#Sebastien Lavoie

[burlveneer-music]

George Lewis - The Recombinant Trilogy -  works for solo instrument and electronics, out today on New Focus Recordings

Pioneering composer George Lewis releases "The Recombinant Trilogy," an album consisting of three works for solo instrument and electronics that use interactive digital delays, spatialization and timbre transformation to transform the acoustic sounds of the instrument into multiple digitally created sonic personalities that follow diverse yet intersecting spatial trajectories. Featuring virtuosic soloists flutist Claire Chase, cellist Seth Parker Woods, and bassoonist Dana Jessen, doppelgängers are created that blur the boundaries between original and copy, while shrouding their origin in processes of repetition.creditsreleased February 5, 2021

Emergent was recorded in Accord, New York on 11/10/2020, engineered by Claire Chase; electronics performance and post-production by Levy Lorenzo

Not Alone was recorded at University of Huddersfield, UK on 7/14/2016, engineered by Pierre Alexandre Tremblay, with assistants Frederic Dufeu, Dave Jones and Sebastien Lavoie; electronics performed by Seth Parker Woods, original mixing and mastering by Christopher Botta at Staple Chest Audio, Brooklyn, NY

Seismologic was recorded at Clonick Hall, Oberlin Ohio on 3/13/2019, engineered by Andrew Tripp; electronics performed by Eli Stine, and mixed by Andrew Tripp

[artwalktv]

Concept by Jérémy Comte & Daniela Andrade Director & Editor – Jérémy Comte Producers: – Émile Lavoie Clara L’heureux-Garcia Evren Boisjoli 1st Assistant Director – Clara L’Heureux-Garcia D.O.P. – Ariel Méthot 1st AC – Véronique Dagenais Gaffer – Jaden Scholes Key Grip – Andres Castillon Best boy electric – Michel Aleho Best boy – Alex Fillion Production Designer – Frédérique Ste-Marie & Yola Vanleeuwenkamp Assistant Set Decorator – Catherine K. Pelletier Set Dressers – François "Caillou" Bernier Olivier Gamache-Lalonde Emmanuel Muh Tim Fletcher Antoine Brillant Costume – Daniela Andrade & Renée Sawtelle Make-up / Hair – Carole Méthot Set P.A. – Joseph Liane OUTPOST Post-Production Supervisor – Simon Allard VFX Supervisor – Nicholas Cabana Coordinator – Hugo Mazo Pixel Perfect VFX Producer – Ana Luisa Lopez Comp Supervisor – Eden Munoz Compositor – Sandra Cota Compositor – Carlos de la Garza Matchmove & Layout artist – Rene Allegretti Planion VFX Producer – Phuc Nguyen Hoang Supernice VFX artist – Dan Gaud Artifex Animation VFX Supervisor – Marc Hall Coordinator – Tiffany Brasgold VFX Freelance Artists Compositor – Annie Amaya Compositor – Demetris Aparicio Compositor – Lucas Warren Compositor – Francisco Garcia Compositor – Mesheck Saikonde FX Artist – Danielle Zannone FX Artist – Darren Wallace Title Design – Sebastien Camden Electric Theater Colour Producers – Oscar Wendt Oliver Whitworth Colourist – Luke Morrison Special Thanks Phil Cabana Holger Voss Vladzilla Davide Pitarella Will Niava Sebastien Camden Jeff Kwok

[whileiamdying]

Concept by Jérémy Comte & Daniela Andrade Director & Editor – Jérémy Comte Producers: – Émile Lavoie Clara L’heureux-Garcia Evren Boisjoli 1st Assistant Director – Clara L’Heureux-Garcia D.O.P. – Ariel Méthot 1st AC – Véronique Dagenais Gaffer – Jaden Scholes Key Grip – Andres Castillon Best boy electric – Michel Aleho Best boy – Alex Fillion Production Designer – Frédérique Ste-Marie & Yola Vanleeuwenkamp Assistant Set Decorator – Catherine K. Pelletier Set Dressers – François "Caillou" Bernier Olivier Gamache-Lalonde Emmanuel Muh Tim Fletcher Antoine Brillant Costume – Daniela Andrade & Renée Sawtelle Make-up / Hair – Carole Méthot Set P.A. – Joseph Liane OUTPOST Post-Production Supervisor – Simon Allard VFX Supervisor – Nicholas Cabana Coordinator – Hugo Mazo Pixel Perfect VFX Producer – Ana Luisa Lopez Comp Supervisor – Eden Munoz Compositor – Sandra Cota Compositor – Carlos de la Garza Matchmove & Layout artist – Rene Allegretti Planion VFX Producer – Phuc Nguyen Hoang Supernice VFX artist – Dan Gaud Artifex Animation VFX Supervisor – Marc Hall Coordinator – Tiffany Brasgold VFX Freelance Artists Compositor – Annie Amaya Compositor – Demetris Aparicio Compositor – Lucas Warren Compositor – Francisco Garcia Compositor – Mesheck Saikonde FX Artist – Danielle Zannone FX Artist – Darren Wallace Title Design – Sebastien Camden Electric Theater Colour Producers – Oscar Wendt Oliver Whitworth Colourist – Luke Morrison Special Thanks Phil Cabana Holger Voss Vladzilla Davide Pitarella Will Niava Sebastien Camden Jeff Kwok

[dieusoleil1910]

RC Info | Les policiers doivent être plus transparents, estime un membre de la GRC

https://ici.radio-canada.ca/nouvelle/1714340/grc-rcmp-sebastien-lavoie-racisme-police-financement-floyd

[lesterplatt]

Gallo Pinto - Daniela Andrade from Jeremy Comte on Vimeo.

Story by: Daniela Andrade & Jeremy Comte Directed & Edited by Jeremy Comte

Producers: Clara L’Heureux-Garcia & Emile Lavoie Production Manager: Megan Lord-Paton

Father: Danny Duarte Vasquez Mother: Andrea Cabeza Child 1: Lya Florencia Méza-Hébert Child 2: Emrick Barbeau Child 3: Elyana Casanova

Director of Photography: Olivier Gossot 1st AC: Jocelyn Simard 2nd AC: Alexane Bouvrette

Gaffer: Émile Desroches-Larouche Electric: Philippe A. Robitaille Key Grip: André-Claude Boudreau Swing Electric/Grip: Saad Abas Laurent Schraenen

Art Director: Frédérique B. Ste-Marie Tech Deco: Pierre-Olivier Cadieux Julien Espiaut Assistant: Judith Maltais

Stylist: Eric Richards Assistant Stylist: Jane Bickford-Gewarter

MUA: Juliette Morgane

Catering: Manon Mialet

Production Assistants: Gabrielle Gingras Robin Hernandez Thomas Vial Marc-André Thibault

Casting: Victor Tremblay-Blouin

Colorist: Simon Boisx Sound Design: Cult Nation - Theo Porcet Title Design: Sebastien Camden

Camera, Lights & Gripping: MELS Additional Lights: SLA Productions Camera Truck: Visual Motion Film Stock: Kodak

Label: Crooked Lid Records Manager: Jeff Kwok

Special Thanks: Ferme Sanders - Rusell Le Potager d’Émylou Petites-Mains Benoît Manceur Will Niava Adelaide Benatar Marché aux puces Deauville

A huge thanks to MELS, CULT NATION & Groupe Cinélande for their help & support!

