April 2013 Canadian Economic Fundamentals
- Thread starter Ally
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Canada's economy enjoys growth spurt: StatsCan
OTTAWA ` The manufacturing sector helped drive the Canadian economy`s return to better than expected growth in January after ending 2012 with a mild contraction in December.
However economists cautioned that growth remained below the two per cent pace for the year expected by the Bank of Canada.
Read the full article here.
OTTAWA ` The manufacturing sector helped drive the Canadian economy`s return to better than expected growth in January after ending 2012 with a mild contraction in December.
However economists cautioned that growth remained below the two per cent pace for the year expected by the Bank of Canada.
Read the full article here.
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The Keystone sideshow
News that TransCanada Corp. planned to build a $7-billion pipeline to haul more than 800,000 barrels of crude oil from the Alberta oil sands to Texas first began appearing in local papers in McCone County, Montana, in the spring of 2008. At the time it stirred little debate. Then-governor Brian Schweitzer called the project `a big dog` that would boost local property tax revenue by nearly $60 million a year. Locals mused about how it could bring 30 new jobs and enough money to pay for a new elevator in the local courthouse. They compared it to the last time TransCanada built a pipeline through the area, the Northern Border natural gas line that went online with little fanfare in 1982. `The odds are extraordinarily high that this will come to fruition,` Evan Barrett, Montana`s director of economic development told reporters in 2008. `We don`t see any speed bumps.`
Read the full article here.
News that TransCanada Corp. planned to build a $7-billion pipeline to haul more than 800,000 barrels of crude oil from the Alberta oil sands to Texas first began appearing in local papers in McCone County, Montana, in the spring of 2008. At the time it stirred little debate. Then-governor Brian Schweitzer called the project `a big dog` that would boost local property tax revenue by nearly $60 million a year. Locals mused about how it could bring 30 new jobs and enough money to pay for a new elevator in the local courthouse. They compared it to the last time TransCanada built a pipeline through the area, the Northern Border natural gas line that went online with little fanfare in 1982. `The odds are extraordinarily high that this will come to fruition,` Evan Barrett, Montana`s director of economic development told reporters in 2008. `We don`t see any speed bumps.`
Read the full article here.
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As housing market cools, so does riskier lending
It`s a tough time to be in the home-loan business, ask Christopher Molder.
The Toronto mortgage broker is caught up in the same housing slowdown that`s crimping the incomes of everyone tied to the residential real-estate market, from agents to big banks.
Read the full article here.
It`s a tough time to be in the home-loan business, ask Christopher Molder.
The Toronto mortgage broker is caught up in the same housing slowdown that`s crimping the incomes of everyone tied to the residential real-estate market, from agents to big banks.
Read the full article here.
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Banks pushing low mortgage rates in branches, despite Flaherty's concerns
A sign in a Toronto Bank of Montreal branch promoting a five-year fixed mortgage rate of 2.89 per cent Wednesday is just one indication that Canada`s Finance Minister has his work cut if he wants to stop banks from offering ultra-low rates.
The big banks are generally toeing the line by keeping their posted ` or nationally advertised ` rates at higher levels after Finance Minister Jim Flaherty scolded lenders over recent rate cuts, fearing they would stoke the housing market. However, bank staff and brokers are competing hard for customers and rates below 3 per cent are now the norm for five-year fixed-rate mortgages. And analysts who cover the sector say that, if anything, rates are likely to fall further.
Read the full article here.
A sign in a Toronto Bank of Montreal branch promoting a five-year fixed mortgage rate of 2.89 per cent Wednesday is just one indication that Canada`s Finance Minister has his work cut if he wants to stop banks from offering ultra-low rates.
The big banks are generally toeing the line by keeping their posted ` or nationally advertised ` rates at higher levels after Finance Minister Jim Flaherty scolded lenders over recent rate cuts, fearing they would stoke the housing market. However, bank staff and brokers are competing hard for customers and rates below 3 per cent are now the norm for five-year fixed-rate mortgages. And analysts who cover the sector say that, if anything, rates are likely to fall further.
Read the full article here.
