Winnipeg Free Press

Winnipeg Free Press (Newspaper) - June 6, 2000, Winnipeg, Manitoba Winnipeg free press june 2000 b3 editor Julian Rachey 6977235 resale Home Market brisk demand listings scarce realtors have busiest May in 13 years by Murray Mcneill realtor Hazen Steeves had More than a broken foot to keep him hopping last the real estate agent suffered the injury during the second week of what turned out to be the busiest May in the last 13 years for Winnipeg resale Homes four to six sales is a Nice but it was Busy right from Day who sold 10 said of his busiest month in 16 years in the there were properties sold last month through the Winnipeg real estate boards multiple listing 124 More than in May of last which was one of the busiest years of the last decade for Home sales in win Mays 11percent jump in sales was a marked turnaround from when sales through the boards mls fell per it helped push year Odate sales one per cent ahead of last years Pace for the first five months of the the Wreb Steeves and Wreb president Rick Preston said the Strong Job Market continues to be the main reason for the surge in Home most of the people in dealing with Are feeling pretty secure and its been a Long time since people have Felt said a Wreb medal lion Winner in while there Are signs the Canadian and economies May be starting to slow Down a Preston said that Doest seem to have dampened con Sumer theres still Confidence out he As has been the Case for some time the move up Market was very Active in the Wreb with sales of Homes valued at More than accounting for almost 70 per cent of the total sales for the thanks to the ongoing High demand for Homes and a continued shortage of new houses also changed hands at a remarkably fast Pace in Preston he said it took an average of Only 37 Days to sell a Home last which was 20 Days faster than it took in May of last year and 24 Days faster than last years average of 61 As two out every three Homes listed for Sale last month sold within sales surge i May sales increase of 124 or ii i average time to sell 20 Days faster than May of last i most Active segment Homes valued More than i most expensive Home sold i least expensive if we had a few More wed have a lot More sales realtor Hazen Steeves their initial listing he Steeves agreed that Homes that Are in clean condition and priced right move quickly in today hot he cited the Case of one Riverview Home he listed last month that sold within four hours of hitting the he said that rapid turnaround rate has forced buyers and their agents to move quickly if a House they like comes onto the one of the Rea sons he was Able to do As Well As he did last month was because his Val recently obtained her realtors so she was Able to take some of his clients to see Homes and to help show some of his Steeves said the shortage of new list Ings and the Strong demand from buy ers also have led to a number of cases where there Are com Peting offers for the same in the last year and a its been happening quite he noting there were competing offers with four of the 10 Homes he sold Steeves sold 10 Homes last month about twice the Normal monthly last although a Lack of new listings has been a problem for More than a year Preston said there was some improvement last it was a step in the right but we still need More he Steeves if we had a few More wed have a lot More Craig close to spinning off radio assets by Groft Kirbyson Craig broadcasting systems is close to spinning off its radio assets to a new Public company that will Trade on the Winnipeg Stock the preliminary prospectus for Craig music entertainment has been approved by the Manitoba securities commission and awaits final approval from the uses listing committee this Boyd Vic president and corporate Secretary of Craig broadcast and now chairman of Craig music enter said the move is part of an Overall corporate strategy to have Sepa rate divisions for the television and wireless operations of the were hoping to accomplish this with separate financing and management new company shares will Trade on we teams to grow them to their maximum potential on a standalone weve found that having them All under one roof with various financial and manage ment one can suffer while the other he through this initial Public the Comei Hopes to raise Between million and shares will Cost and there is a minimum investment of the shares also will be eligible for the Manitoba equity tax credit pro which provides a five per cent tax credit to a maximum of Over three years for Manitoba Craig broadcast has already spun off the wireless Craig wireless but there Are no plans As of yet to take either the wireless or Tele vision arms Craig it depends on the opportunities that come at this the answer is not but if the Opportunity presented we would do he the company does have aggressive acquisition plans on the radio How it has already filed applications with the crts for pm station licenses in Vancouver and and Comei will seek to acquire radio stations in diversified midsize to Large markets which it believes offer sub Stantial growth Kevin Vic president of corporate finance at Wellington West Capi the Lead agent for the said after initial testing of the Waters for investor he is optimistic the Issue will be Hooke said the Selling period is expected to close in two or three weeks and the new company would begin Trad ing on the we just Days along with most other a sexist de will soon Trade on the larger Canadian venture once the legislation shutting Down the we and opening a cdx office in Winnipeg is Likely later this Craig with 580 employ is the largest privately owned Broad casting company in Canada with television and radio stations in Portage la Edmonton and As Well As the sky Cable broadband Craig also owns the management rights to the ser vices that can be delivered on a similar broadband spectrum throughout All of new nationalists fear Federal Bill threat to Banks proposed legislation to be tabled within Days by Allan Swift Montreal a political Battle is brewing in Quebec Over a Federal Bill to Amend the regulation of financial ser which nationalists