Production Company: Martine aimait les films

[revolversantosfilms]

Polly Pocket - Daniela Andrade from Jeremy Comte on Vimeo.

Concept by Jérémy Comte & Daniela Andrade

Director & Editor – Jérémy Comte Producers: – Émile Lavoie Clara L’heureux-Garcia Evren Boisjoli

1st Assistant Director – Clara L’Heureux-Garcia

D.O.P. – Ariel Méthot 1st AC – Véronique Dagenais Gaffer – Jaden Scholes Key Grip – Andres Castillon Best boy electric – Michel Aleho Best boy – Alex Fillion

Production Designer – Frédérique Ste-Marie & Yola Vanleeuwenkamp Assistant Set Decorator – Catherine K. Pelletier Set Dressers – François "Caillou" Bernier Olivier Gamache-Lalonde Emmanuel Muh Tim Fletcher Antoine Brillant

Costume – Daniela Andrade & Renée Sawtelle Make-up / Hair – Carole Méthot Set P.A. – Joseph Liane

OUTPOST Post-Production Supervisor – Simon Allard VFX Supervisor – Nicholas Cabana Coordinator – Hugo Mazo

Pixel Perfect VFX Producer – Ana Luisa Lopez Comp Supervisor – Eden Munoz Compositor – Sandra Cota Compositor – Carlos de la Garza Matchmove & Layout artist – Rene Allegretti

Planion VFX Producer – Phuc Nguyen Hoang

Supernice VFX artist – Dan Gaud Artifex Animation VFX Supervisor – Marc Hall Coordinator – Tiffany Brasgold

VFX Freelance Artists Compositor – Annie Amaya Compositor – Demetris Aparicio Compositor – Lucas Warren Compositor – Francisco Garcia Compositor – Mesheck Saikonde

FX Artist – Danielle Zannone FX Artist – Darren Wallace Title Design – Sebastien Camden

Electric Theater Colour Producers – Oscar Wendt Oliver Whitworth

Colourist – Luke Morrison

Special Thanks Phil Cabana Holger Voss Vladzilla Davide Pitarella Will Niava Sebastien Camden Jeff Kwok

[yeyshonan]

Polly Pocket - Daniela Andrade from Jeremy Comte on Vimeo.

Concept by Jérémy Comte & Daniela Andrade

Director & Editor – Jérémy Comte Producers: – Émile Lavoie Clara L’heureux-Garcia Evren Boisjoli

1st Assistant Director – Clara L’Heureux-Garcia

D.O.P. – Ariel Méthot 1st AC – Véronique Dagenais Gaffer – Jaden Scholes Key Grip – Andres Castillon Best boy electric – Michel Aleho Best boy – Alex Fillion

Production Designer – Frédérique Ste-Marie & Yola Vanleeuwenkamp Assistant Set Decorator – Catherine K. Pelletier Set Dressers – François "Caillou" Bernier Olivier Gamache-Lalonde Emmanuel Muh Tim Fletcher Antoine Brillant

Costume – Daniela Andrade & Renée Sawtelle Make-up / Hair – Carole Méthot Set P.A. – Joseph Liane

OUTPOST Post-Production Supervisor – Simon Allard VFX Supervisor – Nicholas Cabana Coordinator – Hugo Mazo

Pixel Perfect VFX Producer – Ana Luisa Lopez Comp Supervisor – Eden Munoz Compositor – Sandra Cota Compositor – Carlos de la Garza Matchmove & Layout artist – Rene Allegretti

Planion VFX Producer – Phuc Nguyen Hoang

Supernice VFX artist – Dan Gaud Artifex Animation VFX Supervisor – Marc Hall Coordinator – Tiffany Brasgold

VFX Freelance Artists Compositor – Annie Amaya Compositor – Demetris Aparicio Compositor – Lucas Warren Compositor – Francisco Garcia Compositor – Mesheck Saikonde

FX Artist – Danielle Zannone FX Artist – Darren Wallace Title Design – Sebastien Camden

Electric Theater Colour Producers – Oscar Wendt Oliver Whitworth

Colourist – Luke Morrison

Special Thanks Phil Cabana Holger Voss Vladzilla Davide Pitarella Will Niava Sebastien Camden Jeff Kwok

[ozkamal]

Concept by Jérémy Comte & Daniela Andrade Director & Editor – Jérémy Comte Producers: – Émile Lavoie Clara L’heureux-Garcia Evren Boisjoli 1st Assistant Director – Clara L’Heureux-Garcia D.O.P. – Ariel Méthot 1st AC – Véronique Dagenais Gaffer – Jaden Scholes Key Grip – Andres Castillon Best boy electric – Michel Aleho Best boy – Alex Fillion Production Designer – Frédérique Ste-Marie & Yola Vanleeuwenkamp Assistant Set Decorator – Catherine K. Pelletier Set Dressers – François "Caillou" Bernier Olivier Gamache-Lalonde Emmanuel Muh Tim Fletcher Antoine Brillant Costume – Daniela Andrade & Renée Sawtelle Make-up / Hair – Carole Méthot Set P.A. – Joseph Liane OUTPOST Post-Production Supervisor – Simon Allard VFX Supervisor – Nicholas Cabana Coordinator – Hugo Mazo Pixel Perfect VFX Producer – Ana Luisa Lopez Comp Supervisor – Eden Munoz Compositor – Sandra Cota Compositor – Carlos de la Garza Matchmove & Layout artist – Rene Allegretti Planion VFX Producer – Phuc Nguyen Hoang Supernice VFX artist – Dan Gaud Artifex Animation VFX Supervisor – Marc Hall Coordinator – Tiffany Brasgold VFX Freelance Artists Compositor – Annie Amaya Compositor – Demetris Aparicio Compositor – Lucas Warren Compositor – Francisco Garcia Compositor – Mesheck Saikonde FX Artist – Danielle Zannone FX Artist – Darren Wallace Title Design – Sebastien Camden Electric Theater Colour Producers – Oscar Wendt Oliver Whitworth Colourist – Luke Morrison Special Thanks Phil Cabana Holger Voss Vladzilla Davide Pitarella Will Niava Sebastien Camden Jeff Kwok

[mikemortgage]

This year’s federal budget is built for voters, not business

Finance Minister Bill Morneau delivered a pre-election budget built for voters, not businesses, disappointing those who hoped for a broad-based corporate tax cut, a comprehensive review of Canada’s aging tax code or other measures to boost competitiveness.

