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September 2015 Canadian Economic Fundamentals

Ally

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Canada's mortgage debt running up fast as cheap money fuels luxury home prices

A new report from the Canadian Imperial Bank of Commerce says prices for the country’s most expensive high end homes are rising much faster than the overall market, skewing average values.

The report from deputy chief economist Benjamin Tal was released Wednesday and shows the top 10 per cent of detached homes in Vancouver, in terms of price, have risen between 200 per cent and 250 per cent in value over the last decade. The bottom 10 per cent of detached homes, by price, have only risen about 50 per cent during the same period.

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Contenders in Canada election pitch unthinkable: Higher taxes

Two opposition leaders looking to unseat Prime Minister Stephen Harper in Canada’s election are heading to the battered oil patch to pitch what has long been political heresy: higher taxes.

The Liberal Party’s Justin Trudeau is pledging to raise taxes on the highest earners.Thomas Mulcair of the New Democratic Party advocates increasing levies on corporations. They’re gambling the measures will strike a balance
between addressing income inequality without straining an already fragile
economy.

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Why David Rosenberg thinks you shouldn't worry about the Canadian housing market

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If Goldman's forecast for low oil prices for next 15yrs comes true being pro-active in the management of your portfolio (whether real estate or stocks) will be critical. That is why the coming ACRE event in October is going to feel so different. It’s focus will be fully on what to do TODAY for risk mitigation so you come out the other side smelling like a rose (or, living your Belize)

A glut of crude may keep oil prices low for the next 15 years, according to Goldman Sachs Group Inc.

There’s less than a 50 per cent chance that prices will drop to US$20 a barrel, most likely when refineries shut in October or March for maintenance, Jeffrey Currie, head of commodities research at the bank, said in an interview in Lake Louise, Alberta. Goldman’s long-term forecast for crude is at US$50 a barrel, he said.

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How Canada compares economically with other countries

Heading into Thursday’s federal leaders’ debate on the economy, Stephen Harper, Tom Mulcair and Justin Trudeau have all been spinning their own messages about Canada’s economic health.

Harper says Canada is an “island of stability” in increasingly choppy global economic waters; Mulcair says hundreds of thousands of lost manufacturing jobs are symptoms of a struggling economy; and Trudeau says the middle class is hurting under deep cuts to the economy and tax breaks for the wealthy.


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Laneway homes raise insurance questions

TORONTO - Soaring real estate costs are pushing some Canadian cities to embrace laneway housing, touted as the future of affordable living in urban centres.

But as the properties become more popular and balloon in value, questions are beginning to arise about whether current insurance practices are sufficient.

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Ally

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Interesting analysis of overall oil industry, including this quote: “In our view oil prices will rise sharply from 2017, and there is a real risk that cost inflation pressures will then return,” it says

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If you don't view your suites often, you never will know THIS until it is too late. YIKES

They were too good to be true — but more than $14,000 in repairs later, Sean and Miranda Fyfe are shocked at just how bad their tenants could be.

“It’s astounding the amount of damage they could cause in such a short amount of time,” said Sean.

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Average property prices in Canada set to rise by 2% in 2015

The national average property price in Canada is forecast to increase by 2% to $442,400 in 2016, according to the latest forecast from the Canadian Real Estate Association.

But there is likely to be regional variation. For example, increases are forecast to be slightly larger but less than 3% in British Columbia, Saskatchewan, Manitoba, Ontario, New Brunswick, and Prince Edward Island, with gains in some provinces reflecting an expected rebound from levels in 2015.

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Positive signs for economy despite energy sector weakness

TORONTO - Ongoing weakness in the energy sector has prompted RBC Economics to downgrade its latest forecast for the Canadian economy.

It says Canada's real GDP is projected to grow 1.2 per cent this year -- down from its June prediction of 1.8 per cent growth. RBC also predicts 2.2 per cent growth in 2016 -- 0.4 per cent below its earlier predictions.

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Stephen Poloz says economy will bounce back from oil plunge: ‘Canada has seen this movie before’

OTTAWA — It was a pep talk, directed at the core of Canada’s economic downturn.

The country has lived through previous swings in energy fortunes, Steven Poloz told a Calgary business audience on Monday, and it will adjust much the same way to the current collapse in oil prices.

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A very interesting read and perspective from Stephen Poloz of the Bank of Canada

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CMHC conducting research on foreign ownership of Canadian real estate

Data indicating how much of Canada’s real estate is being snatched up by foreign buyers is scant, but the country’s national housing agency is working to change that.

In a briefing note dated May 15, 2015, obtained by The Canadian Press through an Access to Information request, Canada Mortgage and Housing Corp., says it will be hosting “bi-lateral meetings” and roundtables with industry stakeholders to fill a number of data gaps, including the share of new and existing homes owned by foreigners.

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Michael Hanlon: Europe's dirty little secret

Few things get up the noses of Euro-Greens more than the American car.

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The largest risk to Canada's economy? China

The largest risk to Canada’s economy isn't the slowdown in the oil industry, or the spectre of a housing bubble — it’s the world outside Canada and particularly China, economists at TD Bank say.

Canada will return to “steady, modest” growth in the second half of this year, TD Economics said in a report issued Monday.

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If you blinked you might have missed the news that the Canadian economy turning a corner from mini-recession to long-term sustainable growth

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GE bringing more jobs to #Canada, this time an engine plant with 350 jobs. In addition to #Winnipeg expansion

General Electric Co. is planning to build a state-of the art $265-million (U.S.) engine plant in Canada, as it shifts more business out of the United States following the collapse of U.S. government-sponsored export financing.

The global conglomerate said Monday it will close down its operation that makes gas-powered engines in Waukesha, Wis., and construct a plant in Canada, creating 350 new jobs here. The site of the plant has not yet been chosen.

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