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Government removes non-bank lenders from the playing field

Originally posted on: November 21, 2016
Last updated on: November 21, 2016
Filed under: east york riverdale the beach leslieville
Will You Qualify For Your Mortgage After November 30th, 2016? Will You Qualify For Your Mortgage After Nov ...

The intended consequences of new housing policies

Originally posted on: October 27, 2016
Last updated on: October 27, 2016
Filed under: east york the beach riverdale lesliville canada mortgage and housing corporationbank of canadagovernmentpricemortgagehomehousinghousing policiesceconomycanadaconsequencesunintendedintendedeconomy
EVAN SIDDALL The intended consequences of new housing policies EVAN SIDDALL Contributed to The Globe and Mail ( ...

Seperated Cycle Lanes On Woodbine

Originally posted on: September 29, 2016
Last updated on: September 29, 2016
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Sep 28, 2016 | Separated cycle tracks may be coming to Toronto's Woodbine Avenue ...

Have Prices Crossed The Line?

Originally posted on: September 7, 2016
Last updated on: September 7, 2016
Filed under: east york riverdale the beach leslieville
The Toronto Real Estate Board publishes the above affordability chart monthly, showing the share of average household income used for mortgage, ...

5 Low-Cost Countries Where You Can Live on $1,500 a Month or Less

Originally posted on: March 4, 2016
Filed under: east york riverdale the beach leslieville
5 Low-Cost Countries Where You Can Live on $1,500 a Month or Less Posted on February 24, 2016 International Living ...

Bank of Canada could cut interest rates

July 7, 2015

Canada trade deficit widens, fueling bets on near-term rate cut

Tue Jul 7, 2015 11:33am EDT
 
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Buildings are seen in the financial district in Toronto, January 28, 2013.   REUTERS/Mark Blinch
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By Leah Schnurr

OTTAWA (Reuters) - Canada's trade deficit widened to its second-largest on record in May as non-energy exports fell, fueling expectations the Bank of Canada could cut interest rates as early as next week to support an economy at risk of recession.

The shortfall totaled C$3.34 billion ($2.63 billion), Statistics Canada said on Tuesday. It was the eighth consecutive month of deficits and exceeded the C$2.50 billion deficit economists had forecast. April's deficit was revised slightly wider to C$2.99 billion.

The data helped weaken the Canadian dollar CAD=D4 to a three-month low while traders increased bets that the central bank will cut rates to 0.5 percent on July 15, pricing a 51 percent likelihood.

Exports fell for the fifth month in a row, declining by 0.6 percent, with volumes down 2.5 percent. Energy products exports rose 1.3 percent, but non-energy exports, which the Bank of Canada is hoping will help drive stronger economic growth, fell 1 percent.

The Bank of Canada shocked markets with a rate cut in January in response to tumbling oil prices. The central bank had anticipated the oil shock would be front-loaded, meaning it hit the economy earlier and spread faster than anticipated. But a growing number of economists think the bank's growth forecast might be too optimistic.

"This report caps a run of soft data over recent months and suggests that trade will not be nearly as positive as anticipated at the start of the year," said Benjamin Reitzes, senior economist at BMO Capital Markets.

Canada's economy shrank in the first quarter. With growth also falling in April, there is a risk the second quarter will also be negative, putting Canada into a recession for the first time since the 2008-09 financial crisis.

"Whether or not GDP will decline in the second quarter, or show modest growth, we're still up in the air. But this is one chip on the side of a potential negative for the second quarter," said Avery Shenfeld, chief economist at CIBC World Markets.

Shenfeld is expecting a rate cut next week, though Friday's employment report could be a major influence on the bank's thinking, he said. The economy is forecast to have lost 10,000 jobs in June.

Exports to the United States declined 0.3 percent. Canada's trade surplus with its neighbor to the south narrowed to C$2.12 billion. Canada's trade deficit with countries other than the United States widened to C$5.46 billion as exports fell. Overall imports edged up 0.2 percent.

 

 

(Additional reporting by Solarina Ho in Toronto; Editing by Alan Crosby)

 

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