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Drop in GTA home prices prompts new warning: seller beware

Jasmin Sheba had already sold her furniture in anticipation of moving this week when she learned the buyer of her house wanted $20,000 off the selling price to close the deal. He threatened to sue for the $10,000 deposit if he didn’t get the reduction, she said. But the stay-at-home mother was defiant. “I have a 2-year-old and, after all …

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Trump’s shredding of NAFTA would trigger “snap-back” provisions, cause uncertainty

OTTAWA — U.S. President Donald Trump’s recent threat to eventually scrap the North America Free Trade Agreement would force Canada to fall back on earlier trade deals with its largest trading partner, breeding new uncertainties for businesses around trade tariffs and rules of origin, according to experts. Trump doesn’t think the United States can successfully modernize NAFTA because “we have …

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Average amount owing on mortgages rises 5 per cent, TransUnion Canada says

TransUnion Canada says the average amount owing on mortgages was up nearly 5 per cent in the second quarter, even though a change in Ontario regulations last spring appears to have reduced the volume of home sales. The credit monitoring agency says the average mortgage balance in this year’s second quarter was $198,781, up 4.8 per cent from that period …

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B.C. seeks intervener status in court cases against Trans Mountain pipeline

VANCOUVER—The British Columbia government has applied for intervener status in court challenges against the Trans Mountain pipeline expansion. The NDP government announced earlier this month that it would be joining the legal fight against Ottawa’s approval of the $7.4-billion project and hired former judge Thomas Berger to provide legal advice. Several First Nations and municipalities have filed legal challenges against …

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Russian Bombardier worker charged in Sweden with aggravated bribery

COPENHAGEN—A Russian employee in the Swedish branch of Canadian plane and train maker Bombardier was charged Friday with aggravated bribery and faces up to six years in jail and deportation if found guilty. Swedish prosecutor Thomas Forsberg said Evgeny Pavlov bribed a public servant in Azerbaijan to win a contract for a new signalling system with a contract value of …

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Home Capital had two PE suitors but chose Buffett’s bid to secure ‘greatest acceptance’ from markets: documents

Alternative mortgage lender Home Capital Group Inc. fielded acquisition offers from two different private equity firms in June — one of which raised its bid even after the Toronto company decided to take Warren Buffett’s white-knight deal, according to a proxy circular released on Friday. The two firms were not named in the document released ahead of a special meeting …

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Canadian subsidiary of French defence giant gets $5.2 billion contract

OTTAWA—The Canadian subsidiary of French defence giant Thales has been awarded a multibillion-dollar contract to service Canada’s new fleet of Arctic offshore patrol ships and joint support vessels. The federal government said Thursday Thales Canada, in a joint venture with the company’s Australian arm, will provide in-service support for the vessels under a contract that could total $5.2 billion over …

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PC Financial customers to transfer to new direct bank brand Simplii as CIBC, Loblaw part ways

Grocery chain Loblaw Companies Ltd. and the Canadian Imperial Bank of Commerce have terminated their 19-year President’s Choice Financial partnership as the bank unveiled its own digital brand Wednesday. PC Financial users will transition to CIBC’s new Simplii Financial mobile and online brand, with their deposits, mortgages and loans — which have been backed by CIBC since 1998 — rebranded …

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Baggage system glitch causes delays at Pearson’s terminal 3

A glitch with the baggage system at Pearson International Airport’s terminal 3 continues to cause delays for departing passengers on Wednesday. The issue started around 6 p.m. on Tuesday. Greater Toronto Airports Authority spokesperson Robin Smith said there was a problem with the induction conveyor belt, which means crews were not able to get the baggage from the terminal and …

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Sears Canada to make fund for former employees denied severance

Lawyers representing workers at Sears Canada and the company have reached a deal to create a hardship fund for former employees who were denied severance payments when they lost their jobs at the retailer. The $500,000 for the fund will come from money set aside to pay bonuses under a key employee retention plan at the retailer, which is restructuring …

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