Canadian real estate is getting hurt in a thin market:
The Canadian Real Estate Association says home sales fell for the fifth consecutive month between June and July, but the latest drop was the smallest of the five.
On a seasonally adjusted basis, the association says sales in July fell 5.3 per cent compared with June. The actual number of sales last month was 37,975, down 29 per cent compared with July last year.
The average sales price was $629,971, down five per cent from $662,924 last July and on a seasonally adjusted basis amounted to $650,760, a three per cent drop from June.
Meanwhile China is cutting policy rates:
China’s central bank cut key lending rates in a surprise move on Monday to revive demand as data showed the economy unexpectedly slowing in July, with factory and retail activity squeezed by Beijing’s zero-COVID policy and a property crisis.
The grim set of figures indicate the world’s second largest economy is struggling to shake off the June quarter’s hit to growth from strict COVID-19 restrictions, prompting some economists to downgrade their projections.
Industrial output grew 3.8% in July from a year earlier, according to the National Bureau of Statistics (NBS), below the 3.9% expansion in June and a 4.6% increase expected by analysts in a Reuters poll.
Retail sales, which only just returned to growth in June, rose 2.7% from a year ago, missing forecasts for 5.0% growth and the 3.1% growth seen in June.
The Canadian dollar CADUSD -0.94%decrease
fell to a one-week low against its broadly stronger U.S. counterpart on Monday, as disappointing Chinese economic data stoked fears of a global slowdown and ahead of a key domestic inflation report this week.Global shares fell and the safe-haven U.S. dollar rallied against a basket of major currencies after data showed China’s economy unexpectedly slowed in July.
| 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 | -0.1156 % | 2,492.0 |
| FixedFloater | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.1156 % | 4,779.6 |
| Floater | 6.34 % | 6.44 % | 55,111 | 13.21 | 2 | -0.1156 % | 2,754.5 |
| OpRet | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0231 % | 3,483.0 |
| SplitShare | 4.88 % | 5.79 % | 41,377 | 3.06 | 8 | 0.0231 % | 4,159.4 |
| Interest-Bearing | 0.00 % | 0.00 % | 0 | 0.00 | 0 | 0.0231 % | 3,245.4 |
| Perpetual-Premium | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.0619 % | 2,880.4 |
| Perpetual-Discount | 5.91 % | 6.03 % | 73,889 | 13.84 | 35 | -0.0619 % | 3,141.0 |
| FixedReset Disc | 4.70 % | 5.94 % | 109,623 | 13.87 | 59 | -0.3815 % | 2,515.7 |
| Insurance Straight | 5.84 % | 6.02 % | 85,372 | 13.80 | 19 | 0.0545 % | 3,079.9 |
| FloatingReset | 6.99 % | 7.22 % | 37,562 | 12.20 | 2 | -0.1246 % | 2,602.2 |
| FixedReset Prem | 5.08 % | 4.37 % | 118,530 | 1.86 | 6 | 0.1178 % | 2,609.4 |
| FixedReset Bank Non | 0.00 % | 0.00 % | 0 | 0.00 | 0 | -0.3815 % | 2,571.5 |
| FixedReset Ins Non | 4.62 % | 6.05 % | 54,519 | 13.85 | 14 | -0.0897 % | 2,640.0 |
| Performance Highlights | |||
| Issue | Index | Change | Notes |
| TRP.PR.G | FixedReset Disc | -8.50 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 17.88 Evaluated at bid price : 17.88 Bid-YTW : 7.40 % |
| NA.PR.S | FixedReset Disc | -5.53 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 21.00 Evaluated at bid price : 21.00 Bid-YTW : 6.19 % |
| BMO.PR.Y | FixedReset Disc | -4.95 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 21.10 Evaluated at bid price : 21.10 Bid-YTW : 6.12 % |
| TRP.PR.D | FixedReset Disc | -3.85 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 17.50 Evaluated at bid price : 17.50 Bid-YTW : 7.40 % |
| TRP.PR.E | FixedReset Disc | -3.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 16.71 Evaluated at bid price : 16.71 Bid-YTW : 7.60 % |
| MFC.PR.L | FixedReset Ins Non | -2.56 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 19.00 Evaluated at bid price : 19.00 Bid-YTW : 6.57 % |
| TRP.PR.A | FixedReset Disc | -2.52 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 15.50 Evaluated at bid price : 15.50 Bid-YTW : 7.51 % |
| IFC.PR.F | Insurance Straight | -1.33 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 22.02 Evaluated at bid price : 22.30 Bid-YTW : 6.02 % |
