The Toronto housing market is getting weird:
Agents are also reporting price cuts for some listings, bidding delirium for others, and a swarm of investors looking for deals.
After holding on to their rapidly appreciating asset for so long, some sellers in the Greater Toronto Area appear to be rushing headlong to cash in. Buyers who lamented that there were so few listings now seem incapacitated by the amount of choice.
“I think they’re overwhelmed – there are so many houses to look at,” says Ms. [Davelle] Morrison of Bosley Real Estate Ltd. “No matter what neighbourhood they want to be in, there are so many houses to look at.”
There will be ups and downs, all magnified by reporters who have to convince their readers that they will miss important news if they don’t read the story right now, but I continue to believe that the Canadian housing market and the preferred share market are linked by one thing: there won’t be a dramatic change until five-year yields start rising substantially.
| HIMIPref™ Preferred Indices These values reflect the December 2008 revision of the HIMIPref™ Indices Values are provisional and are finalized monthly |
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| Index | Mean Current Yield (at bid) |
Median YTW |
Median Average Trading Value |
Median Mod Dur (YTW) |
Issues | Day’s Perf. | Index Value |
| Ratchet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -2.1205 % | 2,104.5 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -2.1205 % | 3,861.7 |
| Floater | 3.62 % | 3.80 % | 58,965 | 17.80 | 4 | -2.1205 % | 2,225.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0124 % | 3,048.9 |
| SplitShare | 4.72 % | 4.20 % | 69,842 | 1.59 | 5 | 0.0124 % | 3,641.0 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0124 % | 2,840.8 |
| Perpetual-Premium | 5.33 % | 1.00 % | 67,070 | 0.09 | 22 | -0.1104 % | 2,776.0 |
| Perpetual-Discount | 5.13 % | 5.16 % | 103,661 | 15.20 | 14 | -0.6713 % | 2,985.4 |
| FixedReset | 4.52 % | 4.16 % | 204,085 | 6.57 | 94 | -0.5646 % | 2,294.4 |
| Deemed-Retractible | 5.01 % | 4.94 % | 140,518 | 0.10 | 31 | -0.0966 % | 2,881.0 |
| FloatingReset | 2.52 % | 3.32 % | 49,638 | 4.44 | 10 | -0.6395 % | 2,510.7 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| BAM.PR.C | Floater | -3.44 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 12.35 Evaluated at bid price : 12.35 Bid-YTW : 3.86 % |
| BAM.PR.K | Floater | -3.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 12.32 Evaluated at bid price : 12.32 Bid-YTW : 3.87 % |
| TRP.PR.A | FixedReset | -2.76 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 18.33 Evaluated at bid price : 18.33 Bid-YTW : 4.11 % |
| IFC.PR.A | FixedReset | -2.38 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.01 Bid-YTW : 7.85 % |
| CM.PR.Q | FixedReset | -2.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 21.95 Evaluated at bid price : 22.29 Bid-YTW : 4.22 % |
| MFC.PR.G | FixedReset | -2.04 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.53 Bid-YTW : 5.45 % |
| BAM.PR.B | Floater | -1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 12.54 Evaluated at bid price : 12.54 Bid-YTW : 3.80 % |
| NA.PR.W | FixedReset | -1.91 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 20.50 Evaluated at bid price : 20.50 Bid-YTW : 4.09 % |
| TD.PF.H | FixedReset | -1.90 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2021-10-31 Maturity Price : 25.00 Evaluated at bid price : 25.79 Bid-YTW : 4.15 % |
| BAM.PF.H | FixedReset | -1.80 % | YTW SCENARIO Maturity Type : Call Maturity Date : 2020-12-31 Maturity Price : 25.00 Evaluated at bid price : 26.17 Bid-YTW : 3.82 % |
| IAG.PR.G | FixedReset | -1.73 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.11 Bid-YTW : 5.85 % |
| RY.PR.H | FixedReset | -1.70 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 20.84 Evaluated at bid price : 20.84 Bid-YTW : 4.01 % |
| TRP.PR.E | FixedReset | -1.57 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 20.67 Evaluated at bid price : 20.67 Bid-YTW : 4.22 % |
| BAM.PR.R | FixedReset | -1.55 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 18.45 Evaluated at bid price : 18.45 Bid-YTW : 4.44 % |
