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http://finance.yahoo.com/news/canadian-baby-boomers-stand-inherit-100000876.html TORONTO, June 6, 2016 /CNW/ - Baby boomers in Canada will inherit an estimated $750 billion over the next decade in the country's largest-ever transfer of wealth, one that is expected to alter the retirement landscape and have potentially significant economic impacts, finds a new CIBC Capital Markets report. Canada currently has just over 2.5 million people over the age of 75, of which close to 45 per cent are widowed, the report says. The number of elderly people in Canada today represents a 25 per cent jump over the level seen a decade ago. "We estimate that the coming decade will see close to $750 billion exchanging hands, almost 50 per cent more than the estimated amount of inheritance received over the past decade," says Benjamin Tal, Deputy Chief Economist, CIBC Capital Markets, who authored the report The Looming Bequest Boom – What Should We Expect? "The transfer is estimated to boost the asset position of Canadians 50-75 years old by no less than 20 per cent." There will be even more Canadians aged 75+ in the next decade, who will not only be the largest cohort of that age group on record, but also wealthiest, with an estimated total net worth north of $900 billion. He expects this shift in wealth, coming when boomers themselves are approaching retirement age, can potentially impact Canada's retirement landscape as well as many facets of the economy, including labour force participation, the real estate markets and transform income inequality into wealth inequality. -
Video (Courtesy of The Globe and Mail) Luxury homes in Montreal is up 300% Luxury Starter Home for Montreal estimated to be at $1.5 million.
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Financial crisis bringing global economy to standstill: IMF By Veronica Smith WASHINGTON (AFP) – The International Monetary Fund slashed its economic growth forecasts Wednesday, predicting the severe financial crisis would brake global growth to the slowest pace in six decades. "World growth is projected to fall to 0.5 percent in 2009, its lowest rate since World War II," the IMF said in a sharp 1.75-point downward revision of November forecasts. "The world economy is facing a deep recession" under continued financial stress, it warned. The advanced economies were expected to contract by 2.0 percent, their first annual contraction in the post-war period and far more than the negative 0.3 percent the IMF estimated less than three months ago. "Despite wide-ranging policy actions, financial strains remain acute, pulling down the real economy," the 185-nation institution said, warning its projections were made in a "highly uncertain outlook."
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Cooling housing market exposed to crash Prices, demand drop after record growth Alia McMullen, Financial Post; Canwest News Service Published: Friday, August 08, 2008 Edmonton's housing market is estimated to be more than 10 per cent overvalued.Ed Kaiser, The Journal, FileEdmonton's housing market is estimated to be more than 10 per cent overvalued. TORONTO - A big decline in commodity prices could spell disaster for Canada's housing market, which already appears to have entered a "sustained downturn," David Wolf, an economist at Merrill Lynch Canada, warned on Thursday. He said while the risk of a housing market crash was small, an "outright bust" in commodity prices would make the scenario "a rather more serious threat." The recent trickle of data has shown a significant slowdown in the country's housing market, following its record pace of growth. Demand has eased, supply continues to creep up, credit conditions remain tight, and house-price growth has turned flat, with declines in some regions. The value of building permits in June fell a seasonally adjusted 5.3 per cent from the previous month, indicating that construction activity in the coming months would likely be lower, Statistics Canada figures showed Thursday. The data is notoriously volatile, but the trend rate of growth for residential building has declined since the beginning of the year. "Canada's housing market is entering a sustained downturn, in our view," Wolf said. "It does look like Canadian houses finally got too expensive, and builders too aggressive, for the underlying demand environment." He estimated that markets with the strongest price growth in recent years, such as Regina, Saskatoon, Vancouver, Victoria, Calgary, Edmonton, Sudbury, and Montreal, were all more than 10 per cent overvalued. On a national basis, Wolf predicts house price growth to remain flat. Merrill Lynch expects commodity prices to moderate over the medium term, a scenario that would aid in the housing market downturn but not cause an outright bust. Others, such as CIBC, have a more bullish forecast for commodities, namely oil, expecting prices to continue to rise. This would continue to support Canada's terms of trade by bringing in higher export revenue relative to the amount spent on imports. But Wolf said the risk of a housing crash would become "a serious threat" if the recent correction in commodities continued because it could cause the terms of trade to deteriorate. The price of light crude has fallen about 18 per cent since peaking at a record high of $147.27 US a barrel on July 11 continued. Light crude for September delivery settled at $120.02 US a barrel in New York on Thursday. "The takeoff in commodity prices since 2002 has driven an enormous improvement in Canada's terms of trade, accounting for much of the strong growth in Canadian national income that has, in turn, provided the fundamental underpinning for the housing market boom," Wolf said. A Bank of Canada working paper by senior analyst Hajime Tomura released earlier this year argued that a decline in the terms of trade would likely cause house prices to fall. It said that "if households are uncertain about the duration of an improvement in the terms of trade, then house prices will abruptly drop when the terms of trade stop improving."
