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U.S. military intervention in Venezuela ‘not an option’: lawmaker

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WASHINGTON (Reuters) – Congress will not support U.S. military intervention in Venezuela despite hints by President Donald Trump that such action had not been ruled out, the Democratic chairman of the House Foreign Affairs Committee said on Wednesday.

“I do worry about the president’s saber rattling, his hints that U.S. military intervention remains an option. I want to make clear to our witnesses and to anyone else watching: U.S. military intervention is not an option,” U.S. Representative Eliot Engel said at the opening of a hearing on the volatile political situation in the OPEC nation.

Under the U.S. Constitution, Congress has to approve foreign military action.

Engel also warned about the possible effects on the Venezuelan people of U.S. sanctions on state oil company PDVSA. The United States in January imposed sanctions aimed at limiting President Nicolas Maduro’s access to oil revenue.

“I appreciate the need to squeeze Maduro,” Engel said. “But the White House must think through the potential repercussions that these sanctions could have on the Venezuelan people if Maduro does not leave office in the coming weeks.”

Venezuela already faces chronic food and medical supply shortages, hyperinflation and severe economic contraction.

The head of the country’s National Assembly legislature, Juan Guaido, invoked a constitutional provision to assume the presidency three weeks ago, arguing that Maduro’s re-election last year was a sham.

Most Western countries, including the United States, have recognized Guaido as Venezuela’s legitimate head of state, but Maduro retains the backing of Russia and China, as well as control of state institutions including the military.

Trump’s pick to lead U.S. efforts on Venezuela, former U.S. diplomat Elliott Abrams, said Washington would keep up pressure on Maduro and his inner circle by “a variety of means.”

“But we will also provide off-ramps to those who will do what is right for the Venezuelan people,” he said.

Asked about a Wall Street Journal report that Guaido has held debt negotiations with Chinese officials in Washington, Abrams said there had been some discussions but he was unaware of any formal talks. Beijing has denied it held any talks with Venezuela’s opposition to protect its investments.

“I don’t believe there are any negotiations, using that term narrowly. Discussions, sending of messages have taken place,” Abrams said.

Slideshow (2 Images)

China has lent more than $50 billion to Venezuela through oil-for-loan agreements over the past decade, securing energy supplies for its fast-growing economy.

Abrams drew intermittent protests at the start of the hearing. “You are a convicted criminal!” one man shouted before being escorted out of the room.

Abrams, assistant secretary of state during the administration of former U.S. President Ronald Reagan, was convicted in 1991 on two misdemeanor counts of withholding information from Congress during the Iran-Contra scandal. He was later pardoned by President George H.W. Bush.

Reporting by Patricia Zengerle and Doina Chiacu; Editing by Bill Berkrot and Rosalba O’Brien

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Majority of Canadian workers willing to take less pay for a workplace pension plan: survey

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A majority (70 per cent) of Canadians say they’re willing to forgo a higher salary in exchange for a workplace pension plan, according to a new survey for the Healthcare of Ontario Pension Plan by Abacus Data.

The survey, which polled more than 2,000 Canadian adults in April, signals an opportunity for employers to build back the post-coronavirus pandemic working landscape better by expanding access to good retirement plans — whether they’re defined benefit, defined contribution or group registered retirement savings plans, says Steven McCormick, senior vice-president of plan operations at the HOOPP.

According to the survey, a secure retirement remains of greater concern for Canadians than concerns about their health, debt load and job security. McCormick says this has been a consistent worry the HOOPP has seen in survey results over the past couple of years. Nearly half (48 per cent) of respondents said they’re very concerned about having enough money in retirement, while 31 per cent were highly concerned about their personal debt load and 26 per cent cited their job security. Close to half of respondents expressed high concerns for their physical (43 per cent) and mental (40 per cent) health.

In addition, the pandemic has harmed the finances of more than half (52 per cent) of Canadians’ surveyed and it’s had a particularly disproportionate affect on the finances of younger adults. Adults aged 44 and younger said they’re twice as likely (25 per cent) to have had their finances greatly harmed, compared to those over the age of 60 (12 per cent).

Generally, younger adults tend to work in roles that may have been impacted most by the pandemic, says McCormick, whether in service industries that were shut down or frontline health care that have been busy but don’t always come with access to a pension plan. “Affordability is an issue, so I think their worries increased during this time.”

And while almost half (46 per cent) of Canadians surveyed said they’ve saved more money than they would have since the onset of the pandemic, among these respondents, over half (52 per cent) didn’t put any of their savings toward their retirement. Overall, most (63 per cent) Canadians surveyed haven’t set aside or saved anything for retirement in the past year, a five-point increase since 2019.

