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BLOG / NEWS Updates

Aug 29


C.D. Howe Institute Monetary Policy Council Urges Bank of Canada to Hold Overnight Rate at 1.00 Percent for Next Six Months.

The C.D. Howe Institutes Monetary Policy Council (MPC) recommends that the Bank of Canada keep its target for the overnight rate, the very short-term interest rate it targets for monetary policy purposes, at 1.00 percent at its next announcement on September 3, 2014. Looking ahead, the Council called for the Bank to hold the target at 1.00 percent through the spring of 2015, but called for a target of 1.50 a year from now. The MPC provides an independent assessment of the monetary stance appropriate for the Bank of Canada as it aims for its 2 percent inflation target. William the Institutes President and Chief Executive Officer, chaired the Councils 88th meeting. The group generally took a positive view of Canadas current economic performance, expecting a solid reading for second-quarter real GDP (a key economic release between the MPC meeting and the Bank of Canadas announcement), continued progress in closing the gap between actual and potential output, and inflation expectations well anchored at the Banks 2 percent target. Looking abroad, members noted that disappointing news out of Europe and Japan was more than balanced by positive US growth. While some members noted that the Canadian dollar looks higher than Canadas terms of trade would support, many expected improvements in net exports and more buoyant business investment to complement continued spending growth on the part of Canadian households in the months ahead. In drawing conclusions about the conduct of Canadian monetary policy, however, the group wrestled with two major types of questions: about the size, duration and even the significance of the output gap; and about the normal level for the overnight rate the rate that would be appropriate if the output gap were zero and inflation were at 2 percent.

Aug 26


Tenant insurance offers peace of mind

Leaving home for the first time, going away to school and renting an off-campus apartment can make for an exciting yet stressful time for students and parents alike. As college and university students head to the classroom this fall, CAA Insurance Company (Ontario) is encouraging parents of post-secondary students to invest in tenant insurance. Whether your child is renting a house or an apartment, tenant insurance offers peace of mind. It will cover their personal possessions, such as furniture, clothing, electronics and jewelry, in the event of a fire or break-in. Tenant insurance is often overlooked. Renters think their belongings are protected because their landlord has insurance, but that isnt the case, said Matthew Turack, VP, CAA Insurance Company (Ontario). Sending a teen to university or college can be expensive. Now imagine if you have to replace all their belongings because they were destroyed in a fire or stolen, added Turack. Once tenant insurance is purchased, CAA Insurance recommends making a detailed list of all your personal belongings, photographing each item and keeping receipts and warranties in a safe place should you need to make a claim. For over a hundred years, CAA has been helping Canadians stay mobile, safe and protected. CAA South Central Ontario is one of nine auto clubs across Canada providing roadside assistance, automotive care, travel products, insurance services and member savings for more than 1.9 million members. SOURCE CAA South Central Ontario

Aug 21


Summer flooding in Prairies pegged at over $60 million in insured damage

Insurance Bureau of Canada (IBC) reports that the estimated insured damage caused by heavy rains and high winds across southern Saskatchewan and Manitoba in late June and July was just over $60 million, according to Property Claim Services (PCS). The flooding, wind damage and transportation disruptions caused by these storms disrupted peoples lives and businesses, said Bill Adams, IBC Vice-President, Western and Pacific. People were forced from their homes, roads were flooded and crops were destroyed. These storms are another example of the toll severe weather events are taking on Canadian families and communities. Parts of southeast Saskatchewan and areas of western Manitoba reported heavy rain fall. States of emergency were called in both provinces. Hundreds of residents had to leave their homes and dozens of roads were impassable due to flooding. Sections of at least 15 highways, including portions of the TransCanada Highway, were closed due to the flooding. The rain also led to record flow levels on rivers and streams in both provinces. The insurance industry continues to spread the word about the need to update infrastructure, to engage consumers on how to protect themselves and their properties against severe weather. The industry is also working with all three levels of government to help develop, promote and implement adaptation measures, Adams said. He also reminded residents that most insurers offer a 24-hour claims service for filing claims. Claimants should give as much detail as possible when providing information to their insurers, he said.

Aug 18


Canadian home sales edge higher in July

Highlights: National home sales rose 0.8% from June to July. Actual (not seasonally adjusted) activity was 7.2% higher than July 2013 levels. The number of newly listed homes edged up 0.4% from June to July. The Canadian housing market remains in balanced territory. The MLS Home Price Index (HPI) rose 5.3% year-over-year in July. The national average sale price rose 5.0% on a year-over-year basis in July. The number of home sales processed through the MLS Systems of Canadian real estate Boards and Associations rose 0.8 per cent on a month-over-month basis in July 2014, marking the sixth consecutive monthly increase and the highest level for sales since March 2010. (Chart A) Sales activity rose in about 60 per cent of all local housing markets in July, led by gains in Victoria, Winnipeg, London and St. Thomas, and Ottawa together with broadly-based increases in Quebec and New Brunswick. On the surface, national sales activity in July was similar to what we saw in May and June, said CREA President Beth Crosbie. That said, July sales picked up in markets that struggled to gain traction in the spring, while activity eased slightly in some of Canadas largest urban markets. As always, all real estate is local and whether youre looking to buy or sell, your local REALTOR is your best source of information on all the factors driving the market where you currently live or might like to in the future. Actual (not seasonally adjusted) activity in July stood 7.2 per cent above levels reported in the same month last year. July sales were up from year-ago levels in about 70 per cent of all local markets, led by Greater Vancouver and Fraser Valley, the Okanagan region, Calgary, Winnipeg, Greater Toronto, Hamilton-Burlington, London and St. Thomas, and Ottawa. For the year-to-date, sales activity is up 4.7 per cent compared to the first seven months of 2013 and in line with the 10-year average for the period. The number of newly listed homes edged up 0.4 per cent in July compared to June. The number of markets where new listings rose was equal to the number where they declined. Regina, Winnipeg, Greater Toronto, Windsor-Essex, Ottawa and Montreal posted the biggest monthly increases in new listings, which offset fewer new listings in Fraser Valley, Calgary and Fredericton. New listings and sales activity trends have closely tracked each other since February. Many new listings have come on stream in markets with tight supply and continuing demand. As a result, the strength of sales in recent months likely reflects how many properties were snapped up once they finally hit the market following the harsh winter that caused sales and new listings to be deferred. Low mortgage interest rates continue to bolster home sales activity, said Gregory Klump, CREAs Chief Economist. With the Bank of Canada widely expected to hold interest rates steady until next year, mortgage financing will remain attractive over the second half 2014 and continue to support Canadian economic growth while waiting for Canadian exports and investment to improve. The national sales-to-new listings ratio was 53.6 per cent in July, little changed from 53.4 per cent June and 53.2 per cent in May. This remains firmly entrenched within the range from 40 to 60 per cent that marks balanced market territory. The ratio has remained within short reach of its current level for more than four years, averaging 52.6 per cent since the beginning of 2010. Just over half of all local markets posted a sales-to-new listings ratio in this range in July. Of the remainder of markets, more than half were sitting above the 60 per cent threshold that marks the border between balanced and sellers market territory, many of which are found in Alberta and Southern Ontario.


TD Bank Scotia Bank First National National Bank B2B Bank Home Trust
Bridgewater Bank MCAP Merix Industrial Alliance Optimum Canadiana Financial
Equitable Trust ICICI Bank CFF Bank Fisgard Capital  RMG Mortgages