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Stock market news live updates: Stocks mixed after weak economic data, mixed earnings – Yahoo Canada Finance

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Stocks ended the session lower on Tuesday, with Wall Street taking a breather from a three-session win streak, with investors digesting the gradual relaxation of coronavirus lockdowns and the latest batch of corporate earnings.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="[Click here to read what’s moving markets heading into Wednesday, May 20] ” data-reactid=”17″>[Click here to read what’s moving markets heading into Wednesday, May 20]

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="On Monday, a trifecta of good news powered the Dow and S&amp;P 500 Index to their best day in over a month. Yet stocks took a leg lower on Tuesday after a report late in the trading day questioned the significance of the data Moderna (MRNA) provided in assessing its experimental COVID-19 vaccine candidate. The positive results initially sent stocks on a tear, and fed optimism about a recovery from the ravages of the pandemic.” data-reactid=”18″>On Monday, a trifecta of good news powered the Dow and S&P 500 Index to their best day in over a month. Yet stocks took a leg lower on Tuesday after a report late in the trading day questioned the significance of the data Moderna (MRNA) provided in assessing its experimental COVID-19 vaccine candidate. The positive results initially sent stocks on a tear, and fed optimism about a recovery from the ravages of the pandemic.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Home Depot (HD) weighed on the Dow, after the home-improvement giant reported weaker than expected quarterly profit. This came alongside declines in Walmart (WMT), which fell by the end of the session despite beating expectations for quarterly results after consumers flocked to the company’s grocery and home-goods delivery and pick-up services during the pandemic. The stock flirted with a new 52-week high before ending the session more than 2% lower.” data-reactid=”19″>Home Depot (HD) weighed on the Dow, after the home-improvement giant reported weaker than expected quarterly profit. This came alongside declines in Walmart (WMT), which fell by the end of the session despite beating expectations for quarterly results after consumers flocked to the company’s grocery and home-goods delivery and pick-up services during the pandemic. The stock flirted with a new 52-week high before ending the session more than 2% lower.

During the session, Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin failed to create any fireworks in testimony that lasted over two hours. However, both men reiterated the government’s policy support for a U.S. economy in which the risks remain firmly tilted toward the downside.

“Investors did not learn anything groundbreaking with respect to the Fed’s and US government policy response to COVID-19,” said Edward Moya, senior Market Analyst at OANDA.

“The wait-and-see economy is here and it seems the reopening of the economy will need to unfold before we can start to speculate on how much more stimulus will come into play,” he added.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="States and cities are gradually relaxing restrictions that have sent the economy into a tailspin. The cautious moves have been enough to spark market hopes for a relatively brisk economic revival, and along with the potential for an effective COVID-19 treatment, have been enough to blunt the impact of ugly U.S. economic data.” data-reactid=”23″>States and cities are gradually relaxing restrictions that have sent the economy into a tailspin. The cautious moves have been enough to spark market hopes for a relatively brisk economic revival, and along with the potential for an effective COVID-19 treatment, have been enough to blunt the impact of ugly U.S. economic data.

<h2 class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="4:04 p.m. ET: Stocks end lower as investors take breather after 3-day rally” data-reactid=”25″>4:04 p.m. ET: Stocks end lower as investors take breather after 3-day rally

Here were the main moves in markets as of 4:04 p.m. ET:

  • S&P 500 (^GSPC): -30.97 (-1.05%) to 2,922.94

  • Dow (^DJI): -390.51 (-1.59%) to 24,206.86

  • Nasdaq (^IXIC): -49.72 (-0.54%) to 9,185.10

  • Crude (CL=F): +$0.54 (+1.70%) to $32.36 a barrel

  • Gold (GC=F): +$12.60 (+0.73%) to $1,747.00 per ounce

  • 10-year Treasury (^TNX): -3.3 bps to yield 0.7110%

3:12 p.m: Moderna drops more than 9% after report questions vaccine data

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Moderna (MRNA) shares dropped 9%, paring some of Monday’s surge, after STAT News published an article citing experts who suggested “we ought to take the early readout” from the company’s vaccine Phase 1 trial “with a big grain of salt.”” data-reactid=”36″>Moderna (MRNA) shares dropped 9%, paring some of Monday’s surge, after STAT News published an article citing experts who suggested “we ought to take the early readout” from the company’s vaccine Phase 1 trial “with a big grain of salt.”

The three major indices also dipped following the report, with the Dow falling more than 200 points.

