Markets are down modestly on Thursday.
Canadian Tire is up 2.7% to about $143 after releasing earnings. This company/stock was below $110 most of January (after declining from highs over $135 last Summer) and it was briefly below $105 in January. The company has been extremely well managed.
Teranet is out with its latest existing home price index for April. Edmonton home prices are about stable (down 1% since last year and unchanged in April) while Calgary has seen a modest decline. (down 4% since last year but unchanged in April). So far, nothing in this data would suggest that Melcor’s Alberta land holdings and finished building lots have declined in market value by more than a quite modest amount. Vancouver and Toronto continue to rise sharply.
Statistics Canada has released new home price data for February that shows new home prices to be quite stable across the country although Toronto and Vancouver show gains around 4% in the past year.