Which Way Is The Toronto Housing Market Moving?

Toronto Detached Homes in high demand

I am often asked about where the Toronto housing market is headed. In the long-run we all know real estate has to go up. After all, there is only so much land and the population keeps growing. Toronto is one of the top destination cities for immigrants from around the world. However, in the short-term, as governments pass policies and regulations affecting housing, the Toronto housing market will be impacted.

We’ve already seen the consequences of tightening mortgage rules and the Ontario Government’s fair housing act, which seems to have contributed to dampening of house appreciation, while possibly decreasing availability of rental units and increasing rents. Contrary to what the government tried to accomplish? Correct. The reason being that with the extra costs of providing rental housing, any new units on the market will need to be rented at higher rates to cover the increasing tax and regulatory related expenses.

So, as the market adjusts to these new changes and with what I believe will be a Bank of Canada interest rate hike this month, I expect Toronto housing market growth to be hampered further. Of course, some neighbourhoods will be affected more than others. Contact me if you’re looking to buy and I’ll help you choose the right neighbourhood and home to meet your needs in this changing market.

Follow me for my next post in regards to another development this month that will further dampen Toronto housing market growth. (

LinkedIn: https://www.linkedin.com/in/baldo/)

Odds of a rate hike soar to almost 50% overnight after Canada’s growth wows economists

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First Global Data Appoints Vicki Ringelberg as New CFO


First Global Data Limited

06:00 ET

TSX Venture Exchange: FGD
Frankfurt Stock Exchange: 1G5

TORONTOOct. 2, 2017 /CNW/ – First Global Data Limited (“First Global” or the “Company”) announces the resignation of Nayeem Alli and the appointment of Vicki Ringelberg, as the Chief Financial Officer of the Company.

Nayeem Alli is a founder and has been a key contributor toward the vision and success of the Company. The decision to resign was a deeply personal one for him. The Company is working with Mr. Alli toward establishing a consulting relationship as he becomes ready. The Board of Directors, management and shareholders of First Global thank Mr. Alli for his dedication and contributions as Chief Financial Officer and sincerely wish him the best. Mr. Alli continues as a director of the Company.

Vicki Ringelberg is a high caliber executive with a track record of success. Ms. Ringelberg is currently the Chair of the Board of Trustees, Chair of the Governance and Administration Committee and previous Chair of the Audit Committee and Investment Committee of the OPSEU Pension Trust (OPTrust). Prior to that, Ms. Ringelberg spent over 20 years working in various senior financial capacities including Chief Financial Officer of Portland Investment Counsel and the Chief Financial Officer and Chief Operating Officer of AIC Limited (“AIC”). During her tenure at AIC, Ms. Ringelberg was also a member of various boards. Ms. Ringelberg has broad experience in the financial services industry including managing large scale initiatives, implementing complex accounting systems, evaluating business opportunities and executing the acquisitions and sales of various businesses. Ms. Ringelberg is a CPA and also holds an MBA from the Rotman School of Business, University of Toronto.

“We respect Nayeem’s decision to step down as our CFO. He has been a leader since the Company’s inception and instrumental in the Company achieving the levels of success it currently has,” said Andre Itwaru, the Company’s Chairman and CEO. “We are very pleased that Vicki has agreed to join First Global. She brings an incredible level of experience, financial acumen and discipline to the Company, and I look forward to working closely with her as we take the Company to the next levels of its evolution.”

The appointment of Vicki Ringelberg as Chief Financial Officer is subject to acceptance by the TSX Venture Exchange.

About First Global Data Ltd. (www.firstglobaldata.com)

First Global is an international financial services technology (“FINTECH”) company. The Company’s two main lines of business are mobile payments and cross border payments. First Global’s proprietary leading edge technology enables the convergence of compliant domestic and cross border payments, shopping, Peer to Peer (“P2P”), Business to Consumer (“B2C”), and Business to Business (“B2B”) payments. First Global enables its strategic partners and clients around the world with our leading edge financial services technology platform.

Neither the TSX Venture Exchange Inc. (“TSXV”) nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

The securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of the securities offered in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward Looking Information:
This news release contains “forward-looking information” within the meaning of applicable securities laws. Although First Global believes in light of the experience of its officers and directors, current conditions and expected future developments and other factors that have been considered appropriate, that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because First Global can give no assurance that they will prove to be correct. Readers are cautioned to not place undue reliance on forward-looking information. Actual results and developments may differ materially from those contemplated by these statements. The statements in this press release are made as of the date of this release. First Global undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of First Global, its securities, or financial or operating results (as applicable). First Global disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

SOURCE First Global Data Limited

For further information: Andre Itwaru, Chairman and CEO, First Global Data Limited, email: ir@firstglobaldata.com; Renmark Financial Communications Inc., Steve Hosein: shosein@renmarkfinancial.com, Tel: (416) 644-2020 or (514) 939-3989, www.renmarkfinancial.com

See related post: First Global Data in the USA

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Oil spikes higher and the “Trump trade” returns

Crude oil prices jumped this week driving big gains in energy stocks. Meanwhile, comments from Federal Reserve Chair Janet Yellen and the unveiling of the Republican tax plan in the U.S. gave new life to the so-called “Trump trade” (gains in equities, bond yields, inflation expectations and the U.S. dollar) reflecting a growing expectation of tax cuts. Gold and most other major currencies retreated as a result.