Following a fall economic statement designed to address business concerns, Morneau’s fourth budget marked a hard shift back toward middle class issues that appeal directly to the electorate, including support for first-time homebuyers, seniors and skills training.

“They did what they were going to do for businesses in the fall,” said Sebastien Lavoie, chief economist at Laurentian Bank Securities. “You could argue those moves came too late, but it was clear there weren’t going to be any more.”

Nevertheless, some of the key pillars of Morneau’s fourth budget, while designed for a different audience, will also benefit Canadian businesses, said Craig Alexander, chief economist at Deloitte Canada. Among the items that will have the most obvious impact is spending related to skills training.

More than 40 per cent of businesses have reported labour and skills shortages, with many job vacancies remaining unfilled, which suggests “a skills mismatch,” Alexander said.

“They are investing in human capital to address that,” he said. “And if you look at us versus other countries, a key advantage of ours has been talent. This budget doubles down on that.”

The federal budget earmarks more than $1.7 billion for skills training programs including a new non-taxable credit to help pay for training fees. Under the program, workers between the ages of 25 and 64 would accumulate a credit of $250 each year to a lifetime maximum of $5000. Starting in 2020, these credits can be used to match worker investments in skills training.

A new Employment Insurance Training Support Benefit offers 55 per cent of average income for up to four weeks of paid leave to support training.

“We’re going to need more resilient workers to deal with the disruption of technology,” Alexander said. “Having the worker contribute some of the funding and having the government match that funding basically cuts the cost of training but also ensures that there is a worker motivation to be really successful because they have skin in the game.”

Not all were as enthusiastic. While supportive of efforts to retrain workers and address skills shortages, the Canadian Federation of Independent Business was leery of the price tag, suggesting the Canada Training Benefit would increase the cost of the EI system by $300 million per year with no guarantee that what workers study will match the needs of employers.

The budget made some moves to address regulatory burden in the form of “regulatory roadmaps” to address red tape in agri-food and aquaculture, health and biosciences and transportation and infrastructure. The measures include the introduction of “regulatory sandboxes” or “safe spaces” that allow innovative products and services to be tested without immediately being subjected to regulatory requirements. A new advisory committee on regulatory competitiveness will also be established to identify opportunities to streamline regulations.

In an effort to boost research and development, the budget also amends the Scientific Research and Development Tax Incentive Program, which provides a 35 per cent refundable tax credit to small- and medium-sized businesses and a 15 per cent credit to all other businesses conducting scientific research and experimental development. While access to the enhanced 35 per cent credit is currently determined by a business’s level of income and capital, Morneau’s budget removes the income threshold, widening its availability to more companies.

“All of these measures are aligning with a lot of the recommendations that policy analysts are saying could improve outcomes from an innovation and regulatory standpoint,” Alexander said.

While many of the moves were welcome, they don’t necessarily address growing concerns about slumping business investment and a corporate tax rate that has now been undercut by reductions south of the border. The U.S. changes, which took effect January 2018, dropped the combined federal and state corporate tax rate from 38.9 per cent to 25.8 per cent, bringing it below Canada’s combined rate of 26.8 per cent.

Nor did the budget respond to requests from business groups to simplify and modernize Canada’s aging tax code. The Canadian Chamber of Commerce has criticized the code as outdated and cumbersome for businesses.

With business investment sliding and a domestic economy that all but stalled in the fourth quarter, many economists have argued a corporate tax cut – even to just a point below the U.S. – would have encouraged more investment in Canada from companies seeking a footprint in the North American economy.

Others suggest current geopolitical uncertainty driven by U.S. tariffs, Brexit and slowing global and domestic economies outweigh any tax incentive.

“If you think it’s a gloomy outcome you’re not going to invest even if those measures are there,” Lavoie said. “It goes well beyond tax rates. It’s disappointing though because if you want the economy to grow you need more capacity.”

• Email: npowell@nationalpost.com | Twitter: naomi_powell

from Financial Post https://ift.tt/2CrDBWg via IFTTT Blogger Mortgage Tumblr Mortgage Evernote Mortgage Wordpress Mortgage href="https://www.diigo.com/user/gelsi11">Diigo Mortgage

[goalhofer]

Every Junior/Professional Antoine Vermette Teammate

Quebec Remparts

Simon Gagne (1998-99)

Eric Chouinard (1998-99)

David Bernier (1998-99)

Martin Moise (1998-99)

Dmitri Tolkunov (1998-99)

Wes Scanzano (1998-99)

Andre Martineau (1998-99)

Simon Tremblay (1998-99)

Maxim Balmochnyk (1998-99)

Daniel Archambeault (1998-99)

Martin Grenier (1998-99)

Jerome Marois (1998-99)

Eric Laplante (1998-99)

Raymond Dalton (1998-99)

Nicholas Bilotto (1998-99)

Joey Fetta (1998-99)

Juraj Kolnik (1998-99)

Marco Charpentier (1998-99)

Sebastien Lucier (1998-99)

Travis Zachary (1998-99)

Sylvain Plamondon (1998-99)

Jeff Leblanc (1998-99)

Cameron Lowe (1998-99)

Tommy Bolduc (1998-99)

Pierre Loiselle (1998-99)

Alexandre Morel (1998-99)

Stuart MacRae (1998-99)

Jonathan Wilhelmy (1998-99)

Sebastien Crete (1998-99)

Nicolas Pelletier (1998-99)

Jean-Philippe Cote (1998-99)

Danick Jomphe (1998-99)

Hunter Lahache (1998-99)

Martin Bilodeau (1998-99)

Eric Jean (1998-99)

Maxime Ouellet (1998-99)

Victoriaville Tigres

Marc-Andre Thinel (1999-2001)

Carl Mallette (1999-2002)

Sebastien Thinel (1999-2001)

Danny Groulx (1999-2001)

Alex Ryazantsev (1999-2000)

Eric Cote (1999-2000)

Matthew Lombardi (1999-2002)

Kristian Kovac (1999-2001)

Teddy Kyres (1999-2001)

Pierre-Luc Sleigher (1999-2002)

Antoine Bergeron (1999-2000)

Carl Gagnon (1999-2002)

Eric Labelle (1999-2000)

Pierre-Luc Daneau (1999-2002)

Joey Fetta (1999-2000)

Jonathan Fauteaux (1999-2001)

Stephane Veilleux (1999-2000)

Mathieu Wathier (1999-2001)

