Bill Ackman resigns from Canadian Pacific board. New directors elected.
Last week, following the recent dramatic decline to slam the Vancouver housing market after a 15% luxury real estate sales tax aimed at foreign purchasers, ground the local market to a halt, we reported that China's angry consul general to Vancouver lashed out at the local government for finally bursting a housing bubble which doubled Vancouver real estate prices in the past decade. "Why a 15 percent tax? Why now? Why this rate? What’s the purpose? Will it work?" Liu Fei, China’s infuriated consul general in Vancouver, said in an interview with Bloomberg. "The issue is how to help young people afford housing," she added. "I’m not sure even a 50 percent tax would solve the problem." Arguing that the tax would halt the influx of hot Chinese money into Vancouver - which many have claimed is the reason for Vancouver's stratospheric housing prices - Liu said that "this is a big country with a small population. It needs immigration to grow the economy." The implication was that absent a hospitable housing market where Chinese hot money launderers can park their cash, it is Canada that would suffer. Whether or not the conflicted Chinese consul is correct, remains to be seen, but for now one thing is undisputed: the Vancouver market is being roiled as the latest numbers from the Real Estate Board of Greater Vancouver confirmed. In August, the board reported that Vancouver home sales fell 26% from a year earlier, while prices slid as the 15% tax crimped demand. Compared to July, sales tumbled by 23% to 2,489 transactions. Detached properties were hit hardest as sales dropped 45% from a year earlier. Transactions of attached homes such as town-houses dipped 25% and apartment sales were down 10 percent. Meanwhile, the average price of detached Vancouver properties crashed, dropping 17% on the month, and 0.6% on the year, to C$1.47 million ($1.13 million) in August, the lowest price since September 2015. Dan Morrison, president of the real estate board, said in the press release that Friday’s data show the tax “appears to have added” to a slowing trend that started several months ago by “reducing foreign buyer activity and causing some uncertainty amongst local home buyers and sellers." “It’ll take some months before we can really understand the impact of the new tax. We'll be interested to see the government's next round of foreign buyer data", Morrison said adding that there’s an “imbalance between supply and demand in most communities", with the supply clearly overwhelming demand. Needless to say, the realtor's group opposed the tax after it was announced as it also applied to pending transactions, leaving many buyers shouldering an unexpected tax and sellers with scuttled deals. He said in the statement the board is seeing fewer detached home sales, particularly in the highest price points. As sales slow and prices cool, new listings of properties increased only slightly from last year, rising 0.3 percent. “What we’ve seen in August is mostly buyers going on the sidelines, either being forced onto the sidelines because they were cut by the sales tax and decided not to proceed with sales, or folks out there saying ‘let’s see how the dust settles,’” Robert Hogue, senior economist at Royal Bank of Canada, told Bloomberg. “So far we haven’t seen necessarily a flood of properties being listed on the market." One look at the chart above, however, and what is so far only a trickle will become a flood shortly as local sellers "on the sidelines" realize just how big the drop now is. Meanwhile, the bursting of the housing bubble is bad news for the local government: as the city cools, governments of all levels are deriving the biggest share of their revenue from housing and related activities, about 17%, in about two decades, according to a National Bank of Canada report this month. Worse, the August swoon is just the beginning: the city is still the least affordable in the country. As reported previously, roughly 90% of a typical family’s income goes to service a mortgage and pay property taxes and utility bills in Vancouver, double the national average, according to a Royal Bank of Canada second-quarter report. The benchmark price of all housing types, a custom measure used by the real estate board which excludes some properties, showed the price of a home on that measure increased 31 percent from a year earlier in August to C$933,100. If the Vancouver bubble has indeed burst, keep an eye on the blue line in the chart above whose rate of fall is only set to accelerate.
Toronto-Dominion (TD), also known as TD Bank, is re-entering the now-booming industry through six new offerings.
Germany’s financial watchdog effectively shuttered a unit of Canada’s Maple Financial amid a tax investigation, prompting shareholder National Bank of Canada to warn that its capital level would take a hit.
Представляем вашему вниманию обновленную таблицу валютных прогнозов от National Bank of Canada. Все прогнозные значения в таблице ниже подразумеваются на конец обозначенного периода. Источник: Forexpf.Ru - Новости рынка Forex читать далее…
Axiom has filed a class action lawsuit against Barclays (BCS) for the latter's alleged rigging of FX trading practices which caused substantial damages to Axiom's trading partners.
Canadian Imperial Bank of Commerce (CM) would record a restructuring charge in the range of C$175 million to C$200 million in its fiscal fourth-quarter 2015 results and may incur further restructuring costs in the near future
Canada stocks were higher after the close on Friday, as gains in the Energy, Materials and Mining sectors led shares higher. At the close in Toronto, the S&P/TSX Composite rose 0.71%. The best performers of the session on the S&P/TSX Composite were Trican Well Service Ltd . (TO:TCW), which rose 19.73% or 0.29 points to trade at 1.76 at the close. Meanwhile, Trilogy Energy Corp (TO:TET) added 18.00% or 0.72 points to end at 4.72 and Bellatrix Exploration Ltd (TO:BXE) was up 15.79% or 0.33 points to 2.42 in late trade. The worst performers of the session were ATS Automation Tooling Systems Inc. (TO:ATA), which fell 3.26% or 0.45 points to trade at 13.36 at the close. National Bank of Canada (TO:NA) declined 3.02% or 1.36 points to end at 43.70 and Ritchie Bros. Auctioneers Inc . (TO:RBA) was down 2.52% or 0.950 points to 36.770. Rising stocks outnumbered declining ones on the Toronto Stock Exchange by 884 to 470 and 178 ended unchanged. The S&P/TSX 60 VIX, which measures the implied volatility of S&P/TSX Composite options, was down 5.63% to 23.13. Gold for December delivery was up 1.00% or 11.20 to $1133.80 a troy ounce. Elsewhere in commodities trading, Crude oil for delivery in October rose 6.31% or 2.69 to hit $45.24 a barrel, while the October Brent oil contract rose 5.09% or 2.42 to trade at $49.98 a barrel. CAD/USD was down 0.13% to 0.7567, while CAD/EUR rose 0.36% to 0.6762. The US Dollar Index was up 0.38% at 96.11.
Валютные стратеги National Bank of Canada обновили валютные прогнозы. В таблице ниже приведены их актуальные значения на конец третьего и четвертого кварталов нынешнего года, а также первого, второго и третьего кварталов следующего. Источник: Forexpf.Ru - Новости рынка читать далее…
Here's a look at 3 large bank stocks to consider when interest rates rise.
Представляем вашему вниманию обновленную таблицу прогнозов валютных курсов от стратегов National Bank of Canada. Все прогнозные значения в таблице ниже подразумевают достижение указанных уровней на конец соответствующего периода. Источник: Forexpf.Ru - Новости рынка Forex читать далее…
Fiscal second quarter results of Canadian banks, scheduled for released this week, may gain from firming oil prices
The Zacks Analyst Blog Highlights: National Bank of Canada, TransAlta, Enerplus and Royal Bank of Canada - Press Releases
The Zacks Analyst Blog Highlights: National Bank of Canada, TransAlta, Enerplus and Royal Bank of Canada
While it is debatable if the rates will be chopped further, adding potential dividend-paying stocks to the portfolio should be a prudent move