2:45 p.m. ET: Crude oil settles at two-month high

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="July futures for West Texas intermediate crude oil (CL=F) settled higher by 2.1% to $32.50 per barrel on Tuesday, hitting the highest level in two months. The move higher marked the fourth straight settlement higher for the commodity, which has gained 64% since May 1 as fears of dried up demand and an oversupplied market eased. However, WTI crude remains about 46% lower for the year to date.” data-reactid=”40″>July futures for West Texas intermediate crude oil (CL=F) settled higher by 2.1% to $32.50 per barrel on Tuesday, hitting the highest level in two months. The move higher marked the fourth straight settlement higher for the commodity, which has gained 64% since May 1 as fears of dried up demand and an oversupplied market eased. However, WTI crude remains about 46% lower for the year to date.

12:17 p.m. ET: Stocks mixed as session rolls on

Here were the main moves in markets, as of 12:17 p.m. ET:

  • S&P 500 (^GSPC): -3.64 points (+0.12%) to 2,957.55

  • Dow (^DJI): -21.85 points (-0.09%) to 23,575.52

  • Nasdaq (^IXIC): +51.99 points (+0.56%) to 9,284.94

  • Crude (CL=F): -$0.48 (-1.51%) to $31.34 a barrel

  • Gold (GC=F): +$9.40 (+0.54%) to $1,743.80 per ounce

  • 10-year Treasury (^TNX): -3.3 bps to yield 0.709%

10:26 a.m. ET: Mnuchin expects ‘economic conditions to improve’ in second half of the year

Treasury Secretary Steven Mnuchin said Tuesday he anticipates “economic conditions to improve in the third and fourth quarters” this year. Mnuchin spoke during testimony alongside Federal Reserve Chair Jerome Powell before the U.S. Senate Banking Committee Tuesday morning.

The Coronavirus Aid, Relief and Economic Security Act (CARES) Act has already unleashed some $200 billion in credit support so far for businesses and individuals amid the pandemic, and has still more capital “to expand these as needed,” Mnuchin added.

Shortly thereafter, Mnuchin added, “We are fully prepared to take losses in certain scenarios” from funds that are yet to be distributed as part of the CARES Act.

9:43 a.m. ET: Nasdaq sends Luckin Coffee delisting notice after accounting fraud

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Luckin Coffee (LK) disclosed Tuesday it received a delisting notice from the Nasdaq on May 15, with the exchange citing “public interest concerns as raised by the fabricated transactions disclosed by the Company in a Form&nbsp;6-K on April&nbsp;2, 2020.”” data-reactid=”58″>Luckin Coffee (LK) disclosed Tuesday it received a delisting notice from the Nasdaq on May 15, with the exchange citing “public interest concerns as raised by the fabricated transactions disclosed by the Company in a Form 6-K on April 2, 2020.”

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Luckin Coffee, a Chinese company once viewed as a competitor to Starbucks, had said earlier in April it found employees including its former chief operating officer fabricated hundreds of millions in sales in financial results last year.” data-reactid=”63″>Luckin Coffee, a Chinese company once viewed as a competitor to Starbucks, had said earlier in April it found employees including its former chief operating officer fabricated hundreds of millions in sales in financial results last year.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="The company said in a statement it “plans to request a hearing” and will remain listed on the Nasdaq for the time being, pending the outcome of the hearing.” data-reactid=”64″>The company said in a statement it “plans to request a hearing” and will remain listed on the Nasdaq for the time being, pending the outcome of the hearing.

9:31 a.m. ET: Stocks open slightly lower after weak economic data, mixed earnings

Here were the main moves in markets, as of 9:31 a.m. ET:

  • S&P 500 (^GSPC): -7.77 points (-0.26%) to 2,946.14

  • Dow (^DJI): -76.82 points (-0.31%) to 23,520.55

  • Nasdaq (^IXIC): -9.11 points (-0.1%) to 9,228.85

  • Crude (CL=F): +$1.18 (+3.71%) to $33.00 a barrel

  • Gold (GC=F): +$3.90 (+0.22%) to $1,738.30 per ounce

  • 10-year Treasury (^TNX): -1.3 bps to yield 0.729%

8:30 a.m. ET: Housing starts hit lowest level since 2015 in April

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Housing starts tumbled more than expected in April, signaling a persistently tough housing market amid the coronavirus pandemic.” data-reactid=”77″>Housing starts tumbled more than expected in April, signaling a persistently tough housing market amid the coronavirus pandemic.

New housing starts fell by 30.2% over March to a seasonally adjusted annual rate of 891,000, or the lowest level since February 2015. Consensus economists had expected housing starts to drop by 26% to 900,000. March’s starts were revised up to 1.276 million, constituting an 18.6% decline over the prior month.