Sandro Sbrocca (1999-2001)

Luc Levesque (1999-2001)

Michael McIntyre (1999-2000)

Guillaume Beaudoin (1999-2000)

Billy Rochefort (1999-2000)

Branwell Beck (1999-2000)

Richard Paul (1999-2001)

Simon St. Pierre (1999-2001)

Patrick Chouinard (1999-2000)

Guillaume Lavoie (1999-2000)

Marc St. Louis (1999-2000)

Jean-Francois Nogues (1999-2001)

Philippe Ozga (1999-2001)

Patrice Poissant (1999-2000)

Martin Autotte (2000-01)

Martin Grenier (2000-01)

Johnny Oduya (2000-01)

Mathieu Brunelle (2000-02)

Patrick Vincent (2000-01)

Sergei Kaltygen (2000-01)

Ivan Curic (2000-01)

Steve Richards (2000-01)

James Sanford (2000-01)

Tommy Bolduc (2000-01)

Karl Morin (2000-02)

Adam Wojcik (2000-02)

David Masse (2000-01)

Hugo Beaudet (2000-01)

Francis Debilly (2000-01)

Sebastien Morrissette (2000-01)

Nicolas Joyal (2000-01)

Frederic Mallette (2000-01)

Guillaume Fornier (2001-02)

Mikhail Deev (2001-02)

Jamie McCabe (2001-02)

Benoit Fournier (2001-02)

Christian Laroche (2001-02)

Robert Snowball (2001-02)

Neil Posillico (2001-02)

Jeff Smith (2001-02)

Carl McLean (2001-02)

Mathieu Daigle (2001-02)

Pierre-Luc Chenier (2001-02)

Tommy Lafontaine (2001-02)

Chris Pottie (2001-02)

Jonathan Walsh (2001-02)

Dan McNeill (2001-02)

Mathieu Beauchamp (2001-02)

Daniel Manzato (2001-02)

Daniel Boisclair (2001-02)

Sylvain Houle (2001-02)

Samuel Duguay (2001-02)

Alexandre Turgeon-Cote (2001-02)

Sami Ciplak (2001-02)

Jean-Michel Filiatrault (2001-02)

Binghamton Senators

Brad Smyth (2002-03)

Jason Spezza (2002-03, 2004-05)

Brian Pothier (2002-03, 2004-05)

Joe Murphy (2002-03)

Alexandre Giroux (2002-03)

Josh Langfeld (2002-05)

David Hymovitz (2002-05)

Chris Kelly (2002-05)

Chris Bala (2002-03)

Toni Dahlman (2002-03)

Julien Vauclair (2002-04)

Jeff Ulmer (2002-03)

Brian McGrattan (2002-05)

Josef Boumedienne (2002-03)

Steve Martins (2002-03)

Bob Wren (2002-03)

Radim Bicanek (2002-03)

Steve Bancroft (2002-04)

Dennis Bonvie (2002-03)

Christoph Schubert (2002-05)

Andy Hedlund (2002-05)

Dean Melanson (2002-03)

Scott Ricci (2002-03)

Joey Tetarenko (2002-03)

Ray Emery (2002-05)

Karel Rachunek (2002-03)

Jeff Szwez (2002-03)

Dean Connolly (2002-03)

Billy Thompson (2002-05)

J.C. Ruid (2002-03)

Joel Kwiatkowski (2002-03)

Alex Johnstone (2002-03)

Chris Lynch (2002-03)

Colin Pepperall (2002-03)

Ray DiLauro (2002-03)

Martin Prusek (2002-03)

Mathieu Chiounard (2002-03)

Andrew Allen (2002-03)

Jeremy Symington (2002-03)

Justin Plamondon (2002-03)

Wade Brookbank (2002-03)

Simon Lajeunesse (2002-03)

Denis Hamel (2003-05)

Serge Payer (2003-04)

Charlie Stephens (2003-05)

Peter Smrek (2003-04)

Brad Tapper (2003-04)

Arpad Mihaly (2003-05)

Mike Brown (2003-04)

Greg Watson (2003-05)

Jody Hull (2003-04)

Cory Pecker (2003-04)

Tony Tuzzolino (2003-04)

Jan Platil (2003-05)

Rob Ray (2003-04)

Gregg Johnson (2003-05)

John Jakopin (2003-04)

Nathan Gillies (2003-04)

Bryson Busniuk (2003-04)

Grant Potulny (2003-05)

Brandon Bochenski (2004-05)

Anton Volchenkov (2004-05)

Pat Kavanagh (2004-05)

Jesse Fibiger (2004-05)

Chris Neil (2004-05)

Danny Bois (2004-05)

Neil Komadoski (2004-05)

Derek Campbell (2004-05)

Regan Darby (2004-05)

Ottawa Senators

Marian Hossa (2003-04)

Daniel Alfredsson (2003-4, 2005-09)

Martin Havlat (2003-04, 2005-06)

Jason Spezza (2003-04, 2005-09)

Bryan Smolinski (2003-04, 2005-06)

Radek Bonk (2003-04)

Wade Redden (2003-04, 2005-08)

Zdeno Chara (2003-04, 2005-06)

Peter Schaefer (2003-04, 2005-07)

Todd White (2003-04)

Chris Phillips (2003-04, 2005-09)

Josh Langfeld (2003-04)

Karel Rachunek (2003-04)

Chris Neil (2003-04, 2005-09)

Peter Bondra (2003-04)

Shaun Van Allen (2003-04)

Vaclav Varada (2003-04, 2005-06)

Mike Fisher (2003-04, 2005-09)

Brian Pothier (2003-04, 2005-06)

Pyotr Schastlivy (2003-04)

Curtis Leschyshyn (2003-04)

Shane Hnidy (2003-04)

Anton Volchenkov (2003-04, 2005-09)

Patrick Lalime (2003-04)

Rob Ray (2003-04)

Greg De Vries (2003-04)

Serge Payer (2003-04, 2006-07)

Martin Prusek (2003-04)

Todd Simpson (2003-04)

Ray Emery (2003-04, 2005-08)

Dany Heatley (2005-09)

Andrej Meszaros (2005-08)

Chris Kelly (2005-09)

Patrick Eaves (2005-08)

Brandon Bochenski (2005-06)

Christoph Schubert (2005-09)

Brian McGrattan (2005-08)

Tyler Arnason (2005-06)

Steve Martins (2005-06)

Denis Hamel (2005-07)

Mike Morrison (4 games 2005-06)

Dominik Hasek (2005-06)

Tomas Malec (3 games 2005-07)

Brad Norton (7 games 2005-06)

Filip Novak (11 games 2005-06)

Tom Preissing (2006-07)

Joe Corvo (2006-08)

Dean McAmmond (2006-09)

