Gains in some home prices offset declines in others

first_img IE staff, with files from Canadian Press GTA home sales down 13% between April and May: TRREB Global housing prices rise amid pandemic: BIS Facebook LinkedIn Twitter Share this article and your comments with peers on social media Related news Canada’s housing market shows little price growth over the last 12 months. With some market participants calling for an end to measures intended to help cool the market, a close look at the data is a necessary exercise.The Teranet–National House Price Index, released Thursday, says the national house price index increased just 0.5% over the last year. The rate represents the smallest gain since November 2009, the report said, and is well below the inflation rate, which was 2% annualized in June. female homebuyer shakes hand with real estate agent in office seoterra/123RF Keywords Housing,  Mortgages Though the house price index saw monthly gains in May and June (0.5% and 0.8%, respectively) after eight months with no increases, the data indicate housing prices haven’t necessarily turned a corner since responding to policy measures intended to temper a previously too-hot market. (These include the mortgage stress test for uninsured mortgages and the introduction of a foreign buyers tax in parts of Ontario and B.C., along with earlier increases in mortgage rates.)That’s because May and June typically have the strongest growth rates, the report said, but the recent monthly increases were “among the weakest in history” for those two months.On the positive side, the weakness isn’t broad-based. Annual declines in home prices were greatest in Vancouver (–4.9%), Calgary (–3.8%), Edmonton (–2.6%) and Winnipeg (–0.4%), the report said. In contrast, in Central and Eastern Canada, prices showed annual growth that was “decent to strong.” For example, prices increased 2.8% in Toronto, 6.3% in Ottawa-Gatineau, 5.4% in Montreal and 2.7% in Halifax.The results are reflected in the home resale market. “For example, the Vancouver market turned favourable to buyers at the end of last year, while the Toronto market remained balanced and Montreal’s market has never been this tight since 2005,” the report said.That said, a recent rebound in home sales across the country (discussed below) was also felt in Western Canada’s cities, the report said, and will help limit price deflation in those areas.For full details, read the Teranet–National Bank House Price Index.As housing prices have cooled in recent months, some have called for housing-related policy measures to be eased.The Ontario Real Estate Association, for example, is calling for less stringent mortgage rules in a rebuttal aimed at the head of the Canada Mortgage and Housing Corp.OREA chief executive Tim Hudak said in a letter to federal policymakers that Ottawa should consider restoring 30-year insured mortgages, ease up on the interest-rate stress test, and eliminate the test altogether for those renewing their mortgages with a different lender.In the letter to the House of Commons finance committee, Hudak took aim at comments made by CMHC president CEO Evan Siddall, who has been a vocal critic of those lobbying for eased rules.He questioned Siddall’s logic on the 30-year mortgage restriction and said the association “strenuously” disagrees with his conclusion on stress tests for renewals.Hudak said the more stringent rules, brought in to cool an overheated housing market, are making it harder for first-time buyers to enter the market.Siddall, in a May letter to the committee, urged it to “look past the plain self-interest” of the parties lobbying for eased rules to protect the economy from “potentially tragic consequences.”A compromise has been suggested by some economists—for example, changes to the stress test, not a full easing.In a potentially positive sign for the housing market, a report released on Wednesday by Scotiabank Economics said mortgage credit growth picked up in recent months following a recent low in the second half of 2018 and a slow start this year.Mortgage credit at chartered banks grew by 6.3% month over month in May, seasonally adjusted. April’s figure was 5%.The report said the uptick is “in line with an apparent recovery in Canadian real estate markets, particularly in the Greater Vancouver and Greater Toronto areas, following the slump brought about by tighter mortgage underwriting standards in early-2018 as well as the introduction of foreign buyers taxes aimed at curbing speculative activity.”Further contribution to the uptick likely comes from five-year mortgage rates, which have fallen recently, as the Bank of Canada isn’t expected to raise its key interest rate for the foreseeable future.Despite the increase in mortgage credit growth, overall household credit growth at chartered banks decelerated slightly in May: flat consumer credit levels offset the pick-up in mortgage loans.In particular, growth in home equity lines of credit (HELOCs) fell month over month in May by 1.3%—the first contraction in these loans since May 2016, the report said.HELOCs remain on a slowing trajectory following strong increases through 2017 and 2018. Year-over-year growth in HELOC borrowing was 4.9%, compared to a recent peak of 6.7% in November. That’s the slowest annual expansion of HELOC borrowing since March 2017, the report said.HELOC borrowing accounts for a large share of consumer credit, at about 47.1% in May compared to a recent peak of 47.4% in January.Still, the report said that most Canadian households (86%) don’t have a HELOC, and only about 10% of Canadians have both a HELOC and mortgage.For full details, read the report from Scotiabank Economics. Consumer debt driven by new mortgages, but credit card debt at six-year lowlast_img read more

