Canada’s housing industry is still highly vulnerable to market instability: CMHC

Canada’s housing industry is still highly vulnerable to market instability: CMHC
TORONTO — For the seventh straight quarter, the Canada Mortgage and Housing Corporation says the country is facing a high degree of vulnerability to market instability. The Crown corporation says Toronto, Hamilton, Vancouver and Victoria are of the most concern because of overvaluation and increasing home prices in the areas. Winnipeg, Ottawa, Quebec City, Moncton, Halifax and St. John’s are faring much better, with the corporation... Read More

Workplace substance-use policies would help Canadians and employers: report

Workplace substance-use policies would help Canadians and employers: report
VANCOUVER — Not enough companies have comprehensive substance-use policies and those that provide them offer inadequate measures to help struggling employees, the Canadian Centre on Substance Use and Addiction says in a report aimed at bringing awareness to workplace practices before marijuana is legalized this summer. Loss of productivity, absenteeism and increased costs are just some of the outcomes of unaddressed substance-use issues, says the report based... Read More

Prove you didn’t prejudge Trans Mountain approval, NDP leader urges Liberals

Prove you didn’t prejudge Trans Mountain approval, NDP leader urges Liberals
OTTAWA — NDP Leader Jagmeet Singh is accusing the federal Liberal government of rigging its review process in favour of the Trans Mountain pipeline expansion. And if he’s wrong, Singh wants Prime Minister Justin Trudeau to release any and all documentation to prove otherwise. Singh and NDP energy critic Guy Caron have written to Trudeau about media reports that suggest the... Read More

Cenovus posts $914 million net loss amid challenging pricing conditions

Cenovus posts $914 million net loss amid challenging pricing conditions
CALGARY — Cenovus Energy posted a $914 million net loss from continuing operations in the first quarter, a bigger shortfall than analysts had expected, amid challenging pricing conditions for heavy grades of crude oil as well as natural gas. The Calgary-based company said the net loss amounted to 74 cents per share, which compared with a year earlier profit of... Read More

Ontario government understates deficit by billions: auditor general

Ontario government understates deficit by billions: auditor general
TORONTO — Ontario’s auditor general says the Liberal government’s statements on the province’s finances understate its deficit by billions. In a pre-election report released today, Bonnie Lysyk also says the government has not accurately reflected the true cost of its borrowing plan to cut hydro rates by 25 per cent, and is raising questions about the way it accounts for revenues related to two teacher... Read More

B.C.’s condo-flipping crackdown law targets tax evasion to keep down prices

B.C.’s condo-flipping crackdown law targets tax evasion to keep down prices
VICTORIA — British Columbia’s government is moving to ease the province’s housing crisis by cracking down on tax evasion in the condominium market and giving municipalities more control over the protection and development of rental housing. Finance Minister Carole James says proposed changes to the Real Estate Development Marketing Act will require developers to collect and report buyer information on the purchases of... Read More

Saskatchewan introduces law to allow control of oil, gas exports

Saskatchewan introduces law to allow control of oil, gas exports
REGINA — The Saskatchewan government has introduced legislation that would allow the province to control its oil and gas exports, similar to a bill recently tabled in Alberta. Once passed, the law would establish a permitting process for people or corporations looking to export energy products outside the province. Energy Minister Bronwyn Eyre said the lone difference is that Saskatchewan has a sunset clause... Read More

Feds to post deficits $8B bigger than expected over next two years: PBO report

Feds to post deficits $8B bigger than expected over next two years: PBO report
OTTAWA — The federal budget watchdog says the Trudeau government is on track to run deficits nearly $8 billion deeper than expected over the next two years. A new analysis by the parliamentary budget officer estimates Ottawa will post a $22.1-billion shortfall this fiscal year, which would be $4 billion more than the government’s projection of $18.1 billion in its February budget. For 2019-20, Jean-Denis Frechette’s team... Read More

Statistics Canada says wholesale sales drop 0.8 per cent in February

Statistics Canada says wholesale sales drop 0.8 per cent in February
OTTAWA — Statistics Canada says wholesale sales fell 0.8 per cent to $62.8 billion in February. The agency says it was the largest downward move and the second monthly drop since September 2017. Sales fell in four of the seven subsectors tracked, representing 64 per cent of total wholesale sales. In volume terms, wholesale sales fell 0.9 per cent. The miscellaneous subsector posted the... Read More

Pot companies look across borders to raise money in battle for dominance

Pot companies look across borders to raise money in battle for dominance
TORONTO — As U.S. and Canadian government policies toward marijuana grow more divergent amid Canada’s push for legalization, their stock exchanges have seen a flurry of cross-listing activity from companies eager to snap up investment capital and carve out dominant positions in a growing global market. Marijuana producers that operate in U.S. states where pot is legal are prevented from public listings in their home country because the drug is prohibited at the federal... Read More