Mike Comrie (2006-07, 2008-09)

Oleg Saprykin (12 games 2006-07)

Josh Hennessy (2006-09)

Alexei Kaigorodov (6 games 2006-07)

Danny Bois (1 game 2006)

Martin Gerber (2006-09)

Lawrence Nycholat (4 games 2006-08)

Randy Robitaille (2007-08)

Cory Stillman (2007-08)

Shean Donovan (2007-09)

Nick Foligno (2007-09)

Luke Richardson (2007-09)

Martin Lapointe (2007-08)

Cody Bass (2007-09)

Mike Commodore (2007-08)

Brian Lee (2007-09)

Brian Elliott (2007-09)

Alexander Nikulin (2 games 2007)

Jesse Winchester (2007-09)

Ilya Zubov (11 games 2007-09)

Filip Kuba (2008-09)

Jarkko Ruutu (2008-09)

Brendan Bell (2008-09)

Ryan Shannon (2008-09)

Alexandre Picard (2008-09)

Peter Regin (2008-09)

Jason Smith (2008-09)

Matt Carkner (1 game 2009)

Zack Smith (1 game 2008)

Alex Auld (2008-09)

Columbus Blue Jackets

Christian Backman (17 games 2009)

Jared Boll (2009-12)

Derick Brassard (2009-12)

Jason Chimera (2009-10)

Mike Commodore (2009-11)

Derek Dorsett (2009-12)

Wade Dubliewicz (17 games 2009)

Nikita Filatov (2009-11)

Chris Gratton (6 games 2009)

Jan Hejda (2009-11)

Kristian Huselius (2009-12)

Rostislav Klesla (2009-11)

Manny Malhotra (21 games 2009)

Steve Mason (2009-12)

Marc Methot (2009-12)

Freddy Modin (2009-10)

Andrew Murray (2009-11)

Rick Nash (2009-12)

Jiri Novotny (17 games 2009)

Michael Peca (21 games 2009)

Aaron Rome (9 games 2009)

Kris Russell (2009-12)

Ole-Kristian Tollefsen (17 games 2009)

Raffi Torres (2009-10)

Fedor Tyutin (2009-12)

R.J. Umberger (2009-12)

Jakub Voracek (2009-11)

Jason Williams (21 games 2009)

Anton Stralman (2009-11)

Sammy Pahlsson (2009-12)

Mathieu Roy (2009-10)

Chris Clark (2009-11)

Derek MacKenzie (2009-12)

Mike Blunden (2009-11)

Milan Jurcina (17 games 2009-10)

Grant Clitsome (2009-11)

Tomas Kana (6 games 2009)

Alexandre Picard (9 games 2009)

Tom Sestito (12 games 2009-11)

Trevor Frischmon (3 games 2009)

Maxim Mayorov (19 games 2009-12)

Nathan Paetsch (10 games 2009-10)

Greg Moore (4 games 2009)

Chad Kolarik (3 games 2010)

Mathieu Garon (2009-11)

Matt Calvert (2010-12)

Kyle Wilson (2010-11)

Scottie Upshall (2010-11)

Ethan Moreau (2010-11)

Sami Lepisto (19 games 2010-11)

Tomas Kubalik (12 games 2010-12)

Craig Rivet (14 games 2011)

Nick Holden (7 games 2010-12)

John Moore (2010-12)

Nate Guenin (3 games 2010)

David LeNeveu (1 game 2011)

Vaclav Prospal (2011-12)

Nikita Nikitin (2011-12)

James Wisniewski (2011-12)

Jeff Carter (2011-12)

Mark Letestu (2011-12)

Ryan Johansen (2011-12)

Aaron Johnson (2011-12)

Cam Atkinson (2011-12)

Jack Johnson (9 games 2012)

David Savard (2011-12)

Colton Gillies (2011-12)

Brett Lebda (2011-12)

Darryl Boyce (8 games 2012)

Ryan Russell (2011-12)

Radek Martinek (7 games 2011-12)

Curtis Sanford (2011-12)

Allen York (11 games 2011-12)

Phoenix/Arizona Coyotes

Adrian Aucoin (2011-12)

Paul Bissonnette (2011-12)

Mikkel Bodker (2011-15, 2015-16)

Alexandre Bolduc (16 games 2011-13, 3 games 2014-15)

Gilbert Brule (3 games 2012)

Kyle Chipchura (2011-15, 2015-16)

Shane Doan (2011-15, 2015-16)

Oliver Ekman-Larsson (2011-15, 2015-16)

Boyd Gordon (2011-13, 2015-16)

Martin Hanzal (2011-12, 2013-15, 2015-16)

Rostislav Klesla (2011-12, 2013-14)

Lauri Korpikoski (2011-12, 2013-15)

Jason LaBarbara (2011-13)

Daymond Langkow (2011-12)

Andy Miele (15 games 2012-14)

Derek Morris (2011-14)

Marc-Antoine Pouliot (13 games 2012)

Taylor Pyatt (2011-12)

Michal Roszival (2011-12)

David Rundblad (2012-14)

David Schlemko (2011-15)

Mike Smith (2011-15, 2015-16)

Michael Stone (2011-15, 2015-16)

Chris Summers (2011-15)

Raffi Torres (2011-13)

Radim Vrbata (2011-14)

Ray Whitney (2011-12)

Keith Yandle (2011-15)

David Moss (2012-15)

Steve Sullivan (2012-13)

Rob Klinkhammer (2012-15)

Matthew Lombardi (2012-13)

Nick Johnson (17 games 2013)

Zbynek Michalek (2012-15, 2015-16)

Chris Conner (12 games 2013)

Chris Brown (11 games 2013-14)

Chad Johnson (4 games 2013)

Jordan Szwarz (2013-15)

Mike Ribeiro (2013-14)

Jeff Halpern (2013-14)

Tim Kennedy (2013-14)

Brandon McMillan (2013-15)

Martin Erat (2013-15)

Connor Murphy (2013-15, 2015-16)

Brandon Yip (2 games 2014)

Brandon Gormley (2013-15, 2015-16)

Lucas Lessio (2013-15)

Thomas Greiss (2013-14)

Mark Visentin (1 game 2014)

Louis Domingue (7 games 2014-15, 2015-16)

Sam Gagner (2014-15)

Tobias Rieder (2014-15, 2015-16)

Joe Vitale (2014-15, 1 game 2015)

B.J. Crombeen (2014-15)

Andrew Campbell (2014-15)

Jordan Martinook (2015-16)

Justin Hodgman (5 games 2015)

Max Domi (2015-16)

Anthony Duclair (2015-16)

Brad Richardson (2015-16)

Alex Tanguay (2015-16)

Kevin Connauton (2015-16)

Klas Dahlbeck (2015-16)

