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Former Bank of Canada Governor David Dodge said the increase in spending in the federal government’s new budget will make the central bank’s battle against rising prices more difficult.
Sales of previously-owned homes in the US fell in March from a one-year high, underscoring the lingering impact of high mortgage rates and elevated prices.
Mortgage rates in the US climbed past 7% for the first time this year.
Mortgage shopping isn’t getting much easier these days.
Blackstone Inc. collected more fees from big retail funds and credit strategies during the first quarter, compensating for the slower pace of deal exits.
Oct 6, 2016
By Andrew Bell
Space and light and order. Those are the things that men need just as much as they need bread or a place to sleep -- Le Corbusier
Charles-Édouard Jeanneret-Gris, a Swiss-French pioneer of modern architecture, was born on this day in 1887. He is said to have adopted Le Corbusier, an adaptation of his grandfather's name, Lecorbésier, to reflect a belief that anyone can reinvent themselves (there’s a hopeful thought.) His urban designs called for “cleaning and purging” the city with “calm and powerful” steel, plate glass and reinforced concrete.
But critics say his influence was baleful, encouraging grim tower blocks in which the poor were sequestered. City design guru Jane Jacobs slammed his theories in The Death and Life of Great American Cities.
Fallout from Ottawa's new mortgage rules
Le Corbusier envisaged housing whole communities in epic-scale blocks, but Canadians still cling to the dream of a home with its own wee front door. Our Top Line on BNN today: The federal government’s efforts to tame house prices are casting a shadow over non-bank players in the mortgage market such as First National Financial (FN.TO) and Genworth MI Canada (MIC.TO), which have seen their shares slide.
At 10:10 a.m. ET, we’ll get a warning from Sherry Cooper, chief economist at Dominion Lending Centres. She says moves will hamper mortgage lending but do nothing to address the shortage of housing supply in the Toronto and Vancouver markets.
And at 12:10 p.m. ET, we’ll be joined by Bill Maurin, CEO of Meridian Credit Union, one of Canada's biggest. We’ll explore what Ottawa is likely to achieve in its efforts to get lender to take on more of default risk, instead of shuffling it off onto taxpayers.
Marijuana's hot market
Speaking of hot markets, investors have been grabbing shares in marijuana growers such as Aphria (APH.V) and Organigram Holdings (OGI.V). On Commodities at 11:30 a.m. ET, we’ll get the take of Dundee analyst Daniel Pearlstein, who says the licenced producers have a head start when it comes to supply product for a legalized recreational market.
Other notable guests
Le Corbusier forgot to mention music as an essential for human life. Aesthetes won’t want to miss this gem: A jingle by federal Tory leadership contender Maxime Bernier.
Bernier, who has aggressively touted plans to foster competition (for example, by ending the dairy cartel), joins us at 12:30 p.m.ET to share his plan that he says will make income tax fairer.
And don't miss the always-ebullient and acerbic Pat Ryan of Mining for Facts, when he co-hosts Business day PM, starting at 2 p.m. ET.
Finally, globalization has long been under fire from the Left but is now unpopular with U.S. Republicans such as Donald Trump.
Here’s an example of globalization that we’re not happy to see: Taco Bell's Kimchi Quesadilla. Sold in South Korea, it’s cheese melted in a folded flour tortilla with the addition of fermented kimchi cabbage.
No. Just no.
Every morning Commodities host Andrew Bell writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe
