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Vancouver home sales down 3.8% in Sept. as lower rates fail to entice buyers: board

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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.

The Canadian Press. All rights reserved.



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BMO names Kristin Milchanowski to new chief AI officer role

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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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Albert government decides against allowing grocery, corner stores to sell alcohol

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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.

The Canadian Press. All rights reserved.



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Ex-Hedley singer Jacob Hoggard concludes his testimony in sexual assault trial

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Jacob Hoggard wrapped up his testimony in his sexual assault trial Wednesday morning after the Crown cross-examined him on apparent gaps in his memory.

Hoggard has pleaded not guilty and denied raping, choking and hitting his accuser after his band Hedley performed at a concert eight years ago.

The ex-lead singer of the band told a jury this week that he and the complainant had a consensual one-night stand after flirting and kissing during a bonfire after-party following the Kirkland Lake, Ont., show.

Prosecutor Peter Keen tried to poke holes in Hoggard’s description of the night during cross-examination late Tuesday and early Wednesday.

He established that Hoggard doesn’t have a clear memory of the beginning of the sexual activity in his hotel room, whether there could have been attempted anal sex, as the complainant alleged, and whether Hoggard may have asked to urinate on the woman.

In the woman’s earlier testimony, she described feeling disgusted when, she said, Hoggard joined her in the shower following the alleged rape and asked if he could urinate on her. She said she told him no, but he did it anyway.

Hoggard has said the opposite happened. He said Tuesday that after the two engaged in oral sex in the bathtub, he asked her to urinate on him and she did so.

Keen tried to suggest to Hoggard that the urination would have been “much more in keeping with a coercive sexual encounter,” but defence lawyer Megan Savard objected.

“To suggest that certain types of sexual acts are inherently less consensual I think is highly problematic,” she said.

The prosecutor tried to rephrase the question but Savard rose for a second time.

“I’m going to object again, perhaps on behalf of every person in society who has any kind of fringe sexual practice,” she said. “I think this is an offensive line of questioning.”

Keen concluded his questions not long after that.

In her re-examination, Savard got several answers from Hoggard about his usual practices during sex. She asked whether he had any memory of actually urinating on the complainant.

“I would remember her letting me do that,” he said.

She also revisited the question of anal sex, and whether Hoggard would have attempted it prior to vaginal intercourse as the complainant said took place.

“I never do that first,” he said.

After Hoggard’s testimony, the lighting operator for the Hedley concert, Jeremy Van Delft, was called as a witness.

While Hoggard had told court he went straight from the concert to the hotel to build the bonfire, Van Delft said the band and crew, including Hoggard, went to a bar after the show before returning to the hotel.

At the bonfire, he said he saw Hoggard and a woman speaking, and at the end of the night he saw the two of them walking back toward the hotel together.

Van Delft said he saw them enter Hoggard’s hotel room via an interior hallway, and at least two other members of the crew or band were in the hallway at the same time.

The complainant had given a similar description of their entry into the room, while Hoggard had said he remembered entering through the room’s patio doors.

Savard’s co-counsel Kally Ho also asked Van Delft about common practice when it came to transporting the band back and forth, a job someone known as the “runner” would do.

The complainant had described entering a van outside the venue, along with members of the band and some teenage girls, in order to get to the bonfire after-party. Van Delft said it would have been “unlikely” and “unprofessional of the runner” to allow an unescorted fan inside the same vehicle as the band.

The defence was expected to call another crew member as a witness on Wednesday afternoon.

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



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