Nicklas Grossmann (2015-16)

Steve Downie (2015-16)

Viktor Tikhonov (2015-16)

Stefan Elliott (19 games 2016)

Tyler Gaudet (14 games 2015-16)

Jiri Sekac (11 games 2016)

Dustin Jeffrey (7 games 2016)

Craig Cunningham (10 games 2015-16)

Laurent Dauphin (8 games 2015-16)

Sergei Plotnikov (13 games 2015-16)

John Scott (11 games 2015)

Anders Lindback (19 games 2015-16)

Nicklas Treutle (2 games 2016)

Chicago Blackhawks

Jonathan Toews (2014-15)

Patrick Kane (2014-15)

Marian Hossa (2014-15)

Brandon Saad (2014-15)

Duncan Keith (2014-15)

Patrick Sharp (2014-15)

Brad Richards (2014-15)

Kris Versteeg (2014-15)

Brent Seabrook (2014-15)

Bryan Bickell (2014-15)

Andrew Shaw (2014-15)

Niklas Hjalmarsson (2014-15)

Marcus Kruger (2014-15)

David Rundblad (2014-15)

Michal Roszival (2014-15)

Johnny Oduya (2014-15)

Teuvo Teravainen (2014-15)

Daniel Carcillo (2014-15)

Joakim Nordstrom (2014-15)

Andrew Desjardins (2014-15)

Trevor Van Riemsdyk (2014-15)

Kimmo Timomen (2014-15)

Kyle Cumiskey (16 games 2015)

Corey Crawford (2014-15)

Scott Darling (2014-15)

Antti Raanta (2014-15)

Anaheim Ducks

Ryan Getzlaf (2016-18)

Ryan Kesler (2016-18)

Corey Perry (2016-18)

Rickard Rakell (2016-18)

Jakob Silfverberg (2016-18)

Cam Fowler (2016-18)

Andrew Cogliano (2016-18)

Sami Vatanen (2016-18)

Hampus Lindholm (2016-18)

Josh Manson (2016-18)

Ondrej Kase (2016-18)

Patrick Eaves (2016-18)

Kevin Bieksa (2016-18)

Joseph Cramarossa (2016-17)

Logan Shaw (2016-18)

Shea Theodore (2016-17)

Chris Wagner (2016-18)

Korbinian Holzer (2016-18)

Brandon Montour (2016-18)

Clayton Stoner (2016-17)

Jared Boll (2016-18)

Ryan Garbutt (2016-17)

Stefan Noesen (12 games 2016)

Nate Thompson (2016-17)

Mike Sgarbossa (9 games 2016)

Nick Sorensen (5 games 2016)

Simon Despres (1 game 2016)

Emerson Etem (3 games 2016)

John Gibson (2016-18)

Jonathan Bernier (2016-17)

Dustin Tokarski (1 game 2016)

Nic Kerdiles (7 games 2016-18)

Adam Henrique (2017-18)

Derek Grant (2017-18)

Francois Beauchemin (2017-18)

Kevin Roy (2017-18)

Dennis Rasmussen (2017-18)

J.T. Brown (2017-18)

Marcus Pettersson (2017-18)

Jaycob Megna (12 games 2017)

Ryan Miller (2017-18)

Reto Berra (5 games 2017-18)

Team Canada

Brent Burns (2011)

Cal Clutterbuck (2011)

Carlo Colaiacovo (2011)

Matt Duchene (2011)

Jordan Eberle (2011)

Marc-Andre Gragnani (2011)

Evander Kane (2011)

Andrew Ladd (2011)

Marc Methot (2011)

Rick Nash (2011)

James Neal (2011)

Dion Phaneuf (2011)

Alex Pietrangelo (2011)

Mario Scalzo (2011)

Luke Schenn (2011)

Jeff Skinner (2011)

Jason Spezza (2011)

Chris Stewart (2011)

John Tavares (2011)

Travis Zajac (2011)

Jonathan Bernier (2011)

Devan Dubnyk (2011)

James Reimer (2011)

[mikemortgage]

A 4% tax cut is ‘doable’: What Corporate Canada wants to see in the Federal Budget — and what it might get

Finance Minister Bill Morneau will deliver his 2019 pre-election budget on March 19 amid slowing domestic and global economies, a volatile trade landscape and a political scandal that has already cost the federal government two cabinet ministers.

What a difference a year makes.

“A year ago we had rising interest rates, global momentum was strong, we were going to have pipelines and so on,” said Sebastien Lavoie, chief economist at Laurentian Bank Securities. “Now, everything has flipped. So the decisions will be different.”

Following a fall economic statement that embraced business competitiveness as a theme, Morneau has signalled a return to bread and butter middle class issues that appeal directly to Canadians.  That likely means a greater focus on seniors, prescription drug costs and helping millennials get into the housing market — and less attention for headline business issues.

Canada has two economies. Let's hope the government is paying attention to both

These are the potential tax measures federal budget watchers are speculating about this year

Dismal economic data gives Liberals licence to spend, spend, spend in this Federal Budget

What Canadians need to see in the Federal budget: David Rosenberg

“They’ve been fairly public about where their priorities are and it’s a lot of pretty traditional stuff,” said Doug Porter, chief economist for BMO Capital Markets. “Still I think it’s going to be a very interesting budget. The stakes seem a lot higher this time around for a variety of reasons, the most obvious being that we’re heading into an election.”

A tax cut would no doubt top the wish lists of many Canadian business owners, particularly after a pair of aggressive U.S. reforms took effect in January 2018: A full and immediate write off of investments in machinery and equipment and a deep reduction in corporate tax rates that undercut Canada’s long-held advantage. Morneau addressed the first reform in the fall economic statement when he introduced immediate write offs of capital investments and extended them until 2024 — two years longer than the U.S. measures.

With business investment slumping — it dropped 2.7 per cent in the fourth quarter — some think the time is right to address the tax issue.

“If the government wants to expand the economy forcefully, it will cut both corporate and personal income tax rates significantly,” said David Rosenberg, chief economist and strategist at Toronto-based Gluskin Sheff + Associates Inc.

A four per cent cut in the corporate tax rate would be “doable and at no cost�� if the government backed off other ��pet projects,” Rosenberg believes.

Government finances suggest there’s room for some cuts, Porter said. The deficit is running at $9 billion below the projected $18.1 billion for the current fiscal year, and though that will adjust in the coming months, it’s unlikely to blast above projected levels, he added. That in mind, tax cuts might provide just the gentle stimulus the slowing economy needs.

But that doesn’t mean it will happen.

“There’s certainly a case to be made for cuts, I just don’t think it’s on this government’s agenda,” Porter said. “I wish I were wrong because personally I think the number one priority is still to strengthen our competitiveness. But I don’t think so.”

