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Making sense of the markets this week: May 8 + MORE May 6th
Million Dollar Journey editor and Canadian Financial Summit founder Kyle Prevost shares financial headlines and offers context for Canadian investors.
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If you’ve sold your home or are planning to soon, you may have a large amount of cash that needs a temporary parking spot while you prepare for your next move. A regular savings account pays very little interest—so unless you need the money right away, it makes sense to seek higher returns.
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Toronto Blue Jays flex financial muscle to secure George Springer, the player they wanted all along - TSN Jan 20th
Toronto Blue Jays flex financial muscle to secure George Springer, the player they wanted all along TSNBlue Jays land top off-season target George Springer with historic contract Sportsnet.caAP source: Springer agrees to $150M, 6-year deal with Jays Taiwan NewsThe Ja.... More »
Allegations Donald Trump was given millions by dad through tax dodges - 9news.com.au + MORE Oct 3rd
9news.com.auAllegations Donald Trump was given millions by dad through tax dodges9news.com.auUS President Donald Trump received at least USD$413 million ($576 million) from his father over the decades, much of that through dubious tax dodges, including outright fraud, according to a media report. Th.... More »
The best high-interest savings accounts in Canada for 2024 Nov 11th
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Toronto area sees 35% drop in home sales from year ago
– moneysense.ca
TORONTO — Home sales in the Greater Toronto Area were down 35 per cent in September compared with the same month last year, although prices generally continued to increase.
The Toronto Real Estate Board says sales of all major types of residential property were down but the biggest decline was a 40.4 per cent drop in sales of detached homes.
The average selling price for all types of property sold in September was up 2.6 per cent from a year ago, rising to $775,546.
The board says high-priced detached homes accounted for a smaller share of sales than in September 2016 and that the average price for that market segment was flat.
Meanwhile the average price for condos was up 23.2 per cent to $520,411 and average prices for semi-detached houses was up 7.4 per cent at $752,379.
TREB’s benchmark price index, which adjusts for different property types, was up 12.2 per cent from the same time last year.
READ ABOUT BEST DEALS IN REAL ESTATE 2017:
The Toronto Real Estate Board says sales of all major types of residential property were down but the biggest decline was a 40.4 per cent drop in sales of detached homes.
The average selling price for all types of property sold in September was up 2.6 per cent from a year ago, rising to $775,546.
The board says high-priced detached homes accounted for a smaller share of sales than in September 2016 and that the average price for that market segment was flat.
Meanwhile the average price for condos was up 23.2 per cent to $520,411 and average prices for semi-detached houses was up 7.4 per cent at $752,379.
TREB’s benchmark price index, which adjusts for different property types, was up 12.2 per cent from the same time last year.
READ ABOUT BEST DEALS IN REAL ESTATE 2017:
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The post Toronto area sees 35% drop in home sales from year ago appeared first on MoneySense.
Why the bull case for global financials doesn't apply to Canada bank stocks
– theglobeandmail.com
The two biggest reasons for global financial-stock bullishness – rising bond yields and valuations – don’t really apply to our lenders
Wall St. hits 3rd straight record high, as TSX falls amid oil supply glut fears
– canadianbusiness.com
TORONTO _ Wall Street nudged toward its third-straight record high Wednesday as Canada’s biggest stock index slipped into the red and oil prices fell amid concerns of a supply glut.
In New York, the Dow Jones industrial average advanced 19.97 points to 22,661.64. The S&P 500 index was up 3.16 of a point to 2,537.74 and the Nasdaq composite index gained 2.92 points to 6,534.63.
The Toronto Stock Exchange’s S&P/TSX composite index was down 7.51 points to 15,721.00.
Falling energy shares led decliners on the commodity-heavy TSX as the market absorbed conflicting oil supply reports, with the November crude contract falling 44 cents to US$49.98 per barrel.
Earlier on Wednesday, data from the U.S. Energy Information Administration showed that U.S. commercial crude oil inventories decreased by 6.0 million barrels for the week ending Sept. 29.
The bullish inventory report showed that stockpiles had declined much more than the markets had been anticipating, said Fiera Capital vice-president and portfolio manager Candice Bangsund…
In New York, the Dow Jones industrial average advanced 19.97 points to 22,661.64. The S&P 500 index was up 3.16 of a point to 2,537.74 and the Nasdaq composite index gained 2.92 points to 6,534.63.
