April 2015 Canadian Economic Fundamentals
- Thread starter Ally
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Survey finds families prefer to live in the suburbs
Canadians are pretty evenly split when it comes to where they prefer to live and it’s a generational thing, with one exception. Such are the results of a recent TD survey, which found younger Canadians have a preference for urban living, while older Canadians tend to opt for a small town or rural life.
But when it comes to raising a family, all age groups agree their preferred place to live is in the suburbs.
Read the full article here.
Canadians are pretty evenly split when it comes to where they prefer to live and it’s a generational thing, with one exception. Such are the results of a recent TD survey, which found younger Canadians have a preference for urban living, while older Canadians tend to opt for a small town or rural life.
But when it comes to raising a family, all age groups agree their preferred place to live is in the suburbs.
Read the full article here.
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A 26-year-old MIT graduate is turning heads over his theory that income inequality is actually about housing
Wealthy tech founders and the automation of middle-class jobs are often blamed for increasing concentrations of wealth in fewer hands. But, a 26-year-old MIT graduate student, Matthew Rognlie, is making waves for an alternative theory of inequality: the problem is housing [PDF].
Rognlie is attacking the idea that rich capitalists have an unfair ability to turn their current wealth into a lazy dynasty of self-reinforcing investments. This theory, made famous by French economist Thomas Piketty, argues that wealth is concentrating in the 1% because more money can be made by investing in machines and land (capital) than paying people to perform work (wages). Because capital is worth more than wages, those with an advantage to invest now in capital become the source of long-term dynasties of wealth and inequality.
Read the full article here.
Wealthy tech founders and the automation of middle-class jobs are often blamed for increasing concentrations of wealth in fewer hands. But, a 26-year-old MIT graduate student, Matthew Rognlie, is making waves for an alternative theory of inequality: the problem is housing [PDF].
Rognlie is attacking the idea that rich capitalists have an unfair ability to turn their current wealth into a lazy dynasty of self-reinforcing investments. This theory, made famous by French economist Thomas Piketty, argues that wealth is concentrating in the 1% because more money can be made by investing in machines and land (capital) than paying people to perform work (wages). Because capital is worth more than wages, those with an advantage to invest now in capital become the source of long-term dynasties of wealth and inequality.
Read the full article here.
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Future Shop closures reflect changing face of Canadian retail
Future Shop and other stores abandoning malls in Canada are signs of a retail sector being reinvented on the fly, analysts say.
Future Shop shut down 66 of its stores over the weekend and is converting the other 65 to Best Buy outlets. It’s only the latest in a series of closures in Canada that have included U.S. retail giant Target and smaller players like Sony Canada, Boutique Jacob Inc. and Mexx.
Read the full article here.
Future Shop and other stores abandoning malls in Canada are signs of a retail sector being reinvented on the fly, analysts say.
Future Shop shut down 66 of its stores over the weekend and is converting the other 65 to Best Buy outlets. It’s only the latest in a series of closures in Canada that have included U.S. retail giant Target and smaller players like Sony Canada, Boutique Jacob Inc. and Mexx.
Read the full article here.
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TD chief plays down concerns over Canada's housing market
Toronto-Dominion Bank’s chief executive said a housing market correction is a risk in some parts of Canada, but it would not trigger a messy or protracted downturn.
“Would a correction make sense? Yeah, of course it would,” Bharat Masrani said. But “our view is that a correction, if and when it takes place, would be orderly, that markets will react in an appropriate way.”
Read the full article here.
Toronto-Dominion Bank’s chief executive said a housing market correction is a risk in some parts of Canada, but it would not trigger a messy or protracted downturn.
“Would a correction make sense? Yeah, of course it would,” Bharat Masrani said. But “our view is that a correction, if and when it takes place, would be orderly, that markets will react in an appropriate way.”
Read the full article here.
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Attract millennial homebuyers with a 'unique' open house
Let’s be honest with each other: Many 30-somethings don’t need buyer’s agents in the same way they did 10 years ago. They’ll already have in mind the places they want to see, the amenities they like and the area where they’re drawn to live.
Nor do they want an agent pretending to “get them.” Remember that scene from “Austin Powers” where Doctor Evil tries to connect with his son by proving how cool he was? (“I’m hip … I’m with it … See?&rdquo
Don’t be that guy.