| TRP.PR.B | FixedReset Disc | -1.31 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 12.83 Evaluated at bid price : 12.83 Bid-YTW : 7.30 % |
| RY.PR.J | FixedReset Disc | -1.25 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 21.82 Evaluated at bid price : 22.07 Bid-YTW : 5.94 % |
| GWO.PR.T | Insurance Straight | -1.24 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 21.49 Evaluated at bid price : 21.49 Bid-YTW : 6.09 % |
| FTS.PR.M | FixedReset Disc | -1.20 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 19.76 Evaluated at bid price : 19.76 Bid-YTW : 6.66 % |
| RY.PR.M | FixedReset Disc | -1.16 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 21.25 Evaluated at bid price : 21.25 Bid-YTW : 5.94 % |
| MFC.PR.Q | FixedReset Ins Non | -1.09 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 22.10 Evaluated at bid price : 22.76 Bid-YTW : 6.02 % |
| PWF.PR.P | FixedReset Disc | -1.06 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 14.01 Evaluated at bid price : 14.01 Bid-YTW : 7.08 % |
| CIU.PR.A | Perpetual-Discount | -1.00 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 19.80 Evaluated at bid price : 19.80 Bid-YTW : 5.83 % |
| MFC.PR.J | FixedReset Ins Non | 1.03 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 22.80 Evaluated at bid price : 23.50 Bid-YTW : 5.90 % |
| CM.PR.P | FixedReset Disc | 1.07 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 5.70 % |
| BAM.PR.X | FixedReset Disc | 1.13 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 17.90 Evaluated at bid price : 17.90 Bid-YTW : 6.64 % |
| TD.PF.D | FixedReset Disc | 1.14 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 21.90 Evaluated at bid price : 22.20 Bid-YTW : 5.95 % |
| IFC.PR.E | Insurance Straight | 1.34 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 22.30 Evaluated at bid price : 22.65 Bid-YTW : 5.81 % |
| CU.PR.C | FixedReset Disc | 1.54 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 21.92 Evaluated at bid price : 22.40 Bid-YTW : 5.88 % |
| BMO.PR.T | FixedReset Disc | 1.65 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 21.50 Evaluated at bid price : 21.50 Bid-YTW : 5.80 % |
| MFC.PR.F | FixedReset Ins Non | 1.81 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 14.66 Evaluated at bid price : 14.66 Bid-YTW : 6.63 % |
| SLF.PR.E | Insurance Straight | 2.18 % | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 20.60 Evaluated at bid price : 20.60 Bid-YTW : 5.55 % |
| Volume Highlights | |||
| Issue | Index | Shares Traded |
Notes |
| GWO.PR.H | Insurance Straight | 196,159 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 20.36 Evaluated at bid price : 20.36 Bid-YTW : 6.05 % |
| CM.PR.P | FixedReset Disc | 55,400 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 21.45 Evaluated at bid price : 21.80 Bid-YTW : 5.70 % |
| PWF.PR.Z | Perpetual-Discount | 41,900 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 21.60 Evaluated at bid price : 21.60 Bid-YTW : 6.02 % |
| NA.PR.C | FixedReset Disc | 39,200 | YTW SCENARIO Maturity Type : Call Maturity Date : 2022-11-15 Maturity Price : 25.00 Evaluated at bid price : 24.92 Bid-YTW : 5.78 % |
| PWF.PR.H | Perpetual-Discount | 30,064 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 22.83 Evaluated at bid price : 23.11 Bid-YTW : 6.27 % |
| MFC.PR.I | FixedReset Ins Non | 17,700 | YTW SCENARIO Maturity Type : Limit Maturity Maturity Date : 2052-08-15 Maturity Price : 22.77 Evaluated at bid price : 24.00 Bid-YTW : 6.05 % |
| There were 1 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: 17.88 – 20.05 Spot Rate : 2.1700 Average : 1.3653 YTW SCENARIO |
| NA.PR.S | FixedReset Disc | Quote: 21.00 – 22.49 Spot Rate : 1.4900 Average : 0.8958 YTW SCENARIO |
| BMO.PR.Y | FixedReset Disc | Quote: 21.10 – 22.41 Spot Rate : 1.3100 Average : 0.7912 YTW SCENARIO |
| IFC.PR.F | Insurance Straight | Quote: 22.30 – 23.30 Spot Rate : 1.0000 Average : 0.7040 YTW SCENARIO |
| MFC.PR.L | FixedReset Ins Non | Quote: 19.00 – 20.00 Spot Rate : 1.0000 Average : 0.7588 YTW SCENARIO |
| CM.PR.Q | FixedReset Disc | Quote: 21.90 – 22.64 Spot Rate : 0.7400 Average : 0.5244 YTW SCENARIO |