Toronto real estate board says August home sales up 13.4% compared with year ago

Toronto real estate board says August home sales up 13.4% compared with year ago
TORONTO — The Toronto Real Estate Board says home sales in the Greater Toronto Area in August were up 13.4 per cent compared with a year ago. The board say there were 7,711 home sales through its MLS system in August, up from 6,797 sales reported in August 2018. On a month-over-month basis, seasonally adjusted sales were up 0.8 per... Read More

Vancouver area home prices fall in August, number of sales up from year earlier

Vancouver area home prices fall in August, number of sales up from year earlier
VANCOUVER — The number of homes sold in the Greater Vancouver area was up in August compared with a year ago, but benchmark prices for the major categories of housing was down, the region’s real estate board says. The Real Estate Board of Greater Vancouver says there were 2,231 home sales last month, up 15.7 per cent from 1,929 in August 2018.... Read More

Alphabet and Teachers’ to launch infrastructure investment company

Alphabet and Teachers’ to launch infrastructure investment company
TORONTO — Google affiliates Alphabet Inc. and Sidewalk Labs are partnering with the Ontario Teachers’ Pension Plan to launch a new company that invests in infrastructure. Sidewalk Labs CEO Dan Doctoroff says the new company, to be called Sidewalk Infrastructure, will give cities an opportunity to deploy more advanced, next-generation infrastructure. The infrastructure could include technology-enabled systems for stormwater management, neighbourhood-scale heating and... Read More

Tribunal on Toronto short-term, Airbnb-type rental regulations begin

Tribunal on Toronto short-term, Airbnb-type rental regulations begin
TORONTO — A hearing on the fate of Toronto’s short-term rental market is getting underway at the city’s Local Planning Appeal Tribunal. Regulations for short-term rentals such as those available through Airbnb were approved by Toronto city council at the start of 2018, but were appealed before they could be put in place. A delay in the appeal process last year put off the hearing... Read More

US home sales rose 2.5% in July, aided by low mortgage rates

US home sales rose 2.5% in July, aided by low mortgage rates
WASHINGTON — U.S. home sales increased 2.5% in July, a sign that lower mortgage rates have produced a spurt of home-buying. The National Association of Realtors says homes sold last month at a seasonally adjusted annualized rate of 5.42 million units. Average interest rates on 30-year mortgages have fallen to 3.60%, the lowest in nearly three years. Cheaper borrowing costs... Read More

Inflation hits Bank of Canada 2% target for second straight month

Inflation hits Bank of Canada 2% target for second straight month
OTTAWA — The Canadian annual inflation rate came in at two per cent in July to hit the Bank of Canada’s ideal target for a second straight month. Statistics Canada says consumers paid less last month for gasoline, internet services and traveller accommodation compared with a year earlier. However, the latest consumer price index showed higher costs, year-over-year, for auto insurance, mortgage... Read More

Goldman Sachs unit invests in Toronto-based Slate Asset Management

Goldman Sachs unit invests in Toronto-based Slate Asset Management
TORONTO — Goldman Sachs’ asset management-focused unit has taken a minority stake in Toronto-based alternative investment firm Slate Asset Management LP. Slate announced a passive, non-voting minority equity investment from Goldman Sachs Asset Management’s Petershill program, but did not disclose the financial terms. The Toronto-based firm with a focus on real estate and real assets says it will use the U.S. banking... Read More

Canadian Real Estate Association reports home sales climbed higher in July

Canadian Real Estate Association reports home sales climbed higher in July
OTTAWA — The Canadian Real Estate Association says home sales in July rose 12.6 per cent compared with the same month last year. The increase came as sales were up in most of the country’s largest markets, including the B.C.’s Lower Mainland, Calgary, Edmonton, the Greater Toronto Area and Hamilton-Burlington, Ottawa and Montreal. On a month-over-month basis, sales were up... Read More

WeWork reveals loss, revenue growth as it prepares IPO

WeWork reveals loss, revenue growth as it prepares IPO
WeWork is getting ready to go public, adding to a growing list of money-losing venture seeking investors. The office space-sharing company, which recently renamed itself The We Co., said in a regulatory filing Wednesday that it now has 527,000 memberships across 29 countries. That’s nearly double the 268,000 members it had in the prior-year period. More than 50% of its... Read More

Brookfield Business Partners takes controlling stake in Genworth Canada

Brookfield Business Partners takes controlling stake in Genworth Canada
TORONTO — Brookfield Business Partners has signed a deal to buy a controlling interest in Genworth MI Canada Inc. for $2.4 billion. Under the deal, Brookfield has agreed acquire 48.9 million shares, or a roughly 57 per cent interest, in the business from the Virginia- based parent company Genworth Financial Inc. at a price of $48.86 per share. Genworth Canada is a... Read More