Gold assets top 2,000 tons as the clamour for havens grows louder + MORE Jul 7th

The hot real estate markets in some of Canada’s largest cities are prompting more than a few sellers to stake For-Sale-By-Owner signs on their front lawns. You’ll save thousands, provided you don’t mind doing all the heavy lifting on your own—which includes holding open houses. But you’ll still need to pay: For instance, you can’t avoid the buyer’s agent fee and you’ll require more due diligence from your lawyer. Here’s a breakdown of all the cost differences when selling a $750K home.

 
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Prices continue their ascent as miners rally

TORONTO – Gold stocks were dragging down the Toronto Stock Exchange in late morning trading as the major U.S. indexes saw a small advance.
The Toronto Stock Exchange’s S&P/TSX composite index was down a moderate 60.21 points at 14,170.85 nearly two hours after the opening bell.
The heavily-weighted gold sector was down sharply, with several mid- and large-scale Canadian companies down about four per cent from Wednesday’s close.
August gold contracts were down $13.30 at US$1,353.80.
Bullion prices had risen 8.9 per cent in the two weeks between June 23 and Wednesday’s close in response to uncertainty surrounding U.K.’s vote to leave the European Union.
The Dow Jones industrial average was up a marginal 9.69 points at 17,928.31, the broader S&P 500 composite index advanced 3.09 points to 2,102.82 and the Nasdaq composite gained 18.64 points to 4,877.80.
The Canadian dollar was at 77.38 cents US, up 0.21 of a U.S. cent from Wednesday’s close.
The August crude contract was down 38 cents at US$47…

VANCOUVER – Canada’s largest credit union is warning that young workers who have long since abandoned hope of owning a home in the Vancouver area are now being priced out of the city’s rental market.
A new report from Vancouver City Credit Union explores the tight rental market across Vancouver and the problem it poses for the so-called millennial generation.
Vancity’s vice-president of community investment, William Azaroff, says the report shows only the Marpole and East Hastings neighbourhoods remain affordable for the average worker under 40, earning less than $40,000.
He says millennials are being forced to the suburbs because Vancouver’s high rents and near zero vacancy rate mean renting is no longer an alternative to home ownership.
Azaroff says the report recommends governments encourage more rental housing construction by offering tax breaks and other incentives to developers.
He predicts businesses will be unable to attract new workers if vacancy rates remain low, because tenants won’t want to make a long commute from the suburbs…

The Globe and MailOSFI cracking down on mortgage lending as home prices skyrocketThe Globe and MailConcerned about rising home prices and record household debt levels, Canada's banking watchdog is cracking down, openly asking financial institutions to do more thorough checks on borrowers and vowing to keep an eagle eye on lending practices.OSFI warns banks to have more scrutiny in their mortgage businessCBC.caCanada's top banking regulator tightens scrutiny of mortgage lending practices amid soaring home pricesFinancial PostFederal banking regulator steps up supervision of mortgage underwritingCTV Newsbnn.ca -Reuters Canada -News1130 -Mortgage Broker Newsall 14 news articles »