Inflation soared over the past year at its fastest pace in more than 40 years, with costs for food, gasoline, housing and other necessities squeezing American consumers and wiping out the pay raises that many people have received.
The Labor Department said Tuesday that its consumer price index jumped 8.5 per cent in March from 12 months earlier – the biggest year-over-year increase since December 1981. Prices have been driven up by bottlenecked supply chains, robust consumer demand and disruptions to global food and energy markets worsened by Russia’s war against Ukraine.
The government’s report also showed that inflation rose 1.2 per cent from February to March, up from a 0.8 per cent increase from January to February.
Current and projected future increases in the five-year Canada rate imply a greater cost of carry on mortgages. Well, the implications will be fun!
New data from Statistics Canada shows multiple-property owners held between 29 and 41 per cent of the housing stock in Ontario, British Columbia, Nova Scotia and New Brunswick in 2019 and 2020.
The data from the Canadian Housing Statistics Program, which includes both residential and recreational holdings, reveal multiple-property ownership accounted for 41 per cent of Nova Scotia’s housing stock, 39 per cent of New Brunswick’s, 31 per cent of Ontario’s and 29 per cent of British Columbia’s.
Multiple-property owners totalled 22 per cent of all owners in Nova Scotia, 20 per cent in New Brunswick, 16 per cent in Ontario and 15 per cent in British Columbia.
Tomorrow will bring the long-awaited Bank of Canada policy rate announcement, widely expected to take the policy rate to 1.00%. But three month bills are trading at about 0.86%, roughly halfway between a 25bp increase and one of 50bp, which does not seem to indicate a similar level of conviction in the markets. As ratchetrick observes, we’ll see. But it seems that one way or another there will be fireworks as all the bond-market-timers incur immense transaction costs during the ten minutes on either side of the announcement.
| 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 | 3.37 % | 3.95 % | 25,336 | 19.35 | 1 | -0.5238 % | 2,705.2 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.3895 % | 5,157.1 |
| Floater | 3.33 % | 3.39 % | 40,816 | 18.80 | 4 | 0.3895 % | 2,972.1 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1257 % | 3,621.5 |
| SplitShare | 4.64 % | 4.49 % | 47,474 | 3.51 | 6 | -0.1257 % | 4,324.9 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1257 % | 3,374.4 |
| Perpetual-Premium | 5.52 % | 5.29 % | 63,454 | 14.53 | 16 | -0.0431 % | 3,097.3 |
| Perpetual-Discount | 5.47 % | 5.47 % | 60,057 | 14.64 | 17 | -0.2129 % | 3,387.7 |
| FixedReset Disc | 4.42 % | 5.55 % | 130,053 | 14.88 | 49 | -0.8059 % | 2,597.4 |
| Insurance Straight | 5.47 % | 5.45 % | 88,765 | 14.73 | 20 | -0.9660 % | 3,280.2 |
| FloatingReset | 3.59 % | 3.89 % | 58,603 | 17.68 | 2 | -0.1468 % | 2,760.4 |
| FixedReset Prem | 4.86 % | 4.65 % | 145,443 | 1.99 | 19 | 0.1150 % | 2,653.8 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.8059 % | 2,655.1 |
| FixedReset Ins Non | 4.42 % | 5.60 % | 82,765 | 14.55 | 15 | 0.1347 % | 2,715.1 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TRP.PR.G | FixedReset Disc | -43.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 12.29 Evaluated at bid price : 12.29 Bid-YTW : 10.11 % |
| CM.PR.O | FixedReset Disc | -16.28 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 18.00 Evaluated at bid price : 18.00 Bid-YTW : 6.61 % |
| GWO.PR.Q | Insurance Straight | -10.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 21.12 Evaluated at bid price : 21.12 Bid-YTW : 6.16 % |
| IFC.PR.E | Insurance Straight | -2.83 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 23.72 Evaluated at bid price : 24.00 Bid-YTW : 5.45 % |
| PWF.PF.A | Perpetual-Discount | -2.36 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 20.65 Evaluated at bid price : 20.65 Bid-YTW : 5.47 % |
| GWO.PR.Y | Insurance Straight | -2.35 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 20.75 Evaluated at bid price : 20.75 Bid-YTW : 5.47 % |
| CCS.PR.C | Insurance Straight | -1.75 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 23.32 Evaluated at bid price : 23.60 Bid-YTW : 5.33 % |
| IAF.PR.I | FixedReset Ins Non | -1.68 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 23.45 Evaluated at bid price : 24.00 Bid-YTW : 5.57 % |
| FTS.PR.H | FixedReset Disc | -1.60 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 15.35 Evaluated at bid price : 15.35 Bid-YTW : 5.99 % |
| BIP.PR.E | FixedReset Prem | -1.32 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 24.17 Evaluated at bid price : 24.62 Bid-YTW : 5.69 % |
| BAM.PR.M | Perpetual-Discount | -1.22 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 5.68 % |