McCormick says this may be due to uncertainty or hesitancy about whether people’s immediate needs outweigh longer-term needs. And with 55 per cent of respondents noting they were very concerned about the cost of day-to-day living, he adds that rising prices have fuelled insecurity and worries so people are creating their own emergency funds right now.

While there’s a segment of the population who’ve saved more and, for them, the pandemic has created wealth, he doesn’t see this as a common narrative in the survey data. “If you don’t have access to a workplace pension or the opportunity to have things like automatic enrolment, the uncertainty of the time may have you holding onto money,” says McCormick. “In Ontario, we’re more optimistic about the pandemic than we were maybe a month ago, but there are still people worrying about whether there’ll be a fourth wave.”

In addition, more than two-thirds (67 per cent) of respondents said a retirement crisis is looming and 65 per cent said saving for retirement is prohibitively expensive. It’s a common and shared dream for many people in looking forward to a secure retirement, says McCormick, noting for many, making that dream a reality remains elusive.

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What Canadians need to know about moving to the U.S. for more affordable real estate

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Like many real estate markets around the world, U.S. home prices have run up during the pandemic to the point of some saying it’s in bubble territory.

But the whole time and for years before, Canada has said “hold my beer” as prices rocket through the stratosphere in a number of major markets.

The discrepancy really jumps off the page in comparisons of the most recent benchmark prices and household income. As the chart below from Karl Schamotta, chief market strategist at Cambridge Global Payments, comparing Canada to the U.S. shows, a picture paints a thousand words, especially when it’s presented as an exploding gif.

Jessy BainsThu., June 24, 2021, 6:43 p.m.·9 min read

A U.S. flag decorates a for-sale sign at a home in the Capitol Hill neighborhood of Washington, August 21, 2012. President Barack Obama said on Monday the U.S. housing market was
Home prices have run up in the U.S. but are mostly more affordable than major Canadian markets.(REUTERS)

Like many real estate markets around the world, U.S. home prices have run up during the pandemic to the point of some saying it’s in bubble territory.

But the whole time and for years before, Canada has said “hold my beer” as prices rocket through the stratosphere in a number of major markets.

The discrepancy really jumps off the page in comparisons of the most recent benchmark prices and household income. As the chart below from Karl Schamotta, chief market strategist at Cambridge Global Payments, comparing Canada to the U.S. shows, a picture paints a thousand words, especially when it’s presented as an exploding gif.https://platform.twitter.com/embed/Tweet.html?creatorScreenName=JessySBains&dnt=true&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X2VtYmVkX2NsaWNrYWJpbGl0eV8xMjEwMiI6eyJidWNrZXQiOiJjb250cm9sIiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1388165660598063104&lang=en&origin=https%3A%2F%2Fca.finance.yahoo.com%2Fnews%2Fwhat-canadians-need-to-know-about-moving-to-the-us-for-more-affordable-real-estate-131344769.html&sessionId=06d9c3e7619ac1c3744b64cd9cc60845665a4a57&siteScreenName=Yahoo&theme=light&widgetsVersion=82e1070%3A1619632193066&width=550px

The situation has gotten so bad for first-time buyers that many may have given up. Ontario is home to markets with the biggest recent run-ups. A survey by Right at Home Realty found 74 per cent of younger Ontarians aged 18 to 34 say they may never be able to afford a home where they currently live.

Michelle Makos, broker-owner at Royal Heritage Realty, sells real estate for a living but doesn’t like what she’s seeing, especially after a conversation with her recently engaged daughter who wants to buy a first home.

“She made a comment that they may have to move to the United States to find something they can afford and truly I would hate to lose my children simply because they feel like the housing situation here is out of their reach,” Makos told Yahoo Finance Canada.

“Being in real estate, it just made me realize, the one thing I love doing is the one thing that could cost me my daughter, if she were to leave.”

So she took to Twitter to see if other Canadians were feeling the same way as her daughter. She conducted a Twitter poll that showed many were in the same boat.

She was flooded with messages from frustrated Canadians who were seriously considering leaving the country because of high home prices and shared many of them on Twitter. She eventually put a selection of the messages she received in a handy document for everyone to see.

Jessy BainsThu., June 24, 2021, 6:43 p.m.·9 min read

A U.S. flag decorates a for-sale sign at a home in the Capitol Hill neighborhood of Washington, August 21, 2012. President Barack Obama said on Monday the U.S. housing market was
Home prices have run up in the U.S. but are mostly more affordable than major Canadian markets.(REUTERS)

Like many real estate markets around the world, U.S. home prices have run up during the pandemic to the point of some saying it’s in bubble territory.

