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Report from Canada: Good news

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22 August 2007

16 August was the 16th day of the second month of the 2nd year of Canadian national consciousness rising to invincibility, as indicated by the following press reports:

Reuters Canada - Canada finance minister speaks on markets (16 August 2007) Excerpt from Finance Minister Jim Flaherty's statement today on the markets: 'We must be clear that the fundamentals in our economy are very strong--that includes corporate balance sheets and household savings--and that our financial system remains very well capitalized. The Canadian economy is the strongest it has been in a generation. The unemployment rate is at a 32-year low. Close to 200,000 jobs have been created this year alone. The financial position of Canadian households is solid, supported by strong employment and income growth. And household net worth relative to disposable income has never been higher. The corporate sector is also strong. Corporate profits are at record highs. Business investment is expanding for the fifth consecutive year.'

Reuters Canada - Canada's economy seen shrugging off market malaise (16 August 2007) Canada's economic fundamentals are strong and unlikely to be threatened by the recent market turmoil, analysts said on Thursday. 'This doesn't mean anything for the economy. . . . This isn't about economic fundamentals, this is about vibes. The only market that really has seen an increase in default rates is the subprime mortgage market, everything else has been contaminated by contagion effect,' said Jeff Rubin, chief economist at CIBC World Markets.

CanWest News Service - Don't worry, buy equities: Rubin (16 August 2007) 'Underlying global growth and profit fundamentals remain supportive for equities and corporate credit quality. U.S. mortgages aside, current equity and credit market selling pressure is more about fear than reality . . . there has not been a systemic rise in defaults in the Canadian household debt market, or the global corporate debt market, even in the segment financing highly leveraged buyouts,' CIBC World Markets' chief economist Jeff Rubin said in a report released Thursday, adding that Canadian corporate balance sheets are very healthy. Canada's strong housing market implies less stress on household credit quality, said Rubin. 'Odds are that, in the North American financial market, fear will be overcome by favourable economic news and that the current jitters will be seen, with hindsight, as a buying opportunity for equities,' Rubin said.

From a Canadian Press report on this: At the same time, Merrill Lynch Canada strategist David Wolf said the domestic economy looks very healthy.

The National Post - Housing prices up 13.1% from year ago (16 August 2007) Housing prices across the country are now rising faster than they have in more than two years with no end in sight to the buying frenzy. Canada Mortgage and Housing Corp. (CREA) weighed in yesterday with a new forecast for the resale market, predicting 2007 would be a record year for sales. It's the third time this year CMHC has been forced to revise its forecast, after initially predicting in February that the market would see a decline in sales activity. CREA, which represents real estate boards across the country, said unit sales this year are 10.3% ahead of last year's pace. The strong demand for housing has helped push up prices right across the country.

The Globe and Mail - Resale home transactions still sizzling (16 August 2007) Sales of existing homes in Canada set a blistering pace again last month, and show few signs of letting up for the rest of the year. 'The latest resale data again show precisely zero signs of a let up,' said Douglas Porter, managing director and deputy chief economist at BMO Nesbitt Burns. Mr Porter said anything in the range of 200,000 housing starts a year still indicates a 'very strong' real estate market. Existing home sales provide a better gauge of consumer confidence and discretionary spending on items including furniture and appliances than new construction does, Mr Porter said.

From an Ottawa Business Journal report on this: Canada Mortgage and Housing Corp.'s housing market outlook said next year will mark the seventh straight year that housing starts have topped 200,000 units. The report also said renovation spending will rise by 9.8 per cent to C$49.9 billion in 2007 as a result of strong growth in the Canadian economy, low mortgage and interest rates, and a solid housing sector, a trend that will continue through to 2008.

The Toronto Star on record Ontario resale housing market (16 August 2007) Canada Mortgage and Housing Corp. (CMHC) says Ontario's resale sector is expected to reach record territory in the coming months. 'Stable job market conditions, slight improvement in affordability, combined with high level of consumer confidence are really translating into a healthy pace of housing demand in Ontario,' said Ted Tsiakopoulos, an economist for CMHC. In Toronto, resale volumes are expected to grow to 90,000 in 2007, from 84,842 in 2006.

The Winnipeg Sun - Housing starts heading for 20-year high (16 August 2007) Manitoba's housing starts look set to reach their highest level in 20 years. The Canada Mortgage and Housing Corp. estimates 5,500 homes will be built in the province this year, up from 5,028 built during 2006. That's about 500 homes higher than CMHC had earlier predicted. CMHC credits a robust economy, high employment, new immigrants, and a decline in those moving out of the province for the gains.

The Toronto Star - Mutual fund sales rise to 10-year high (16 August 2007) Net new sales of mutual funds reached C$3 billion last month, the best July total since 1997, according to final figures released yesterday by the Investment Funds Institute of Canada, known as IFIC. That's a far cry from July 2006, when sales came in at C$683 million. Sales for June 2007 were C$2.3 billion. Net new sales for the year-to-date are C$28.4 billion, more than double the C$11.4 billion for the same period in 2006.

From a Globe and Mail report on this: 'It was a spectacular month, with most firms firing on all cylinders,' said Peter Loach, managing director of fund research at BMO Nesbitt Burns. Frank Hracs, who heads Canadian Mutual Fund Analyst, also described July as a superb month. 'Seasonally it is also the weakest month of the year because everyone is on holidays, and activity is at its lowest, in contrast to RRSP season when it is at its highest,' he said.

The Globe and Mail - Financings soar to $30-billion (15 August 2007) Canadian capital market financings soared during the second quarter of 2007, with C$30 billion raised in debt and equity, sparked by a record level of debt issuance. That is 40 per cent more than the C$21.4 billion raised during the second quarter of 2006, and 20 per cent more than the C$25 billion raised during the first quarter of 2007. 'The number of billion-dollar-plus deals was large,' said Michael Ho, vice-president of rating agency DBRS Ltd. 'I can't remember one year when there [were] that many $1-billion Canadian deals, let alone one quarter.'

CBC News - Passport Canada streamlines renewal process (15 August 2007) Canadian travellers wanting to get their passports renewed can expect simpler, speedier service, Ottawa says. The federal government has scaled back the passport renewal procedure. Under the new relaxed rules, announced in June that come into effect Wednesday, there is 'no need for a guarantor, no need to resubmit your birth certificate or citizenship card, and no need for supplementary ID anymore,' Passport Canada spokesman Francine Charbonneau said.

These are a few of the news reports reflecting Canada's rising invincibility from the growing Yogic Flying groups across Canada and the Invincible America Assembly at Maharishi University of Management and Maharishi Vedic City, USA.

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