Read the full article here.
Let’s be honest with each other: Many 30-somethings don’t need buyer’s agents in the same way they did 10 years ago. They’ll already have in mind the places they want to see, the amenities they like and the area where they’re drawn to live.
Nor do they want an agent pretending to “get them.” Remember that scene from “Austin Powers” where Doctor Evil tries to connect with his son by proving how cool he was? (“I’m hip … I’m with it … See?&rdquo
Don’t be that guy.Read the full article here.
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Borrowers lock in, lenders offer choice in competitive spring housing market
A growing number of Canadians are calling the bottom of the mortgage-rate market and choosing to lock in monthly payments, a new survey suggests.
A CIBC poll, conducted byNielsen, says 57 per cent of Canadians aren’t betting on mortgage rates to fall further and would choose a fixed-rate mortgage if they were to acquire, refinance or renew a mortgage today.
Read the full article here.
A growing number of Canadians are calling the bottom of the mortgage-rate market and choosing to lock in monthly payments, a new survey suggests.
A CIBC poll, conducted byNielsen, says 57 per cent of Canadians aren’t betting on mortgage rates to fall further and would choose a fixed-rate mortgage if they were to acquire, refinance or renew a mortgage today.
Read the full article here.
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Not enough room: Overcrowding in Canadian rentals
Thousands of Canadian families are feeling squeezed – packing more and more people into small apartments.
According to data from the 2011 National Household Survey, nearly 1 in 5 Toronto renter households are living in overcrowded conditions. In Vancouver, it’s 15.6 per cent and in Abbotsford-Mission, 14.9 per cent. Across the country, more than 10 per cent of renter households are living in overcrowded homes.
Read the full article here.
Thousands of Canadian families are feeling squeezed – packing more and more people into small apartments.
According to data from the 2011 National Household Survey, nearly 1 in 5 Toronto renter households are living in overcrowded conditions. In Vancouver, it’s 15.6 per cent and in Abbotsford-Mission, 14.9 per cent. Across the country, more than 10 per cent of renter households are living in overcrowded homes.
Read the full article here.
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Forget the (possible) recession, these Canadian industries are still hiring
StatsCan’s latest survey of payroll employment, earnings and hours shows Canada created 48,000 jobs in January, largely in line with the agency’s earlier labour force survey for the month.
Suffice to say, the oil industry wasn’t a big driver of job growth (see slideshow below). Nor was the retail sector. But some surprising parts of the economy are showing strength, among them logging and scientific services, which topped job growth, by percentage, in January.
Read the full article here.
StatsCan’s latest survey of payroll employment, earnings and hours shows Canada created 48,000 jobs in January, largely in line with the agency’s earlier labour force survey for the month.
Suffice to say, the oil industry wasn’t a big driver of job growth (see slideshow below). Nor was the retail sector. But some surprising parts of the economy are showing strength, among them logging and scientific services, which topped job growth, by percentage, in January.
Read the full article here.
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Heavy Canadian crude seen within $10 of WTI seen as demand picks up
Western Canadian Select crude’s discount to West Texas Intermediate is poised to narrow to less than $10 a barrel for the first time in two years as new pipelines supply record volumes of the heavy oil to refiners.
The heavy oil grade’s discount to the U.S. benchmark narrowed 5 cents to $12.50 a barrel at 1:56 p.m. Mountain time, the smallest since Feb. 2, according to data compiled by Bloomberg. So far this year, the discount has traded at its narrowest since 2010 on a seasonal basis. New pipelines and rail capacity have increased Canadian exports to the U.S. as refiners ramp up operations after maintenance and before the summer driving season.
Read the full article here.
Western Canadian Select crude’s discount to West Texas Intermediate is poised to narrow to less than $10 a barrel for the first time in two years as new pipelines supply record volumes of the heavy oil to refiners.
The heavy oil grade’s discount to the U.S. benchmark narrowed 5 cents to $12.50 a barrel at 1:56 p.m. Mountain time, the smallest since Feb. 2, according to data compiled by Bloomberg. So far this year, the discount has traded at its narrowest since 2010 on a seasonal basis. New pipelines and rail capacity have increased Canadian exports to the U.S. as refiners ramp up operations after maintenance and before the summer driving season.
