Homes sales climb higher in May as buyers look to preempt insurance hikes

By Alexandra Posadzki

THE CANADIAN PRESS

TORONTO – Home sales accelerated in May to their highest level in more than five years, as some home buyers looked to preempt an increase in mortgage insurance premiums.

The Canadian Real Estate Association said Monday sales last month through its MLS system were up 3.1 per cent from April, marking the fourth consecutive month-over-month increase.

Sales in the Toronto area grew by 4.1 per cent in May compared with the previous month, while sales in Calgary climbed 6.7 per cent and Ottawa gained 6.2 per cent.

CREA president Pauline Aunger says news that CMHC will be increasing mortgage default insurance premiums for home buyers with less than a 10 per cent down payment effective June 1 could have impacted home sales.

“Some buyers may have jumped off the fence and purchased in May to beat the increase,” Aunger said in a statement.

CREA chief economist Gregory Klump says a rebound in sales in Calgary and Edmonton, which posted a 3.2 per cent month-over-month gain, suggests uncertainty stemming from low oil prices could be easing.

The association also revised its outlook for the full year upwards to reflect better-than-expected sales in British Columbia.

CREA now anticipates that national home sales will climb to 487,200 units this year, 1.3 per cent higher than last year.

Compared with a year ago, sales across the country in May were up 2.7 per cent, led by Vancouver, Toronto and Montreal.

The national average price for a home sold in May was $450,886, up 8.1 per cent from a year ago. Excluding the red-hot markets of Toronto and Vancouver, the average price of a home gained 2.4 per cent to $344,988.

The aggregate composite MLS home price index was up 5.2 per cent from a year ago to $493,100.

The Canadian Real Estate Association says the home price index is a better measure of price trends than the average selling price because the index is not affected by changes in the mix of sales activity.

TD Bank economist Leslie Preston said a recent rise in government bond yields could push mortgage rates higher this year, dampening demand for real estate across the country.

“Overall, though, we expect the regional divide to continue,” Preston said in a statement.

“While sales in oil-related markets of Edmonton and Calgary have risen off their January lows, price gains remain modest. The Vancouver and Toronto markets should cool slightly on higher interest rates, however. Given the tightness in these markets, prices should remain relatively strong.”

Preston anticipates that house price gains will slow next year to around two to three per cent.

canada-press

 

Scotiabank Selects Ivalua for Global Supplier Risk and Procurement Platform

Redwood City, CA – As of June 9, 2015 – Ivalua, a leading global spend management solutions provider, announced that Scotiabank, one of Canada’s largest banks and the 9th largest bank in North America by assets and profits, has selected Ivalua to address its need for a centralized procurement process and solution that will empower its global procurement and vendor risk management initiatives.

“Scotiabank needed a comprehensive solution that would allow us to more effectively manage the source-to-pay process, as well as improve enterprise visibility into supplier performance and risk. After reviewing all of the top players on the market, Ivalua’s integrated solution and experience in the financial services industry made it the clear choice for us,” said John Moran, Senior Vice President of Finance at Scotiabank. “We’re very excited to start working with Ivalua and we look forward to a long-term, successful relationship.”

Prior to signing with Ivalua, Scotiabank’s strategic and transactional procurement processes were managed through multiple systems resulting in efficiency challenges with limited visibility across source-to-pay processes. In addition, emerging compliance standards in the financial services industry increased the need for a more effective procurement and supplier management platform.

Scotiabank will use Ivalua globally to automate and support the following processes:

• All elements of Scotiabank’s Source-to-Pay Process
• Spend Analysis
• Services Procurement
• Expense Management
• Vendor Risk Management
• Procurement Portfolio Management

“Ivalua has a long tradition of working with leading financial services companies, and we are honored and excited to be working with such a large player in the industry like Scotiabank,” said Dan Amzallag, CEO of Ivalua. “In today’s market you need to move beyond slogans to deliver real, measurable value to large, discerning buyers, and when companies like Scotiabank look deeply at the various technologies on the market they tend to find their way to Ivalua.”

About Ivalua

Ivalua is a global provider of spend management solutions and a leader in Gartner’s 2015 Strategic Sourcing Magic Quadrant. Ivalua’s cloud-based software is used by procurement and finance organizations in large, global companies, and every day more than 500,000 users and millions of suppliers from over 70 countries log into the Ivalua platform.

Ivalua offers a single platform solution with highly configurable functionality across all major procurement and finance processes, including performance and risk tracking, sourcing, contracts, procure to pay, invoice automation and analytics. The breadth and flexibility of Ivalua’s offering accelerates user adoption, spend category coverage and bottom-line savings.

