Bank of Montreal kicks things off on May 23 and the results will run until to June 7.

RBC Capital Markets analyst Andre-Philippe Hardy estimates core cash EPS will rise 7% year-over-year for the sector as a whole, with Bank of Nova Scotia expected to come in at the low end at 1% and BMO at the high end at 12%. His forecasts are 2% to 3% higher than consensus estimates.

“We expect year-over-year earnings growth headwinds this quarter will include slow (but still positive) consumer loan growth and margin pressure, while positive drivers will likely include strong commercial loan growth and the positive impact of acquisitions,” Mr. Hardy said in a research note.

The analyst also forecasts dividend hikes from three banks: National Bank (by 4¢ to 79¢), Laurentian Bank (by 3¢ to 48¢) and Canadian Western Bank (by 1¢ to 16¢).

Mr. Hardy anticipates provisions for credit loss will rise slightly on both a quarterly and annual basis at three banks. However, he does not expect credit to be as important a driver of earnings growth organically.

He noted that acquisitions at Bank of Montreal (M&I), Scotiabank (Banco Colpatria and other small Latin acquisitions) and Toronto-Dominion Bank (MBNA Canada) are expected to keep provisioning growth rates higher at those banks than their peers this quarter.

As for capital ratios, Mr. Hardy they will increase increase at all banks due to capital generation, the negative currency impact on risk-weighted assets, and transactions such as equity raises at Scotiabank and Laurentian Bank, as well as National Bank’s sale of Natcan Investment Management to Fiera Capital.

“Offsetting some of these positives is the negative impact of the IFRS transition, which is being phased in over five quarters,” the analyst said.

He sees Tier 1 common ratios ranging from 8.9% at TD Bank to 10.8% at CIBC), and Tier 1 ratios ranging from 11.8% at TD Bank and BMO to 14.2% at CIBC.
Mr. Hardy’s favourite bank stocks remain TD Bank, Scotiabank and Canadian Western Bank.

“We believe that TD’s above-average revenue growth in Canada and the U.S. will continue in 2013, which could be “valued” even higher in a slower domestic growth environment and an improving U.S. banking environment,” he said.

“For Scotiabank, we believe its growth prospects and valuation multiple should benefit relative to domestic-focused peers from having growth opportunities outside Canadian retail banking. We like its consistent strategy and execution, the greater growth potential of its International Banking arm versus purely North American banking franchises, and the improved wealth management platform.”

“Canadian Western Bank’s higher exposure to commercial lending and to Western Canada will support a better earnings growth profile than many peers in 2012 and 2013, especially when margin pressure moderates in our view.”

Be represented – The seller has someone working for them and so should you. Establish a relationship with your real estate agent early to assist you as you move forward with the home buying process. You could find yourself in a difficult situation at the open house if you don’t sign in under your buyer broker’s name. Listing brokers often act as dual agents, and if you sign in under your own name, the listing broker may be able to claim you as a client if you decide to make an offer for the home.

Prepare ahead of time – Your agent can help you prepare and know the market before you explore it. If you have interest in a particular neighbourhood, your agent can provide you information on what to expect in terms of average price, amenities, taxes and more.

Make a list – Having a list of priorities will help you evaluate the homes you visit during open house events in terms how it meets your needs and expectations. Some homes might “wow” you into overlooking your priorities; this list will give you focus.

Plan your route – Open houses tend to be scheduled from 2 p.m. to 4 p.m. on Sundays. Having a route planned of your top picks to view (and arriving early) will ensure you won’t feel rushed while previewing your prospective dream home.

Spend time – Some aspects of the home may truly impress you, but don’t let necessity be overlooked. Your need for a home office or spare bedroom shouldn’t be overshadowed by a kitchen that dazzles you. You should really try and imagine your family using and living in the spaces you visit.

Collect details – Scoop up the detailed property information sheets when you visit an open house. This offers some public record and will be helpful when you review and reflect on the open houses you attended.

Leave no stone unturned – Carefully inspect all areas of the home inside and out. Don’t overlook the basement or other storage areas as this can give an indication of how well the owners have cared for the property.

No obligation – You should feel free to explore a home during an open house without obligation to buy. Don’t be shy to ask questions of your host.

While the agent listing the property is obliged to protect the best interest of their client, they will have knowledge and information to share, such as incentives or prospective offers; you just have to be sure and ask.

While seeing as many as a dozen homes in a single day can be overwhelming and exhausting, it gives buyers an opportunity to see if the house is worth going back for a second more formal showing. If nothing is appealing, you don’t have to waste valuable time during the week.

Finally, if an open house you attend leads you to believe you may have found your perfect home, don’t tell the seller or listing agent. Calmly leave and have your agent phone for a formal second showing. If there is tremendous interest in the home and you feel you must make an immediate offer, walk with your spouse or partner in the garden for a few minutes. You should be able to talk there privately.

Market Watch – May 2012
Single-family housing market shifting towards sellers’ territory.