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Total sets sights on getting oil sands crude to Gulf Coast
France`s Total SA says current market conditions favour processing oil sands crude on the U.S. Gulf Coast rather than building an $11.6-billion upgrader in Alberta, as the company took a $1.65-billion (U.S.) loss on its 49-per-cent stake in the cancelled Voyageur project.
Total announced the writedown a day after its partner, Suncor Energy Inc., announced the cancellation of the Voyageur project. Suncor ` Canada`s largest oil-sands producers ` said market conditions have changed dramatically in the past few years, particularly with the huge supplies of light oil from U.S. shale plays flooding into the market.
Read the full article here.
France`s Total SA says current market conditions favour processing oil sands crude on the U.S. Gulf Coast rather than building an $11.6-billion upgrader in Alberta, as the company took a $1.65-billion (U.S.) loss on its 49-per-cent stake in the cancelled Voyageur project.
Total announced the writedown a day after its partner, Suncor Energy Inc., announced the cancellation of the Voyageur project. Suncor ` Canada`s largest oil-sands producers ` said market conditions have changed dramatically in the past few years, particularly with the huge supplies of light oil from U.S. shale plays flooding into the market.
Read the full article here.
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Deficit and debt fighters of today should learn from Ralph Klein
All politicians say they went into public life `to make a difference.` Ralph Klein actually did make a difference. He showed Alberta ` and Canada ` how to deal with runaway deficits and public debt.
The Klein model was a steroidal version of short-term pain for long-term gain. Rather than just level off the growth in spending, he made deep actual reductions. He imposed a 5 per cent salary cut on all public servants in Alberta, including teachers, professors and nurses. By moving quickly, he got results. If you try to get rid of deficits over a long period of time, the unexpected will always happen. Tax revenues will decline, or interest rates will go up ` maybe both of those, with lots of other contingencies, too.
Read the full article here.
All politicians say they went into public life `to make a difference.` Ralph Klein actually did make a difference. He showed Alberta ` and Canada ` how to deal with runaway deficits and public debt.
The Klein model was a steroidal version of short-term pain for long-term gain. Rather than just level off the growth in spending, he made deep actual reductions. He imposed a 5 per cent salary cut on all public servants in Alberta, including teachers, professors and nurses. By moving quickly, he got results. If you try to get rid of deficits over a long period of time, the unexpected will always happen. Tax revenues will decline, or interest rates will go up ` maybe both of those, with lots of other contingencies, too.
Read the full article here.
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Canada's labour pain: 1.3 million jobless, but not enough skills
Some companies may be having a tough time finding suitable new hires ` but Canada`s problem, at least right now, is not a labour shortage.
For all the hue and cry about shortages, it`s tough to find hard data to support the claims.
The number of job vacancies, at last count, are at the same level as a year ago and so is the ratio of unemployed people to job openings. The Bank of Canada`s business outlook survey shows shortages are far less acute than before the recession. And while the jobless rate has fallen in recent months, 1.33 million Canadians are out of work, a higher number than before the downturn (it was 1.11 million in October, 2008).
Read the full article here.
Some companies may be having a tough time finding suitable new hires ` but Canada`s problem, at least right now, is not a labour shortage.
For all the hue and cry about shortages, it`s tough to find hard data to support the claims.
The number of job vacancies, at last count, are at the same level as a year ago and so is the ratio of unemployed people to job openings. The Bank of Canada`s business outlook survey shows shortages are far less acute than before the recession. And while the jobless rate has fallen in recent months, 1.33 million Canadians are out of work, a higher number than before the downturn (it was 1.11 million in October, 2008).
Read the full article here.
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We're a nation of suburban apartment dwellers, but we're afraid to admit it
What kind of housing do you think is most uniquely Canadian: The Victorian semi-detached house? The suburban split level? The downtown glass condo tower?
Think again. The dwelling that`s most Canadian, in its sheer numbers and popularity, is the slab farm ` the block of high-rise rental apartment buildings, generally constructed between 1955 and 1979, located closer to the countryside than the city hall, in the suburbs or fringes of major cities.
Read the full article here.
What kind of housing do you think is most uniquely Canadian: The Victorian semi-detached house? The suburban split level? The downtown glass condo tower?
Think again. The dwelling that`s most Canadian, in its sheer numbers and popularity, is the slab farm ` the block of high-rise rental apartment buildings, generally constructed between 1955 and 1979, located closer to the countryside than the city hall, in the suburbs or fringes of major cities.
