Archive for Real Estate

Home prices in the U.S. increased 6 percent in the first quarter from a year earlier as competition heated up for a scarcity of listings.

Prices rose 1.4 percent on a seasonally adjusted basis from the previous three months, the Federal Housing Finance Agency said in a statement Wednesday. In March, prices climbed 0.6 percent from February, matching the average estimate of 15 economists.

Job growth is firing up demand for real estate, pushing buyers into bidding wars for the tight supply of homes on the market. There were 1.83 million previously owned homes available for sale at the end of March, down 6.6 percent from a year earlier, according to the National Association of Realtors…

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  • Home Capital woes combined with new tax measures cool market
  • Listings soar in first half of May as sellers rush in

Toronto’s hot housing market has entered a new phase: jittery.

After a double whammy of government intervention and the near-collapse of Home Capital Group Inc., sellers are rushing to list their homes to avoid missing out on the recent price gains. The new dynamic has buyers rethinking purchases and sellers asking why they aren’t attracting the bidding wars their neighbors saw just a few weeks ago in Canada’s largest city…

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The number of buyers using mortgages to purchase London homes fell by almost a fifth in the first quarter as high values and limited supply damped demand.

About 16,700 loans were advanced in the first quarter, a 19 percent decline from a year earlier, according to data published Wednesday by the Council of Mortgage Lenders. The homebuyers borrowed 5.4 billion pounds ($7 billion) in the period, a 22 percent drop…

London Home Loans Fall 19 Percent as Supply, Affordability Bite

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Bought in 1992 for $620,000 and listed sporadically since, the beachfront estate will have appreciated 7,600 percent if it sells for asking price.

In the early 1990s, Eli Wilner and his wife, Barbara, were living in East Hampton, on the South Fork of Long Island. The owner of a New York-based antique frame restoration and replication company, Wilner was “perfectly happy,” he said. “We had a nice house, a lot of privacy. And then friends of ours wanted to go out to visit Montauk.”…

A Huge Montauk Estate Hits the Market for $48 Million

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  • Prices drop 2.5 percent in first decline since 2011, FHFA says
  • Buyers may be held back by affordability constraints

San Francisco, which in recent years had the biggest home-price gain in the U.S., was the country’s weakest market in the first quarter, with values falling for the first time since 2011.

Single-family home prices in the region that includes San Francisco and San Mateo counties dropped 2.5 percent from a year earlier, the worst performance among the 100 largest U.S. metropolitan areas, according to an index released Wednesday by the Federal Housing Finance Agency. Grand Rapids, Michigan, a relatively affordable area where prices jumped 13.7 percent, had the biggest gain…

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A larger-than-forecast decline in new-home purchases in April from the strongest pace in almost a decade indicates a pause in demand in the midst of the busy spring selling season, government data showed Tuesday…

U.S. New-Home Sales Fall More Than Forecast

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Home Capital’s troubles started with “unlucky” brokers. That’s what Canadian banks and insurers call the mortgage merchants who get caught submitting fraudulent loan documents.

Home Capital Group Inc. disclosed that 45 independent brokers submittedloan applications that misstated borrowers’ income and other details. A securities regulator accused the company of misleading investors about the fraud, and that sparked a run on deposits at the lender. Yet the brokers, whose names are now on databases maintained by lenders and mortgage insurers, can still win business since they haven’t been pros…

In Home Capital’s Mortgage Mess, Blame the ‘Unlucky’ Brokers

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Canada’s exuberance with real estate is beginning to wane.

Weekly polling data show real estate price expectations have come down from record levels, in a sign that Canadians are anticipating housing markets in places like Toronto will finally cool. The share of people saying home prices will rise in the next six months fell for a second week to 46 percent, according to data compiled by Nanos Research Group for Bloomberg News. That’s down from 47.7 percent the previous week and below a record 50.1 percent two weeks ago…

Canadian Real-Estate Sentiment Slips After Home Capital Meltdown

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Industry veterans tackled oversupply, mixed-use development strategy and caveats during day one of ICSC’s annual retail real estate convention in Las Vegas.

At a time of rapid change and looming uncertainty for retail real estate, experts at RECon wasted no time before tackling the industry’s biggest issues during the first day of the International Council of Shopping Centers’ annual convention in Las Vegas.