GG Invites Media to Partner with him to push I Believe Initiative

first_img By DOUGLAS McINTOSH, JIS Reporter RelatedGG Invites Media to Partner with him to push I Believe Initiative GG Invites Media to Partner with him to push I Believe Initiative Governor GeneralJuly 14, 2011 FacebookTwitterWhatsAppEmail KINGSTON — Governor-General, His Excellency the Most Hon. Sir Patrick Allen, has extended an invitation to members of the media and advertising fraternities to partner with him in executing the I Believe Initiative, which he currently spearheads with Lady Allen. Delivering the keynote address at the Advertising Agencies Association of Jamaica’s (AAAJ) annual Media of the Year awards luncheon at the Knutsford Court Hotel, New Kingston, on July 13, the Governor-General explained that the Initiative embodies the ideal of Jamaica being positioned as a place that inspires persons to believe in, and actualise their full potential in order to contribute to building a prosperous, progressive and peaceful nation. Arguing the rationale for his invitation, he contended that media and advertising interests share a symbiotic relationship, resulting in what he said were outputs of “high quality and high ethics.” “We have grown up on the Gleaner’s National Spelling Bee, and TVJ’s Schools’ Challenge Quiz. We have been inspired by the Jamaica Observer’s Examination Study Guide (and) the Business Leader Awards, and the RJR Group’s Sportsman and Sportswoman of the Year awards, and many others,” he stated. The Governor-General also commended both sets of stakeholders for imparting to the nation some of the ideals consistent with those of the Initiative, which he noted formed part of his inaugural speech on his appointment as Head of State in 2009. “Suddenly, I (started to hear) children from various schools using the words as part of their choral pieces,” he said, while making special mention of a collaboration between the Jamaica Information Service (JIS) and Mona Preparatory School in St. Andrew, to produce a video incorporating these ideals. Citing the significant individual and collective inputs of advertising and media interests to national life,  the Governor-General  said that their  partnership “is crucial to the Initiative,  which focuses on self-actualisation, particularly for our troubled youth, who are vulnerable to abuse and easy recruitment into criminal gangs.” He highlighted some of the key areas of focus under the Initiative,  namely access to education, mentorship, parenting, and counselling, and invited media and advertising interests to support the efforts to enhance the lives of the persons targeted, particularly the young people. “With your support, we can ignite hope in our nation by instilling confidence in our young people. We can help to restore the values through strong family, peer and educational structures. The responsibility we have to our youth cannot be overstated, and the ‘I Believe Initiative’ is offering a means through which corporate Jamaica can promote and assist with what is right with Jamaica, to fix what is wrong with Jamaica,”  he emphasised.          The AAAJ presented over 20 media and advertising awards to media and advertising executives and organisations excelling in their craft during 2010. Chief Executive Officer and Executive Editor, Sunday Herald, R. Christine King, was adjudged the Media Personality of the Year, while the Gleaner Company received the Media of the Year award. Advertisements RelatedGG Invites Media to Partner with him to push I Believe Initiative RelatedGG Invites Media to Partner with him to push I Believe Initiativelast_img read more

Nine teams miss Monster Energy Series qualifying

first_imgKevin Harvick eventually won the pole position in the Stewart-Haas Racing No. 4 Ford, clocking a lap of 198.405 mph in the final round to notch his second pole of the season.</p> “We don’t feel good about anybody missing qualifying, but it is something that happens when teams are pushing the envelope,” said Elton Sawyer, NASCAR Vice President, Officiating and Technical Inspection. “Teams know our expectations and every team was afforded the opportunity to go through inspection. Some needed multiple tries and some weren’t able to get their cars ready in time to qualify.” Earnhardt, scheduled to start 37th in the 40-car field, said he wasn’t overly concerned about how his starting spot would impact the No. 88 team’s efforts in Sunday’s race, Nine cars failed to make a lap during Friday’s Coors Light Pole three-round qualifying session at Texas Motor Speedway after they were not cleared in pre-qualifying inspection. NASCAR officials passed rules ahead of the season that require vehicles to travel through all stations on each pass through technical inspection. Any issue mandates that teams must complete their inspection pass, then address any issues in their garage stall before beginning the process of cycling through each station again. Jimmie Johnson’s spin during the opening round of qualifying brought out the red flag momentarily and allowed several cars more time to get through tech. It was the only on-track issue during the three rounds of qualifying on the repaved and revamped 1.5-mile track. Dale Earnhardt Jr., Chase Elliott, Kyle Busch, Kasey Kahne, Kyle Larson, Erik Jones, Chris Buescher, Derrike Cope and Timmy Hill were the drivers whose cars did not pass inspection in time to make a qualifying attempt. They all will start from the back in Sunday’s O’Reilly Auto Parts 500 (1:30 p.m. ET, FOX, PRN, SiriusXM NASCAR Radio). Larson, a winner two weeks ago at Auto Club Speedway and the current series points leader, was slightly more concerned by his starting spot. “I don’t know exactly what happened; we just didn’t make it through tech,” said Larson, scheduled to start 32nd on Sunday. “Yeah, this is not the place you want to not make it through tech. It will be really hard to pass, I think, on Sunday. Wherever we end up starting is going to hurt us.” Reed Sorenson and Paul Menard were the last cars to make it through tech in time to make a lap.Busch’s team worked feverishly to repair his No. 18 Joe Gibbs Racing Toyota this afternoon, as Busch smacked the wall with approximately 40 minutes remaining in Friday’s opening practice. Adam Stevens, crew chief for Busch’s No. 18, attributed the car’s failure to make it to the pre-qualifying grid on pit road to a mistake made in the rush to make repairs to the team’s primary car. Busch is scheduled to start 34th in Sunday’s 500-miler. “Well, we were just behind the eight ball having to fix that car, so obviously we got in line really late and in our haste, we didn’t get our tech blocks set correctly,” Stevens said. “So we passed templates, passed the grid, passed undercar, passed everything except when we got to the scales, which is the very last thing, and the wedge has to be within a certain number and we were below that number. That’s just for tech — it’s not for on the race track — so the car was all set to go and we didn’t get a chance to set our tech blocks because we were in such a hurry, so just an error on our part.” “There’s an awful lot of cars coming through … if we get out there, we get out there; if we don’t, we don’t,” Busch told FS1, standing in the garage during the opening round. “I ain’t too worried about it,” said Earnhardt, who is set to start 37th Sunday. “The races are pretty long. Pit selection bothers you a little bit because we won’t be able to get out there and get a better pit stall, but we’ll see where we end up on pit road. I don’t know what was wrong with our car going through tech, but if you don’t make it, you don’t get out there and I like that. I like the rules being the same for everybody so we’ll just — we’ll work on our car for tomorrow in practice. I’m anxious to get more track time. Certainly, the track’s going to be changing so freakin’ much. We didn’t really get a chance to see where it was going today.” RELATED: Qualifying resultslast_img read more

After year away from circle, Erickson back in the swing

first_imgAfter year away from circle, Erickson back in the swingSenior thrower Karl Erickson ruptured his quadricep while redshirting last year. David McCoyApril 21, 2006Jump to CommentsShare on FacebookShare on TwitterShare via EmailPrintKarl Erickson isn’t letting anything stand in the way of winning a Big Ten title.Not even a patch of ice.Erickson, a senior on Minnesota’s men’s track and field team, redshirted both the indoor and outdoor seasons last year in hopes of refining his technique to make a strong push at a Big Ten team title this year.But that never got to happen.What was supposed to be only a month off for minor knee surgery to remove scar tissue and make his kneecap smaller turned into a nearly yearlong ordeal because of one small impatient mistake.Doctors told Erickson it was OK to walk, but to wear a brace if he walked on ice. Two weeks later, he ignored the order, slipped, caught himself and partially ruptured his quadricep.“He didn’t get to throw at all last spring,” men’s throwing coach Scott Bennett said. “From the time he had the second surgery in February, he didn’t get to throw until this fall again. In an event that is as feel-oriented as this is, that’s kind of like starting from scratch again.”The pair of surgeries ruined more than just his track and field plans.Erickson, who played football at Rochester Century High School and received Division II college offers, had been planning to try out for the Gophers football team as a defensive end.At 270 pounds, Erickson certainly has the size, the athletic ability and the speed, but he got only as far as three pre-spring football conditioning practices before having to go in for the second surgery. “I wanted to give it a shot, just because they had been asking me to come out and try,” Erickson said. “It could have gone well. I could have really enjoyed it. But I’m content right now just throwing. I don’t have any regrets.”He’s still battling pain as result of the injury, but it appears to not have held him back so far this season.Erickson was the Big Ten’s Athlete of the Week this week for the third time this season and fourth in his career – the most in school history – after breaking Minnesota’s 10-year-old discus record at the Mesa Classic in Mesa, Ariz., with a throw of 200 feet, 6 inches.“We had just flown down and we had landed like three hours before the meet started,” Erickson said. “I got something to eat and I was ready to take a nap, and then it was time to throw. So I don’t think I was in my favorable state to compete. But it happened.”Erickson and Bennett said the winds at the classic were perfect conditions for a record-breaking throw.“I haven’t seen winds like that in 30 years of coaching,” Bennett said. “It was amazing. It was too strong for the women’s disc, but it was good for the men’s disc, especially if you knew how to play the wind. I’ve seen it in practice, but I haven’t seen it in a practice environment where everything just lined up and it was just perfect.”Bennett said Erickson knew how to use the wind to his full advantage, even though he didn’t have the advantage of full health.Erickson still can’t squat, something that plays a vital part in being able to throw well.He hasn’t hit his full potential yet. And that’s something Erickson will keep striving for.“I feel like I’m still trying to get into my routine of competing,” Erickson said. “I feel like I forgot stuff that I used to do. I’m working on getting back into a competitive state of mind. It’s weird taking time off from something like that and it takes you a little while to get back into it.”last_img read more

VIDEO: Booy And Tainton Discuss Lam Appointment

first_imgLam – a PRO12 title winner with Connacht – was confirmed as the Club’s new Head Coach, joining in the summer of 2017.Subscribe to Bristol Rugby TV by clicking here.last_img