| BAM.PF.D | Perpetual-Discount | -1.48 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 22.98 Evaluated at bid price : 23.37 Bid-YTW : 5.30 % |
| SLF.PR.I | FixedReset | -1.44 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 22.57 Bid-YTW : 5.44 % |
| SLF.PR.H | FixedReset | -1.43 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 18.63 Bid-YTW : 7.47 % |
| BIP.PR.A | FixedReset | -1.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 22.53 Evaluated at bid price : 23.18 Bid-YTW : 4.94 % |
| MFC.PR.M | FixedReset | -1.35 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.50 Bid-YTW : 6.54 % |
| NA.PR.Q | FixedReset | -1.33 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.42 Bid-YTW : 4.03 % |
| BAM.PF.C | Perpetual-Discount | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 22.67 Evaluated at bid price : 23.03 Bid-YTW : 5.32 % |
| BMO.PR.W | FixedReset | -1.30 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 20.51 Evaluated at bid price : 20.51 Bid-YTW : 4.03 % |
| SLF.PR.J | FloatingReset | -1.30 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 15.20 Bid-YTW : 9.21 % |
| MFC.PR.K | FixedReset | -1.30 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.80 Bid-YTW : 6.81 % |
| TD.PR.Y | FixedReset | -1.29 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2022-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.44 Bid-YTW : 3.54 % |
| TRP.PR.F | FloatingReset | -1.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 18.55 Evaluated at bid price : 18.55 Bid-YTW : 3.33 % |
| TD.PF.A | FixedReset | -1.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 20.93 Evaluated at bid price : 20.93 Bid-YTW : 4.01 % |
| BAM.PR.Z | FixedReset | -1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 21.55 Evaluated at bid price : 21.90 Bid-YTW : 4.59 % |
| PWF.PR.K | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 23.88 Evaluated at bid price : 24.13 Bid-YTW : 5.16 % |
| MFC.PR.L | FixedReset | -1.05 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 19.85 Bid-YTW : 6.83 % |
| BAM.PR.N | Perpetual-Discount | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 22.50 Evaluated at bid price : 22.76 Bid-YTW : 5.28 % |
| TRP.PR.B | FixedReset | -1.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 14.30 Evaluated at bid price : 14.30 Bid-YTW : 4.00 % |
| BMO.PR.S | FixedReset | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 21.18 Evaluated at bid price : 21.18 Bid-YTW : 4.03 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| GWO.PR.T | Deemed-Retractible | 837,263 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 24.95 Bid-YTW : 5.21 % |
| TRP.PR.D | FixedReset | 104,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2047-05-18 Maturity Price : 20.51 Evaluated at bid price : 20.51 Bid-YTW : 4.23 % |
| BMO.PR.C | FixedReset | 46,750 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-05-25 Maturity Price : 25.00 Evaluated at bid price : 25.63 Bid-YTW : 4.15 % |
| MFC.PR.M | FixedReset | 39,710 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2025-01-31 Maturity Price : 25.00 Evaluated at bid price : 20.50 Bid-YTW : 6.54 % |
| BAM.PF.I | FixedReset | 35,561 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-03-31 Maturity Price : 25.00 Evaluated at bid price : 25.90 Bid-YTW : 4.14 % |
| POW.PR.A | Perpetual-Premium | 24,764 | YTW SCENARIO Maturity Type : Call Maturity Date : 2017-06-17 Maturity Price : 25.00 Evaluated at bid price : 25.55 Bid-YTW : -14.26 % |
| There were 17 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| BAM.PR.C | Floater | Quote: 12.35 – 13.25 Spot Rate : 0.9000 Average : 0.5816 YTW SCENARIO |
| IAG.PR.G | FixedReset | Quote: 22.11 – 22.85 Spot Rate : 0.7400 Average : 0.4318 YTW SCENARIO |
| TRP.PR.E | FixedReset | Quote: 20.67 – 21.28 Spot Rate : 0.6100 Average : 0.3632 YTW SCENARIO |
| IFC.PR.A | FixedReset | Quote: 18.01 – 18.63 Spot Rate : 0.6200 Average : 0.3922 YTW SCENARIO |
| BIP.PR.A | FixedReset | Quote: 23.18 – 23.70 Spot Rate : 0.5200 Average : 0.3465 YTW SCENARIO |
| BAM.PR.K | Floater | Quote: 12.32 – 12.89 Spot Rate : 0.5700 Average : 0.3975 YTW SCENARIO |