The issue ahead is “how are we going to make the retail supply that we’re planning and projecting and built and received somehow match the retail spending that we have,” asserted Heather Arnold, director of research and analysis for Streetsense…

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  • Average asking prices in capital jump 2.1 percent in May
  • National price growth accelerates to annual 3 percent

London house prices rebounded in May, rising to a record as buyers and sellers defied the usual trend of holding off on property transactions before an election.

The average asking price in the city rose 2.1 percent from April to 649,864 pounds ($846,000), property website Rightmove Plc said on Monday, even with the upcoming U.K. general election on June 8. The annual rate of growth remained subdued at 0.9 percent following a 1.5 percent drop last month. That was the biggest annual decline in almost eight years…

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  • New RMBS issuance doubles this year to A$10.5 billion
  • Housing ‘market is extremely stretched,’ QIC economist says

Investors are lapping up mortgage bonds in Australia even as regulators and credit assessors step up their warnings about risks from the nation’s housing market.

New residential mortgage-backed securities issuance has more than doubled so far this year to A$10.5 billion ($7.8 billion) from A$5.1 billion a year earlier, data compiled by Bloomberg show. More than half of the issuance has been fueled by non-bank lenders. Those firms have fewer funding options compared with major Australian banks, which have been favoring unsecuritized debt at a time when costs are close to historical lows…

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  • Largest banks exempted due to expected government support
  • S&P downgraded 23 institutions amid credit loss concerns

S&P Global Ratings downgraded the credit scores of almost all of Australia’s financial institutions as it warned about the risks of a property market downturn, though expectations of government support saw the largest banks spared.

Some 23 issuers had their ratings lowered, including Bank of Queensland Ltd., Bendigo & Adelaide Bank Ltd. and AMP Bank Ltd., as S&P warned that the country’s wider economic challenges added to the threat…

S&P Downgrades Most Australian Lenders on Housing Concerns

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  • Unit sales drop 16% in first two weeks of May, data show
  • New house listings soar 47% as price growth slows to 17%

Home price growth in Toronto slowed in the first two weeks of May and sales fell 16 percent from last year, signaling that a new tax on foreign buyers and funding crisis at mortgage lender Home Capital Group Inc. may be cooling the market in Canada’s biggest city.

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Since the recession, funding for construction has cratered.

One effect of the U.S. housing market crash was to cripple homebuilders and their lenders, forcing construction workers to find jobs in other fields. Today, homebuyers have returned to the market in full force, but the lack of new construction over the last decade has contributed to an inventory shortage that’s pushed home prices out of reach for many.

Now, the same young homebuyers who must cope with bidding wars to buy a first home may face a shortage in another key resource: schools for their kids.

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There is still no consensus on why the last housing boom and bust happened. That is troubling, because that violent housing cycle helped to produce the Great Recession and financial crisis of 2007 to 2009. We need to understand it all if we are going to be able to avoid ordeals like that in the future.

But the explanations for what happened in housing are not, I think, to be found in the conventional data favored by economists but rather in sociologically important narratives — like tales of getting rich through “flipping” houses and shares of initial public offerings — that constitute the shifting mentality of the era.

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Landlords are cutting rents and prices, spooked lenders are holding back, and the industry loses hope for Trump tax cuts.

Real estate developer Louis Ceruzzi has grand plans for a sleek $1 billion Manhattan skyscraper, featuring luxury shops and condos that soar high above Fifth Avenue.

Two years after Ceruzzi and a partner bought the site, they have yet to break ground. For now, all he has to show for his trouble is an empty lot, an idle backhoe and scattered piles of rubble.

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In addition to the data center, the REIT bought four health care facilities in Illinois and Texas, the purchase price for all five properties being over $141 million.

Carter Validus Mission Critical REIT II Inc. acquired five properties for an aggregate purchase price of $141.5 million. The assets include four health care facilities and the Norwalk Data Center, the largest data center in the state of Connecticut. The acquisitions add up to approximately 362,000 leased square feet.

Following the deal, the REIT entered into two term loans: a $34.2 million loan with Bank of America and a $39.9 million loan with Capital One…

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  • Investors urged to vote against slate backed by dissidents
  • FrontFour, Sandpiper own 6.2 percent of REIT’s shares

Granite Real Estate Investment Trust, Canada’s largest industrial real estate landlord, plans to nominate two new board members amid a push for change by activist investor FrontFour Capital Group and its partner, Vancouver-based Sandpiper Group.

