Toronto, July 30 (Reuters) – Toronto-Dominion Bank
, Canada’s second-largest lender, said it will take a
third-quarter charge after tax of C$418 million ($406 million)
due to recent severe weather in Alberta and Ontario and to boost
its reserves for auto insurance claims.
The weather-related hit on TD’s insurance and mortgage
lending business was largely shrugged off by investors and
analysts as a widely expected one-time expense. But its move to
strengthen reserves on auto insurance claims suggested the
business may not be as profitable as the bank would like.
TORONTO, July 29 (Reuters) – Dean Owen has been trying to
talk his Canadian clients into shifting to U.S. equities for
months, with only limited success. With slow growth expected at
home, he says it is more important now as the U.S. economy gets
“U.S. consumers are getting out of debt and making sure they
have a comfort zone before they start buying, but they will
start buying,” said Owen, a personal financial planner at Cherry
Financial Services in Saskatoon, Saskatchewan.
TORONTO, July 23 (Reuters) – When financial adviser Lee
Helkie sits down with clients who are afraid to invest their
money, she walks the same uphill path her peers have faced since
2009: how to get investors off the sidelines before it is too
“People aren’t aware that markets have rallied, and the fear
is still there because the news of the economy is so prevalent,”
said Helkie, an 18-year industry veteran at Helkie Financial &
Insurance Services in Toronto.
TORONTO (Reuters) – The bid by Canada’s largest grocer for its largest pharmacy chain is just the latest move by the Weston family, Canada’s second-richest clan, to expand a food and clothing empire that began 131 years ago with a Toronto bread factory.
The C$12.4 billion friendly bid from the Weston family’s Loblaw Companies Ltd for Shoppers Drug Mart Corp would add another jewel to a crown that already includes Selfridges and Fortnum & Mason in Britain, upscale retailers like Holt Renfrew in Canada and Brown Thomas in Ireland, and bakeries and groceries across North America.
TORONTO, July 12 (Reuters) – Canadian home prices rose in
June from May as a seasonal uptick in sales pushed prices to an
all-time high, but the annual price increase was the smallest in
more than three years, the Teranet-National Bank Composite House
Price Index showed on Friday.
The index, which measures price changes for repeat sales of
single-family homes, showed overall prices rose 1.0 percent in
June from a month earlier and were up in every major Canadian
TORONTO (Reuters) – Daniel DiManno sold his Toronto house for less than he had hoped and wanted to see if prices would cool before he bought a new one. But Canadian mortgage rates are rising again and that’s spurring DiManno and others to jump back into the market, cutting short an already brief housing downturn.
“I saw that they are going to increase rates, so I called my bank last Friday and locked in 2.5 percent for 120 days,” said the 31-year-old accountant, starting the clock on a four-month search for a new home before borrowing gets more expensive.
TORONTO, June 30 (Reuters) – Daniel DiManno sold his Toronto
house for less than he had hoped and wanted to see if prices
would cool before he bought a new one. But Canadian mortgage
rates are rising again and that’s spurring DiManno and others to
jump back into the market, cutting short an already brief
“I saw that they are going to increase rates, so I called my
bank last Friday and locked in 2.5 percent for 120 days,” said
the 31-year-old accountant, starting the clock on a four-month
search for a new home before borrowing gets more expensive.
TORONTO, June 26 (Reuters) – Canadian fund manager AGF
Management Ltd on Wednesday posted a net loss for its
fiscal second quarter as tax troubles and a decline in revenue
and assets under management ate away profits.
The Toronto-based asset manager said the net loss from
continuing operations was C$10.4 million ($9.9 million), or 12
Canadian cents per share, in the three months ended May 31,
compared with earnings of C$16.8 million, or 17 Canadian cents a
share, a year earlier.
TORONTO, June 25 (Reuters) – New homebuilding in Canada is
expected to regain momentum in the later part of 2013 and into
2014 as employment, economic growth and migration boost demand
for housing in a market that had slowed, the Canada Mortgage and
Housing Corp said on Tuesday.
“So far in 2013, the average monthly growth rates of MLS
(multiple listing service) sales, new listings and prices have
all been increasing. This follows a period of average monthly
declines that held sway over the second half of 2012,” Mathieu
Laberge, deputy chief economist for CMHC, said in the federal
agency’s second-quarter outlook.
TORONTO, June 17 (Reuters) – Sales of existing homes in
Canada jumped in May from April and will be higher than expected
both this year and next, the Canadian Real Estate Association
(CREA) said on Monday, adding to evidence that the market has
managed a soft landing.
CREA, the industry group for real estate agents, said sales
were up 3.6 percent in May from the month before, the largest
monthly gain in almost 2-1/2 years. It was the latest data to
suggest the Canadian housing market – far from crashing, as some
economists had predicted – is doing better than expected.