|Day's Range||8.96 - 9.46|
|52 Week Range||5.06 - 35.67|
|PE Ratio (TTM)||2.48|
|Dividend & Yield||0.00 (0.00%)|
|1y Target Est||N/A|
Canada's biggest non-bank lender Home Capital Group Inc on Friday published data showing that its high interest savings account balances declined on Thursday. Home Capital has been struggling to finance its assets as its high interest deposit account balances have fallen by more than 90 percent since March 27, when the company terminated the employment of former Chief Executive Martin Reid. The withdrawals accelerated after April 19, when Canada's biggest securities regulator, the Ontario Securities Commission, accused Home Capital of making misleading statements to investors about its mortgage underwriting business.
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. The average selling price for all home types was C$890,284 ($658,000) through May 14, up 17 percent from the same period a year earlier and down 3.3 percent from the full month of April, according to data from the Toronto Real Estate board obtained by Bloomberg News.
One of the last times a Canadian bank ran into trouble, HSBC Holdings Plc came to the rescue. Don’t expect history to repeat itself in the case of Home Capital Group Inc. HSBC Canada, which leapfrogged small Canadian competitors by acquiring failing Bank of British Columbia in 1986, wouldn’t be interested in Home Capital if the embattled mortgage lender put itself up for sale or sold off assets such as its mortgage portfolio.