Granite, in a regulatory filing Tuesday, cast the changes as part of a board renewal process that began last year. The Toronto-based company urged its investors to vote against a slate backed by the dissident shareholders that it was told privately would include FrontFour co-founder Zachary George and Sandpiper Chief Executive Officer Samir Manji…

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  • Benchmark home price in Canada’s biggest city up 5% on month
  • New listings increase 36% in Toronto to new record levels

Toronto home prices continued surging in April, prompting a rush of new listings that hints the rally could soon be poised to slow.

Toronto’s benchmark home price index rose 5 percent last month, the second highest gain in data going back to 2005, a report Monday from the Canadian Real Estate Association showed. The record gain was a 6.2 percent advance in March, bringing year over year price increases to 32 percent.

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Singapore home sales more than doubled in April from a year earlier as homebuyer sentiment rallied after the government rolled back some property curbs following a three-year slide in prices.

Developers sold 1,555 units in April, compared with 750 units in the same period last year, according to data released Monday by the Urban Redevelopment Authority. A total of 1,616 units were offered, higher than the 1,527 units in March, when Singapore notched the highest monthly home sales in four years.

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The property will be located at The Strand at St. Johns Town Center, a 45-acre, mixed-use development comprising residential, retail, restaurant and hotel space.

Concord Hospitality began construction on Hyatt Place Jacksonville, a 160-key hotel scheduled to open in late 2018.

The five-story property will feature the Gallery, which will offer 3,000 square feet of meeting space, an outdoor pool, a fitness center and an outdoor deck for events. The asset will be part of The Strand at St. Johns Town Center, a 45-acre, mixed-use development comprising residential, retail, restaurant and hotel space…

Concord Hospitality Brings Hyatt Place to Jacksonville

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  • Sales surge adds to sign of renewed vigor in housing market
  • Singapore, Hong Kong have grappled with property overheating

Developers’ hunger for Singapore land is adding to signs that the city’s housing market is making a comeback after three years of price declines.

As new home sales surge after an easing of property restrictions in mid-March, developers are becoming more aggressive in bidding at land auctions. On average, they’ve paid a 29 percent premium, the highest level in at least five years, according to broker Cushman & Wakefield Inc., which makes comparisons with the past prices of similar properties…

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  • G-10 house-price report finds New Zealand’s most over-valued
  • Goldman sees 40% chance of prices dropping in next two years

New Zealand’s housing market is the most over-valued among the so-called G-10 economies and the most at risk of a correction, according to Goldman Sachs.

In research published this week, the investment bank said there is about a 40 percent chance of a housing “bust” in New Zealand over the next two years, which it defines as house prices falling five percent or more after adjustment for inflation.

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For much of last year, Greg Rubin was looking to buy a bigger house. He has been in the same two-bedroom home for 17 years and hoped to upgrade to a place with a guest room, a home office and a workshop for his guitars, radio-controlled planes and gardening equipment.

This year, Mr. Rubin has a new plan. He stopped looking and embarked on an ambitious renovation project that will begin with a new kitchen and end with a workshop for all the man toys…

Real Estate’s New Normal: Homeowners Staying Put

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  • Sunday information session in Guangzhou drew about 50 people
  • Kushner Cos. apologized after presentation cited Trump links

A real-estate project linked to U.S. presidential adviser Jared Kushner’s family hasn’t attracted any early financial commitments after investor presentations in four different Chinese cities, an organizer said.

About 50 people attended a presentation Sunday at the Four Seasons Hotel in the southeastern city of Guangzhou that was sponsored by QWOS Group, an immigration consulting company focusing on special visa programs. Similar events in Beijing and Shanghai last week generated controversy after Kushner’s sister, Nicole Meyer, invoked his work for President Donald Trump, his father-in-law…

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  • CIBC Asset, Turtle Creek now top Home Capital shareholders
  • CIBC buys shares after Mawer, QV sell stock following plunge

Home Capital Group Inc. received a vote of confidence from two money managers as the embattled mortgage lender prepares to report earnings and address analysts for the first time since a regulatory probe sent the stock reeling.

CIBC Asset Management and Turtle Creek Investment Management Inc. both lifted their stakes as of the end of April to become the top two shareholders of the Toronto-based mortgage company. Turtle Creek holds a 19 percent stake, while the money management unit of Canadian Imperial Bank of Commerce owns 15 percent, according to filings…

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  • ’Material uncertainty exists regarding funding capabilities’
  • Mortgage lender to address analysts on conference call Friday

Woes at Home Capital Group Inc., the embattled Canadian lender facing a run on deposits and a regulator investigation, mount as the company said it’s unsure of funding abilities while announcing first-quarter results.