As virus spreads, next casualty could be Tokyo Olympics

first_img SUBSCRIBE TO US Written By Associated Press Television News LIVE TV FOLLOW US As infections soared in Europe and the United States and the world economy spiraled downward, Japan on Monday hinted at the next possible victim of the globe-spanning coronavirus: The 2020 Tokyo Olympics.Japanese Prime Minister Shinzo Abe acknowledged that a postponement of the crown jewel of the sporting world could be unavoidable. Canada and Australia then added to the immense pressure that has been steadily mounting on organizers by suggesting that they wouldn’t send athletes to Tokyo this summer.“If it is difficult to hold in a complete way, a decision of postponement would be unavoidable,” Abe said.The massive headache of changing the logistics of an event that has taken years to prepare for — not to mention the huge cost involved and the blow to national pride — would simply be the latest example of something once unthinkable becoming reality as the fabric of human life continues to unravel before the virus’ march.The accumulation of canceled events, lost or altered work and a general, widespread shrinking in spending and interaction has economies worldwide suffering. In the United States, politicians were negotiating an enormous rescue package that could be worth nearly $2 trillion.A surge in infections has caused a critical shortage of medical supplies in many places. Spain erected a field hospital in a convention center. British health workers pleaded for more gear, saying they felt like “cannon fodder.” And President Donald Trump ordered mobile hospital centers be sent to Washington, California and New York.As the shadow of the virus widens, there has also been a who’s who of politicians and celebrities announcing they’d tested positive or were taking quarantine precautions.Republican Rand Paul of Kentucky became the first U.S. senator to announce he was infected. Opera superstar Plácido Domingo announced he has COVID-19, and German Chancellor Angela Merkel put herself into quarantine after a doctor who gave her a vaccine tested positive.For most people, the new coronavirus causes only mild or moderate symptoms, such as fever or coughing. For some, especially older adults and people with existing health problems, it can cause more severe illness, including pneumonia.Italy’s infections continued to spike Sunday, hitting 59,000 cases and 5,476 deaths, and India’s prime minister asked, with mixed results, his nation of 1.3 billion people to stay home.In Australia, a ban began Monday on bars, gyms, cinemas, nightclubs, restaurants and a host of other places where large groups of people gather.Japan has apparently dodged, so far, the unchecked spread of the virus that some had earlier foreseen. But for many here, the fate of the 2020 Olympics has been a daily worry.Many in power have been insisting that the virus would not change the games that are set to begin July 24 in Tokyo.But there were major cracks in that narrative Monday.The International Olympic Committee’s announced a plan to examine the situation over the next few weeks and make a decision that could include the option to postpone.Australia issued a statement saying it was advising its athletes to prepare for an Olympics in 2021. The Australian committee’s executive board agreed unanimously that “an Australian Team could not be assembled in the changing circumstances at home and abroad.”Abe ruled out the possibility of a cancellation and said Monday that he hoped the IOC will make a decision early if the games are postponed, because the process would involve a lot of work and officials would need to start making changes as soon as possible.The Olympic torch arrived in northern Japan last Friday ahead of the March 26 start of the torch relay, though officials are looking to keep crowds low.As of Sunday, Japan had 1,719 confirmed cases of the virus, including 712 from a cruise ship, with 43 deaths.Japan has so far managed to slow the acceleration of the outbreak, but experts say they have found a growing number of clusters in urban areas with untraceable origins.While other countries struggled to contain the virus, the central Chinese city of Wuhan, where the virus outbreak emerged last year, said Monday that it is now allowing for limited movement, both within the city and out of it, as its months-long lockdown gradually eases.Hubei province, where Wuhan is located, has 67,800 cases, the bulk of China’s 81,093 total. The first infections were reported there, and Wuhan was also the first city to be locked down.There was less promising news in business circles.Singapore Airlines said it will cut 96% of its capacity until the end of April as international travel continues to be hit by tightening of border controls to battle Covid-19.South Korea’s low-cost airline Eastar Jet said Monday it was temporarily shutting down its all domestic flights, days after it halted its last remaining international flights.In New York, everything from play dates to picnics in the park and pickup games of basketball were shut down as officials set up dramatic restrictions to slow the virus. There are worries the state could become one of the world’s biggest coronavirus hot spots.New York Gov. Andrew Cuomo ordered all nonessential businesses in the state to close and nonessential workers to stay home starting Sunday night, tightening previous restrictions.New York City hospitals are just 10 days from running out of “really basic supplies,” Mayor Bill de Blasio said late Sunday.“If we don’t get the equipment, we’re literally going to lose lives,” de Blasio told CNN.Health care workers also warned of the worsening shortages, saying they were being asked to reuse and ration disposable masks and gloves.Dr. Anthony Fauci, director of the U.S. National Institute of Allergy and Infectious Diseases, promised on CBS’ “Face The Nation” that medical supplies are about to start pouring in and will be “clearly directed to those hot spots that need it most.”But efforts for a quick aid package from Congress faltered. The U.S. Senate voted against advancing a nearly $2 trillion economic rescue package. Democrats argued it was tilted toward corporations rather than workers and health care providers. But negotiations continued.The delay shook investors, as futures for U.S. stocks fell sharply at the start of trading Sunday. Futures for the S&P 500 fell by 5%, triggering a halt in trading shortly after opening. Wall Street is coming off its worst week since 2008, with the Dow Jones Industrial Average down 17%.Worldwide, more than 335,000 people have been infected and more than 14,600 have died, according to Johns Hopkins University.There were more than 33,000 cases across the U.S. and more than 400 deaths.Worldwide, some 97,800 people have recovered, mostly in China.(AP Photo/Jae C. Hong) center_img First Published: 23rd March, 2020 12:08 IST COMMENT WATCH US LIVE Last Updated: 23rd March, 2020 12:08 IST As Virus Spreads, Next Casualty Could Be Tokyo Olympics As infections soared in Europe and the United States and the world economy spiraled downward, Japan on Monday hinted at the next possible victim of the globe-spanning coronavirus: The 2020 Tokyo Olympics.last_img read more

