The wildfires in Fort McMurray slammed Canada's private sector in the second quarter, pummelling insurers' profits and deepening losses in the oil patch.
TORONTO - Royal Bank CEO David McKay says the lender is "closely monitoring" the real estate markets in Vancouver and Toronto, where home prices have been climbing at a breakneck pace.
A steep drop in home prices of 30 per cent and a spike in unemployment to 11 per cent across the country would cost Canadian Imperial Bank of Commerce less than $100-million in mortgage losses, according to the bank's stress tests.
Canadian gold miner Kinross Gold resumed normal mining and processing operation at its Tasiast mine in mid-August, following two unplanned work stoppages.
Canada's main stock index fell on Wednesday as lower metal and oil prices weighed on resource stocks, offsetting gains for financials after Royal Bank of Canada reported better-than-expected earnings.