“Material uncertainty exists regarding the company’s future funding capabilities as a result of reputational concerns that may cast significant doubt” on the ability to continue operations, Home Capital said in a statement Thursday. “Management’s focus is on finding more sources of funding in the near term so we can be more active serving our customers, and on seeking longer-term solutions that put the business back on track,” interim Chief Executive Officer Bonita Then said…

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The most vocal opponent of Home Capital Group Inc. has revealed the extent of his bet against the alternative Canadian mortgage lender.

Marc Cohodes, the fund manager-turned-chicken farmer who has been betting Home Capital will fall since November 2014 — when the stock was near its peak — said his short position is now bigger than the total number of shares owned by almost all of Home Capital’s insiders. These exclude founder Gerald Soloway and board members John Marsh and Dinah Henderson, but include the rest of Home Capital’s directors and former CEO Martin Reid…

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The fund’s general partner and related parties were among the list of contributors, as was a $52 million co-investment vehicle. Fund III, launched in June 2015, has so far amassed a portfolio of eight assets accounting for 20 percent of the commitments.

H.I.G. Realty Partners closed on H.I.G. Realty Partners III, the firm’s value-add investment vehicle. Fund III secured capital commitments totaling $593 million, handily surpassing its hard cap of $500 million.

“The Fund will have a broad mandate to invest across asset classes and will utilize a hands-on, value added, operationally focused approach that seeks to generate substantial asset appreciation,” Sami Mnaymneh and Tony Tamer, Co-CEOs of H.I.G., said in a joint prepared statement…

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Hong Kong has overtaken London as the world’s top market for luxury homes after seeing a record number of $100 million-plus deals.

Four out of the record 10 homes that sold for this amount last year were in Hong Kong, according to a Christie’s International Real Estate survey published Wednesday. London, which notched up two $100 million deals, dropped to second place in the broker’s luxury-homes ranking for the first time in its five-year lifespan. New York retained third place.

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  • They had been top contenders for 95-acre Jersey City site
  • Pitches to investors in China brought unwelcome spotlight

A company owned by the family of Jared Kushner, President Donald Trump’s son-in-law, has abandoned plans to buy a sprawling industrial site in New Jersey from Honeywell International Inc., a major federal contractor, and develop it into a residential community.

Kushner Cos. had been the leading bidder for the 95-acre formerly contaminated site known as Bayfront, which is co-owned by Honeywell and Jersey City, city officials said. The company had submitted plans to build as many as 8,100 housing units to be marketed to Orthodox Jewish residents of the Williamsburg section of Brooklyn who are being priced out of that neighborhood…

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  • Radian’s Green River says U.S. queries broker price opinions
  • Probe said to examine if industry overassessed property values

U.S. securities regulators are investigating whether bonds backed by single-family rental homes and sold by Wall Street’s biggest residential landlords used overvalued property assessments.

Radian Group Inc.’s Green River Capital unit is among companies that received a request for information from the Securities and Exchange Commission in March about broker price opinions, or BPOs, Radian said in a regulatory filing late Friday. Green River provides BPOs that are used to value real estate in bonds backed by properties…

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The Atlanta-based developer will build a 15-story Hyatt House hotel a block away from the Vanderbilt University. The 201-key hotel will be completed by early 2019.

Songy Highroads LLC recently announced its plans to develop Hyatt House West End Hotel in Nashville, Tenn. Construction will start in June and completion is slated for the beginning of 2019. Songy Highroads is developing the 15-story hotel in a joint venture with an affiliate of Hyatt. Wakefield Beasley & Associates is the architect of the project.

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The combined company is expected to have an equity market capitalization of $4.3 billion and a pro forma market cap of about $7.4 billion.

Sabra Health Care REIT Inc., of Irvine, Calif., and Care Capital Properties Inc., of Chicago, have agreed to combine in an all-stock merger, the two REITs announced over the weekend.

Retaining the Sabra name, its SBRA ticker symbol on NASDAQ and its headquarters in Irvine, Calif., the combined company is expected to have an equity market capitalization of about $4.3 billion and a pro forma total market cap of about $7.4 billion. The combined company will have a diversified portfolio of 564 investments across 43 states and Canada…

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  • Jersey City deal lost startup WeWork and city’s help on bonds
  • Effort shows Kushner pattern of relying on Chinese investors

When Jared Kushner’s sister took the stage in two Chinese ballrooms over the weekend to urge investors to fund a New Jersey development through a controversial visa program, she mentioned her brother’s role in the White House and displayed a photo of President Donald Trump. It was a not-so-subtle signal that hers is a family company with connections.