fear will Sacri fice Quebec Banks to outside financial the proposed to be tabled within would leave the Only two Banks based in the National Bank of Canada and Laurentian Bank open to a while protecting the five big Banks headquartered in there Are expectations that Quebec the Only ones with French Ana Dian managers and client will be swallowed by some huge foreign interest with the Blessing of the Federal finance sources say the proposed rules would give the finance minister discretion to allow a single investor to own 20 per cent of a major up from the current 10 per cent for Banks with under Bil lion in shareholders a single owner could hold up to 65 per it happens that National Bank has billion in while Laurentian has about both Are profitable and Are making moves to expand outside their Quebec there treating the biggest Canad an the different than the biggest Quebec the and that said Yvan finance critic for the bloc i be surprised if As soon As the Bill was passed there was a takeover of the National Bank and the Laurentian either by foreign interests or Canadian ones from outside taboo subject in not afraid to say that Paul Martin is sacrificing Quebec Banks to respond to pressure from foreign finance minister Martin said his proposal discriminates in favour of que but the final decision on any takeover will be done in the Public Jacques former Quebec pre Mier and finance has urged the Quebec government to save Quebec leading Bank a National officials at National Bank refused its a taboo said spokesman Jean chief executive Andre Berard said at the annual meeting in March he would Welcome a strategic financial partner that could help the Bank to expand outside he assured shareholders that they would have to approve any Purchase of More than 10 per cent of the Banks Laurentian Banks chief Henripaul also called for the ownership changes during Industry con you have to look at reality this is a highly International world and we have to work with others to move he said in an you can create value with partners if you do the right thing at the right As for the different ownership limits on big and Small Rousseau said it is a Way to provide More Canadian press Stock markets out of sync Central Bank Switzerland the worlds Stock markets Are out of tune with the global the general Man Ager of the Bank for International settlements said there is a potential risk if every time the Economy is stocks Andrew Crockett told a news conference at the annual general meeting of the regarded As the Central Bank for the worlds Central every time markets have seen evidence of a this has been countered by an increase in stocks prices which is wealth re this is potentially uns ustain he Bill head of the Biss economics noted stocks have also rallied recently As economic show signs of speeding the Banks annual report noted an unusual degree of uncertainty about How financial which have been evolving might react to possibly Adverse economic what is More certain is that the current growth rate of the econ omy is said the conclusion to the 191page against this the recent tightening of monetary policy is Wel Crockett urged the european Union to push Forward with Struc Tural reforms to strengthen the euro and weaken the helping to ease economic activity in the United what we want to see is a sustain Able slowing in the Economy but we cannot discount the possibility of a hard Landing and Central Banks should work to help minimize he private Banks and hedge funds Are better prepared for a financial storm than at the time of the 1998 bailout of the hedge fund Lon term capital management he but warned that memories Are not always Long press Boyd groups latest acquisition impressive ride to stratosphere by Groft Elf bygone Terry Smith is on a the latest acquisition by the Boyd where he is president and chief executive has pushed the firms annualized sales Over the its a significant achievement consid ering the Winnipeg based owner and operator of collision repair shops started out More than nine years ago with just one store that brought in less than per the latest to join under Boyds increasingly crowded umbrella is All Consoli dated Auto a High volume collision repair business with two full production facilities in the metropolitan Chicago Smith said he Hopes to use the All consolidated Purchase As a springboard to future acquisitions in the Chicago while it want his biggest Deal to it could be the most he this is As if not than any acquisition weve done to Date when you look at the total these two annualized sales soar past Mark shops Are As Good As the Best that weve been Able to acquire in terms of business the stores them location and Smith said he was also impressed with former owner Rich who will remain in a management role and help identify potential acquisition Boyd completed its first acquisition in Early 1999 and the addition of the two All consolidated locations now brings Boyds total number of locations to including the Boyd group will now operate 54 company owned All consolidated annual revenues were approximately million for its fiscal year ended when combined with existing the Deal will increase Boyds Overall annualized sales to approximately Mil 53 per cent of which will be derived from All figures Are in Canadian Abny an analyst at Ca Accord capital in said All consolidated will give Boyd a Good base from which to build in the lucrative Chicago despite solid growth and a consistent execution of managements Yue said Boyds Stock is still the Market Cap is still Small Only million can maybe people want to see How the com pants management will continue to Gen Erate for patient its a Good Chance to pick up the Stock at a Good the undisclosed Purchase Price for this acquisition has been satisfied in part by the issuance of class a shares of representing approximately of the Purchase Boyd is the largest operator of Colli Sion repair shops in Canada and among the largest in North in Addi Tion to its company owned Boyd also has eight third party owned licensed Boyd shares have been trading in the Range for the past six shares topped each Back in ;