What’s more, the Liberals are already facing criticism for abandoning a pledge to run annual shortfalls of no more than $10 billion and eliminate the deficit by 2019 in favour of lowering the net-debt-to-GDP ratio. And though the debt-to-GDP ratio has been “gently” declining, a broad-based tax cut could derail that, Lavoie said.

“To cut taxes, the government will need to show a debt to GDP ratio going through the roof and I don’t think they want to do that with the economy now going the wrong way,” Lavoie said.

Indeed, while the trade wars, falling oil prices and higher interest rates all foreshadowed some weakening in Canada’s economy, fourth quarter data painted an even gloomier picture than expected. GDP rose at an annualized rate of 0.4 per cent in the period — roughly half what economists were expecting as business investment and household spending fell. In all of 2018, Canada’s economy grew at just 1.8 per cent, down from a three per cent expansion in 2017.

“Things just aren’t great right now,” Lavoie said. “There’s rising consumer insolvency, housing markets are slumping. So this needs to be a proactive but targeted budget.”

Rather than slashing rates, one of the most significant things the government could do would be to announce a comprehensive review of the Canadian tax code, said Trevin Stratton, chief economist for the Canadian Chamber of Commerce. A Royal Commission on the tax system could identify the best way to adjust the country’s tax mix and simplify a code that has “bloated” to more than 300 pages, becoming a burden on businesses, he said.

“It’s been 50 years since we’ve done a real review of the tax system and if you look around the world there are a lot of countries that are doing just that,” Strattin said.

Skills training is another area in need of attention — specifically in the areas of lifelong learning and work-integrated learning, he added.

And with deficits of more than $18 billion in each of the last two years and shortfalls projected until 2023-2024, another budget item business owners would like to see is a plan to get the books back to balance, Strattin said.

More “trade enabling infrastructure” to get goods to market would also be welcome.

But the biggest challenges businesses face, according to the Chamber, are regulatory burdens and barriers to interprovincial trade.  A patchwork of rules across the country means it is often easier to trade goods internationally than between provinces, Strattin said.

“Businesses are looking to the federal government to take a leadership position on these issues, to redouble its efforts,” he said. “The budget is a platform for that.”

To the extent there is a big ticket item on Morneau’s spending list, it’s likely to be pharmacare. The government’s advisory council issued an interim report on March 6 recommending the creation of a new agency to manage prescription medications by negotiating prices and creating a formulary of covered drugs. Canadians are currently covered by a range of private and public plans that leave 20 per cent of them paying for their own prescriptions.

Also likely are measures to give millennials a leg up onto the housing ladder. That could mean anything from raising the first-time home buyer tax credit, expanding the current 25-year amortization period to 30 years or easing the stress test rule that requires buyers with insured mortgages to qualify at 200 basis points — or 2 per cent — above the negotiated rate. The stress test, while cooling overheated housing markets in major urban centres, has also made homebuying more difficult in rural markets and other areas.

“I’m skeptical that they can move the needle in a significant way on housing affordability,” said Porter. “And the risk is always that they push house prices up by stimulating demand and it backfires.”

• Email: npowell@nationalpost.com | Twitter: Naomi_Powell

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[mikemortgage]

In Canada’s housing slowdown, Vancouver proves to be the weakest link

Vancouver’s housing market is looking more fragile than Toronto a year after policy makers tightened mortgage lending to slow a boom.

While the country’s two most expensive real estate markets have both been hit hard by higher interest rates and tougher mortgage regulations, the data suggest Toronto is faring better and showing signs of stabilizing, while Vancouver continues its slide.

Interest rates cast pall on Canadian home sales, with December losses capping worst year since 2012

High Vancouver home prices fuelling an exodus of young professionals one official calls a ‘crisis’

Canadian home prices fall for third month in a row, even in Vancouver

Sales in the west coast city plunged 32 per cent last year, driving benchmark prices down 6.5 per cent over the past six months, according to Canadian Real Estate Association data released Tuesday. Toronto also saw sales fall sharply, but by half as much as Vancouver and with prices in Canada’s biggest city little changed in recent months.

Home sales in Vancouver plunged 32 per cent last year, according to Canadian Real Estate Association data released Tuesday.

“I’m not worried about Toronto, I’m worried more about Vancouver at this stage,” said Sebastien Lavoie, chief economist at Laurentian Bank Securities in Montreal. “The biggest worry I have for Vancouver really is the expectations that could turn a lot more downbeat because of the downward trend we are seeing now.”

The relative performance reflects in part a bigger surge in prices during the boom in Vancouver, where they gained 68 per cent over the last five years. That’s ahead of Toronto’s 58 per cent increase.

“Vancouver is in full-blown correction mode,” Royal Bank of Canada economist Robert Hogue said in a research note Tuesday. “Prices are poised to depreciate more — potentially a lot more considering the degree to which they are still unaffordable to average buyers.”

–With assistance from Erik Hertzberg.

Bloomberg.com

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[mikemortgage]

Immigration plans won’t add to Quebec’s skills shortage problem: Legault

Quebec premier François Legault will push forward with plans to seek more power from Ottawa over the selection of immigrants, dismissing concerns that reducing the flow of overseas workers will exacerbate the province’s already severe skills shortage.

The newly elected premier, who has pledged to temporarily cut Quebec’s immigration quota by 20 per cent to 40,000, said he has directed his employment minister, Jean Boulet, to identify the labour needs of each region in the province “company by company.”

“We really have a problem in choosing immigration,” said Legault in an interview following meetings with Ontario Premier Doug Ford in Toronto. “We will choose them based on skills … Sometimes it’s welders, sometimes engineers, but I want to focus on the needs of companies.”

Montreal soars to new heights, but headwinds still buffet the summit

Quebec prepared to help Bombardier, minister says after CEO meeting

William Watson: Shocking things are suddenly happening in Quebec's election. Vraiment!

The CAQ, a party founded by Legault just seven years ago, swept to power in early October after 15 years of mostly Liberal rule in the province. CAQ has inherited an economy with 5.2 per cent unemployment, the lowest in decades, strong business confidence and GDP growth of three per cent in 2017. An aggressive program of debt reduction and unpopular social services cuts by the previous Liberal government has also put public finances in order, turning years of deficits into surpluses.

“If you are Legault, you have a situation that is the envy of every other province,” said Sebastien Lavoie, chief economist at Laurentien Bank Securities in Montreal. “Growth in Quebec is the best it’s been in two decades.”

Nevertheless, Legault believes the province still has some distance to go before reaching its full potential.  A founder and former executive at Air Transat, he has promised to be the “economic premier” boosting growth in business investment and exports. To that end, Legault will endeavour to boost interprovincial trade with Ontario, pushing Quebec’s exports to the province to $50 billion annually, up from a current $40 billion, he said. Ontario will aim to increase its exports to Quebec to the same level from a current $42 billion, he added.