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  • Housing measure tops 50% for first time in data back to 2008
  • Weekly survey reading comes rising tension from Home Capital

Expectations for Canada’s housing market are heating up, with more than half of respondents in a weekly telephone survey predicting home prices will rise, the first time the measure has topped 50 percent in records dating back to 2008.

The bullishness comes even as a run on deposits at Toronto-based mortgage lender Home Capital Group Inc. leads to heightened scrutiny of a market which policy makers have said is divorced from economic fundamentals. The broad Bloomberg Nanos Canadian Confidence Index fell to 59 in the week ended March 5…

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Catalyst will be government’s affordable housing push

In a country where slums sit cheek-by-jowl next to palatial luxury — including what’s been reported as the world’s most expensive private home — India’s unhoused may soon become a more potent economic growth driver.

Prime Minister Narendra Modi’s drive to bring homes to the country’s 1.3 billion people, rising incomes and the best affordability in two decades will unleash a $1.3 trillion wave of investment in housing over the next seven years, according to CLSA India Pvt…

$1.3 Trillion Housing Boom Set to Be India’s Next Growth Driver

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The company’s broker negotiated on behalf of both Wendover Village in Greensboro, N.C., and Cornelius Shops in Cornelius, N.C. The two leases total 2,820 square feet.

Divaris Real Estate Inc., (DRE) a Virginia-based firm, recently announced the completion of two leases in North Carolina. DRE’s Charlotte-based Charles Neil represented the landlord in both negotiations.

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  • Radian’s Green River says U.S. queries broker price opinions
  • Probe said to question if firms’ assessments overstated values

U.S. securities regulators are investigating whether bonds backed by single-family rental homes and sold by Wall Street’s biggest residential landlords used overvalued property assessments.

Radian Group Inc.’s Green River Capital unit is one of the market participants that received a request for information from the Securities and Exchange Commission in March about broker price opinions, or BPOs, the company said in a regulatory filing late Friday. Green River provides BPOs that are used to value real estate in securitizations.

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Londoners are paying lower home rents for the first time in more than seven years amid rising supply and weakening demand from senior executives for properties.

The average rent paid in April for new lettings in Greater London was 1,519 pounds ($1,968) a month, a 1.2 percent decline from a year earlier, HomeLet, the U.K’s largest reference-checking and rentals insurance company, said in a statement on Monday. Annual rental inflation across the U.K. was 0.4 percent in the same period, the lowest in seven years…

London Home Rents Fall for First Time Since December 2009

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  • Investors kept out of NYC ‘unless you’re a multimillionaire’
  • Company is seeking to raise $50 million for property purchases

A new real estate investment trust opened shop this week, seeking to raise $50 million from investors online. It plans to use the money on some of the most sought after properties in the world: New York apartments.

NY Residential REIT is a “blind pool,” meaning it owns no assets and is courting investors on the strength of its management team to purchase properties once it has funds. It’s springing to life partly from Manhattan’s growing supply of costly apartments, and partly from a Securities and Exchange Commission rule making it easier for small companies to access capital…

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Everyone’s talking about this Canadian mortgage company.

The downward spiral of Home Capital Group Inc. is rippling across North America as investors and regulators try to piece together the impact it could have on the fastest growing economy in the developed world.

Some see Home Capital’s woes spilling into the broader financial and real estate sectors. Others point to Home Capital’s relatively small mortgage book and stronger-than-subprime clients to suggest that its demise would be sad but uneventful…

After Beating Down Banks, Home Capital May Hurt Canada’s Economy

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  • Lender’s woes can deflate Canada’s housing bubble, hurt banks
  • Seen as unlikely to trigger a 2008-type financial crisis

The downward spiral of Home Capital Group Inc. could start to deflate Canada’s housing market, pushing down bank shares and the broader index, according to Edward Jones & Co.

The mortgage lender’s woes will insert caution into property funding, Craig Fehr, Canadian investment strategist at Edward Jones, said in an interview in Toronto on Wednesday. This would slow the economy because of its outsized reliance on real estate and damp prospects for the bank-heavy S&P/TSX Composite Index, he said…

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Housing bubble? There are still more losers than winners in this recovery, Trulia says.

