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Finance

Saudi Arabia suspends diplomatic, trade ties with Canada

Posted in Communications, Finance, Industry Trends, Newsworthy

Saudi Arabia suspends diplomatic, trade ties with Canada

Saudi Arabia suspended diplomatic ties and new trade dealings with Canada in response to Canada’s call for the release of women’s rights activists — a dramatic escalation that highlights the kingdom’s increasingly assertive foreign policy under Crown Prince Mohammed bin Salman. Saudi Arabia recalled its ambassador to Ottawa and ordered the Canadian envoy to Riyadh to leave within 24 hours, according to a Foreign Ministry statement. Canada is “seeking greater clarity” about...

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China dethroned as world’s second-biggest stock market amid U.S. trade war

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

China dethroned as world’s second-biggest stock market amid U.S. trade war

China just lost its ranking as the world’s number two stock market. After a Thursday slump, Chinese equities were worth US$6.09 trillion, according to data compiled by Bloomberg. That compares with US$6.17 trillion in Japan. The U.S. has the world’s largest stock market at just over US$31 trillion. China’s stock market overtook Japan’s in late 2014, then soared to an all-time high of more than US$10 trillion in June 2015. Chinese equities and the nation’s currency have taken a beating this...

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‘Fantastically good’ Canadian economy shifts focus to rate hike

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

‘Fantastically good’ Canadian economy shifts focus to rate hike

Canada’s economy is gaining strength instead of buckling amid a trade fight with the U.S. Exports rose to a record high in June even as President Donald Trump slapped tariffs on steel and aluminum, and gross domestic product expanded in May at its fastest clip in a year, according to data released this week by Statistics Canada. That has economists predicting second-quarter growth of more than 3 per cent and talking about the possibility of a second-straight rate increase from the Bank of...

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‘Shock and awe’: Life in Doug Ford’s Ontario

Posted in Appointments, Bylaws / Regulations, Communications, Development, Employment, Finance, Health & Safety, Housing, Industry Trends, Legislation

‘Shock and awe’: Life in Doug Ford’s Ontario

Doug Ford has wasted little time in his first month as premier of Ontario, leaving the business community to wonder whether a “shock and awe” approach can be sustained for his full term. The newly minted Progressive Conservative leader has kicked off his tenure at Queen’s Park by moving rapidly on a number of fronts – from carbon taxes to cannabis retail – Toronto city council and more. Every move thus far appears to have been designed to fulfill campaign promises to his supporters while...

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3 unexpected ways Montreal’s housing market continues to heat up

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

3 unexpected ways Montreal’s housing market continues to heat up

Strong immigration numbers and a red hot job market have been boosting the Montreal housing market all year, and last quarter was no exception. As other cities struggle to adjust to the effects of new policy, including a mortgage stress test, the Montreal market has posted month-after-month of rising home sales and prices. Read on for a closer look at three ways the market continued to outperform last quarter. Sales are climbing The second quarter of 2018 saw a 4 per cent quarter-over-quarter...

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These 3 groups of homebuyers are causing condo prices to soar in Greater Vancouver

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

These 3 groups of homebuyers are causing condo prices to soar in Greater Vancouver

Although overall home price growth has eased in Greater Vancouver over the past year, prices continue to rise in the region’s condo market, due to overwhelming demand for the more affordable homeownership option. But, Royal LePage President and CEO Phil Soper says there are three key groups of prospective homebuyers that are putting extra pressure on the condo market. “We have young people, Millennials, who are moving rapidly into homeownership and they are looking for condos. We have retiring...

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Doug Ford’s Ontario PCs Say Killing Cap-And-Trade System Will Cost $5M

Posted in Bylaws / Regulations, Communications, Finance, Housing, Industry Trends, Legislation, Newsworthy, Tax Law, Utility Management

Doug Ford’s Ontario PCs Say Killing Cap-And-Trade System Will Cost $5M

The environment minister believes the business community will like the move. Ontario’s new Progressive Conservative government expects to spend up to $5 million to compensate companies that bought into the province’s cap-and-trade system, the provincial environment minister said Wednesday before moving to repeal the carbon pricing program. Rod Phillips introduced a bill that, if passed, will lay out the legal framework to wind down cap and trade, as well as the criteria for...

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Canada cuts U.S., China out of talks on reforming global trade

Posted in Appointments, Bylaws / Regulations, Communications, Employment, Finance, Industry Trends

Canada cuts U.S., China out of talks on reforming global trade

Canada’s new Minister of International Trade Jim Carr has invited a dozen trade ministers to meet in October to discuss how to fix the World Trade Organization. But two countries have been left off the list: the U.S. and China. The goal is to “identify concrete and tangible ways the operation and function of the WTO can be advanced and improved over the short, medium, and long term,” Canada’s WTO Ambassador Stephen de Boer said in a phone interview. “The idea is that it is a discussion...

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Housing intervention creating permanent generation of renters, association warns

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

Housing intervention creating permanent generation of renters, association warns

Recent government policies aimed at cooling some of Canada’s hottest housing markets will result in a permanent generation of middle-class renters, a new report from Mortgage Professionals Canada warns. In a study released Wednesday, the industry association estimates approximately 100,000 Canadians have already been priced out of buying a home as a result of Ottawa’s new mortgage stress tests that took effect in January. It also says that that about 18 per cent of prospective homebuyers who...

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It’s not just condos — Toronto is also running out of commercial real estate

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

It’s not just condos — Toronto is also running out of commercial real estate

Toronto is currently the most constrained industrial market in North America. Canada is not just running out of residential real estate in its key markets — the country’s commercial and industrial real estate is also filling up fast. Availability of industrial property across the country fell to a historically low level of 3.9 per cent in 2018, while supply tightened in eight of the 10 major commercial real estate markets, according to CBRE Group, Inc., the real estate services and investment...

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