Almost 3,800 businesses in three regions at risk from flooding: StatCan

Almost 3,800 businesses in three regions at risk from flooding: StatCan
OTTAWA — Statistics Canada says almost 3,800 business locations were at risk of being affected by spring flooding in three of the hardest hit regions of the country. About 1,500 were potentially affected as of the end of April in the Sainte-Marthe-sur-le-Lac region about 40 kilometres northwest of Montreal, 1,500 in the Ottawa-Gatineau region (1,086 in Gatineau and 400 in... Read More

CMHC defends mortgage stress test changes amid calls for loosening rules

CMHC defends mortgage stress test changes amid calls for loosening rules
OTTAWA — The Canada Mortgage and Housing Corporation is defending the mortgage stress test amid calls for the measure to be changed. President Evan Siddall says in a letter to the Standing Committee on Finance that the new measure is working as intended to lower house prices and protect Canadians from borrowing too much money. He says changes in stress... Read More

IMF urges Canada to stay course on housing, speed up internal trade revisions

IMF urges Canada to stay course on housing, speed up internal trade revisions
Canada should hold off on changes to make homebuying more affordable but should speed up efforts to reduce trade barriers within its borders, advises the International Monetary Fund. The organization calls for policies that focus on ensuring a sound financial system, enhanced co-operation between federal and provincial governments and structural reforms that target productivity growth in a wide-ranging report by staff following an... Read More

US home sales fell 0.4% in April amid limited supply

US home sales fell 0.4% in April amid limited supply
WASHINGTON — U.S. home sales slipped 0.4% in April, as would-be homebuyers face affordability challenges and a limited supply of starter houses. The National Association of Realtors said Tuesday that existing homes sold at a seasonally adjusted annual rate of 5.19 million last month, down from 5.21 million in March. Home sales have struggled despite the solid job market and... Read More

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