Posts Tagged ‘Rules’

Prime Minister Justin Trudeau is defending NAFTA’s dispute decision mechanism as vital in a world the place the president of america “does not all the time observe the foundations.”

Chapter 19 is a identified sticking level between Canada and america within the renegotiation of the North American Free Commerce Settlement; the 2 negotiating groups returned to the desk in the present day. The chapter permits corporations that really feel their merchandise have been unfairly hit by anti-dumping or countervailing duties to request arbitration.

“One of many issues that’s clear is that we’ve got crimson traces that Canadians merely won’t settle for. We have to hold the Chapter 19 dispute decision as a result of that ensures that the foundations are literally adopted and we all know we’ve got a president who does not all the time observe the foundations as they’re laid out,” Trudeau mentioned in a radio interview with CHED in Edmonton Wednesday morning.

Trudeau insisted that cultural exemptions stay a crimson line for the Canadian negotiating group and left the door open for tweaks to Canada’s provide managed agriculture programs — a identified irritant with U.S. President Donald Trump.

“We are going to defend provide administration, as I’ve mentioned, however is there room for flexibility? We’ll see, and that relies on the sorts of negotiations we’ve got,” he mentioned.

“We’re not going to just accept that we’ve got to signal a foul deal simply because the president needs that. We’ll stroll away and never signal a deal reasonably than signal a foul deal for Canadians.”

Freeland returns to Washington

Trudeau’s feedback got here as International Affairs Minister Chrystia Freeland returned to Washington to fulfill with U.S. Commerce Consultant Robert Lighthizer.

Prime Minister Justin Trudeau in Surrey, B.C., Tuesday, Sept. four. (CBC)

When requested concerning the prime minister’s feedback on Trump, Freeland mentioned she has agreed to not negotiate in public. Nonetheless, she known as Trudeau’s phrases “vital.”

“I agree with the prime minister in public all the time and in non-public 99.99 per cent of the time. And I feel these feedback, you realize, he made some vital feedback,” she mentioned between conferences.

The bargaining groups are working to finalize the textual content of the settlement and ship it to Congress by the tip of the month. Freeland insisted that the most recent spherical of talks is being performed in “good religion.”

The president has threatened to maneuver forward on a cope with Mexico, and with out Canada.

Whereas talking to reporters within the Oval Workplace Wednesday, Trump once more known as NAFTA “a really silly deal for america.”

“I am not blaming Canada. I really like Canada,” he mentioned. “However they and different international locations have been benefiting from america for a few years. And that is the president that has stopped it.”

In response to a media pool report, Trump additionally instructed reporters Thursday within the Roosevelt Room that if Canada joins the deal his administration negotiated with Mexico, Trump would “offer you somewhat shock” relating to the identify of the ultimate deal. He didn’t elaborate.

Canadian dwelling gross sales dropped sharply in January to their lowest month-to-month degree in three years amid a retreat in listings as new mortgage guidelines got here into place, in accordance with a brand new report from a nationwide actual property group.

The Canadian Actual Property Affiliation (CREA) mentioned Thursday that dwelling gross sales by the A number of Itemizing Service (MLS) declined by 14.5 per cent from December to January this 12 months.

December gross sales hit the very best month-to-month degree on file, citing a “pull-through” of transactions as patrons rushed to get offers achieved upfront of the brand new mortgage guidelines kicking in on Jan. 1, mentioned CREA.

On a year-over-year foundation, nationwide gross sales dropped by 2.four per cent in January.

CREA mentioned exercise final month was down in three-quarters of all native markets throughout the nation, together with most main city centres.

The group mentioned lots of the greatest gross sales declines have been seen in Ontario’s Better Golden Horseshoe markets, the place gross sales rose late final 12 months following the announcement of the tighter mortgage guidelines.

Conversely, gross sales have been up 12 months over 12 months in B.C.’s Decrease Mainland and Vancouver Island, the Okanagan Area, Edmonton, Montreal, Better Moncton and Halifax-Dartmouth.


CREA additionally reported the variety of newly listed houses plunged 21.6 per cent to achieve the bottom degree because the spring of 2009.

The group mentioned new housing provide dropped in about 85 per cent of all native markets, led by a decline within the Better Toronto Space.

“The piling on of but extra mortgage rule adjustments that took impact beginning New Yr’s Day has created homebuyer uncertainty and confusion,” mentioned CREA president Andrew Peck in an announcement.

“On the similar time, the adjustments do nothing to handle authorities issues about dwelling costs that stem from an ongoing provide scarcity in main markets like Vancouver and Toronto. Until these provide shortages are addressed, issues will persist.”

In a commentary, BMO Capital Markets senior economist Robert Kavcic mentioned Toronto dwelling gross sales fell 26.6 per cent in January, however added that the slide “nearly exactly” offsets the ramp-up in gross sales over the ultimate three months of final 12 months.

Vancouver gross sales have been off by 10.5 per cent in January.

Kavcic mentioned Vancouver, very like Toronto, has a “deep rift in circumstances” between its detached-home market, which has falling costs, and its rental market, which he described as “extraordinarily tight” with costs up greater than 27 per cent year-over-year. 

He additionally cautioned towards studying an excessive amount of within the January report.

“We might preserve that many of the nationwide housing market is properly balanced, with native markets responding appropriately to various fundamentals and coverage shocks. Within the [Greater Toronto Area], the indifferent market continues to be absorbing further measures taken on the provincial degree, whereas rental markets in Vancouver and Toronto are nonetheless heated.”

‘Smooth touchdown’

TD economists Michael Dolega and Rishi Sondhi mentioned in report that the nation’s financial development and bettering job market is predicted to assist the housing market within the medium time period.

Nevertheless, they added that the brand new mortgage underwriting guidelines, greater rates of interest, and an elevated provide pipeline will put some downward stress on gross sales exercise and costs.

“Nonetheless, we stay of the view that weak spot will manifest as a continuation of the comfortable touchdown that has been happening in Canada’s housing market  not too long ago,” they wrote. “In the end, we count on declining gross sales and flat costs this 12 months earlier than exercise improves considerably in 2019.”