By Natalie Wong Bloomberg Wed., May 16, 2018 Last quarter, Tricon Capital Group Inc. used proprietary software to scrape 100,000 house listings in the U.S. Sunbelt states. It put offers on 1,500 and ended up buying about 400. This quarter, the Canadian firm expects to buy up to 600 more. Tricon has become the third-largest publicly listed landlord of U.S. single-family rentals by snapping up homes from Arizona to Florida. It now ranks behind Invitation Homes Inc., backed by Blackstone Group LP, and American Homes 4 Rent in a market it says is valued at about $3 trillion (U.S.) and is still largely owned by individual investors. The demand “feels like it’s insatiable,” Tricon chief executive officer Gary Berman said in an interview in Bloomberg’s Toronto office. “Sixteen million American households rent single-family homes. So put that into perspective. That’s bigger than the entire Canadian housing market.” Tricon is aiming … [Read more...] about Toronto-based landlord Tricon snaps up U.S. house listings as rental market booms
Canada u s exchange rate
The Bank of Canada has kept interest rates unchanged at 0.5%, meeting market expectations. Following the announcement, the Canadian dollar was rallying a bit against the US dollar, climbing to around $1.337, better than the $1.342 the loonie traded at ahead of the announcement. The statement indicated that the BoC sees the economy evolving broadly as it expected, with the BoC saying (emphasis ours): Financial market volatility, reflecting heightened concerns about economic momentum, appears to be abating. Although downside risks remain, the Bank still expects global growth to strengthen this year and next. Recent data indicate that the U.S. expansion remains broadly on track. At the same time, the low level of oil prices will continue to dampen growth in Canada and other energy-producing countries And while the BoC’s decision Wednesday wasn’t expected to materially change the outlook for markets, it does kick off a busy period for central bank … [Read more...] about Bank of Canada holds benchmark interest rate at 0.5%
The loonie closed at its highest level in more than two years as Toronto’s main stock index fell after the Bank of Canada raised its interest rate for the second time in less than two months. Today’s surprise hike of the central bank’s overnight lending rate to 1.0 per cent comes less than a week after the latest data for economic growth showed an impressive expansion of 4.5 per cent for Canada in the second quarter. Read more: Bank of Canada hikes key interest rate to 1.0% The Canadian dollar soared on the news, moving up 0.71 cents U.S. to an average trading price of 81.54 cents U.S. It’s the first time the loonie has closed above 81 cents U.S. since June 26, 2015. On Bay Street, the Toronto Stock Exchange’s S&P/TSX composite index dropped 30.32 points to 15,059.83, but it had been positive before the Bank of Canada’s 10 a.m. rate announcement. … [Read more...] about Loonie soars after Bank of Canada raises key interest rate
OTTAWA—The U.S. State Department has told Congress that it doesn’t have any concerns about the possible sale of 18 Super Hornet fighter jets to Canada, which it estimates will be worth around $5.23 billion (U.S.). The price tag includes weapons, spare parts, training, software and other costs associated with putting the jets into service, but not upgrades to hangars or long-term support and maintenance. The figure, which works out to around $6.37 billion (Canadian) at current exchange rates, is contained in a formal notification to Congress published Tuesday. Read more: Trudeau blasts Boeing over dispute with Bombardier in call with U.S. governor … [Read more...] about U.S. State Department OK with sale of Super Hornets to Canada for estimated at $5.23B U.S.
It wasn’t long ago that the Canadian dollar was one of the world’s most robust currencies, and that exposure to the weak U.S. dollar was a risk to be avoided. Now, there’s a different type of currency-related risk that should be top of mind. That is, the very real risk of short-changing yourself as an investor if you hold only Canadian-dollar assets. A warning of what could happen was issued earlier this month, when the economics department of Toronto-Dominion Bank forecast a sharp decline for our dollar. Citing sluggish domestic economic growth, slumping commodity prices and a strengthening U.S. economy, the TD economists said the loonie could drop to as low as 90 cents (U.S.) in early 2014. This forecast is really nothing out of the ordinary. Historically, our dollar has usually traded at a significant discount to the U.S. greenback. At eight cents lower than it is now, the loonie would be fairly close to its historical average. The Canada-U.S. exchange rate has … [Read more...] about Three ways to profit from our falling dollar