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Making sense of the markets this week: May 7, 2023 May 5th
Kyle Prevost, editor of Million Dollar Journey and founder of the Canadian Financial Summit, shares financial headlines and offers context for Canadian investors.
A big thanks to Diamond Hands Dale Roberts for so ably stepping in to cover the big market news over the last couple of weeks!
Powe.... More »
Air Miles expands offerings, including ways to earn and redeem + MORE Jul 6th
Air Miles has unveiled its new brand platform, complete with an aspirational tagline that aims straight at Canadians’ revenge-travelling hearts: “Collect more moments.”
As you might recall, BMO Financial Group bought Air Miles in March 2023, after the program’s owner, Loyalty Ventur.... More »
Find the best mortgage rates in Canada Oct 22nd
Mortgage rate comparison tool
Shopping around for the best rate can save you thousands on your mortgage. To instantly compare rate types and terms, click on the filters icon beside the down payment percentage in the Ratehub mortgage rate finder below. Input your location, the price of the home yo.... More »
TFSA confusion: The myths that just won’t die Jun 25th
After 15 years of conversations with blog readers and financial planning clients, I’m still amazed at how often the same myths about tax-free savings accounts (TFSAs) pop up.
I’ve had clients ask if a dividend paid inside their TFSA counts as a contribution. Others think they lose contribut.... More »
TD, RBC second-quarter profit bump helped by rising rates, macro environment May 24th
Two of Canada's biggest banks reported second-quarter earnings Thursday that benefited from bigger profit margins on the back of rising interest rates, though the bump could be less pronounced in coming quarters as pressure mounts for banks to raise the interest rates they pay on dep.... More »
B.C.’s 2017 home sales below 2016 record, but far above average says BCREA
– canadianbusiness.com
VANCOUVER _ The British Columbia Real Estate Association says fewer homes were sold across the province in 2017 compared with the year earlier, but it says prices were up and sales remained above 100,000 for the third straight year.
The association’s snapshot of 2017 residential sales shows 103,763 properties changed hands, down 7.5 per cent from the 2016 record of 112,211.
The total dollar value of all sales also slipped 5.1 per cent to $73.63 billion but the association says the average price of a home nudged up 2.7 per cent to $709,579.
December was also a strong month for sales, as seasonally adjusted purchases jumped four per cent from November, although the association says year-end results may reflect buyers hurrying to avoid tougher mortgage qualification rules in January.
A total of 5,738 sales were recorded across B.C. in December, an increase of 21.5 per cent over the same period last year, with the average residential price province-wide set at $734,108, a leap of 12.1 per cent from December 2016…
The association’s snapshot of 2017 residential sales shows 103,763 properties changed hands, down 7.5 per cent from the 2016 record of 112,211.
The total dollar value of all sales also slipped 5.1 per cent to $73.63 billion but the association says the average price of a home nudged up 2.7 per cent to $709,579.
December was also a strong month for sales, as seasonally adjusted purchases jumped four per cent from November, although the association says year-end results may reflect buyers hurrying to avoid tougher mortgage qualification rules in January.
A total of 5,738 sales were recorded across B.C. in December, an increase of 21.5 per cent over the same period last year, with the average residential price province-wide set at $734,108, a leap of 12.1 per cent from December 2016…
New BMO Nesbitt Burns head faces in-house challenges
– theglobeandmail.com
Andrew Auerbach will begin his new role as head of the bank’s investment dealer as of Feb. 1
Shares of Primero Mining more than double after First Majestic takeover offer
– canadianbusiness.com
VANCOUVER _ Shares in Primero Mining Corp., which owns the San Dimas silver-gold mine in Mexico, more than doubled in trading Friday after First Majestic Silver announced a deal to buy the company.
Primero shares (TSX:P) were up 15 cents at 27 cents in trading on the Toronto Stock Exchange, while shares of First Majestic (TSX:FR) fell 30 cents to $8.44.
Under the deal, shareholders will receive 0.03325 of a First Majestic share for each Primero share.
First Majestic also signed an agreement with a subsidiary of Wheaton Precious Metals Corp. to end a silver streaming interest at San Dimas and replace it with a new deal based on 25 per cent of the gold equivalent production with ongoing payments of US$600 per gold equivalent ounce.
As part of the transaction, Wheaton Precious Metals will receive 20.9 million shares of First Majestic valued at roughly US$151 million.
First Majestic put the total value of the transaction at US$320 million including the shares issued to Primero shareholders and Wheaton Precious Metals as well as other payments under the deal including the repayment of Primero debt…
Primero shares (TSX:P) were up 15 cents at 27 cents in trading on the Toronto Stock Exchange, while shares of First Majestic (TSX:FR) fell 30 cents to $8.44.
Under the deal, shareholders will receive 0.03325 of a First Majestic share for each Primero share.
First Majestic also signed an agreement with a subsidiary of Wheaton Precious Metals Corp. to end a silver streaming interest at San Dimas and replace it with a new deal based on 25 per cent of the gold equivalent production with ongoing payments of US$600 per gold equivalent ounce.
As part of the transaction, Wheaton Precious Metals will receive 20.9 million shares of First Majestic valued at roughly US$151 million.
First Majestic put the total value of the transaction at US$320 million including the shares issued to Primero shareholders and Wheaton Precious Metals as well as other payments under the deal including the repayment of Primero debt…
Finance minister issues order in response to North Korean money laundering fears
– canadianbusiness.com
OTTAWA _ Canadian financial institutions have been ordered to treat what few transactions they conduct with North Korea with even greater diligence as the federal government tries to increase pressure on the nuclear-armed nation.
Finance Minister Bill Morneau quietly issued the directive last month following concerns that the North Korean government was skirting international sanctions through money laundering and other illicit financial activity.
The number of financial transactions between Canada and North Korea is extremely small because of those sanctions, which the federal government imposed in August 2011.
But financial institutions will now have to treat even those few that are allowed, which include remittances worth less than $1,000 and humanitarian aid, as potential cases of money laundering and report them to the government.
The move comes as Canada prepares for a meeting with allies in Vancouver next week, where the main topic will be finding ways to further squeeze the North Korean government and get it to give up its nuclear program…
Finance Minister Bill Morneau quietly issued the directive last month following concerns that the North Korean government was skirting international sanctions through money laundering and other illicit financial activity.
The number of financial transactions between Canada and North Korea is extremely small because of those sanctions, which the federal government imposed in August 2011.
But financial institutions will now have to treat even those few that are allowed, which include remittances worth less than $1,000 and humanitarian aid, as potential cases of money laundering and report them to the government.
The move comes as Canada prepares for a meeting with allies in Vancouver next week, where the main topic will be finding ways to further squeeze the North Korean government and get it to give up its nuclear program…
Securities regulators rethink U.S. pot listing policy
– theglobeandmail.com
Canadian securities regulators are rethinking the rules that allow cannabis companies doing business in the United States to raise funds in Canada’s stock markets
