Jefferies Trading Surge Bodes Well for Wall Street Heavy-Hitters
Jefferies Financial Group Inc.’s revenue jump — due to strong capital markets and rebounding investment banking — bodes well for the bigger banks due to report in weeks to come.
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Jefferies Financial Group Inc.’s revenue jump — due to strong capital markets and rebounding investment banking — bodes well for the bigger banks due to report in weeks to come.
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Dec 29, 2017
By Greg Bonnell
Toronto is poised to post some ugly year-over-year home price comparisons in early 2018 which will likely “affect the psychology of the market” – even if homebuyers take the new stress tests in stride.
Average prices in the country’s largest real estate market have recently settled into the mid-$700,000s after hitting an all-time high of $920,791 in the spring amid a real estate frenzy.
As buyers and sellers take a wait-and-see approach after the stress tests kick in on January 1, the market will likely be off to a slow start, Scott Ingram, realtor at Century 21 Regal Realty Inc. and a chartered accountant, told BNN in an email.
“If volumes start out slowly then prices won’t be shooting up,” said Ingram, who added, “I don’t think they’ll decline much at all from current levels.”
READ MORE: NEW MORTGAGE RULES
Stability at current prices still means a significant decline from the April highs – there’s a 17 per cent difference between $920,791 and November’s average price of $761,757.
“If there’s no change in price then you’re looking at double digit, year-over-year losses, even though prices are just remaining flat,” said Ingram.
“The majority of the media won’t report that subtlety, they’ll just go for the more scandalous ‘diving’ or ‘plunging’ prices – and I think that very well may affect the psychology of the market.”
The first big psychological test, both in Toronto and nationally, will be the new stress tests – known in the industry as the B-20 guidelines.
BNN talked to a handful of real estate insiders for their take on the year ahead. Here’s some of what they told us: