Canadian home sales climb higher in April, boosted by Toronto and Montreal

Canadian home sales climb higher in April, boosted by Toronto and Montreal
OTTAWA — The Canadian Real Estate Association says home sales in April posted their first year-over-year increase since December 2017. The association says home sales last month were up 4.2 per cent compared with a year ago, when they hit a seven-year low for the month. The improvement came as gains in Montreal and the Toronto region outweighed a decline... Read More

Fast-growing WSP Global boosts Q1 profit after Louis Berger purchase

Fast-growing WSP Global boosts Q1 profit after Louis Berger purchase
MONTREAL — WSP Global Inc. bolstered revenues and profit in its first full quarter with Louis Berger Holdings Inc. under its umbrella, as the Quebec engineering giant aims to continue its rapid expansion. The company saw its net earnings jump more than 10 per cent from a year ago to $62 million. The gain came largely due to its $400-million purchase, completed in December, of... Read More

Home Capital Group first-quarter profit slips as mortgage originations rise

Home Capital Group first-quarter profit slips as mortgage originations rise
TORONTO — Home Capital Group Inc. says its first-quarter net income slipped by nearly 20 per cent from a year ago despite growth in its mortgage portfolio. The alternative mortgage lender saw mortgage originations rise 4.9 per cent to $1.22 billion during the three-month period ended March 31, compared with $1.16 billion a year earlier. But Home Capital’s earnings for the quarter... Read More

RioCan Real Estate Investment Trust reports Q1 profit up from year ago

RioCan Real Estate Investment Trust reports Q1 profit up from year ago
TORONTO — RioCan Real Estate Investment Trust reported its first-quarter profit rose compared with a year ago, boosted by gains in the value of its investment properties. The trust says it earned $194.5 million or 64 cents per diluted unit in its latest quarter, up from $137.2 million or 43 cents per diluted unit in the same quarter last year.... Read More

Bank of Canada’s Poloz says mortgage market should offer more product choices

Bank of Canada’s Poloz says mortgage market should offer more product choices
OTTAWA — Bank of Canada governor Stephen Poloz says it’s time for fresh ideas when it comes to Canadians’ mortgage options. Poloz said in a speech Monday that changes could include encouraging loan terms longer than five years, the creation of a market for private mortgage-based securities and the launch of shared-equity mortgages for first-time home buyers. More innovation would help boost flexibility for borrowers, lenders... Read More

April another lethargic month for Metro Vancouver home sales: Real estate board

April another lethargic month for Metro Vancouver home sales: Real estate board
VANCOUVER — Home sales remained sluggish across Metro Vancouver in April and real estate analysts slam government policies for the lack of activity. The Real Estate Board of Greater Vancouver says residential home sales last month were 43.1 per cent below the 10-year April sales average. Across the region, April sales totalled 1,829, a 29 per cent decrease compared with sales... Read More

Self-employed increasingly turning to private lenders for mortgages

Self-employed increasingly turning to private lenders for mortgages
TORONTO — The self-employed are among the growing number of Canadians turning to private lenders in order to obtain a mortgage. While many prospective homeowners are driven to alternate lenders because of government-mandated stress tests and poor credit scores, the self-employed often have additional burdens to overcome in proving their income. “There’s more and more people seeking private loans than ever... Read More