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Finance

Robert Campeau, Who Built And Lost A Real Estate Empire, Dead At 93

Posted in Communications, Development, Finance, Housing, Newsworthy

Robert Campeau, Who Built And Lost A Real Estate Empire, Dead At 93

Robert Campeau, the former real estate mogul who once controlled the Bloomingdale’s and Macy’s department store chains in the United States, has died at 93. An online obituary says he died in Ottawa on Monday. It did not specify a cause of death. Born near Sudbury, Ont., he started a construction company in 1953 and went on to amass a fortune in the real estate development business, with holdings in Ottawa, Toronto, California, Texas and Florida. According to the obituary,...

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Average payments on new mortgages climbing faster than inflation, CMHC says

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Finance, Housing, Industry Trends, Newsworthy

Average payments on new mortgages climbing faster than inflation, CMHC says

Canada’s federal housing agency says the average scheduled monthly mortgage payment for new loans climbed to $1,328 in the fourth quarter of 2016, up 4.6 per cent from $1,269 a year ago. The increase came as house prices continued to rise, particularly in the cities of Toronto and Vancouver and their surrounding areas. Canada Mortgage and Housing Corp. says the fact that the average scheduled monthly payment is growing faster than inflation is concerning because it suggests that homeowners...

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Canada Proposes New Bail-in Regulations for Country’s Banks

Posted in Bylaws / Regulations, CMHC, Communications, Finance, Housing

Canada Proposes New Bail-in Regulations for Country’s Banks

Canada’s department of finance proposed new rules Friday limiting government support for potential bailouts of the nation’s banks, extending a so-called “bail-in regime” promised last year. The government introduced in its April 2016 budget a plan to implement a bail-in regime for Canada’s “systemically important banks,” which would allow authorities to convert securities of a failing lender into common shares to recapitalize the bank and let it remain open and operating. The...

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‘Horrible feeling’: Economist warns more housing measures would be disastrous

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Legislation, Newsworthy

‘Horrible feeling’: Economist warns more housing measures would be disastrous

After several big policy moves aimed at cooling Canadian real estate, a prominent housing bear says he can’t shake the “horrible feeling” that any further steps will lead to disaster. In the almost 12 months since Finance Minister Bill Morneau announced his working group on housing, Ottawa has made it harder for Canadians to get an insured mortgage through more stringent stress tests. In the meantime, B.C. and Ontario have pulled policy levers – most notably taking aim at foreign investors...

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Rising debt, sizzling housing markets leave economy more vulnerable: Bank of Canada

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Finance, Housing, Industry Trends, Newsworthy

Rising debt, sizzling housing markets leave economy more vulnerable: Bank of Canada

As household debt levels continue to climb and housing markets remain hot, the central bank warned that Canada’s weak spots have widened. The country’s financial system has become increasingly exposed to economic shocks amid the continued rise of household debt and still-scorching housing prices in major markets, the Bank of Canada said Thursday. But even as the central bank warned the country’s most significant weak spots have widened, governor Stephen Poloz offered words aimed at reassuring...

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Starlight Investments to infuse new supply into Ontario apartment market

Posted in Appraisal, CMHC, Communications, Development, Finance, Housing, Industry Trends, Newsworthy

Starlight Investments to infuse new supply into Ontario apartment market

A Toronto-based real estate investment and asset management company has announced the closure of a forward purchase of 283 apartment units in two newly constructed residential buildings in Ontario. Starlight Investments, which currently manages $7 billion of multi-residential and commercial properties across Canada and the United States, stated that it has acquired the units situated at Sally Creek in 325 Lakeview Drive, Woodstock, Ontario and at Paisley Square in 1042 Paisley Road, Guelph,...

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GMBREB: Montreal residential property market boosted by condo activity

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Finance, Housing, Industry Trends, Newsworthy

GMBREB: Montreal residential property market boosted by condo activity

The outsized performance of Montreal’s condo market has led to a record number of homes being sold in the area last month, according to the Greater Montreal Real Estate Board. 5,057 residential properties were sold in May, a new high for that month and up 15 per cent year-over-year. The surge came amid concerns that a foreign buyers’ tax in Toronto could be having a spillover effect on Canada’s second-largest city, The Canadian Press reported. Real estate market observers have offered...

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Canada defies expectations with 54,500 new jobs in ‘Memorable May’

Posted in Communications, Employment, Finance, Industry Trends, Newsworthy

Canada defies expectations with 54,500 new jobs in ‘Memorable May’

Canada’s labour market was surprisingly strong last month, when 77,000 full-time positions were created. As a result of the full-time work, Statistics Canada says 54,500 net new jobs were gained overall — far more than expected. “Canada has now generated 185,000 full-time jobs through the first five months of 2017, far exceeding the 73,500 created all of last year … on track, actually, for the best year since the tech boom of 1999!,” wrote Gluskin Sheff Economist David...

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Canada posts largest trade surplus with U.S. since May 2014

Posted in Bylaws / Regulations, Employment, Finance, Industry Trends, Newsworthy

Canada posts largest trade surplus with U.S. since May 2014

With U.S. trade tension already running high, the latest data from Statistics Canada might be putting an even bigger target on Ottawa’s back. Canadian exports to the United States reached a record $36.1 billion in April, according to data released by the national statistics agency on Friday. Top shipments included cars, natural gas and softwood lumber, which has emerged as a major sticking point in cross-border relations.  Thanks to those export gains, Canada’s trade surplus with the U.S....

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Improved prospects for Alberta and Saskatchewan markets this year

Posted in Appraisal, Bylaws / Regulations, CMHC, Communications, Development, Employment, Finance, Housing, Industry Trends, Newsworthy

Improved prospects for Alberta and Saskatchewan markets this year

Alberta and Saskatchewan are poised to lead the rest of the country in terms of provincial economic growth this year, according to The Conference Board of Canada. In its latest report “Provincial Outlook: Spring 2017”, the Board outlined what it saw as a promising trend for the two provinces, whose housing markets have experienced relatively sedate housing growth and activity over the past few quarters. “The difficulties in the resources sector are slowly dissipating and helping Alberta and...

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