Banks Warn of Growing Energy-Related Risks in Mortgage Portfolios
Across Europe, banks are trying to figure out how to handle a growing risk lurking in residential mortgage portfolios: energy consumption.
Latest Videos
The information you requested is not available at this time, please check back again soon.
Across Europe, banks are trying to figure out how to handle a growing risk lurking in residential mortgage portfolios: energy consumption.
Inflation-related releases across the Group of Seven will prime central bankers for crucial June interest-rate decisions, just as they meet in Italy to discuss the state of the world economy.
Big US bond investors have been aggressively shifting money into long-dated notes, betting that the unloved asset class will be one of the winners from eventual interest rate cuts.
A measure of underlying US inflation cooled in April for the first time in six months, a small step in the right direction for Federal Reserve officials looking to start cutting interest rates this year.
Emerging-market currencies dipped Friday on dwindling optimism over Federal Reserve rate cuts, paring their fourth-straight week of gains.
Mar 16, 2020
The Canadian Press
OTTAWA -- Home sales in February were up sharply compared with February 2019 when sales hit a decade-low for the month, the Canadian Real Estate Association said Monday.
However, TD Bank senior economist Brian DePratto said conditions have changed due to COVID-19 and he expects the market to slow substantially in the near-term, if not retrench.
"That said, sales are well-positioned to make a strong recovery once the impact of the virus dissipates, helped by an ultra-low interest rate environment," DePratto wrote in a report.
"With resale markets generally tight, we expect a rebound of sales activity that brings strong price growth once COVID-19 is convincingly in the rearview mirror."
Mortgage rates have fallen in recent days in the wake of rate cuts by the Bank of Canada.
The central bank has cut its key interest rate target twice to bring it down to 0.75 per cent and has said it is ready to make further changes if required to support economic growth and keep inflation on target.
Sales for February, which included an extra day due to the leap year, were up 26.9 per cent compared with the same month last year.
Sales topped year-ago levels in about 80 per cent of all local markets, including all the large urban markets across the country, the association said.
On a month-over-month basis, sales in February were up 5.9 per cent, boosted by a 15 per cent jump in the Greater Toronto Area.
The number of newly listed homes rose 7.3 per cent in February compared with January.
The increase in the number of sales came as the national average price for homes sold last month rose 15.2 per cent compared with a year ago to $540,000.
Excluding the Greater Vancouver and Greater Toronto Area, the national average price was about $410,000, up 10.5 per cent.