Economic outlook credits major projects in B.C. for continued growth: Central 1

Economic outlook credits major projects in B.C. for continued growth: Central 1
VANCOUVER — A financial services organization in British Columbia is forecasting modest but slower growth for the province through 2022. Central 1 says economic growth in B.C. should remain just above two per cent over the next 28 months. Its report released Thursday says the growing economy is supported by a strong labour market, healthy construction industry and ongoing work on the Site C... Read More

Stocks slide after bond market warns again of recession

Stocks slide after bond market warns again of recession
NEW YORK — Stocks sank Wednesday after the bond market threw up one of its last remaining warning flags on the economy. The yield on the 10-year Treasury briefly dropped below the two-year Treasury’s yield Wednesday morning. It’s rare for short-term yields to rise above longer-term ones, and when it happens, market watchers call it “an inverted yield curve” and... Read More

Prospect of U.S.-China trade deal creates access worries for Canadian farmers

Prospect of U.S.-China trade deal creates access worries for Canadian farmers
OTTAWA — China’s move to stop buying several Canadian agricultural products has punished some farmers, and now industry leaders are worrying about the prospect of a broader threat — an eventual U.S.-China trade deal. Canadian exports of beef, pork, canola and soybeans have largely been locked out of the massive Chinese market following the December arrest of Huawei executive Meng Wanzhou in Vancouver. At the same time, a handful of Canadian crops have had stronger sales to China... Read More

Ontario bucks national trend of slower housing starts in July, says CMHC

Ontario bucks national trend of slower housing starts in July, says CMHC
Ontario bucked a national trend that saw the pace of construction of new homes slow in July, the Canada Mortgage and Housing Corp. said Friday. CMHC’s seasonally adjusted annualized rate of housing starts fell by 9.6 per cent in July to 222,013, compared with 245,455 in June. However, the decline was smaller than expected and CMHC’s six-month trend rose to 208,970 units from 205,765 units in June.... Read More

Pace of housing slows up in July but still beats economists expectations

Pace of housing slows up in July but still beats economists expectations
OTTAWA — The Canada Mortgage and Housing Corp. says the pace of construction of new homes slowed in July, although the six-month trend continued to be positive. CMHC’s seasonally adjusted annualized rate fell by 9.6 per cent in July to 222,013, compared with 245,455 in June. However, the decline was smaller than expected and CMHC’s six-month trend rose to 208,970 units from 205,765 units... Read More

Younger gens have fewer housing options as Toronto seniors stay in homes longer: study

Younger gens have fewer housing options as Toronto seniors stay in homes longer: study
TORONTO — A new study suggests seniors living in Toronto are more likely to stay longer in their family sized homes than they were a decade ago. The Canada Mortgage and Housing Corporation has released a report tracking home ownership trends among Toronto residents 65 or older. It says seniors accounted for 25 per cent of home owners in 2016, up five... Read More

Toronto area housing sales up 24.3% in July, prices rise due to tighter supply

Toronto area housing sales up 24.3% in July, prices rise due to tighter supply
TORONTO — The Greater Toronto Area’s home price index was up 4.4 per cent last month as the supply of properties for sale tightened and the number of sales jumped 24.3 per cent from July last year, the Toronto Real Estate Board reports. The overall average selling price for properties in the Greater Toronto Area was up 3.2 per cent year-over-year to... Read More

Metro Vancouver home sales edge higher in July, prices still falling

Metro Vancouver home sales edge higher in July, prices still falling
VANCOUVER — Home sales in Metro Vancouver rebounded in July, making the traditionally slow selling period the second highest month for demand this year. Figures from the Greater Vancouver Real Estate Board show residential sales total 2,547 last month, a 23.5 per cent increase over the same time last year. Board president Ashley Smith says sales activity remains below the long-term average... Read More

Imperial Oil posts second-quarter beat on oilsands growth, Alberta tax cuts

Imperial Oil posts second-quarter beat on oilsands growth, Alberta tax cuts
CALGARY — Imperial Oil Ltd. is reporting second-quarter results that beat analyst expectations on the back of strong oilsands output and an allowance for lower future Alberta corporate taxes. The Calgary-based company, which is about 70 per cent owned by Texas-based Exxon Mobil Corp., reports net income in the three months ended June 30 of $1.2 billion on revenue of... Read More