Mubadala Unit Took $315 Million Credit Hit on Loans to Signa
A unit of Abu Dhabi’s Mubadala Investment Co. said it anticipated a roughly $315 million credit hit related to loans issued to the now-insolvent Signa real estate conglomerate.
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A unit of Abu Dhabi’s Mubadala Investment Co. said it anticipated a roughly $315 million credit hit related to loans issued to the now-insolvent Signa real estate conglomerate.
Emerging-market currencies edged lower Friday on dwindling optimism over Federal Reserve rate cuts this year, paring their fourth consecutive weekly gain.
The Teranet-National Bank composite house price index which tracks home prices in 11 of Canada's largest cities remained stable from March to April.
JPMorgan Chase & Co. signed a lease at 360 Rosemary, Related Cos.’ newly developed office tower in West Palm Beach, Florida, that’s become popular with finance firms.
Deutsche Bank AG has entered a capital relief deal with the European Investment Bank that allows the German lender to grant discounts on more than €600 million ($652 million) of green mortgages in its home market.
Feb 16, 2023
The Canadian Press
A new report says that while home prices are down compared with last year, higher mortgage rates mean affordability hasn't improved for Canadians.
The report by Ratehub.ca says in nine of the 10 major cities it reviewed, Canadians need a higher annual income compared with January 2022 to qualify for a mortgage for an average priced home.
Victoria saw the largest increase in annual income required at $169,250, up from $143,750 a year earlier.
That's even as the average home price in the B.C. capital fell to $866,700 compared with $878,500 a year ago.
Hamilton was the only city looked at in the report to see affordability improve year-over-year with $4,350 less in annual income required due to a $202,900 drop in average the home price in the city.
Ratebhub.ca based its report on a mortgage with a 20 per cent down payment, 25-year amortization, $4,000 annual property taxes and a $150 monthly heating bill. It used a mortgage stress test rate of 7.37 per cent for 2023, up from 5.25 per cent in January 2022.
This report by The Canadian Press was first published Feb. 16, 2023.