Read the full article here.
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Housing market softening everywhere but Toronto and Vancouver
The much-ballyhooed "soft landing" in real estate may already be underway, Bank of Montreal says, as booming price gains in two of Canada's three biggest housing markets are the exception rather than the rule in the rest of the country.
While the closely watched national average price figure released on the 15th of every month by the Canadian Real Estate Association is still showing strong annual gains, "strong gains have been entirely a Toronto and Vancouver story," BMO economist Robert Kavcic says in a research note Thursday.
Read the full article here.
The much-ballyhooed "soft landing" in real estate may already be underway, Bank of Montreal says, as booming price gains in two of Canada's three biggest housing markets are the exception rather than the rule in the rest of the country.
While the closely watched national average price figure released on the 15th of every month by the Canadian Real Estate Association is still showing strong annual gains, "strong gains have been entirely a Toronto and Vancouver story," BMO economist Robert Kavcic says in a research note Thursday.
Read the full article here.
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Insurers pushed away by concerns over shoddy condos in Canada
MONTREAL — Rising claims for water damage in condo buildings and inadequate regulation have led insurance companies to refuse new clients or demand higher premiums for coverage, adding fuel to concerns about quality in Canada’s fastest-growing housing segment.
In March, Aviva Insurance Company of Canada stopped taking on new business from condo corporations in Quebec, citing rising claims and weak legislation that allows owners to set aside insufficient amounts to cover repairs and maintenance, spokesman Glenn Cooper said this week.
Read the full article here.
MONTREAL — Rising claims for water damage in condo buildings and inadequate regulation have led insurance companies to refuse new clients or demand higher premiums for coverage, adding fuel to concerns about quality in Canada’s fastest-growing housing segment.
In March, Aviva Insurance Company of Canada stopped taking on new business from condo corporations in Quebec, citing rising claims and weak legislation that allows owners to set aside insufficient amounts to cover repairs and maintenance, spokesman Glenn Cooper said this week.
Read the full article here.
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You knew it was inevitable:
CMHC increases premiums for insured mortgages with <10% down
Buyers with less than 10% down when purchasing a property are about to face a hike in their mortgage default insurance, if they do business with Canada Mortgage and Housing Corp.
“As a result of its annual review of its insurance products and capital requirements, CMHC is increasing its homeowner mortgage loan insurance premiums for homebuyers with less than a 10% down payment,” the Crown corporation said in a release.
Read the full article here.
CMHC increases premiums for insured mortgages with <10% down
Buyers with less than 10% down when purchasing a property are about to face a hike in their mortgage default insurance, if they do business with Canada Mortgage and Housing Corp.
“As a result of its annual review of its insurance products and capital requirements, CMHC is increasing its homeowner mortgage loan insurance premiums for homebuyers with less than a 10% down payment,” the Crown corporation said in a release.
Read the full article here.
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The ultimate in hypocrisy
as Senators PROVE how out of touch with reality they are
For the past several weeks, a steady procession of senators has been sidling up to Parliament Hill reporters to offer them a shocking exclusive. The story, generally presented “on condition of anonymity,” is always the same: a rogue auditor general has been rummaging through the minutiae of their expenses, making extravagant demands that they account for their extravagance, getting on their backs over every little thing.
Why, it’s intolerable, they will say. You wouldn’t believe the level of detail they’re going into: gum wrappers, pocket lint, the cellophane at the end of your shoelaces. Or as The Canadian Press reported, in a typical instalment: “Single phone calls, sandwiches eaten during committee meetings, postage stamps — the smallest details have come up for review in the auditor general’s study of Senate expenses.”
Read the full article here.
as Senators PROVE how out of touch with reality they are
For the past several weeks, a steady procession of senators has been sidling up to Parliament Hill reporters to offer them a shocking exclusive. The story, generally presented “on condition of anonymity,” is always the same: a rogue auditor general has been rummaging through the minutiae of their expenses, making extravagant demands that they account for their extravagance, getting on their backs over every little thing.
Why, it’s intolerable, they will say. You wouldn’t believe the level of detail they’re going into: gum wrappers, pocket lint, the cellophane at the end of your shoelaces. Or as The Canadian Press reported, in a typical instalment: “Single phone calls, sandwiches eaten during committee meetings, postage stamps — the smallest details have come up for review in the auditor general’s study of Senate expenses.”