The Toronto Stock Exchange’s S&P/TSX composite index was down 7.51 points to 15,721.00.
Falling energy shares led decliners on the commodity-heavy TSX as the market absorbed conflicting oil supply reports, with the November crude contract falling 44 cents to US$49.98 per barrel.
Earlier on Wednesday, data from the U.S. Energy Information Administration showed that U.S. commercial crude oil inventories decreased by 6.0 million barrels for the week ending Sept. 29.
The bullish inventory report showed that stockpiles had declined much more than the markets had been anticipating, said Fiera Capital vice-president and portfolio manager Candice Bangsund…
Progress Energy selling Alberta assets, but not abandoning Canada: spokeswoman
– canadianbusiness.com
Petronas has put a massive package of oil and gas assets in Alberta on the sales block but it has no intention of abandoning the country despite the recent cancellation of its plan to build a West Coast LNG terminal, a spokeswoman says.
According to a posting on the BMO Capital Markets website, the Malaysian state-owned energy company’s subsidiary, Calgary-based Progress Energy Canada Ltd., has hired the bank to sell oil and gas drilling rights, wells, pipelines and three gas processing plants mainly located in northwestern Alberta.
“Definitely, I can say from the outset that withdrawing from Canada is not what is happening,” said Progress spokeswoman Eryn Rizzoli on Wednesday.
“The potential sale of our Deep Basin assets, which represents a small portion of Progress Energy’s resource base, would allow us to focus on our North Montney (B.C.) development, which represents significant growth opportunities in Canada,” she added in a followup email.
Petronas bought Progress Energy in 2012 and has been one of the most active drillers in northeastern B…
According to a posting on the BMO Capital Markets website, the Malaysian state-owned energy company’s subsidiary, Calgary-based Progress Energy Canada Ltd., has hired the bank to sell oil and gas drilling rights, wells, pipelines and three gas processing plants mainly located in northwestern Alberta.
“Definitely, I can say from the outset that withdrawing from Canada is not what is happening,” said Progress spokeswoman Eryn Rizzoli on Wednesday.
“The potential sale of our Deep Basin assets, which represents a small portion of Progress Energy’s resource base, would allow us to focus on our North Montney (B.C.) development, which represents significant growth opportunities in Canada,” she added in a followup email.
Petronas bought Progress Energy in 2012 and has been one of the most active drillers in northeastern B…
How much money should you spend on clothes?
– moneysense.ca
For Gwyneth Paltrow, an investment piece of clothing is a pair of Gucci loafers or a Chanel bag, just two of the items on a GOOP list of 10 essential pieces for your wardrobe. Buy everything on that list and you’ll shell out more than $20,000.
But, in the real world, you need to set limits on month-by-month spending on clothes.
READ: Does my kid need a clothing allowance?
According to at least one financial planner, you should be spending in the range of 5 percent of your monthly after-tax pay on your wardrobe. So, if you’re bringing home $3,500 after taxes, your clothing budget should be $175/month. If you’re bringing home $5,500 a month, then you can bump your budget up to $275/month.
Remember: that’s per household. If it’s just you, go for it. If you’re a family of four, you’ll need to spread that money around.
Also, 5 percent is just a guideline – it’s assuming you’re debt-free. If you’re not, then repayment ought to be a big part of your budget (the rule is anywhere from 15 percent to 20 percent of your take-home pay should go toward paying off debt)…
But, in the real world, you need to set limits on month-by-month spending on clothes.
READ: Does my kid need a clothing allowance?
According to at least one financial planner, you should be spending in the range of 5 percent of your monthly after-tax pay on your wardrobe. So, if you’re bringing home $3,500 after taxes, your clothing budget should be $175/month. If you’re bringing home $5,500 a month, then you can bump your budget up to $275/month.
Remember: that’s per household. If it’s just you, go for it. If you’re a family of four, you’ll need to spread that money around.
Also, 5 percent is just a guideline – it’s assuming you’re debt-free. If you’re not, then repayment ought to be a big part of your budget (the rule is anywhere from 15 percent to 20 percent of your take-home pay should go toward paying off debt)…
