B.C. party leaders tussle over affordability in radio debate before Oct. 19 vote

Vancouver-area home sales dropped 3.8 per cent in September compared with the same month last year, while listings grew to put modest pressure on pricing, said Greater Vancouver Realtors on Wednesday.

There were 1,852 sales of existing residential homes last month, which is 26 per cent below the 10-year average, and down 2.7 per cent, not seasonally adjusted, from August.

The board says the results show recent interest rate cuts haven’t yet led to the expected rebound in activity, and that sales are still coming in below its forecast.

“September figures don’t offer the signal that many are watching for,” said Andrew Lis, the board’s director of economics and data analytics, in a statement.

The Bank of Canada has already delivered three interest rate cuts this year to bring its policy rate to 4.25 per cent. With further cuts expected at its next two decisions, including what some banks say could be a half-percentage-point cut, there’s still room for an upward swing in the market, said Lis.

“With two more policy rate decisions to go this year, and all signs pointing to further reductions, it’s not inconceivable that demand may still pick up later this fall should buyers step off the sidelines.”

For now though, there are many more sellers entering the market than buyers.

There were 6,144 newly listed properties in September, up 12.8 per cent from last year, to bring the total number of listings to 14,932. The total number of listings makes for a 31 per cent jump from last year, and is sitting 24 per cent above the 10-year seasonal average.

The combination of fewer sales and more listings left the composite benchmark price at $1,179,700, which is down 1.8 per cent from September 2023 and down 1.4 per cent from August.

The benchmark price for detached homes stood at $2.02 million, up 0.5 per cent from last year but down 1.3 per cent from August. The benchmark for apartment homes came in at $762,000, a 0.8 per cent decrease from both last year and August 2024.

The board says the sales-to-active listings ratio across residential property types was at 12.8 per cent in September, including 9.1 per cent for detached homes, while historical data indicates downward price pressure happens when the ratio dips below 12.

This report by The Canadian Press was first published Oct. 2, 2024.

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TORONTO – BMO Financial Group says it has named Kristin Milchanowski to the newly created role of chief artificial intelligence and data officer.

The bank says Milchanowski will oversee several areas including AI, analytics and robotics strategies, as well as data management and data governance across the bank.

Chief technology officer Steve Tennyson says in a statement that Milchanowski will look to use AI to differentiate BMO’s digital offerings from its competitors.

BMO says Milchanowski comes to the role from EY, where she was a global innovation partner focused on AI, high-process computing and quantum technologies. It says she is also an AI associate fellow of the University of Oxford.

The Bank of Canada says the financial sector has been investing in AI to improve customer service, enhance compliance and risk management, and better assess credit and liquidity risk.

However, the central bank has warned that the trend could lead to operational risks including through reliance on a few third-party service providers and potential hallucinations and biases from predictive AI.

This report by The Canadian Press was first published Oct. 2, 2024.

Companies in this story: (TSX:BMO)

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EDMONTON – Albertans won’t be able to buy alcohol from grocery and convenience stores after all.

It’s something the provincial government has been exploring since late last year, and the province says it has decided not to move forward in order to protect private retailers.

The government says the decision comes after a committee of elected officials consulted with industry representatives, liquor store owners and experts.

It says if grocery and convenience stores were able to enter the alcohol retail market, there would be liquor store closures, job losses and decreased product variety.

Earlier this year, grocery and corner stores in Ontario were allowed to start selling beer, wine and canned alcoholic drinks in competition with provincially owned Liquor Control Board of Ontario stores.

Service Alberta Minister Dale Nally says maintaining the status quo will allow the estimated 1,600 privately-owned liquor stores in the province to stay successful.

“Alberta’s private liquor model is a jewel in the crown and allows small businesses to thrive while providing a wide variety of products and services,” Nally said in a news release.

Scott Sinclair, the legislature member for Lesser Slave Lake, was on the committee involved in the decision.

While allowing grocery and convenience stores to sell alcohol would be convenient for consumers, he said, it would have a “detrimental effect” on the existing private alcohol retail industry.

This report by The Canadian Press was first published Oct. 2, 2024.

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