The warning signs: Eight charts to watch as Canada flirts with recession

The warning signs: Eight charts to watch as Canada flirts with recession

On several fronts, things are getting worse for Canada’s economy. Growth is petering out. The labor market is shedding jobs. And inflation is far too high. In turn, a growing number of domestic banks are projecting Canada will slip into recession by next year. The mood soured on Wednesday as the US Federal Reserve projected … Read more

Housing affordability is the worst it’s been in 32 years

Housing affordability is the worst it’s been in 32 years

House prices across Canada may be tumbling, but housing affordability hasn’t been this bad since the final months of 1990, when Brian Mulroney was still prime minister, a new tax called the GST was winding its way through Parliament and, somewhat ominously, Jon Bon Jovi’s Blaze of Glory blanketed the airwaves. The Bank of Canada’s … Read more

Canada’s economic growth lags expectations, but unlikely to determine another big BoC rate hike

Canada’s economic growth lags expectations, but unlikely to determine another big BoC rate hike

Canada’s economic growth wasn’t as strong as expected in the second quarter and appears to have decelerated in July, signs that rising interest rates are cooling economic activity sooner than many forecasters anticipated. Softening growth, however, is unlikely to determine the Bank of Canada from another oversized interest rate hike when it makes its monetary-policy … Read more

RBC profit misses forecasts, challenging economic outlook prompts loan-loss buffer

RBC profit misses forecasts, challenging economic outlook prompts loan-loss buffer

Royal Bank of Canada’s third-quarter profit fell 17 per cent as the bank earmarked provisions against possible loan defaults, adopting a more cautious stance against a challenging economic outlook. RBC RY-T earned $3.58-billion, or $2.51 per share, in the three months that ended July 31. That compared with $4.3-billion, or $2.97 per share, in the … Read more

Manulife reports $1.6-trillion drop in earnings amid market turmoil and extended COVID-19 restrictions in Asia

Manulife reports .6-trillion drop in earnings amid market turmoil and extended COVID-19 restrictions in Asia

Manulife Financial Corp. MFC-T missed analyst profit expectations after a $1.6-billion drop in earnings owing to market turmoil and extended COVID-19 restrictions in Asia. The largest insurer in Canada reported second-quarter net income of $1.09-billion, or 53 cents a share – a $1.6-billion drop from the $2.64-billion, or $1.33 a share, that it reported in … Read more

Canada Pension Plan reports $23-billion loss in June quarter as markets churn

Canada Pension Plan reports -billion loss in June quarter as markets churn

The Canada Pension Plan Investment Board said it lost 4.2 per cent in its most recent quarter, subtracting $23-billion from the fund’s assets. It could have been worse: The three months ended June 30 were awful for most investors. According to Royal Bank of Canada’s RBC I&TS All Plan Universe, defined benefit pension plan assets … Read more

Berkshire Hathaway posts $43.8 billion loss as stock holdings tumble

Berkshire Hathaway posts .8 billion loss as stock holdings tumble

Warren Buffett, CEO of Berkshire Hathaway Inc, pauses while playing bridge as part of the company annual meeting weekend in Omaha, Nebraska, US on May 6, 2018.Rick Wilking/Reuters The slide in US stock prices punished Berkshire Hathaway Inc’s bottom line in the second quarter, as the conglomerate run by billionaire Warren Buffett on Saturday reported … Read more

A stock that’s risen 21,000% in less than a month. Plus, have markets actually bottomed?

A stock that’s risen 21,000% in less than a month.  Plus, have markets actually bottomed?

Stocks rallied sharply in July after bottoming in June and the big question for investors is whether a bigger move higher or a lower-than-June bottom is ahead. In Was That the Bottom?US institutional portfolio manager Ben Carlson frames the discussion as a legal courtroom battle. The case for the bulls – that June was at … Read more

More homeowners canceling listings, turning homes into rentals as housing market cools

More homeowners canceling listings, turning homes into rentals as housing market cools

When Shannon Tebb listed her downtown Toronto loft for sale in mid-June, she did everything to make the property attractive for buyers. She hired stagers, painted walls, washed the windows, listed the place below market value and advertised all over social media. But by July, she was pulling the property off the market – and … Read more

Toronto developers expected to delay 10,000 units as slowdown hits condo presales

Toronto developers expected to delay 10,000 units as slowdown hits condo presales

There are signs that the broader real estate slowdown has spread to the preconstruction market, where purchases are seen as bets on future housing because buyers wait years for their properties to be built.CARLOS OSORIO/Reuters Toronto developers are expected to delay the launch of 10,000 condo units this year, as preconstruction condo sales plunge amid … Read more