The Canadian Parvasi - Issue 16

The International News Weekly MONEY/REAL ESTATE
18
October 06, 2017 | Toronto
Falling Toronto home market drags
down Teranet-National Bank index
Agencies
TORONTO: Falling home
prices in Toronto in September
dragged down the
Teranet–National Bank
national composite house
price index as it posted
its first monthly decline
since January 2016.
The national index,
which includes 11 cities,
fell 0.8 per cent compared
with the previous month,
the largest monthly decline
since September
2010.
The move lower came
as the index for Toronto,
Canada's largest housing
market, fell 2.7 per cent
on a month-over-month
basis.
David Madani, senior
Canada economist at
Capital Economics, said
a sharper slowdown in
price inflation in the coming
months is unavoidable.
"And with interest
rates on the rise and
mortgage financing rules
likely to be tightened significantly
later this year,
the worst is still to come,"
said Madani, who has
been long-time bear on
the housing market.
Home sales in Toronto
have fallen since April
when the Ontario government
moved to cool the
hot housing market with
a package of changes including
the introduction
of a tax on foreign buyers.
The Bank of Canada
has also raised its key
interest rate target twice
this year, prompting the
big banks to raise their
prime rates, pushing the
cost of variable rate mortgages
higher. The cost of
new fixed rate mortgages
have also climbed in recent
months as yields on
the bond market have
risen.
In addition to Toronto,
the price index
for Quebec City lost 2.3
per cent, while Hamilton
slipped 1.9 per cent, Halifax
dropped 0.4 per cent
and Winnipeg lost 0.3 per
cent.
The index for Victoria
was flat, while Vancouver
increased 1.3 per cent,
Calgary added 0.7 per
cent, Montreal climbed
0.3 per cent, Ottawa-
Gatineau gained 0.3 per
cent and Edmonton edged
up 0.2 per cent.
Compared with a year
ago, the national composite
house price index was
up 11.4 per cent.
Metro to eliminate 280
jobs in modernization
Agencies
TORONTO: Grocery store chain Metro Inc. says it
will eliminate about 280 jobs starting in 2021 as part
of a $400-million overhaul of its Ontario distribution
network.
The company says the move to modernize and automate
its network will mean the loss of about 180
full-time and 100 part-time positions.
The announcement follows comments by Metro in
August that it would study automation as it looked to
cut costs in the face of the Ontario government's plan
to raise the minimum wage next year.
Metro has six distribution centres in Ontario including
four in Toronto and two in Ottawa that employ
a total of more than 1,500 workers.
It says its existing distribution network in Toronto
no longer meets the needs of its business.
The company plans to modernize the operations
in Toronto between 2018 and 2023 with the building
of a new fresh distribution facility and a new frozen
distribution centre.
"This investment will enable Metro to continue
its growth and expansion in the Ontario market,"
Metro chief executive Eric La Fleche said in a statement.
"With a new and modernized supply chain infrastructure,
we will be even more responsive to the
needs of our customers."
classified
• Looking for a suitable professional match for a Ghumiar Sikh boy,
29/5'-11", Pharmacist, Permanent resident Canada, Please Contact
@647-718-4900; +91-9815402919, Email:sukhdevjeor@yahoo.ca
• Match for good looking Ramgarhia Sikh clean shaven boy. 06' 03"
31 years. India born canadian citizen. Own business. No bars. Email
pictures and biodata to : jpsingh3644@gmail.com or call 647-991-
4575
• Seeking a suitable match for a 26 year old Jatt Sikh boy. Height
5’ 8”, qualification +2 diploma in hotel management. Indian born and
citizen, visiting Canada till September 2017. Looking for Indian born
Canadian PR or citizen girl. Contact 416-659-1581.
• Hindu Khatri Boy, age 26 years, height 5’7”, BBA, looking for
Canadian PR or Citizen girl from Canada. The boy is in Canada
these days on visitor visa. For more info call 1-403-460-9343 or
1-587-707-9343
GM delivers 'slap in the face' for Canada
The Canadian Press
TORONTO: General Motors
has declared "war on
Canada" by threatening
to move more production
of the Equinox sports utility
vehicle from Ontario
to Mexico, Unifor national
president Jerry Dias said
Thursday.
Dias said the automaker
told his union bluntly on
Wednesday that Equinox
production in Mexico is
being ramped up and production
at its CAMI plant
in Ingersoll, Ont., would
wind down if Unifor Local
88 continues its 25-day-old
strike.
He said General Motors
is taking advantage of the
low pay scales for Mexican
workers at the expense of
higher-paid workers in the
United States and Canada,
as permitted by the North
American Free Trade
Agreement.
"General Motors did
declare war on Canada,"
Dias said, in a phone interview
Thursday from
Washington, D.C., where
NAFTA trade talks are being
held.
"This is GM saying to
us — and saying to Canada
— we're going to ramp up
production in Mexico and
we're going to flood the
North American market
from cars built in Mexico."
SkillmanFlooring
Hardwood Flooring
Laminate || Tiles || Carpet
Granite Counter Top
Sale & Installation
General Motors Canada
did not immediately
respond to requests for
comment. Spokesmen for
Unifor Local 88 declined to
comment. Dias said Unifor
won't back down about the
CAMI plant and suggested
the union could broaden
its efforts to defend Unifor
jobs throughout Ontario's
auto sector.
The CAMI plant is a
prime example of a trend
that has been happening
for years, with GM adding
plants in Mexico while
closing Canadian and U.S.
plants, Dias said
"This is the ugly side of
NAFTA, that people don't
want to talk about. Mexican
workers are being exploited
and, as a result of
that, we're losing hundreds
and hundreds of thousands
of manufacturing jobs in
Canada and the United
States. It has to stop."
The fiery union leader
made his comments as
Prime Minister Justin
Trudeau was beginning
an official visit to Mexico
as negotiators for the two
countries continue NAF-
TA talks with the United
States in Washington.
Earlier this week,
Trudeau met with politicians
and business leaders
in Washington as part of
his government's NAFTA
negotiation strategy.
Call Surinder
905.676.9111
Unit #155, 2960 Drew Road, Great Punjab Business Centre, Mississauga, ON - L4T 0A7