CP NewsAlert: B.C. to get about $3.7 billion in tobacco lawsuit settlement
It's part of a $32.5-billion Canadian settlement between JTI-Macdonald Corp., Rothmans, Benson & Hedges and Imperial Tobacco Canada Ltd. and their creditors after more than five years of negotiations.
Sharma says they have committed to put the money toward health care costs and the health system.
More coming.
The Canadian Press
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A sweet treat sold in Indiana and other U.S. states is being recalled. A Canadian manufacturer is recalling hundreds of cases of sugar cookies sold at Target due to potential contamination of a "foreign material," according to a Food and Drug Administration notice. The voluntary recall was initiated on July 22 and categorized as a Class II recall on Aug. 4. The 803 recalled cases were distributed across 20 states and Washington, D.C. The Favorite Day Bakery Frosted Sugar Cookies, 10 count, were distributed by Target and produced in Canada. The recalled cases have a net weight of 13.5 oz (383g), a unique product code of 85239-41250 3 and a lot code of 25195. The FDA says the cookies' Best By Date can vary, as they were applied by retailers after being removed from the freezer. The cookies were shipped to three distribution centers in Connecticut, Maryland and Ohio and sold at retail stores in the following states: The cookies are being recalled due to a possible contamination of wood. The administration defines a Class II recall as "a situation in which use of or exposure to a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote." This is the second most serious type of recall, just under a Class I recall, according to the administration. The FDA recommends that consumers who purchased recalled products do the following:
Yahoo
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Underwater on your home? Selling now should be your last resort
One last gasp for the Canadian residential market. That was the headline on the last story I wrote for the Financial Post nearly eight years ago. I'm back, and clearly the housing market had the profound ability to hold its breath longer than many anticipated. Who envisioned massive spikes in immigration, a pandemic and record-low lending rates would drive home prices to even greater heights? 'The housing market was a little more gaspy,' Phil Soper, chief executive of Royal LePage, one of the country's largest residential brokerages, joked in an interview. Soper gave me some credit: 'You were right, the market got hammered,' he said, pointing to the 18 months that followed my last article, when tougher rules on financing forced Canadians to qualify at an even higher interest rate than the ones listed on their mortgage, in a move intended to slow the market. But the roller coaster ride that followed only looks predictable in hindsight. Today, some bears are thrilled by tales of lost deposits, buyers unable to close and prices off by 20 per cent from the peak. They were finally right after two decades. It's ugly if you bought at the top, as an investor or an end user. Don't look backwards. It rarely makes sense unless you can learn from a mistake. The honest debate today should only be what you will do now and into the future, based on your housing needs. 'The real question is whether your housing is adequate. If it's adequate, that's a paper challenge and not a real challenge,' Soper said. What you paid? Tough luck. My father, a long-retired accountant, always instilled in me that something is only worth what someone will pay for it. There is no question that the price decline has been steep. Real estate is a local game, and national prices have limited meaning, but the average selling price for an existing home at the peak was $824,192 in February 2022, according to the Canadian Real Estate Association. The peak of housing sales was 2021 but the first quarter of 2022 was red hot for activity with about 675,000 homes changing hands on an annualized basis. The number would be filled with people downsizing, some move-up buyers but also a large swath of first-time buyers who are the backbone of any housing market. Many of those home owners have seen chunks of their equity wiped out. But before we panic about prices, context matters. The average selling price for an existing home at the end of 2017 was $496,500, according to CREA. Using the Bank of Canada's inflation calculator, that puts us at around $625,000 in 2025 dollars. At mid-year, the average selling price was $691,643. Appreciation in housing prices is constantly overstated without inflation considered. I've never really understood why people think the price of a home shouldn't be adjusted for inflation. This is like watching reruns of The Price is Right from the 1970s and expecting to buy a car for $4,000. I'm not sure why people expect that 2017 price or even the pre-pandemic average price of $540,000 in February 2020. How far do they want prices to fall? Shouldn't prices be rising with inflation with maybe a couple of extra points return per year to make it a decent investment? All that said, if you bought at the top, you have serious issues to consider, especially if you purchased a pre-construction unit and cannot get financing because you have no equity or negative equity. John Andrew, a retired Queen's University professor who is now an independent wealth adviser, has a family friend whose daughter is in that exact scenario. 'She has a little bit of buyer's remorse in the sense of, 'What have I done?'' said Andrew, who ran regular real estate seminars for some of the country's top executives for years, about a 2023 purchase. Andrew says to stay put and consider the long-term cost of your house, including financing. Let go of the idea that 'real estate prices just always go up,' but consider the long-term return you will probably get, which he still thinks can beat inflation. For the end user, a home, be it a low-rise property or a high-rise condo, has always been part investment and part consumable commodity. Broader market indices have gone up for decades, but you can't get Canada Mortgage and Housing Corp.