Building permits, which serve as a proxy for future home-building, also fell in April over March, but at a slower pace than expected. These dropped 20.8% to a seasonally adjusted annual rate of 1.074 million, versus a drop of nearly 26% to 1 million expected. This extended a 5.7% month-over-month decline in building permits in March.

7:43 a.m. ET: Stock futures hug the flat line, paring earlier losses after mixed earnings

Here were the main moves in markets, as of 7:43 a.m. ET Tuesday:

  • S&P 500 futures (ES=F): down 3.25 points, or 0.11%, to 2,944.75

  • Dow futures (YM=F): up 8 points, or 0.03%, to 24,515.00

  • Nasdaq futures (NQ=F): up 11.25 points, or 0.12%, to 9,336.75

7:33 a.m. ET: Home Depot delivers weak profit growth despite strong sales, suspends full-year guidance

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Home Depot (HD) reported stronger than expected quarterly comparable sales growth, with this metric rising 6.4% versus 4.5% expected.” data-reactid=”89″>Home Depot (HD) reported stronger than expected quarterly comparable sales growth, with this metric rising 6.4% versus 4.5% expected.

However, the home improvement giant’s bottom-line results missed expectations, with earnings per share of $2.08 short of estimates by 17 cents, and EBITDA falling about 11% over last year. This came as Home Depot incurred pre-tax expenses of about $850 million to roll out coronavirus-related new measures to support associates, including adding additional paid time off and weekly bonuses for hourly workers in stores and distribution centers.

Home Depot also joined a host of other companies in withdrawing its full-year guidance, citing a lack of visibility due to the coronavirus.

“While sales trends were strong at the end of the first quarter and into the first two weeks of the second quarter, as a result of the uncertainty related to the duration of Covid-19 and its impact on the broader economy, the Company is suspending its previously communicated fiscal 2020 guidance,” the company said in a statement.

7:23 a.m. ET: Walmart posts better than expected Q1 sales, profit; stock nears record high

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Walmart (WMT) posted first-quarter results that topped consensus expectations on both the top and bottom lines, as the retailer benefited from a consumer run on home goods sparked during the coronavirus pandemic.” data-reactid=”95″>Walmart (WMT) posted first-quarter results that topped consensus expectations on both the top and bottom lines, as the retailer benefited from a consumer run on home goods sparked during the coronavirus pandemic.

Adjusted earnings per share of $1.18 on revenue of $134.6 billion each beat estimates, which were for adjusted EPS of $1.12 and sales of $132.48 billion. U.S. comparable same-store sales, excluding gas, grew 10%, or better than the 8.6% rise expected.

E-commerce sales surged 74% during the first-quarter, with both online grocery pickup and delivery services contributing to the gain.

Shares of Walmart jumped about 5% to about $134 per share shortly after reporting results. The gains, if held into the regular session, would mark a fresh record high for the stock.

7:09 a.m. ET Tuesday: Stock futures slip, indicating lower open

Here were the main moves in markets, as of 7:11 a.m. ET Tuesday:

  • S&P 500 futures (ES=F): down 11.5 points, or 0.39%, to 2,936.50

  • Dow futures (YM=F): down 90 points, or 0.37%, to 24,417.00

  • Nasdaq futures (NQ=F): down 12.25 points, or 0.13%, to 9,313.25

  • Crude (CL=F): +$0.77 (+2.42%) to $32.59 a barrel

  • Gold (GC=F): +$2.40 (+0.14%) to $1,736.80 per ounce

  • 10-year Treasury (^TNX): -2.3 bps to yield 0.719%

6:00 p.m. ET Monday: Stock futures flatten after big rally

Here were the main moves at the start of the overnight session for U.S. equity futures, as of 6:15 p.m. ET:

  • S&P 500 futures (ES=F): 2,946.00, off -2.00 (-0.07%)

  • Dow futures (YM=F): 24,507.00, flat

  • Nasdaq futures (NQ=F): 9,332.50+7.00 (+0.08%)

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Follow Yahoo Finance on&nbsp;Twitter,&nbsp;Facebook,&nbsp;Instagram,&nbsp;Flipboard,&nbsp;LinkedIn, and&nbsp;reddit.” data-reactid=”117″>Follow Yahoo Finance on TwitterFacebookInstagramFlipboardLinkedIn, and reddit.

<p class="canvas-atom canvas-text Mb(1.0em) Mb(0)–sm Mt(0.8em)–sm" type="text" content="Find live stock market quotes and the latest business and finance news” data-reactid=”118″>Find live stock market quotes and the latest business and finance news

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Canada unexpectedly adds 289600 jobs on gradual reopening – BNNBloomberg.ca

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Canada’s labour market unexpectedly strengthened after two-straight months of record losses as the country gradually reopens from COVID-19 related restrictions.