He will also work to cut duplication and overlap of provincial regulations that create barriers to trade between the provinces.

“We’ll work on that,” he said. “I told Mr. Ford, we will put our people together to get rid of all these barriers. I don’t know why we have these barriers between provinces.”

Central to Legault’s plans for the Quebec economy is a goal to double non-residential private investment to $60 billion annually, in part by taking a more aggressive approach at Investissement Quebec, the arm of the Quebec government charged with attracting provincial and international business dollars. He’ll also attempt to move the needle on an average household income level, among the lowest of all the provinces, by seeking to shift the mix of employment in Quebec to higher wage jobs.

“The challenge is not to create jobs or decrease the unemployment rate,” he said. “It’s really to increase the number of jobs at $30, $40 an hour. That’s what we don’t have enough of. Manufacturing, artificial intelligence, IT, those sectors you have a value added.”

But in chasing more investment, Legault will run into a central challenge facing the province, analysts say. Indeed, Quebec’s aging population, low birth rate and high employment rate, means its growth is increasingly dependent on skilled workers from overseas.

“The challenge is that growth is now limited by the lack of available labour,” said Avery Shenfeld, chief economist at CIBC Capital Markets. “To see a growth pickup, we will either need more immigration or enhanced productivity growth to raise output per worker. The latter isn’t easy for a government to influence much.”

Much of Quebec’s economic strength comes down to immigration, which has fuelled investment, rising home prices and more, said Sebastien Lavoie, chief economist at Laurentien Bank Securities in Montreal.

“Part of the reason for Investissement Quebec is to grow new sectors and businesses to replace old fading sectors,” he said. “From a public policy standpoint that’s a good thing. But those businesses need skilled workers.”

In addition to increasing investment, Legault aims to boost exports from Hydro Quebec to neighbouring provinces and states. Exports from the utility rose by just over 30 per cent between 2014 and 2017 to an average 30 Terawatt hours. And Hydro Quebec still has a surplus of 10 Terawatt hours that could be sold.

With Ontario facing a looming supply shortage, Legault says he has made Ford a proposal to form a joint venture in which Ontario workers would play a role in building a transmission line between the provinces and new dams to harness more of Quebec’s hydroelectricity. This would give Ontario more access to cheaper, cleaner energy and save it from the expense of refurbishing its nuclear plants.

“I’ve analyzed the cost of refurbishing nuclear plants compared with the cost of building new dams, new transportation lines and it’s a lot cheaper,” he said. “Of course Mr. Ford didn’t say yes to me. I just wanted him to think on it. I’ll bring him more and more figures each time and try to convince him that it’s good for taxpayers.”

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[mikemortgage]

Chill in Canada’s once-hot housing market lingers on: poll

NEW YORK — Canada’s real estate market is expected to slow further, with rising interest rates and more stringent mortgage rules set to cool home sales and price rises, a Reuters poll of property market analysts showed on Monday.

Among once-hot markets, the outlook for Toronto home prices improved somewhat from the previous poll in June, while the prospects for Vancouver, which has some of the most expensive homes in the world, grew more precarious.

The median forecast in a Reuters poll of 16 analysts taken Sept. 4-7 predicted national house prices will rise by a median 1.7 per cent this year, slower than the 1.9 per cent in a poll taken in June. That is below the expected rate of consumer price inflation this year and in 2019.

House prices are set to rise another 2.1 per cent next year, in line with the June forecast, and another 2 per cent in 2020, down from the prior forecast of 2.5 per cent.

“We are going to see very modest price growth across all markets,” said Robert Kavcic, senior economist at BMO Capital Markets in Toronto. “We are seeing Toronto and Vancouver still adjusting to past policy measures and Bank of Canada rate hikes.”

New rules implemented at the start of this year requiring so-called “stress tests” for borrowers have restrained home sales and prices, despite an otherwise solid economic performance.

Regulators are trying to ensure a soft landing for a market that was propelled by years of low interest rates following the global financial crash and ignited fears that housing in Toronto and Vancouver is in an asset price bubble.

The Bank of Canada is also due to raise interest rates again, perhaps as soon as next month, as long as difficult negotiations to renew the North American Free Trade Agreement with the United States do not throw the Canadian economy off course.

The central bank left rates steady at 1.5 per cent last week, saying the housing market has shown signs of stabilizing. New home prices edged up 0.1 per cent in June, the first gain in seven months.

However, some economists are concerned that even with rates as low as 1.5 per cent, heavily-indebted households may be even more sensitive to rate rises than in the past.

“On the downside, the economic environment remains risk-filled, with trade tensions arguably the most pressing near-term risk to regional job markets,” noted Derek Burleton, deputy chief economist at TD.

“In addition, interest rate sensitivity is high relative to past cycles, so this may prove more meaningful in crimping demand than we currently have built into the forecast.”

Analysts who answered an additional question on the risk to Canada’s property market from faster interest rate hikes were mostly sanguine, although about one-third of them said it was “significant.”

Toronto Outlook Improves Slightly

In Toronto, Canada’s largest city and financial capital, home prices are expected to rise at a moderately faster pace than previously forecast, the poll found, up 3.0 per cent next year, instead of the 2.0 per cent predicted in June.

The 2.0 per cent forecast for 2018 was unchanged from June.

“The (Greater Toronto Area) housing market is back on an uptrend following the B-20 adjustment phase, reflecting a build-up in pent-up demand,” noted Sebastien Lavoie, chief economist at Laurentian Bank, referring to new mortgage qualification guidelines.

“In Vancouver, the market takes a longer time to find a new equilibrium path due to the intended measures from the (British Columbia provincial) government to ease overheating pressures. So far, the plan is working well.”

Average Vancouver house prices are expected to rise 1.8 per cent this year, less than half the predicted 5.5 per cent in the previous forecast. The 2019 Vancouver forecast was chopped to just a 1.7 per cent rise from 3.4 per cent.

Asked to rate affordability of housing on a scale of one to 10, where 10 is extremely expensive, analysts put the national market at six, Toronto at eight and Vancouver at nine. That was unchanged from the June survey.

More respondents said the risk of a correction in the national market had decreased over the past three months than stayed the same, while those responses were equal for Toronto, with just one saying it had increased. The responses were more mixed for Vancouver, with fewer saying the risk had decreased.

As home appreciation will likely decelerate further, property construction is expected to stabilize later this year. Housings starts are forecast at an annualized rate of 210,000 units in the third quarter, slower than the previous forecast of 213,100 annualized units.

They are projected to slow further to 207,000 annualized units in the second quarter of next year and hold around that level into the end of 2019.

© Thomson Reuters 2018

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