You can’t blame a homeowner in Fresno, California, for viewing the thriving metropolis to its northwest with both envy and dismay. While San Francisco home values have surged since the recession, Fresno’s housing market is stuck in a rut. Less than 3 percent of homes in the city and its environs have returned to their pre-recession peak, according to a new study from Trulia. Median home values are a teeth-clenching $78,000 below their pre-recession peak.

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  • Average price rises 25% to C$920,791 after 33% jump in March
  • New listings jump 34% as Ontario imposes foreign buyer tax

Toronto home price gains slowed in April and new listings soared the most in seven years, signaling the red-hot market may be cooling after the Ontario government imposed new measures to curb runaway gains in Canada’s biggest city.

Housing prices jumped 25 percent last month from a year earlier, down from the 33 percent annual increase in March. The average price of C$920,791 ($671,000) in April was just 0.5 percent higher than in March, according to figures from the Toronto Real Estate Board

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Enhanced workspace flexibility is the top perk millennials seek and one of the key features of the new 14,500-square-foot office in the Gateway Tower West.

Ernst & Young LLP (EY) is relocating its Salt Lake City office at 178 S. Rio Grande St. to a more millennial-friendly environment only 1 mile away. The new home at Gateway Tower West offers a range of settings and technologies to enhance work space flexibility and allow for headcount growth.

Located at 15 West Temple, the new office features approximately 14,500 square feet of space, open layout, more collaboration rooms, tech-enhanced work spaces and a coffee hub. Half of all the new workstations and collaboration rooms offer a sit-to-stand option…

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  • Cost of typical home rises 11% in April from a year earlier
  • Buyers in ‘fierce’ competition as condos get multiple offers

Ripples from the downward spiral of mortgage lender Home Capital Group Inc. haven’t yet reached Vancouver.

The cost of a benchmark home in the Pacific Coast city surged 11 percent to C$941,100 ($685,233) compared with a year earlier, the Real Estate Board of Greater Vancouver reported Tuesday. Condominiums were the big gainers, climbing 17 percent to C$554,100…

Vancouver Home-Price Surge Defies Canadian Housing Jitters

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The four buildings, which are occupied by Party City and Lumber Liquidators, are located along VFW Parkway, between Dedham Mall and the Fisher House Boston medical center.

A 33,219-square-foot retail property in West Roxbury, Mass., recently traded for $2.6 million in a deal brokered by Boston-based NAI Hunneman. The firm’s Executive Vice President Carl Christie and Assistant Vice President Dan McGee represented the seller, Fisher VFW LLC, and procured the buyer.

Located at 1455-1457 Veterans of Foreign Wars (VFW) Parkway, the four-building Suffolk County asset was constructed in stages, between the 1940s and 1970s. The retail property is occupied by Party City and Lumber Liquidators, being the latter brand’s first location…

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  • Canadian mortgage lender could see investors yank GICs
  • Regulator, Canada’s finance minister are monitoring situation

Home Capital Group Inc. extended declines after the Canadian mortgage lender reported additional deposit withdrawals, prompting one of its biggest rivals to seek a C$2 billion ($1.5 billion) credit line to stem any contagion across the country’s financial markets.

Home Capital fell 13 percent to C$6.96 in Toronto, bringing its two-week drop to about 69 percent, on concern that redemptions of guaranteed investment certificates by nervous investors would worsen a cash crunch. High-interest deposits have declined about C$1.6 billion, or 80 percent, over the past month to C$391 million, the companysaid Monday…

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  • Chances of spreading through Canada small, Mawer’s Hall says
  • Banking system well capitalized with lots of ‘firefighters’

The escalation of Home Capital Group Inc.’s distress last week has led one of its largest former investors to rethink — if only slightly — the prospects of troubles spreading through the rest of Canada.

After the alternative-mortgage lender set up a C$2 billion ($1.5 billion) credit line to offset a run on deposits, Mawer Investment Management Ltd.’s Jim Hall is recalculating the odds of a contagion widening across one of the world’s strongest financial systems…

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  • Chances of spreading through Canada small, Mawer’s Hall says
  • Banking system well capitalized with lots of ‘firefighters’

The escalating woes ensnaring Home Capital Group Inc. have led one of its largest former investors to rethink — if only slightly — the prospects of troubles spreading through the rest of Canada.

The unraveling of Home Capital, the alternative-mortgage lender that needed a C$2 billion ($1.5 billion) credit line to offset a run on deposits, has Mawer Investment Management Ltd.’s Jim Hall recalculating the odds of a contagion widening across one of the world’s strongest financial systems…

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