Daily Market Update

by Jordan Maxwell24 Mar 2015
Lethbridge real estate broker charged with fraud
New fraud charges have been levelled against a Lethbridge man alleged to have breached securities laws in raising millions of dollars from investors in multiple real estate companies. According to the Calgary Herald, the Alberta Securities Commission announced Monday that Ronald James Aitkens is to appear May 13 to set a date for a hearing into fraud and other violations, including the illegal distribution of securities that raised almost $75 million.  The ASC alleges Aitkens improperly diverted funds from certain companies to other companies he controlled and that he made misleading statements in offering memorandums.

Nanos: Consumer confidence up for real estate 
Canadian consumer confidence gained for a third consecutive week, as worries about the nation's economy and real estate market wane, survey data from Nanos Research Group show. 

According to an article in the Chicago Tribune, the Bloomberg Nanos Canadian Confidence Index rose to 55 in the week ending March 20, up from 54.6 the previous week. The gauge had reached a 21-month low of 53.6 at the end of February amid the plunge in prices for crude, Canada's top export. Confidence in Canada's real estate market has been gaining in recent weeks amid signs demand in markets such as Toronto and Vancouver is being spurred by falling mortgage rates. Policy makers meanwhile have indicated the economy may be poised to steady from the impact of the oil rout, with Bank of Canada Governor Stephen Poloz last month saying a rate cut in January has bought policy makers some time. The share of Canadians who reported feeling better off in terms of their personal finances gained for the first time in seven weeks, rising to 18.6 percent. The previous week's reading of 17.9 percent was the lowest since July, according to Nanos Research.

New director named at Ontario Real Estate Association
Local real estate salesperson Anna Vozza has been elected director-at-large for the Ontario Real Estate Association. According to an article in the Windsor Star, Vozza will serve a two-year term on the board of directors for her profession’s governing body after being elected at the association’s annual conference earlier this month in Toronto. Vozza has worked in real estate for 15 years in Windsor and is employed with Bob Pedler Real Estate Association. She is past president of the Windsor-Essex County Association of Realtors and previously served on the OREA’s board as provincial director for Western Ontario. “The real estate industry has changed so much lately, we are really active on what (the board) is trying to do for our members,” Vozza said.

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