The single-family market continues to tighten with relatively low supply. Sales growth continues to outpace new-listings activity, placing downward pressure on inventories. As the market tightens, single-family homes are selling quicker, and there has been some upward pressure on pricing. The market has clearly shifted towards sellers’ territory in many areas.
While the condominium apartment market moved into more balanced territory, The condominium townhouse market is trending in a similar fashion to the single family market, and recorded a year-over year index price increase of 2.7%.
While sales activity and the level of new listings continue to remain below long-term trends, the spring market is definitely on the rise over the previous year, As confidence in the local housing market continues to build, we anticipate a rise in demand, followed by improved listings from those waiting to see some price appreciation prior to listing their home.
Ontario – Market remains tight with sales up in April
Toronto, May 10, 2012 – Greater Toronto REALTORS® reported 10,350 transactions through the TorontoMLS system in April 2012. This level of sales was 18% higher than the 8,778 firm deals reported in April 2011. The strongest sales growth was reported in the single-detached market segment, with transactions of this home type up by 22% compared to a year ago.
“Interest in single-detached homes has been very high, both in the City of Toronto and surrounding regions. Growth in single-detached listings has not kept up with demand, which means competition between buyers in this market segment increased. With this in mind, it was no surprise that the strongest annual price increase was also experienced in the single-detached segment,” said Toronto Real Estate Board President, Richard Silver.
The average price for April 2012 transactions was $517,556 – up 8.5% compared to April 2011. While price growth was strongest for single-detached homes, the better-supplied condominium apartment segment experienced a more moderate annual rate of price growth, at four%.
“Monthly mortgage payments remain affordable for home buyers in the Greater Toronto Area.
While interest rates are generally expected to increase over the next two years, the extent and timing of rate hikes has been thrown into question by slower than expected economic growth in the first quarter of this year. On net, borrowing costs are expected to remain a positive factor influencing home sales through 2012,” said Jason Mercer, TREB’s Senior Manager of Market Analysis.

Ottawa, May 3, 2012 -Members of the Ottawa Real Estate Board sold 1,568 residential properties in April through the Board’s Multiple Listing Service® system, compared with 1,530 in April 2011, an increase of 2.5%.
April’s sales included 300 in the condominium property class, and 1,268 in the residential property class.
“Sales in April indicate a steady Ottawa market as we sail through spring,” remarks Ansel Clarke, President of the Ottawa Real Estate Board. “Re-sale housing inventory is up by 6.9% since last year, and interest rates continue to be low, indicating that Ottawa remains in a healthy, stable market.”
The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $364,077, an increase of 3.7% over April 2011. The average sale price for a condominium-class property was $272,851, an increase of 6.7% over April 2011. The average sale price of a residential-class property was $385,660, an increase of 2.6% over April 2011.
The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
British Columbia – Greater Vancouver housing market maintains a steady spring pace
Vancouver, May 10, 2012 – Home sale and listing activity has maintained a consistent pace on the Multiple Listing Service® (MLS®) in Greater Vancouver in recent months, which has helped create balanced conditions for the region’s housing market.

The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales in Greater Vancouver reached 2,799 on the Multiple Listing Service® (MLS®) in April 2012. This represents a 13.2% decline compared to the 3,225 sales recorded in April 2011 and a decline of 2.6% compared to the 2,874 sales in March 2012.
April sales were the lowest total for the month in the region since 2001 and 16.9% below the 10-year April sales average of 3,369.
“Although April sales were below what’s typical for the month, we continue to see, with a sales-to-active listing ratio of nearly 17%, a balanced relationship between buyer demand and seller supply in our marketplace,” Eugen Klein, REBGV president said.
New listings for detached, attached and apartment properties in Greater Vancouver totalled 6,056 in April 2012. This represents a 3.6% increase compared to both March 2012 when 5,843 homes were listed and April 2011 when 5,847 homes were listed for sale on the region’s MLS®.
Last month’s new listing total was 6.7% above the 10-year average for listings in Greater Vancouver for April.
At 16,538, the total number of homes listed for sale on the region’s MLS® increased 8.5% in April compared to last month and increased 16% from this time last year.
“Recent activity has had a stabilizing effect on home prices at the regional level, although pricing can vary depending on area and property type,” Klein said “To best understand conditions within your area of interest, it’s important to do your homework and consult a local REALTOR®.”
The MLS® HPI benchmark price for all residential properties in Greater Vancouver currently sits at $683,800, up 3.7% compared to April 2011 and an increase of 2.8% over the last three months. The benchmark price for all residential properties in the Lower Mainland is $612,000, which is a 3.4% increase compared to April 2011 and a 2.6% increase compared to three months ago.
Sales of detached properties on the MLS® in April 2012 reached 1,126, a decline of 19.7% from the 1,402 detached sales recorded in April 2011, and a 17.8% decrease from the 1,370 units sold in April 2010. The benchmark price for detached properties increased 6.3% from April 2011 to $1,064,800.
Sales of apartment properties reached 1,190 in April 2012, a decline of 0.9% compared to the 1,201 sales in April 2011, and a decrease of 22% compared to the 1,526 sales in April 2010.The benchmark price of an apartment property increased 1.1% from April 2011 to $375,900.
Townhome property sales in April 2012 totalled 483, a decline of 22.3% compared to the 622 sales in April 2011, and a 21.6% decrease from the 616 townhome properties sold in April 2010. The benchmark price of a townhome unit increased 1.7% between April 2011 and 2012 to $487,300.

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Vancouver Chinatown


Stanley Park

University of British Columbia

别了, 温哥华