Read the full article here.
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One quarter of first-time homebuyers had family help, survey finds
Typical first-time Canadian home buyers tend to be childless, university-educated couples in their 30s purchasing detached homes, often with a helping hand from their families.
That’s the picture painted by a new survey of 1,800 first-time buyers, released Tuesday by Genworth MI Canada Inc., the country’s largest private mortgage insurer.
Read the full article here.
Typical first-time Canadian home buyers tend to be childless, university-educated couples in their 30s purchasing detached homes, often with a helping hand from their families.
That’s the picture painted by a new survey of 1,800 first-time buyers, released Tuesday by Genworth MI Canada Inc., the country’s largest private mortgage insurer.
Read the full article here.
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Almost 20% of Canadians didn't put aside money in 2014
A new survey finds Canadians are saving money, but almost 20 percent didn't put aside any money in 2014 while 40 percent feel they're not saving enough.
BMO Financial Group’s household savings report also shows 31 percent of Canadians have a fixed savings plan. That’s a significant increase from last year when only 19 percent reported implementing such a plan.
Read the full article here.
A new survey finds Canadians are saving money, but almost 20 percent didn't put aside any money in 2014 while 40 percent feel they're not saving enough.
BMO Financial Group’s household savings report also shows 31 percent of Canadians have a fixed savings plan. That’s a significant increase from last year when only 19 percent reported implementing such a plan.
Read the full article here.
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Let's turn the page on the East vs. West sibling rivalry story
Like envious older siblings, some Canadian provinces may have experienced jealousy while watching Alberta rise to become Canada’s economic powerhouse. Basking in its success, Alberta may have, at times, expressed some unnecessary smugness. But, as the quick plummet in the price of oil changes Alberta’s circumstances, other provinces should think twice before gloating over its falling fortunes.
Read the full article here.
Like envious older siblings, some Canadian provinces may have experienced jealousy while watching Alberta rise to become Canada’s economic powerhouse. Basking in its success, Alberta may have, at times, expressed some unnecessary smugness. But, as the quick plummet in the price of oil changes Alberta’s circumstances, other provinces should think twice before gloating over its falling fortunes.
Read the full article here.
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Economic hit spreads beyond the oilpatch
The impact of the oil-price collapse is hitting home in Canada’s oil patch and beyond as companies rethink plans to hire and invest.
Businesses are gloomier about adding workers than they’ve been since early 2009, when the country was still reeling from the recession, according to the Bank of Canada’s quarterly business outlook survey, released Monday.
Read the full article here.
The impact of the oil-price collapse is hitting home in Canada’s oil patch and beyond as companies rethink plans to hire and invest.
Businesses are gloomier about adding workers than they’ve been since early 2009, when the country was still reeling from the recession, according to the Bank of Canada’s quarterly business outlook survey, released Monday.
Read the full article here.
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TD chief plays down concerns over Canada's housing market
Toronto-Dominion Bank’s chief executive said a housing market correction is a risk in some parts of Canada, but it would not trigger a messy or protracted downturn.
“Would a correction make sense? Yeah, of course it would,” Bharat Masrani said. But “our view is that a correction, if and when it takes place, would be orderly, that markets will react in an appropriate way.”
Read the full article here.
Toronto-Dominion Bank’s chief executive said a housing market correction is a risk in some parts of Canada, but it would not trigger a messy or protracted downturn.
“Would a correction make sense? Yeah, of course it would,” Bharat Masrani said. But “our view is that a correction, if and when it takes place, would be orderly, that markets will react in an appropriate way.”
Read the full article here.
- Joined
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Higher mortgage premiums, soaring prices to squeeze Canada's first time buyers
Higher mortgage insurance premiums are another setback for first-time homebuyers, alongside relentlessly rising real estate prices in some of Canada’s largest cities, experts say.
Despite historically low interest rates, it’s getting increasingly pricey for young Canadians to purchase their first pad.
Read the full article here.
Higher mortgage insurance premiums are another setback for first-time homebuyers, alongside relentlessly rising real estate prices in some of Canada’s largest cities, experts say.
Despite historically low interest rates, it’s getting increasingly pricey for young Canadians to purchase their first pad.
Read the full article here.