Read the full article here.
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Canada's economy to underperform in 2013
But 2012 went well, especially compared to other G7 countries, says Pablo Martinez, assistant vice president of global fixed income at CIBC Global Asset Management.
We had real GDP growth of 2.1% and created 310,000 jobs in 2012, beating analyst expectations.
But one-third of these new jobs were in only two sectors, says Martinez: construction and government. He adds, `It`s hard to imagine a scenario where the same performance will be repeated this year.`
Read the full article here.
But 2012 went well, especially compared to other G7 countries, says Pablo Martinez, assistant vice president of global fixed income at CIBC Global Asset Management.
We had real GDP growth of 2.1% and created 310,000 jobs in 2012, beating analyst expectations.
But one-third of these new jobs were in only two sectors, says Martinez: construction and government. He adds, `It`s hard to imagine a scenario where the same performance will be repeated this year.`
Read the full article here.
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Global climate efforts threaten oilsands growth
OTTAWA ` The economic benefits to Canada from oilsands industrial expansion may be `considerably less` than what the Canadian government and industry representatives predict, if the planet collectively takes action to slash the heat-trapping greenhouse gases that contribute to global warming, Natural Resources Minister Joe Oliver was told in an internal memo obtained by Postmedia News.
The document, sent by Oliver`s deputy minister Serge Dupont and released through access to information legislation, highlighted some benefits throughout the economy of private sector oilsands development, which were outlined in a report from the Conference Board of Canada from last October.
Read the full article here.
OTTAWA ` The economic benefits to Canada from oilsands industrial expansion may be `considerably less` than what the Canadian government and industry representatives predict, if the planet collectively takes action to slash the heat-trapping greenhouse gases that contribute to global warming, Natural Resources Minister Joe Oliver was told in an internal memo obtained by Postmedia News.
The document, sent by Oliver`s deputy minister Serge Dupont and released through access to information legislation, highlighted some benefits throughout the economy of private sector oilsands development, which were outlined in a report from the Conference Board of Canada from last October.
Read the full article here.
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Location matters
NEW ORLEANS, LA - It`s no secret that walkability, locality, and neighborhood amenities continue to command high respect and consideration from apartment searchers. But how best to communicate what an apartment community has to offer via digital marketing channels? One compelling answer is to be found in the use of maps and digital mapping services, and many multifamily marketers have already turned to Walk Score and other online mapping services to bolster their online marketing and advertising with rich media that puts their communities (you guessed it) on the map.
Read the full article here.
NEW ORLEANS, LA - It`s no secret that walkability, locality, and neighborhood amenities continue to command high respect and consideration from apartment searchers. But how best to communicate what an apartment community has to offer via digital marketing channels? One compelling answer is to be found in the use of maps and digital mapping services, and many multifamily marketers have already turned to Walk Score and other online mapping services to bolster their online marketing and advertising with rich media that puts their communities (you guessed it) on the map.
Read the full article here.
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Housing bears need to relax and take the long view
Back in 2009 and 2010, I was quite worried about Canadian house prices sliding down a slippery slope. But the more I looked into the specifics of the Canadian situation, the more it appeared I had a case of `recency bias.` I believe the same can be said of the housing bears who are still voicing their worries.
Read the full article here.
Back in 2009 and 2010, I was quite worried about Canadian house prices sliding down a slippery slope. But the more I looked into the specifics of the Canadian situation, the more it appeared I had a case of `recency bias.` I believe the same can be said of the housing bears who are still voicing their worries.
Read the full article here.
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U.S. coal demand quietly rebounds
A double standard? Of course it is. Day after day, week after week, month after month, the mainstream media churns out stories about growing oilsands carbon emissions, and the allegedly dire threat to the planet posed by TransCanada`s long-proposed, long-delayed Keystone XL pipeline.
Yet the global coal industry, which spews exponentially more carbon emissions into the atmosphere than the oilsands ever will, is largely ignored. I`ve never been able to make sense of this. If, as the noisy green lobby argues, growing man-made carbon emissions are indeed such a grave threat to the sustainability of human civilization, then the major source of that threat - coal ` should be their number one target. But it`s not.
