Three of the big banks in Canada announced good profits ( TD, CIBC, and RBC) which has caused another jump in their value, and dividend output. Michael James thinks that the Canadian Banking system is in for a day of reckoning (i.e. their profitability will drop), but evidently not today.
Canadian sportscasters have been lampooning Ottawa Sens fans for not selling out every playoff game. The Sens do, however, have the highest average attendance in the playoffs of the remaining teams. Financial talking heads are annoying, sports talking heads are wastes of space.
When is the best time to buy a house? Same time as when you should buy anything else, when you need it. I am sure the Used House Industry (they call themselves Realtors, I like Used House Salesfolks) would disagree, but that is when I have bought a house. I suppose I could have rented when I needed a house, but if you need more space to live in (e.g. you are living in a bachelor apartment and you are expecting your 2nd child) and you have either a down payment or enough to rent, do so. Don’t become part of the lemmings being stampeded to the cliff of “Buy now before the prices go up!”.
Two great races are this weekend, the Indy 500 and the Grand Prix of Monaco. You can guess what I will be doing on Sunday, and no, I won’t be going to Church (this week). There is also the Coke 600 if you have a few hours spare.
The Canadian economy’s adjustment to lower oil prices is largely complete and recent economic data have been encouraging, including indicators of business investment. Consumer spending and the housing sector continue to be robust on the back of an improving labour market, and these are becoming more broadly based across regions. Macroprudential and other policy measures, while contributing to more sustainable debt profiles, have yet to have a substantial cooling effect on housing markets. Meanwhile, export growth remains subdued, as anticipated in the April MPR, in the face of ongoing competitiveness challenges. The Bank’s monitoring of the economic data suggests that very strong growth in the first quarter will be followed by some moderation in the second quarter.
They seem to imply that housing prices are going to start going up everywhere?
Ramadan begins on Saturday, so Happy Ramadan to my Muslim readers and friends.
Things I wrote this week
I did write something new this week, by cribbing Kerry’s presentation on RDSP‘s on the CBC. Being one of her researchers for her piece, I felt I had the right to use the intellectual property. The piece is called 5 Steps to an RDSP, which is a short synopsis of the steps needed to set up a Registered Disability Savings Plan.
On the sister technology site, I wrote a short piece attempting to explain, What is Ransomware? Quite topical as Mrs. C8j was the victim this week of a FedEx phishing scam. Her boss received the infamous, “You have a package with FedEx” e-mail with a “hinky” link. Unfortunately she clicked the link, but luckily her anti virus software caught things before they got out of hand. Never trust links in an e mail from anyone, even on a trusted web site, by the way click here.
For all of you lovers of FinTech, this tweet (from me) does sum it up quite nicely.
— Big Cajun Man (aw) (@bigcajunman) May 20, 2017
Happy Memorial Day Weekend
In the United States it is Memorial Day, the start of the summer. In Canada it is the beginning of the mosquito season, which isn’t as nice.
- Never talk about Religion, Sex or Money and you’ll be safe, has been advice I have received a few times. The Blunt Bean Counter disagrees, in his piece, Breaking The Money Taboo – It Makes Cents . We seem to be able to talk about everything these days, so let’s start the dialog about money too.
- Do you know if your GIC is insured by the CDIC? Read this and learn more about it (now).
- Preet asks the scary question, Is securities regulation about to take a step backwards in Canada? I think you should listen to his podcast and find out.
- Pay Yourself First? An interesting question asked by Michael James, and don’t worry, he thinks it is a good idea, for you (but maybe not for everyone).
Chess and Money
An interesting video I saw on Digg, where Maurice Ashley talks about what Chess trains your mind to do. Applying those same concepts to your finances might make for an interesting financial life.
2017 Random Thoughts
- Avocado Toast, Victoria Day, Ransomware and #Moneytalk (May 19th)
- RDSP, DTCs, Mother’s Day and #MoneyTalk (May 12th)
- Thanks Prince Phil, More Old Than Young and #MoneyTalk (May 5th)
- MLM, Balanced Budgets, and #Moneytalk (April 28th)
- Overheated Housing Market, Rent Controls and #MoneyTalk (April 21st)
- Ladies on Panels, Good Friday, Friendly Skies, Loose Money and #MoneyTalk (April 14th)
- Tax Time, Housing Bubbles, Financial Easter and #MoneyTalk (April 7th)
1st Quarter 2017 Random Thoughts
- April Fools, High on Life and #MoneyTalk (March 31st)
- Ho Hum Budget, Brackets Busted and #MoneyTalk (March 24th)
- Naughty Banks, March Madness, Big Snow and #MoneyTalk (March 17th)
- Teller Upselling, Auto-filling Taxes, Spring Forward and #MoneyTalk, (March 10th )
- Lent Begins, Loose Money and #MoneyTalk (March 3rd )
- RRSP Season, Tax Time, and #MoneyTalk (February 24th )
- Farewell Vinyl Café, Snow, Monopoly and #MoneyTalk (February 17th )
- RRSP , Tax , TFSA , RESP, and RDSP Time and #MoneyTalk (February 10th )
- Year of the Fire Rooster, Financial Groundhog Day and #MoneyTalk (February 3rd )
- Alternate Financial Facts, 1984 and #Moneytalk (January 27th)
- Bungled Mortgages, Friday the 13th and #Moneytalk (January 13th)
- Merry New Year, CPP, EI and #MoneyTalk (January 6th)