| CU.PR.G | Perpetual-Discount | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 21.35 Evaluated at bid price : 21.35 Bid-YTW : 5.34 % |
| PVS.PR.J | SplitShare | -1.14 % | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2028-02-29 Maturity Price : 25.00 Evaluated at bid price : 24.20 Bid-YTW : 5.15 % |
| FTS.PR.F | Perpetual-Discount | -1.11 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 22.83 Evaluated at bid price : 23.11 Bid-YTW : 5.36 % |
| RY.PR.J | FixedReset Disc | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 22.10 Evaluated at bid price : 22.50 Bid-YTW : 5.56 % |
| PWF.PR.Z | Perpetual-Premium | -1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 22.63 Evaluated at bid price : 23.01 Bid-YTW : 5.59 % |
| CM.PR.Q | FixedReset Disc | 1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 21.21 Evaluated at bid price : 21.21 Bid-YTW : 5.83 % |
| PWF.PR.S | Perpetual-Discount | 1.15 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 21.75 Evaluated at bid price : 22.00 Bid-YTW : 5.46 % |
| CU.PR.E | Perpetual-Discount | 1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 22.53 Evaluated at bid price : 22.78 Bid-YTW : 5.44 % |
| BAM.PF.E | FixedReset Disc | 1.39 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 19.68 Evaluated at bid price : 19.68 Bid-YTW : 6.24 % |
| BMO.PR.T | FixedReset Disc | 1.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 21.38 Evaluated at bid price : 21.70 Bid-YTW : 5.45 % |
| PWF.PR.A | Floater | 1.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 14.72 Evaluated at bid price : 14.72 Bid-YTW : 3.24 % |
| NA.PR.W | FixedReset Disc | 1.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 21.57 Evaluated at bid price : 21.97 Bid-YTW : 5.32 % |
| TRP.PR.A | FixedReset Disc | 2.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 17.60 Evaluated at bid price : 17.60 Bid-YTW : 6.24 % |
| IFC.PR.A | FixedReset Ins Non | 2.45 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 18.81 Evaluated at bid price : 18.81 Bid-YTW : 5.77 % |
| IFC.PR.F | Insurance Straight | 2.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 24.51 Evaluated at bid price : 25.01 Bid-YTW : 5.32 % |
| PWF.PR.T | FixedReset Disc | 2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 21.63 Evaluated at bid price : 22.05 Bid-YTW : 5.54 % |
| PWF.PR.P | FixedReset Disc | 2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 16.00 Evaluated at bid price : 16.00 Bid-YTW : 5.78 % |
| CM.PR.P | FixedReset Disc | 2.58 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.47 % |
| PWF.PR.K | Perpetual-Discount | 2.78 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 21.91 Evaluated at bid price : 22.15 Bid-YTW : 5.59 % |
| TRP.PR.B | FixedReset Disc | 3.04 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 13.54 Evaluated at bid price : 13.54 Bid-YTW : 6.42 % |
| TD.PF.D | FixedReset Disc | 10.05 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 21.74 Evaluated at bid price : 22.01 Bid-YTW : 5.62 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| CU.PR.J | Perpetual-Discount | 579,800 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 21.62 Evaluated at bid price : 21.95 Bid-YTW : 5.47 % |
| GWO.PR.S | Insurance Straight | 263,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 23.27 Evaluated at bid price : 23.52 Bid-YTW : 5.62 % |
| TD.PF.J | FixedReset Disc | 54,300 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 23.69 Evaluated at bid price : 24.20 Bid-YTW : 5.44 % |
| TRP.PR.F | FloatingReset | 51,905 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 17.45 Evaluated at bid price : 17.45 Bid-YTW : 3.89 % |
| BMO.PR.W | FixedReset Disc | 39,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-04-12 Maturity Price : 21.41 Evaluated at bid price : 21.75 Bid-YTW : 5.44 % |
| PVS.PR.K | SplitShare | 13,100 | YTW SCENARIO Maturity Type : Hard Maturity Maturity Date : 2029-05-31 Maturity Price : 25.00 Evaluated at bid price : 24.65 Bid-YTW : 4.73 % |
| There were 5 other index-included issues trading in excess of 10,000 shares. | |||
| Wide Spread Highlights | ||
| Issue | Index | Quote Data and Yield Notes |
| TRP.PR.G | FixedReset Disc | Quote: 12.29 – 22.00 Spot Rate : 9.7100 Average : 5.1874 YTW SCENARIO |
| CM.PR.O | FixedReset Disc | Quote: 18.00 – 22.00 Spot Rate : 4.0000 Average : 2.3088 YTW SCENARIO |
| GWO.PR.Q | Insurance Straight | Quote: 21.12 – 23.50 Spot Rate : 2.3800 Average : 1.7220 YTW SCENARIO |
| SLF.PR.H | FixedReset Ins Non | Quote: 19.30 – 21.50 Spot Rate : 2.2000 Average : 1.5823 YTW SCENARIO |
| BAM.PR.E | Ratchet | Quote: 18.99 – 20.45 Spot Rate : 1.4600 Average : 1.0140 YTW SCENARIO |
| POW.PR.B | Perpetual-Premium | Quote: 24.01 – 25.10 Spot Rate : 1.0900 Average : 0.6976 YTW SCENARIO |