Read the full article here.
A double standard? Of course it is. Day after day, week after week, month after month, the mainstream media churns out stories about growing oilsands carbon emissions, and the allegedly dire threat to the planet posed by TransCanada`s long-proposed, long-delayed Keystone XL pipeline.
Yet the global coal industry, which spews exponentially more carbon emissions into the atmosphere than the oilsands ever will, is largely ignored. I`ve never been able to make sense of this. If, as the noisy green lobby argues, growing man-made carbon emissions are indeed such a grave threat to the sustainability of human civilization, then the major source of that threat - coal ` should be their number one target. But it`s not.
Read the full article here.
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Calm down, Canadian banks won't go the way of Cyprus
The notion that Canada's government has quietly orchestrated a Cyprus-style response to an impending bank failure, and that the big banks are coming for your savings, is a thing of beauty, as far as conspiracy theories go.
It's in a regulatory area that's difficult to understand, and so is difficult for most laypeople to immediately disprove without doing a little research first. And it has elements that appeal to both extremes of the political spectrum.
Read the full article here.
The notion that Canada's government has quietly orchestrated a Cyprus-style response to an impending bank failure, and that the big banks are coming for your savings, is a thing of beauty, as far as conspiracy theories go.
It's in a regulatory area that's difficult to understand, and so is difficult for most laypeople to immediately disprove without doing a little research first. And it has elements that appeal to both extremes of the political spectrum.
Read the full article here.
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Demand for office towers tied to transit hubs
Demand is increasing for office towers around Metro Vancouver's transit lines, with companies willing to pay a premium of $10 per sq. ft so employees don't have to walk more than 500 metres to get to work, Metro Vancouver's regional development and agriculture committee learned in a report Friday.
The Fraser Health Authority, for instance, has moved into a new tower less than two blocks from Brentwood Town Station in Burnaby, while HSBC has occupied a new building next to Renfrew Station in Vancouver. TransLink is also planning to relocate, to the Brewery District near New Westminster's Sapperton SkyTrain station, with Coast Capital Savings slated to move its head office to a mixed-use development at King George Station in Surrey City Centre.
Read the full article here.
Demand is increasing for office towers around Metro Vancouver's transit lines, with companies willing to pay a premium of $10 per sq. ft so employees don't have to walk more than 500 metres to get to work, Metro Vancouver's regional development and agriculture committee learned in a report Friday.
The Fraser Health Authority, for instance, has moved into a new tower less than two blocks from Brentwood Town Station in Burnaby, while HSBC has occupied a new building next to Renfrew Station in Vancouver. TransLink is also planning to relocate, to the Brewery District near New Westminster's Sapperton SkyTrain station, with Coast Capital Savings slated to move its head office to a mixed-use development at King George Station in Surrey City Centre.
Read the full article here.
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Pipeline infrastructure: Rhetoric vs. Reality
At no point in our nation`s history has the role and future of our national pipeline infrastructure been subject to more careful review and scrutiny.
Our 2.6 million miles of pipeline (enough to wrap around the earth 1oo times) have ` for decades ` transported the lion`s share of our nation`s needed energy, chemical, and water resources. For most of that time, this infrastructure has remained `out of sight and out of mind.` That of course is no longer the case given the heated debate surrounding construction of the KeystoneXL pipeline.
Read the full article here.
At no point in our nation`s history has the role and future of our national pipeline infrastructure been subject to more careful review and scrutiny.
Our 2.6 million miles of pipeline (enough to wrap around the earth 1oo times) have ` for decades ` transported the lion`s share of our nation`s needed energy, chemical, and water resources. For most of that time, this infrastructure has remained `out of sight and out of mind.` That of course is no longer the case given the heated debate surrounding construction of the KeystoneXL pipeline.
Read the full article here.
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Real estate vs. the stock market
Despite continuing predictions of a real estate crash in Canada, I still maintain that real estate is a good investment. One of the greatest benefits to real estate investing is that it`s probably one of the more accessible ways to invest using borrowed money.
Now, before you launch into the dangers of debt I want to point out that debt, in itself, is not inherently bad. While consumer debt`loans to pay for a car, a vacation, most home renovations, or other consumables`is a blight on a person`s potential net worth, it`s not in the same category as asset-backed debt.