Employment rose by 289,600 in May, Statistics Canada said Friday in Ottawa, surprising economists who had been anticipating more losses last month. The gains were across most industries and provinces, though largely driven by higher employment in Quebec, the province hardest hit by the pandemic.

The numbers echo recent high-frequency data, which had signaled a recovery is underway, with job postings increasing and more Canadians reporting an increase in work at the end of May. They will be a relief to policy makers who had been scrambling to inject hundreds of billions in cash into the economy to keep it afloat. Still, just under 5 million remain without work or substantially reduced hours with the jobless rate at postwar records.

“The surprisingly positive readings on employment paint a more optimistic picture of the early part of the recovery, but there’s still a long road back,” Royce Mendes, an economist at Canadian Imperial Bank of Commerce, said in a research report. “The increase in May only represents 10 per cent of the COVID-19-related job losses and absences that occurred over the prior two months.”

Unprecedented Losses

The pick up in May follows an unprecedented loss of about 3 million jobs in March and April. More than 2 million employed Canadians continue to experience much lower hours worked than pre-crsisis.

The unemployment rate ticked up to 13.7% in May, from 13 per cent in April, as people returned to the labor force. Economists in a Bloomberg survey expected a loss of 500,000 jobs, with the unemployment rate rising to 15 per cent.

Canada’s currency extended gains on the result, appreciating 0.7 per cent to $1.3406 against its U.S. counterpart at 9:46 a.m. Toronto time. Yields on two-year government bonds rose 2 basis points to 0.35 per cent.

The better-than-expected report suggests the governments programs to cushion the blow to the labor market are working. By mid-May, 179,000 businesses had applied for the government’s 75 per cent wage subsidy program. The pace of applications to Canada’s emergency income benefit program has also decelerated in recent weeks, suggesting the worst of the layoffs and job losses is over.

In addition to the employment pick up, Statistics Canada said the number of people who worked less than half their usual hours dropped by 292,000. That means the number of Canadians who have either lost their job or worked substantially fewer hours has fallen to just under 5 million, from about 5.5 million in April. Hours worked rose 6.3 per cent in May from the prior month but were still 23 per cent below February’s levels .

Cautious Reopening

The surprise jump reflects the cautious reopening of the economy across provinces. By the time the employment survey was taken from May 10 to May 16, some provinces including B.C., Saskatchewan and Quebec allowed some non-essential businesses to reopen.

Quebec accounted for nearly 80% of May’s gains, the statistics agency said. In contrast, Ontario -– where the economy remained largely shut until May 19 –- saw more losses.

In the early days of the reopening, employment rebounded more strongly among goods producers, the data show. The goods-producing sector added 165,000 jobs versus 125,000 in services. Lower-wage jobs also rebounded more, particularly in retail trade, accommodation and food services.

Women Lagging

Demographically, male employment increased more than twice as fast as that for women, consistent with the more rapid increase in the goods-producing industry. Women were among the earliest victims of the Covid-19 related job losses in March and the latest data suggest they are slower to recover as well.

“The kinds of jobs that reopened earlier tend to be more male dominated in employment and also that more women don’t know how to get back to work because they don’t know what to do with their kids because schools aren’t open,” said Armine Yalnizyan, a research fellow at the Atkinson Foundation.

Women with at least one child under age 6 showed a slower return to work than women with older children. Statistics Canada said it will continue to monitor labor market outcomes for men and women with children in the months to come.

Youth are still suffering heavily from the Covid-19 economic shutdown. While employment recovered by 30,000 for those aged 15-24, the cumulative job losses for this age cohort are still a whopping 843,000 from February to May.

–With assistance from Erik Hertzberg.

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London region sees 28400 jobs lost to COVID-19 – CTV News London

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LONDON, ONT. —
The unemployment rate in London increased dramatically in May, according to Statistics Canada.

London’s jobless rate climbed to 11.7 per cent in May, compared to 8.9 per cent in April.

It’s the lowest number of people working in London since 2003, when there were over 80,000 fewer people living in the area.

Based on a three-month rolling average, London-St. Thomas has lost 28,400 people from its labour force – and that’s just since February.

That figure includes Shannon Rumble, “Since the beginning when everything shut down, I haven’t been to work at all.”

Temporarily laid off from her job as a line cook, federal CERB payments are helping, but Rumble needs things to get back to normal soon.

“I’m a single mom, so (my daughter) can’t go to day care. My parents are helping out, but I can’t go to work if she can’t go to school or day care,” she explains.

“Its not just numbers, it’s people,” London Mayor Ed Holder isn’t sugar coating the situation, “It impacts people on a very personal level and if you are trying to make a mortgage (payment), or make sure your kids are alright, I get that.”

From the perspective of businesses, Holder says large employers who are part of his COVID-19 economic task force are balancing an urgent desire to get staff back to work, with the need to keep them safe from COVID-19.

“We will be doing business, we may just be doing it differently,” he says.

Holder predicts a moderate, consistent comeback as businesses reopen, “I am optimistic that, while I don’t think it’s a quick recovery, I think it will be steady.”

On a national level, Statistics Canada reported a record high unemployment rate even as the economy added 289,600 jobs in May, with businesses reopening amid easing public health restrictions.

The national unemployment rate rose to 13.7 per cent, topping the previous high of 13.1 per cent set in December 1982.

The increase in the unemployment rate came as more people started looking for work.

The increase in the number of jobs come after three million were lost over March and April.

The average estimate from economists is for the loss of 500,000 jobs in May and for the unemployment rate to rise to 15.0 per cent, according to financial markets data firm Refinitiv.

– With files from CTV’s Melanie Borrelli and The Canadian Press.

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What do the new CMHC rules mean for homebuyers? – Globalnews.ca

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Getting mortgage default insurance is about to get harder after Canada’s federal housing agency announced stricter lending standards on Thursday.

The Canada Mortgage and Housing Corp. (CMHC) says it will no longer allow homebuyers to use borrowed funds for their down payment, will require a higher credit score from at least one borrower and will lower the threshold for how much debt applicants can carry compared to their income.

The changes, which come into effect July 1, will reduce the purchasing power of homebuyers who opt for CMHC insurance and likely leave insured mortgage applicants in pricey markets with fewer options, according to mortgage brokers.

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CMHC’s new debt-ratio policy will lower homebuyers’ purchasing power by up to 11 per cent, according to Robert McLister, founder of rates comparisons site RateSpy.com.

For example, someone making $60,000 a year with a five per cent down payment and no pre-existing debt would be able to afford a home with a maximum home price that is roughly 11 per cent lower than what they would have been able to buy before the new rules, according to McLister’s calculations.

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Economists say the measures could discourage some prospective homebuyers from entering the market.

CMHC said it will require a credit score of at least 680, up from the current minimum of 600. It will also lower the maximum amount of debt applicants are allowed to carry compared to their income.

To measure the latter, lenders use two key metrics: the gross debt service ratio (GDS), or the share of income used to cover the mortgage and other housing costs like property taxes, and the total debt service ratio (TDS), the share of income used to cover housing costs plus the cost of servicing other debts.

CMHC is lowering the maximum GDS from 39 per cent to 35 per cent and the maximum TDS from 44 per cent to 42 per cent.






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Changes to the GDS threshold and the credit score minimum will have the greatest impact on affordability, said James Laird, co-founder of financial products comparisons site Ratehub.ca and president of mortgage brokerage CanWise Financial, in a statement via email.

Banning the use of borrowed funds to finance down payments will likely have a more marginal effect, as most Canadians rely on savings, investments and financial help from family for down payments, Laird added.

Mortgage insurance, which protects lenders from the risk of borrowers defaulting on their payments, is mandatory in Canada for loans with a down payment of less than 20 per cent.

Mortgage default insurance is available from CMHC as well as private companies such as Genworth MI Canada Inc. and Canada Guaranty Mortgage Insurance Co.

While the new CMHC rules do not apply to Canada’s private mortgage insurers, they could adopt the new policy on a voluntary basis.

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Private mortgage insurance providers could become “the only games left in town” for homebuyers in expensive markets like Toronto and Vancouver, where borrowers generally have higher debt ratios, McLister noted.⁠

McLister is critical of CMHC’s decision to tighten the rules at a time when the economy is already reeling from the impact of the COVID-19 public health restrictions.

“Normally, you don’t rock the boat when you’re already taking on water,” McLister wrote in a blog post shortly after the policy announcement. “But that’s what CMHC has done,” he added.

Canada’s housing agency has said it’s concerned that already high household debt levels will soar in the aftermath of the COVID-19 crisis, increasing the risk that overstretched homeowners won’t be able to keep up with their mortgage payments.

The new rules “will protect homebuyers, reduce government and taxpayer risk and support the stability of housing markets while curtailing excessive demand and unsustainable house price growth,” said CMHC head Evan Siddall in a statement.

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— With files from the Canadian Press

© 2020 Global News, a division of Corus Entertainment Inc.

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