West Texas Intermediate oil (WTI) leapt to a five-month high on a number of supports: the Organization of the Petroleum Exporting Countries (OPEC) and Russia said they would stay focused on supply cuts and expected the global excess to clear, Turkey threatened to cut off Iraq’s exports following an independence referendum held by Iraqi Kurds, and U.S. industry data showed an unexpected decline in stockpiles. Energy stocks responded with a strong sector performance in Canada, and the best by far in the U.S.

U.S. Treasury yields stepped higher after Yellen said the Fed had to be “wary of moving too gradually.” The hawkish remark drove the greenback to six-week highs and pushed the 10-year Treasury yield to two-month highs. Financial stocks, whose profitability tends to improve with higher interest rates, jumped, while alternative yield plays (utilities, real estate, staples, telecom stocks) all lagged correspondingly. In contrast to Yellen, Bank of Canada Governor Stephen Poloz signaled a more cautious approach on future hikes in his first public words since the bank caught forecasters off guard with the September rate increase. The loonie promptly tumbled back to the level it was trading at prior to the September hike, and Government of Canada bond yields dropped, bucking the global move.

The falling loonie fueled broad strength in the S&P/TSX Composite index. Export-oriented sectors industrials and technology, which benefit from a weaker currency, joined energy and financials in posting solid gains. Materials joined the bond proxy groups in lagging performance, held back by weakness in gold miners as the metal price fell. In U.S. equities, the S&P 500 once again touched a new all-time high as the market advanced. Sector winners and losers mostly paralleled those in Canada, save for a dramatic sell-off of big-cap technology early in the week and its bounce back a few days later as risk appetite returned. Technology remains the clear leader year-to-date.

European bond yields rose alongside U.S. yields, bolstered by the highest European confidence reading in a decade. European stocks also advanced, despite last week’s German election which resulted in a more fragmented parliament that will have a harder time finding consensus on important issues, and the fourth round of Brexit negotiations seeming to cast more doubt on Britain’s economic outlook.

Asian markets were mixed. Japan gained slightly on the back of fiscal stimulus optimism after Prime Minister Shinzo Abe called a snap election, while others fell as North Korea concerns ramped up again. Chinese shares declined as tight restrictions were imposed on the property sector and an escalating push for cleaner air threatened to slow industrial activity.

What’s ahead next week:


  • Markit Canada manufacturing Purchasing Managers’ Index (PMI) (Sept.)
  • Employment report (September)
  • Ivey PMI (September)


  • Markit manufacturing and services PMIs (September Final)
  • Institute for Supply Management (ISM) manufacturing survey (September)
  • Construction spending (August)
  • Vehicle sales (September)
  • Factory and durable goods orders (August final)
  • Trade balance (August)
  • Employment reports (September)
  • Wholesale sales and inventories (August final)
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Fed says policy path not deflected by hurricanes

The U.S. Federal Reserve policy statement this week drove most market movements – with the U.S. dollar, global bond yields, and equities all advancing – while precious metals and non-USD safe haven currencies were broadly lower. Once again all three major U.S. equity indices touched new highs, as did the MSCI World index. Gold retreated back below $1,300 USD/ounce, putting an end to its recent breakout to 12-month highs. The loonie also gave back some of its recent gains – in part due to U.S. dollar strength, but also in response to Bank of Canada Deputy Governor Timothy Lane saying the bank is “paying close attention” to the stronger dollar in its consideration of interest rate policy.

As expected, the Fed announced it will begin unwinding its $4.5 trillion balance sheet in October, by not reinvesting some of its bonds as they mature. It also reaffirmed its stance that low inflation was transitory, and said hurricane disruptions would not deflect it from its path to interest rate normalization. Better than expected economic data, including signs that Hurricane Harvey had less of a macro impact than feared, reinforced the case for policy tightening. Investors reacted with heightened expectations of a December rate hike.

