction slows to more sustainable levels and
sales and prices tick only slowly higher.
TORONTO, May 15 (Reuters) – Sales of existing homes in
Canada jumped in April from March as the spring market roared to
life, though they fell from year-ago levels, the Canadian Real
Estate Association said on Thursday.
The industry group said sales were up 2.7 percent last month
from March, the third straight month of gains after a
particularly brutal winter that kept buyers out of the market.
TORONTO, May 9 (Reuters) – IGM Financial Inc, one
of Canada’s top mutual fund companies, said on Friday that
first-quarter net earnings and assets under management both
rose, but their quarterly profit missed expectations as expenses
Shares of the Winnipeg, Manitoba-based company slipped after
it reported net earnings of C$194.4 million ($178.3 million), or
77 Canadian cents a share, in the quarter, down from a
year-earlier profit of C$180.5 million, or 72 Canadian cents.
TORONTO, April 28 (Reuters) – Royal Bank of Canada’s wealth
management division has firm targets for growth, aiming to add
both advisers and assets every year, but Canada’s biggest player
in the high net worth arena is not looking at acquisitions as a
source of growth.
“In Canada, we have leading market share and we are not
looking at any major acquisitions,” David Agnew, chief executive
at RBC Wealth Management Canada, told reporters on Monday.
TORONTO, April 24 (Reuters) – Canada’s Conservative
government proposed a new voluntary pension plan on Thursday
that would shift investment risks to employees in a bid to make
pensions more sustainable, touting it as a third option to the
two main types of plans now in place.
The proposal heats up the debate over the best way to ensure
a financially secure retirement for an aging population as
pensions struggle with poor returns after the financial crisis
and employers try to rid themselves of the burden of pension
TORONTO, April 15 (Reuters) – Sales of existing homes in
Canada jumped in March from February and prices continued to
tick higher as the winter deep freeze ended and home buyers
started to come back into the market, the Canadian Real Estate
Association said on Tuesday.
The industry group for Canadian real estate agents said
sales activity was up 1.0 percent last month from February, and
February’s gain was revised up to a 0.6-percent rise, from 0.3
percent reported previously. The back-to-back monthly gains
followed five straight months of falling sales as the
particularly brutal winter kept the market on hold.