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Business Watch
Homes selling slower
TORONTO -- Home sales across the country declined marginally last month, continuing a recent trend toward a gradual cooling in what had been a red-hot market, according to the Canadian Real Estate Association.
Overall, CREA said Wednesday resale housing numbers were down just 0.01 per cent in July compared with June, although non-seasonally-adjusted sales were up 3.3 per cent last month compared with July 2011. Although prices were above year-ago levels in about seven of every 10 local markets, falling sales in Greater Vancouver drove the national average lower.
Reitmans sales suffer
MONTREAL -- Reitmans (Canada) Ltd. (TSX:RET) said Wednesday its sales for August have been hurt by problems with a new warehouse management system at its distribution centre.
The retailer said it believes the situation has been fixed, but the disruptions in shipping and receiving merchandise would hurt sales and margins for the third quarter.
"The amount of such impact is not known at this time and is difficult to quantify, as sales are affected by a number of factors," Reitmans said in a statement.
CAW may target Chrysler
TORONTO -- The Canadian Auto Workers union is expected to wait until after Labour Day before it picks which U.S. automaker it will target first in its latest round of bargaining, but one expert is predicting it will be Chrysler Canada Inc.
Tony Faria, an automotive expert at the University of Windsor, predicted Chrysler will be chosen because it has the largest Canadian footprint of Detroit's Big Three and therefore has the most at stake.
"They can least afford a shutdown of operations in Canada, " Faria said Wednesday.
-- from the news services
Republished from the Winnipeg Free Press print edition August 16, 2012 B5
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