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BUSINESS Watch

By: Staff Writer

Posted: 10/16/2012 1:00 AM | Comments: 0

I'll communicate: Carney

NANAIMO, B.C. -- Bank of Canada governor Mark Carney promises he will be transparent about any moves the bank makes to raise interest rates.

In a speech delivered in Nanaimo, B.C., Carney said he intends to ensure Canadians know exactly what the bank is doing and why.

"If we were to lean against emerging imbalances in household debt, we would clearly declare we are doing so and indicate how long we expect it would take for inflation to return to the two per cent target," he said in notes.

It was unclear whether Carney was setting the grounds for a policy shift, but the example he chose is telling in that it targets the one aspect of the economy he has described as Canada's top domestic vulnerability.

It is unusual for the bank governor to speculate, even on a hypothetical situation. And in the past, he has said the federal government was the principal agent for discouraging Canadians against taking on bigger mortgages than they can afford.

Earlier in the day, Statistics Canada revised its data on family finances showing household market debt had risen to a record 163 per cent of disposable income.

Temple REIT buys hotel

TEMPLE Real Estate Investment Trust has signed an agreement to purchase a Saskatoon hotel and conference centre for $37.15 million.

The Winnipeg REIT said the deal to acquire the 250-room Saskatoon Inn & Conference Centre, which is located near the Saskatoon International Airport, is scheduled to close on Nov. 1.

Temple said it intends to spend $10 million over the next three years to refurbish the guest rooms, lobby and meeting rooms, and to re-clad the exterior of the eight-storey facility.

Cosman to close

A LOCAL furniture store that's been in business for nearly 100 years will close its doors within the next few weeks.

Cosman Furniture, which was launched by businessman Charles Cosman in 1916, is liquidating all of its high-end home furnishings after third-generation owner Geoffrey Cosman decided to take an early retirement.

"It was a business decision," the 58-year-old Cosman said.

He explained that while the store is still doing well, after 43 years in the business he's ready to pack it in.

"I spend a lot time away (from Winnipeg) and I want to spend more time away. (So) I felt it was time."

Cosman said about 70 per cent of the stock at the Princess Street store has been sold, and he expects the rest to be gone within the next two to three weeks.

Home builds to increase

WINNIPEG is one of only four Canadian cities expected to see an increase in new-home construction in both the short and long term, a new report from the Conference Board of Canada says.

The Ottawa think-tank said in its monthly Metropolitan Housing Starts report released on Monday that while 10 of the 28 cities surveyed have positive long-term prospects, only four -- Winnipeg, Toronto, London and Halifax -- have positive expectations for the short term.

Winnipeg is also one of the cities with the biggest year-over-year increase in housing starts in September, the board added.

Canada Mortgage and Housing Corp. figures released last week show housing starts more than doubled in the Winnipeg Census Metropolitan Area last month, soaring to 473 units from 183 in September 2011.

The reason for the 158.5 per cent increase was a huge jump in the number of new multi-family units -- 283 versus 16. Single-family starts were up by 13.8 per cent to 190 units from 167.

New-vehicle sales up

SALES of new cars and trucks rebounded in August in Manitoba, Statistics Canada figures released Monday show.

The agency said 4,970 new vehicles left dealership lots during the month. That was an increase of 5.2 per cent from the 4,724 units purchased in the previous month, and was a 3.8 per cent improvement from a year earlier, when 4,790 units were sold.

August's increase came after two consecutive months of declining sales, and was due to stronger sales of both passenger cars -- up 11.2 per cent from July -- and trucks -- up 2.3 per cent. The truck category includes trucks, vans, buses and sport utility vehicles.

The rebound means new-vehicle sales are running 8.3 per cent ahead of last year's pace after the first eight months of the year -- 35,438 units versus 32,735.

-- from staff and news services

Republished from the Winnipeg Free Press print edition October 16, 2012 B5

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