As Canada Alternative Lenders Drop, RBC Sees Bank Earnings Hit

(Bloomberg) — Canada’s largest banks face declining earnings in the coming years as mortgage volumes shrink under new rules introduced by the federal government this week to tame the country’s housing market, according to analysts at Royal Bank of Canada.Darko Mihelic, an analyst at Royal Bank’s Capital Markets unit, slashed his projection for annual Canadian residential mortgage growth to 2.3 percent, about half the previous average assumed for Canadian banks. He also cut his earnings per share estimates for most of the nation’s largest lenders for 2017 and 2018, including Toronto-Dominion Bank and Bank of Nova Scotia.“The changes announced by the Department of Finance on Monday will likely impact the Canadian banks in the form of lower mortgage volumes,” Mihelic said in a report to clients Wednesday.Mihelic is among the first to lower earnings estimates for Canadian banks after Finance Minister Bill Morneau introduced measures on …
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UPDATE: Poland won’t join CETA without guarantees – PM

UPDATE: Poland won’t join CETA without guarantees – PM
October 5, 2016   

PM Beata Szydlo said that Poland will not join the free trade agreement between EU and Canada (CETA) if the agreement does not guarantee what Poland finds important, she told a news conference.The Polish government is analyzing prospective legal effects of the CETA as it seems favorable from a geopolitical point of view and neutral from an economic point of view, Foreign Minister Witold Waszczykowski said. On Tuesday, ruling party Law and Justice (PiS) representative Dominik Tarczynski said in the Sejm that Poland will hinge the ratification of …
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Official Says Canada Home Sales Could Fall 8% Amid New Rules (1)

(Bloomberg) — Canada’s finance department projects home sales could fall as much as 8 percent in the first year after new housing regulations are implemented, before rebounding, based on an analysis using historical data.Finance Minister Bill Morneau announced the new rules Monday. They include a stress test for home buyers and increasing the eligibility requirements for mortgages to get insured, and they come into effect as early as Oct. 17. The announcement has already eroded mortgage finance company shares and prompted forecasts of slipping mortgage growth at the banks, as well as fewer home purchases and a price cool-down.“In …
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Bing Thom, Canadian architect who redesigned Arena Stage to applause, dies at 75

Bing Thom, the Hong Kong-born Canadian architect who was hailed for his design of the new building to house Washington’s Arena Stage and for the structure’s potential to transform an entire quadrant of the city, died Oct. 4 at a hospital in his native city. He was 75.He had suffered an aneurysm, according to the website of his architectural firm. Mr. Thom’s design for the futuristic Mead Center for American Theater, which under its swooping roof houses the Arena near the waterfront in Southwest Washington, received unstinting praise from arts writers. The building, reportedly costing more than $130 million, …
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New Canada statistics head: centralized system has more benefits

Oct 5 Statistics Canada will continue to
work with a centralized technology system that has better
confidentiality and security, the new head of the agency said on
Wednesday in a blog post that sought to address the concerns
that spurred his predecessor’s resignation.Anil Arora became the country’s chief statistician last
month after the former head of Statistics Canada, Wayne Smith,
quit over concerns that changes to the data infrastructure were
compromising the agency’s independence.In an arrangement under the previous Conservative
government, responsibility for StatCan’s informatics
infrastructure was transferred to Shared Services Canada, the
department that oversees information technology services

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Canada Housing Stocks Fall on New Government Mortgage Rules (1)

(Bloomberg) — Canada’s mortgage lenders and the largest private insurer plunged amid concerns that new measures by the federal government to cool the housing market will hurt their businesses.Genworth MI Canada Inc. led the declines, with an 8.7 percent drop at the close in Toronto on Tuesday, its biggest drop since July 2009. The Toronto-based mortgage insurer said more than a third of insured mortgage borrowers would struggle to meet the new standards introduced Monday.First time homebuyers in particular “would have difficulty meeting the required debt service ratios and homebuyers would need to consider buying a lower priced property or increase the size of their down payment,” the company said Tuesday in a statement. About 50 percent to 55 percent of the company’s total portfolio of new insurance written would no longer be eligible for mortgage insurance under the new requirements, the company said.Finance Minister Bill Morneau introduced the …

Canada Housing Stocks Fall as Government Tightens Mortgage Rules

(Bloomberg) — Canada’s mortgage lenders and the largest private insurer plunged amid concerns that new measures by the federal government to cool the housing market will hurt their businesses.Genworth MI Canada Inc. led the declines, with an 8.7 percent drop at the close in Toronto on Tuesday, its biggest drop since July 2009. The Toronto-based mortgage insurer said more than a third of insured mortgage borrowers would struggle to meet the new standards introduced Monday.First time homebuyers in particular “would have difficulty meeting the required debt service ratios and homebuyers would need to consider buying a lower priced property or increase the size of their down payment,” the company said Tuesday in a statement. About 50 percent to 55 percent of the company’s total portfolio of new insurance written would no longer be eligible for mortgage insurance under the new requirements, the company said.Finance Minister Bill Morneau introduced the …

Canada Post thanks Canada's Small Business owners with Free Shipping Tuesdays in October

Information contained on this page is provided by an independent third-party content provider. Frankly and this Station make no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact pressreleases@franklyinc.comSOURCE Canada PostOTTAWA, Oct. 4, 2016 /CNW/ – October is Small Business Month, a time to recognize the hard work and sacrifice of the thousands of small business owners across the country. Their success has a huge impact on the economy and Canada Post is proud to help make their important work a little bit easier.

“Small business owners and entrepreneurs rely heavily on the postal system to send bills, cheques and offers to their customers,” says Deepak Chopra, President and CEO of Canada Post. “We also work closely with small businesses entering e-commerce to help them with their day-to-day shipping needs but also to innovate and grow because the more …

The Power List: Meet 25 of the most influential people shaking up Canada’s business landscape

To build the FPM Power List, we asked Financial Post writers and editors who they think are the ones shaping business affairs across the country. We crosschecked names with Infomart, Postmedia’s media monitoring and analytics platform, to see how often candidates’ names came up in the news, why they did and how many boards of private, public and non-profit companies they sit on. We hope the resulting individuals stir a little debate. With that, Financial Post Magazine presents its first annual Power List:

AUBREY DRAKE GRAHAM TOWERS OVER TORONTO
Consider Drake Night, the Toronto Raptors’ annual church service to venerate 6 God and team global ambassador Aubrey Drake Graham. Fans who attended the third and most recent edition of Drake Night last November each received a T-shirt and sweatband from the rapper’s clothing line, October’s Very Own (OVO). The team set up a “Hotline Bling” booth outside the …