-backed financing to invest in the TSX composite with five per cent down and 20-to-1 leverage, can you? Leverage has destroyed many in real estate, especially investors. It was an easy formula to buy a $1 million condo with, say $100,000 down, watch it climb to $1.1 million in a short period and make 100 per cent on your investment. Roll the dice, and you lose sometimes. Leverage, and the pain is far worse. Ben Myers, president of condo research firm Bullpen Research & Consulting Inc., still believes a prime motivation for Canadians to own real estate is forced savings. He's correct: behaviour matters. Realtors often cite the corny expression that you can't live in your investments, and they are partially correct. The other reason to own is security of tenure, a long-term place to raise your family without the risk of a landlord kicking you out for a variety of reasons. If you need a house today for the life circumstances, that is justification for buying. Timing the market when it comes to a principal residence doesn't always match your personal needs. The investor who now has to close on a property bought three years ago? Myers said they can assign the property to someone else, but that comes with a risk that the person may not close and leave you liable. 'You may be looking at paying someone to take your investment over,' he said, adding the best option at this point is somehow to figure out a way to close, rent the unit and hope the market picks up. It's just one missed mortgage payment. What's the big deal? The battle for Muskoka: How a mysterious developer's proposed mega-resort is sparking an existential crisis in cottage country If your life changes or you really need to move, there are valid reasons to sell and take your lumps. But moving is a wealth destroyer, you do it when necessary. When you add up real estate commissions, land transfer taxes, moving costs, breaking your mortgage, lawyers and other fees, you can easily chew up close to 10 per cent of your equity. People get mad paying $9.95 for a stock trade, but giving up tens of thousands on a real estate trade hasn't bothered them in a rising market. Limit your moves, even in a falling market today. Your last move out of your home should ideally be in a box. Every one will cost you. • Email: gmarr@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Business Wire
2 hours ago
- Business Wire
Clutch CEO Dan Park Appointed to OMVIC Industry Advisory Council
TORONTO--(BUSINESS WIRE)-- Clutch, Canada's leading online used car retailer, today announced that its CEO, Dan Park, has been appointed to the Industry Advisory Council of the Ontario Motor Vehicle Industry Council (OMVIC), the province's vehicle sales regulator. Dan Park brings a modern, technology-driven perspective to the Industry Advisory Council at a pivotal moment for the automotive industry, where digital innovation and consumer demand for transparency are reshaping how cars are bought and sold. 'Canadian car shoppers now expect to buy their next vehicle as easily as any other online purchase—today, virtually every used-car transaction is online in some form, whether it begins or ends digitally,' said Dan Park, CEO of Clutch. 'Clutch's mission to deliver the most transparent, customer-centric buying and selling experience aligns well with OMVIC's mandate to protect consumers and uphold fairness in the marketplace. As buyer behaviour continues to evolve, the regulations that safeguard them must keep pace, and I'm honoured to help support that progress as a member of OMVIC's Industry Advisory Council.' Founded in 2016, Clutch has transformed the used car buying experience in Canada by offering an online, end-to-end platform that prioritizes transparency, convenience, and trust. Customers can browse, finance, insure, and receive delivery of vehicles at home, all backed by Clutch's 10-day money-back guarantee and comprehensive 210-point inspection. 'Buying a vehicle is the second-largest purchase most Ontarians will make,' Park added. 'As new business models emerge, it's essential that we provide consumers with the same level of protection and clarity they've come to expect, no matter how they choose to buy.' To learn more about Clutch, please visit About Clutch: Founded in 2016, Clutch is Canada's leading online retailer for pre-owned vehicles. Clutch aims to provide an incredible car-buying experience for its customers by bringing a best-in-class e-commerce experience to the Canadian pre-owned car industry. By visiting customers can browse a large selection of high-quality vehicles at low prices and access an end-to-end online purchase experience which includes financing, insurance, and seamless home delivery. Clutch ensures complete peace of mind with each car being backed, with a standard 10-day money-back guarantee and 210-point inspection. Clutch is headquartered in Toronto and services Ontario and Nova Scotia, with sell-side services also available in British Columbia. To learn more about Clutch, please visit Read more on our blog here. About OMVIC: OMVIC (Ontario Motor Vehicle Industry Council) administers and enforces the Motor Vehicle Dealers Act (MVDA), its regulations and code of ethics, as well as relevant sections of the Consumer Protection Act, on behalf of Ontario's Ministry of Government and Consumer Services (MGCS). OMVIC's mandate is to maintain a fair and informed marketplace by protecting the rights of consumers, enhancing industry professionalism and ensuring fair, honest and open competition for registered motor vehicle dealers. OMVIC is focused on achieving consumer protection, consumer confidence and awareness, dealer professionalism and increased accountability. For more information on OMVIC regulations, go to
