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CMHC offers dire predictions for house-price drops in B.C.

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Canada’s national housing agency is continuing its grim forecasts for how hard the COVID-19 pandemic will hit home sales, prices and construction, including sharp drops for B.C.

But one local realtor said many people in the local real estate sector and construction industry believe Canada Mortgage and Housing Corp. is being too pessimistic.

Last week, CMHC CEO Evan Siddall told a parliamentary committee that Canadian house prices could drop by as much as a 18 per cent.

He also said that 20 per cent of mortgage holders who are deferring payments could be in arrears at the end of September, when the COVID-19 deferral period finishes, if the economy doesn’t improve.

He said Vancouver could be one of the hardest-hit places, along with Toronto and Alberta.

On Wednesday, the CMHC said home prices in B.C. could drop by 10 to 19 per cent  from pre-pandemic levels, slightly exceeding its forecast range for home prices across Canada of nine to 18 per cent.

Source:- Vancouver Sun

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Edited By Harry Miller

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DavidsTea files for creditor protection; some stores won't reopen – Montreal Gazette

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DavidsTea is continuing to seek more favourable lease conditions, and “ultimately may terminate a significant number” of its 222 leases, Zitella added.

Many of the company’s stores occupy prime locations — such as 1 Place Ville Marie in downtown Montreal, or shopping malls including Promenades St-Bruno — that typically command higher-than-average rents.

DavidsTea’s growth was already slowing before COVID-19 hit, and the company had reached a point where it needed to rationalize, said JoAnne Labrecque, a marketing professor at the HEC Montréal business school.

“This is an example of a company that experienced rapid growth, opened a lot of stores, and finally the concept reached a saturation point,” Labrecque said in a phone interview. “The lockdown accelerated everything. When you don’t have any revenue, the business model quickly becomes unsustainable.”

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Additional warning about Vancouver’s No5 Orange following possible exposure of COVID-19 – News1130

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VANCOUVER (NEWS 1130) – An expanded COVID-19 notification has been issued by Vancouver Coastal Health after an additional person who tested positive for the virus visited the site.

Anyone who visited the Vancouver club on July 1, 3, 4 and 7 may have been exposed to the virus and is being advised to monitor themselves for any symptoms of the virus.

On Tuesday Vancouver Coastal Health had warned about a possible exposure on July 1st but has learned about another person who attended several other times who contracted the virus.

The lounge has been closed down by VCH to review its safety plan.

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Fed's Bostic reportedly says U.S. recovery may be 'leveling off' – CNBC

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Raphael Bostic, president and chief executive officer of the Federal Reserve Bank of Atlanta 

Christopher Dilts | Bloomberg | Getty Images

Atlanta Federal Reserve Bank President Raphael Bostic said the U.S. economic recovery is in danger of stalling due to the recent spike in coronavirus cases across many American states.

High-frequency data had shown a “leveling off” of economic activity both in terms of business openings and mobility, he told the Financial Times newspaper in an interview published on Tuesday.

“There are a couple of things that we are seeing and some of them are troubling and might suggest that the trajectory of this recovery is going to be a bit bumpier than it might otherwise,” he told the newspaper.

“And so we’re watching this very closely, trying to understand exactly what’s happening.”

California, Texas and Florida are all among two dozen U.S. states reporting high infection rates as a percentage of diagnostic tests conducted over the past week, an alarming sign of a virus still spreading largely unchecked throughout much of the country.

The U.S. death toll from the virus has topped 130,000, Reuters calculations show.

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