June 21, 2017

On Wednesday the S&P 500 was up 0.1% and Toronto was about unchanged.

There was not much movement in the stocks on our list. Bombardier was an exception, down 5.0%.

Statistics Canada reported the investment in new home construction for April. Given my interest in Melcor Developments, I am always interested in the figure for single family homes in Alberta. This was up 9% versus April 2016 but still down 28% versus 2014. The trend has been going in the right direction.

I notice that Home Capital’s deposits were about unchanged yesterday despite news of the sales of mortgages at a pretty good price. I had thought that with this bank now probably out of the woods deposits would flow back due the high yield they offer. But those with cash to deposit are apparently remaining cautious.