Scoreboard roundup — 3/11/17

first_imgiStock/Thinkstock(NEW YORK) — Here are the latest scores and winners:INTERLEAGUEBaltimore      7  Pittsburgh    6Miami          4  Houston       2Philadelphia   8  Toronto       2L.A. Dodgers   8  L.A. Angels   2Seattle        7  Cincinnati    6AMERICAN LEAGUEBoston        2  Tampa Bay       1N-Y Yankees   7  Detroit         1Minnesota    13  Boston          0Cleveland     7  Kansas City     6Oakland       8  Texas           7Texas         5  Chi White Sox   1NATIONAL LEAGUEAtlanta         2  St. Louis       2, 10 InningsWashington      6  N-Y Mets        0Milwaukee       5  San Diego       3Chi Cubs        4  Colorado        3San Francisco   9  Cincinnati      7Arizona         5  San Francisco   1NATIONAL BASKETBALL ASSOCIATIONOklahoma City  112  Utah          104L.A. Clippers  112  Philadelphia  100Detroit        112  N-Y Knicks     92OT  New Orleans    125  Charlotte     122Cleveland      116  Orlando       104Milwaukee      102  Minnesota      95Miami          104  Toronto        89San Antonio    107  Golden State   85Atlanta        107  Memphis        90Phoenix        100  Dallas         98OT  Washington     125  Portland      124Denver         105  Sacramento     92NATIONAL HOCKEY LEAGUEBoston       2  Philadelphia    1Nashville    3  San Jose        1Buffalo      5  Columbus        3Ottawa       4  Colorado        2OT  Toronto      3  Carolina        2Tampa Bay    3  Florida         2Calgary      3  Winnipeg        0Arizona      5  New Jersey      4St. Louis    4  N-Y Islanders   3Pittsburgh   3  Vancouver       0L.A. Kings   4  Washington      2TOP-25 COLLEGE BASKETBALL(2) Villanova     74  Creighton            60(7) Arizona       83  (5) Oregon           80(8) Kentucky      79  Alabama              74(23) Iowa St.     80  (11) West Virginia   74(12) SMU          70  UCF                  59(14) Duke         75  (22) Notre Dame      69(15) Cincinnati   81  UConn                71(24) Wisconsin    76  Northwestern         48Copyright © 2017, ABC Radio. All rights reserved.Powered by WPeMatico Relatedlast_img read more