Read the full article here.
Despite continuing predictions of a real estate crash in Canada, I still maintain that real estate is a good investment. One of the greatest benefits to real estate investing is that it`s probably one of the more accessible ways to invest using borrowed money.
Now, before you launch into the dangers of debt I want to point out that debt, in itself, is not inherently bad. While consumer debt`loans to pay for a car, a vacation, most home renovations, or other consumables`is a blight on a person`s potential net worth, it`s not in the same category as asset-backed debt.
Read the full article here.
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Understanding mortgage penalties has become increasingly important
Marcus Arkan, Canada mortgage expert working as the CTO of Syndicate Mortgages, recently shared his insight regarding current mortgage rules and codes in order to educate home owners and buyers who wish to purchase a home this season. According to Mr. Arkan, a large number of home owners are trying to pay off their mortgage faster because they are losing confidence in the market. HE emphasized that preliminary understanding of terms, codes and concepts related to the mortgage industry is extremely important in making a better decision.
Mr. Arkan frequently shares his expert advice on Syndicate Mortgage`s website blog. While most of the advice revolves around Canada mortgage rates and housing market conditions, he recently shared valuable information about mortgage penalties and the penalty code in Canada. `Most home buyers are concerned about mortgage rates and overlook factors that can affect their finances in case they break the mortgage later on. It used to be expensive and difficult but the new code is expected to make things easier for owners.`
Read the full article here.
Marcus Arkan, Canada mortgage expert working as the CTO of Syndicate Mortgages, recently shared his insight regarding current mortgage rules and codes in order to educate home owners and buyers who wish to purchase a home this season. According to Mr. Arkan, a large number of home owners are trying to pay off their mortgage faster because they are losing confidence in the market. HE emphasized that preliminary understanding of terms, codes and concepts related to the mortgage industry is extremely important in making a better decision.
Mr. Arkan frequently shares his expert advice on Syndicate Mortgage`s website blog. While most of the advice revolves around Canada mortgage rates and housing market conditions, he recently shared valuable information about mortgage penalties and the penalty code in Canada. `Most home buyers are concerned about mortgage rates and overlook factors that can affect their finances in case they break the mortgage later on. It used to be expensive and difficult but the new code is expected to make things easier for owners.`
Read the full article here.
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First time homebuyers showing their rational side
TORONTO, April 8, 2013 /CNW/ ` According to a national survey conducted by Genworth Financial Mortgage Insurance Company Canada (Genworth Canada), first-time homebuyers are adjusting to the new mortgage requirements and making informed choices about homeownership.
The annual poll, completed in conjunction with the Canadian Association of Credit Counselling Services (CACCS), asked 1,514 Canadians questions about their financial well-being and preparedness. The 2013 survey revealed that there was a significant rise in the number of recent first-time buyers who say they put down more than 20% on their homes (56% vs. 36% in the 2012 survey). In fact, the number of people that said it is getting harder to save for that down payment is on the decline (50% vs. 55% in 2012) with more first-time buyers finding it easier to save money (9%, up from 5% in 2012). In addition, only 17 per cent of respondents thought it was a good time to buy, suggesting that low interest rates alone are not enough to entice Canadians to purchase a home.
Read the full article here.
TORONTO, April 8, 2013 /CNW/ ` According to a national survey conducted by Genworth Financial Mortgage Insurance Company Canada (Genworth Canada), first-time homebuyers are adjusting to the new mortgage requirements and making informed choices about homeownership.
The annual poll, completed in conjunction with the Canadian Association of Credit Counselling Services (CACCS), asked 1,514 Canadians questions about their financial well-being and preparedness. The 2013 survey revealed that there was a significant rise in the number of recent first-time buyers who say they put down more than 20% on their homes (56% vs. 36% in the 2012 survey). In fact, the number of people that said it is getting harder to save for that down payment is on the decline (50% vs. 55% in 2012) with more first-time buyers finding it easier to save money (9%, up from 5% in 2012). In addition, only 17 per cent of respondents thought it was a good time to buy, suggesting that low interest rates alone are not enough to entice Canadians to purchase a home.
Read the full article here.