In Canada, the heavily weighted financials and energy sectors boosted the S&P/TSX Composite Index to solid gains. Industrials and consumer discretionary stocks were also broadly higher. Energy names dominated the leader board as West Texas Intermediate crude (WTI) extended its move above $50 USD/barrel. Financials moved higher with the global sector in response to rising bond yields – even though Moody’s reaffirmed its warnings about Canadian banks in the face of high mortgage debt and house prices. The bond-proxy groups – utilities, real estate, and consumer staples – struggled in response to rising interest rates. The materials sector also lagged, as precious metals miners tracked lower with gold and silver prices.

Despite reaching new highs mid-week, the S&P 500 finished virtually unchanged, one of the weakest showings among developed equity markets. As in Canada, financials and energy were among top performing major sectors. Lesser-weighted telecom services led the pack on talk of corporate mergers and acquisitions activity. Higher interest rates drove sell-offs in the bond-proxies, while top individual losers were mostly retailers facing more intense competition.

European bonds followed Treasuries lower, lifting rates, and almost all major equity indexes advanced as both the euro and the pound slipped relative to the U.S. greenback (although the euro retraced some of that move by week’s end). As headwinds from the euro’s recent strength faded, the Centre for European Economic Research’s (aka ZEW) economic sentiment indicator for Germany significantly beat expectations going into this weekend’s German elections. Similarly in Japan, a softer yen versus the dollar led to stock gains. The Bank of Japan, like the Fed, kept rates on hold this week, but unlike the Fed, showed no hints of becoming more aggressive anytime soon. Other Asian markets were generally higher as well, following global stock gains and a higher outlook for economic growth in China from the OECD.

What’s ahead next week:


  • Third round of NAFTA talks in Ottawa
  • GDP (July)
  • Industrial and raw materials price indexes (August)


  • New home sales, pending home sales (August)
  • Conference Board consumer confidence (September)
  • Durable goods orders (August)
  • Second quarter GDP (third estimate)
  • Wholesale and retail inventories (August)
  • Personal income and spending (August)
  • University of Michigan Sentiment (September)
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Markets breathe sigh of relief

Gold, yen, U.S. treasuries, and other safe havens all declined this week, while the U.S. dollar and most global equity markets advanced after damage from Hurricane Irma, although devastating, was less catastrophic than feared and North Korea, for a time, held off from testing another missile (it was eventually launched, Friday). There were also signs of better tax and fiscal policy progress in Washington. All three major U.S. equity indexes set new record highs, as did the MSCI All-Country World Index. Gold fell 1.9%, taking a break from its recent surge.

West Texas Intermediate crude prices (WTI) briefly climbed back above $50 USD for the first time since early August as refineries disrupted by Hurricane Harvey continued to resume operations and the International Energy Agency (IEA) raised its forecast of global demand growth. Surging energy stocks led the advance of the S&P TSX Composite. Also contributing significantly to the index’s gains were financials, which benefited from a move higher in global interest rates and bond yields, driven by the sell-off in U.S. treasuries and stronger than expected inflation readings in Britain and the U.S. (finally). The yield on Government of Canada 10-year bonds increased 10 basis points, but even greater gains in the yield of its U.S. counterpart and the stronger greenback pushed the Loonie down a fraction of a cent from its two-year high reached last week. Declining sectors included materials, where U.S. dollar strength led to falling industrial and precious metals prices, and utilities, telecom services, and real estate, all considered “bond proxies” that are pressured by rising interest rates.

U.S. equity markets were led by energy and financials, responding to rising yields and the recovery in crude prices, as they did in Canada. Financials got a further boost from insurers reacting to the better-than-expected Irma news. The S&P 500 Composite Index closed at new all-time highs on four of the five trading days. Utilities (a bond proxy) was the only sector registering a loss.

Share prices in Europe were even stronger than those in North America. The Stoxx Europe 600 climbed to a four week high as the higher U.S. dollar and the unwinding of safe haven currency trades let the Euro give back some of its recent strength that has been acting as a headwind for European stocks. The exception to this trend was in Britain. The FTSE 100 posted the only loss among major equity indexes after U.K. inflation accelerated more than forecasted, prompting a jump in the pound and indications from the Bank of England that its first rate hike in a decade might come soon.

Local currency weakness versus the U.S. dollar was the big story in Japanese equities as well. The Nikkei and Topix indexes saw their steepest increases in more than three months as the yen weakened. Most other Asian markets fared well with the ratcheting down of geopolitical risk early in the week and better than expected CPI data in China that reinforced views of improving global growth. The MSCI Asia Pacific and Emerging Markets indexes both reached multi-year highs.

What’s ahead next week:


  • Manufacturing and wholesale trade sales (July)
  • Consumer price index (August)
  • Retail sales (July)


  • Federal Reserve meeting and rate decision
  • Housing starts and building permits (August)
  • Import and export price indexes (August)
  • Existing home sales (August)
  • Conference Board leading index (August)
  • Markit purchasing managers indexes (September)
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