Toronto home sales and prices up from last July, down from June: TRREB

Published

1 year ago

August 3, 2023

The Toronto Regional Real Estate Board says home sales, listings and prices were up in July compared with last year, but activity looks to be slowing in the face of higher interest rates.

The board says the 5,250 sales for the month was up 7.8 per cent compared with July 2022, while listings grew 11.5 per cent.

The average selling price was up 4.2 per cent in July from a year earlier to $1,118,374, while the benchmark price was up 1.3 per cent.

Sales and prices however trended lower from June on a seasonally adjusted basis with sales down 8.8 per cent and the average price down 0.7 per cent.

The drop in month-over-month sales in July marked the second month in a row for lower sales, while the July price pullback was the first month since February that saw a retreat.

The board says that it seems the sales momentum seen earlier in the spring has somewhat stalled since the Bank of Canada restarted its rate tightening cycle in June.

This report by The Canadian Press was first published Aug. 3, 2023.

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Restaurant owner MTY Food sees profit, revenue slide in Q3

Published

2 days ago

October 11, 2024

Anne Joseph

MTY Food Group Inc. says its profit and revenue both slid in its most recent quarter.

The restaurant franchisor and operator says its net income attributable to owners totalled $34.9 million in its third quarter, compared with $38.9 million a year earlier.

The results for the period ended Aug. 31 amounted to $1.46 per diluted share, down from $1.59 per diluted share a year prior.

The company behind 90 brands including Manchu Wok and Mr. Sub attributed the fall to impairment charges on property, plants and equipment along with intangibles assets.

Its revenue decreased slightly to $292.8 million in the quarter from $298 million a year ago.

While CEO Eric Lefebvre saw the quarter as a sign that the company’s ongoing restructuring is starting to bear fruits, he said the business was also hampered by significant delays in construction and permitting that resulted in fewer locations opening.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:MTY)

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Business

Montreal’s Taiga Motors sells to British electric boat entrepreneur Stuart Wilkinson

Published

2 days ago

October 11, 2024

Anne Joseph

Taiga Motors Corp. says the Superior Court of Québec has approved its sale to a British electric boat entrepreneur.

The Montreal-based maker of snowmobiles and watercraft says it will be purchased by Stewart Wilkinson.

Wilkinson’s family office is behind marine electrification brands that include Vita, Evoy, and Aqua superPower.

Wilkinson and Taiga did not reveal the terms or value of the deal but say Wilkinson will assume Taiga’s debt to Export Development Canada and has committed to funding Taiga’s business plan.

The companies say the transaction will allow them to achieve greater economies of scale and deliver high-performance products at compelling prices to accelerate the electric transition.

The sale comes months after Taiga sought bankruptcy protection under the Companies’ Creditors Arrangement Act to cope with a cash crunch.

This report by The Canadian Press was first published Oct. 11, 2024.

Companies in this story: (TSX:TAIG)

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Business

TD fined US$3.09 billion by U.S. regulators

Published

3 days ago

October 10, 2024

Anne Joseph

Toronto-Dominion Bank is facing fines totalling about US$3.09 billion from U.S. regulators in connection with failures of its anti-money laundering safeguards.

The bank also received a cease-and-desist order and non-financial sanctions from the Office of the Comptroller of the Currency that put limits on its growth in the U.S. after it was found that TD had “significant, systemic breakdowns in its transaction monitoring program.”

More coming.

Companies in this story: (TSX:TD)

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