About Scotiabank

Scotiabank is Canada’s most international bank and a leading financial services provider in North America, Latin America, the Caribbean and Central America, and parts of Asia. The bank is dedicated to helping its 21 million customers become better off through a broad range of advice, products and services, including personal and commercial banking, wealth management and private banking, corporate and investment banking. With a team of more than 86,000 employees and assets of $852 billion (as at January 31, 2015), Scotiabank trades on the Toronto (TSX: BNS) and New York Exchanges (NYSE: BNS).

RSA Canada to help create 300 new jobs

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Aviva Canada announces strategic multi-year partnerships with tennis star Genie Bouchard

TORONTO, June 11, 2015 /CNW/ – Aviva Canada Inc., one of the country’s leading providers of home, auto, leisure and business insurance, is proud to announce a multi-year partnership with globally recognized tennis star Genie Bouchard and a long-term exclusive relationship with Tennis Canada that includes naming rights to the tennis centre at York University through 2025 and platinum sponsorship of Rogers Cup presented by National Bank in Toronto andMontreal.

“We’re proud to have a brand that is recognized by Canadians as caring for what’s important to them and their communities,” stated Aviva Insurance Company of Canada President Sharon Ludlow. “And now for us to be associated with a phenomenal athlete and personality such as Genie, a world-class national organization like Tennis Canada, and a globally recognized event like Rogers Cup, this is a great day and an honour for Aviva Canada.”

A world-class tennis facility and home to the prestigious Rogers Cup presented by National Bank, the newly named Aviva Centre will host the game’s biggest ATP and WTA stars and inspire up to 150,000 fans who attend the event annually. Aviva Centre is also the training base for the game’s future stars as it is home to one of Tennis Canada’s National Junior Training Programs.

The partnership with Tennis Canada also positions Aviva Canada as the Official Platinum and exclusive Insurance Sponsor of Rogers Cup presented by National Bank. Rogers Cup takes place August 8-16 with the men’s draw at Uniprix Stadium and the women’s draw being held at Aviva Centre at York University.

“As the owners of a world-class venue and internationally-recognized tennis centre, partnering with a well-respected global brand like Aviva is a perfect fit for Tennis Canada and Rogers Cup,” said Kelly Murumets, President and CEO, Tennis Canada. “We share a belief in maintaining strong values, giving back to the community and providing the utmost in customer service which makes for a natural partnership that we know will grow and thrive over the next 10 years. We are thrilled that our facility will officially be known as Aviva Centre – the Canadian home of current and future tennis stars.”

Born in Montreal, Bouchard is currently ranked world No. 11 by the Women’s Tennis Association (WTA). At the 2014 Wimbledon Championships, Bouchard became the first Canadian to reach the finals of a Grand Slam in singles. She also reached the semi-finals of the 2014 Australian Open and 2014 French Open. Following the 2013 WTA season, Bouchard was named WTA Newcomer of the Year and received WTA’s Most Improved Player award in 2014.

“What Aviva has achieved with their community fund for the last six years is fantastic,” commented Bouchard. “The work that the Aviva Community Fund has done made it an easy decision for me to want to partner with Aviva, and I am looking forward to the difference I can help make in Canadian communities.”

About Tennis Canada
Founded in 1890, Tennis Canada is a non-profit, national sport association with a mission to lead the growth of tennis in Canada and a vision to become a world-leading tennis nation. We value teamwork, passion, integrity, innovation and excellence. Tennis Canada owns and operates the premier Rogers Cup presented by National Bank WTA and ATP World Tour events, eight professional ITF- sanctioned events and financially supports 15 other professional tournaments in Canada. Tennis Canada operates national junior training centres/programs in Toronto, Montreal andVancouver. Tennis Canada is a proud member of the International Tennis Federation, the Canadian Olympic Committee, the Canadian Paralympic Committee and the International Wheelchair Tennis Association, and serves to administer, sponsor and select the teams for Davis Cup, Fed Cup, the Olympic and Paralympic Games and all wheelchair, junior and senior national teams. Tennis Canada invests its surplus into tennis development. For more information on Tennis Canada, please visit our website at www.tenniscanada.com and follow us on Facebook and Twitter.

About Aviva Canada
Aviva Canada is one of the leading property and casualty insurance groups in Canada providing home, auto and business insurance to more than three million customers. The company is a wholly-owned subsidiary of UK-based Aviva plc and has more than 3,000 employees, 25 locations and 1,700 independent broker partners.  Aviva Canadainvests in positive change through the Aviva Community Fund; Canada’s longest running online community funding competition. Since its inception in 2009, the Aviva Community Fund has awarded $5.5 million to over 100 communities nationwide.

For more information about Aviva Canada, visit AvivaCanada.com, our blog or our Twitter, Facebook and LinkedInpages.

