Mortgage stress test accounts for up to $15B drop in new mortgages in 2018: CIBC

Mortgage stress test accounts for up to $15B drop in new mortgages in 2018: CIBC
A new report by CIBC estimates Ottawa’s new mortgage stress tests last year accounted for at least half of the decline in new mortgage originations. Benjamin Tal, deputy chief economist at CIBC World Markets Inc., says the total value of new mortgages fell by eight per cent or $25 billion in 2018. He estimates the impact of the new stress test made up $13 billion... Read More

CREA reports home sales in March down compared with a year ago, prices also down

CREA reports home sales in March down compared with a year ago, prices also down
OTTAWA — The Canadian Real Estate Association says home sales in March fell compared with a year ago while the average sale price also moved lower. The association says sales through the Multiple Listing Service fell 4.6 per cent compared with a year ago to their lowest level for March since 2013. CREA says sales in B.C., Alberta and Saskatchewan were more... Read More

Mogo Finance Technology to merge with Difference Capital Financial in stock swap

Mogo Finance Technology to merge with Difference Capital Financial in stock swap
VANCOUVER — Mogo Finance Technology Inc. has signed a deal to merge with Difference Capital Financial Inc. Under the agreement, each share of Mogo will be exchanged for one Difference common share. Once the transaction is complete, Mogo shareholders will own approximately 80 per cent of the combined company which is expected to be named Mogo Inc. Mogo says the... Read More

Companies rush to produce pot products, without the cannabis plant itself

Companies rush to produce pot products, without the cannabis plant itself
TORONTO — Canadian companies are racing to get an edge in the new frontier of the cannabis industry — which does not involve the leafy green plant at all. An increasing number of licensed producers and biotechnology firms are moving towards synthetic production of THC and other cannabinoids in a lab, using ingredients such as sugar and yeast, eyeing the... Read More

Air Canada CEO’s compensation jumps 28% to $11.5 million after record revenues

Air Canada CEO’s compensation jumps 28% to $11.5 million after record revenues
MONTREAL — Air Canada chief executive Calin Rovinescu enjoyed a leap in total compensation to $11.5 million last year, up 28 per cent from $9 million in 2017. Total compensation for the carrier’s top six executives reached $24.9 million in 2018, a 24 per cent jump from $20.1 million the year before, according to the proxy circular ahead of Air Canada’s May... Read More

Uber reveals strong growth, huge losses ahead of IPO

Uber reveals strong growth, huge losses ahead of IPO
SAN FRANCISCO — Uber is providing a look under the hood of its business in the lead-up to its hotly anticipated debut on the stock market, revealing strong growth but an ongoing struggle to overcome huge losses and repair its reputation. Documents released Thursday offered the most detailed view of the world’s largest ride-hailing service since its inception a decade... Read More

Western Canada oil and gas producer count down by nearly 300 names since 2014

Western Canada oil and gas producer count down by nearly 300 names since 2014
CALGARY — A new study shows that the total number of companies producing oil and gas in Western Canada has fallen by 17.5 per cent in the four years since global oil prices began crashing at the end of 2014. Consulting firm XI Technologies of Calgary says an analysis of its database shows that a total of 1,334 active companies — publicly... Read More

Parents need to plan carefully if they are going to help their kids buy a house

Parents need to plan carefully if they are going to help their kids buy a house
OTTAWA — Buying a home is a big step for anyone and experts say that parents looking to help their children need to make sure it is affordable and that their children are ready for the change. Chris Catliff, president and chief executive of BlueShore Financial, says his bank’s seminars for parents looking to help their kids buy a house are... Read More

MTY Food Group buying Papa Murphy’s Holdings in deal valued at $253.2 million

MTY Food Group buying Papa Murphy’s Holdings in deal valued at $253.2 million
MONTREAL — MTY Food Group Inc. has signed an agreement to acquire Papa Murphy’s Holdings Inc. in a deal it valued at roughly US$190.0 million or C$253.2 million, including debt. Under the transaction, Montreal-based MTY will pay US$6.45 in cash for each share of Papa Murphy’s, which is about 32 per cent above Wednesday’s closing price of US$4.89. Papa Murphy’s sells fresh,... Read More

Activist investors to withhold votes from key TransAlta directors

Activist investors to withhold votes from key TransAlta directors
CALGARY — Activist shareholders say they’re withholding support for three of TransAlta Corp.’s directors at the upcoming annual meeting to protest a $750-million deal between the utility company and Brookfield Renewable Partners. The protest is led by Mangrove Partners of New York City and Bluescape Energy Partners of Dallas, which collectively control about 10 per cent of TransAlta’s shares. They say they’ll withhold their votes... Read More