SOURCE Aviva Canada Inc.

Shop Insurance Canada Now Offering Overland Water Protection

Press Release:

(PRLEAP.COM) June 10, 2015 – ShopInsuranceCanada.ca is proud to offer Aviva Canada’s new, first-of-its-kind overland water insurance in Canada. This coverage is part of a new, three-pronged approach to insuring homes for water damage: base coverage for things like broken pipes, and extended coverage endorsements for sewer backup and now overland water.

Flooding has caused the greatest aggregate amount of property damage in Canada, according to the Institute for Catastrophic Loss Reduction (ICLR). With approximately 20 per cent of the world’s fresh water located in Canada, floods are also the most frequent Canadian natural disaster, averaging almost one natural disaster-level flood per year from 1980-2010. Major floods represent 40 per cent all natural disasters ever recorded in the country.

Canada is experiencing 20 times the storms and floods it had just 20 years ago, and severe weather events that used to happen every 40 years can now be expected to happen every six years, according to Environment Canada. The Alberta floods of 2013 caused four confirmed fatalities and damages exceeding $5 billion. Thirty-two towns and cities declared states-of-emergency, displacing over 100,000 people throughout the region. For insurance companies, this was the costliest disaster in Canadian history, costing them $1.7 billion in losses, according to the Insurance Bureau of Canada (IBC).

The most costly disaster in Ontario’s history came in the same year: the Greater Toronto Area floods of 2013 cost insurance companies an estimated $850 million, according to a preliminary estimate from the IBC.

And it’s only getting worse: since the 1950s, the average yearly rainfall in Canada has increased 12 per cent-that’s an average of twenty more days of rain per year.

Until now, Canadian insurers have not addressed this increasing risk. There hasn’t been an option for Canadian homeowners to protect themselves from the risk of flood. While extended coverage has existed for things like sewer backup, there’s been a huge gap in addressing the risk of overland water.

Aviva Canada is the first insurer to step forward and address this increasing problem, and Shop Insurance Canada is pleased to be a broker partner offering such a service.

“We’re proud to be the first insurer to offer overland water protection through our home insurance policies,” said Aviva Canada president Sharon Ludlow. “We will continue to collaborate with our industry partners such as the Insurance Bureau of Canada, the Institute for Catastrophic Loss Reduction and governments at all levels, as well as representatives of our broker network.”

The only types of flooding that will continue to be excluded are those resulting from tidal waves, tsunamis, or hurricanes.

Callum Micucci is a Canadian journalist and communications professional at ShopInsuranceCanada.ca, Canada’s authoritative voice for car insurance news, information, and rates. Compare quotes from up to 15 different car insurance companies in minutes. Start saving today!

CONTACT INFORMATION

Callum Micucci

Shop Insurance Canada

416-913-0151

Two Independent brokers launch Alberta’s #1 flood resource site

CALGARY, June 8, 2015 /CNW/ – Floodinsurance.ca is Alberta’s #1 overland water insurance resource.  This online, independent broker offers consumers’ choices in overland water coverage, especially as more insurance companies in Alberta begin offering coverage. Floodinsurance.ca is the only online resource with a blog dedicated to flood related topics, flood watch advisories, quick quote options and an online support chat feature where residents can quickly learn what coverage option best suits their needs.

Floodinsurance.ca educates consumers on flood risks, flood mitigation, and water coverage options. There is a lot of talk about flood insurance, but not a lot of information out there on what exactly is covered and what Albertans should do in the event of a claim.

Floodinsurance.ca researches rates and coverage on the behalf of the client and delivers quotes within the hour. Fast quote times and competitive pricing make floodinsurance.ca the definitive resource on all things flood insurance.

Flood insurance, as defined by the major providers of this new coverage, is water damage caused by fresh water sources which include rivers, lakes, torrential downpour, melting snow and sewer back up as the result of overland water. Many companies are finding ways to adapt to the changing environment in order to provide Albertans with better water coverage. Floodinsurance.ca is the only website that will be able to compare what each company has to offer for water protection at competitive pricing.

Floodinsurance.ca is a collaborative project between Sharp Insurance, a groundbreaking technology-oriented insurance brokerage and Rogers Insurance, one of Canada’s largest independent brokerages, who together combine the latest innovative online tools with over 40 years of industry experience, to offer Albertans easy, online overland water insurance access and expert advice.

As independent brokers, Sharp and Rogers Insurance work for the consumer to find insurance that best fits their needs and not the other way around. Independent brokers are not tied to any particular insurance company, and will work with each client to find comprehensive coverage at the best available rate.

SOURCE floodinsurance.ca

For further information: 403-296-2400, www.floodinsurance.ca, info@floodinsurance.ca

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