But the whole time and for years before, Canada has said “hold my beer” as prices rocket through the stratosphere in a number of major markets.

The discrepancy really jumps off the page in comparisons of the most recent benchmark prices and household income. As the chart below from Karl Schamotta, chief market strategist at Cambridge Global Payments, comparing Canada to the U.S. shows, a picture paints a thousand words, especially when it’s presented as an exploding gif.https://platform.twitter.com/embed/Tweet.html?creatorScreenName=JessySBains&dnt=true&embedId=twitter-widget-0&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X2VtYmVkX2NsaWNrYWJpbGl0eV8xMjEwMiI6eyJidWNrZXQiOiJjb250cm9sIiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1388165660598063104&lang=en&origin=https%3A%2F%2Fca.finance.yahoo.com%2Fnews%2Fwhat-canadians-need-to-know-about-moving-to-the-us-for-more-affordable-real-estate-131344769.html&sessionId=06d9c3e7619ac1c3744b64cd9cc60845665a4a57&siteScreenName=Yahoo&theme=light&widgetsVersion=82e1070%3A1619632193066&width=550px

The situation has gotten so bad for first-time buyers that many may have given up. Ontario is home to markets with the biggest recent run-ups. A survey by Right at Home Realty found 74 per cent of younger Ontarians aged 18 to 34 say they may never be able to afford a home where they currently live.

Michelle Makos, broker-owner at Royal Heritage Realty, sells real estate for a living but doesn’t like what she’s seeing, especially after a conversation with her recently engaged daughter who wants to buy a first home.

“She made a comment that they may have to move to the United States to find something they can afford and truly I would hate to lose my children simply because they feel like the housing situation here is out of their reach,” Makos told Yahoo Finance Canada.

“Being in real estate, it just made me realize, the one thing I love doing is the one thing that could cost me my daughter, if she were to leave.”

So she took to Twitter to see if other Canadians were feeling the same way as her daughter. She conducted a Twitter poll that showed many were in the same boat.https://platform.twitter.com/embed/Tweet.html?creatorScreenName=JessySBains&dnt=true&embedId=twitter-widget-1&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X2VtYmVkX2NsaWNrYWJpbGl0eV8xMjEwMiI6eyJidWNrZXQiOiJjb250cm9sIiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1395756831100882947&lang=en&origin=https%3A%2F%2Fca.finance.yahoo.com%2Fnews%2Fwhat-canadians-need-to-know-about-moving-to-the-us-for-more-affordable-real-estate-131344769.html&sessionId=06d9c3e7619ac1c3744b64cd9cc60845665a4a57&siteScreenName=Yahoo&theme=light&widgetsVersion=82e1070%3A1619632193066&width=550px

She was flooded with messages from frustrated Canadians who were seriously considering leaving the country because of high home prices and shared many of them on Twitter. She eventually put a selection of the messages she received in a handy document for everyone to see.https://platform.twitter.com/embed/Tweet.html?creatorScreenName=JessySBains&dnt=true&embedId=twitter-widget-2&features=eyJ0ZndfZXhwZXJpbWVudHNfY29va2llX2V4cGlyYXRpb24iOnsiYnVja2V0IjoxMjA5NjAwLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X2hvcml6b25fdHdlZXRfZW1iZWRfOTU1NSI6eyJidWNrZXQiOiJodGUiLCJ2ZXJzaW9uIjpudWxsfSwidGZ3X3R3ZWV0X2VtYmVkX2NsaWNrYWJpbGl0eV8xMjEwMiI6eyJidWNrZXQiOiJjb250cm9sIiwidmVyc2lvbiI6bnVsbH19&frame=false&hideCard=false&hideThread=false&id=1397895446048169985&lang=en&origin=https%3A%2F%2Fca.finance.yahoo.com%2Fnews%2Fwhat-canadians-need-to-know-about-moving-to-the-us-for-more-affordable-real-estate-131344769.html&sessionId=06d9c3e7619ac1c3744b64cd9cc60845665a4a57&siteScreenName=Yahoo&theme=light&widgetsVersion=82e1070%3A1619632193066&width=550px

“We as a country can do better,” said Makos.

But not so fast if you’re like any of these people and thinking of moving across the border. There are a number of things to consider.

Immigration rules for moving from Canada to the U.S.

The first thing to consider is immigration laws. If you work from home, you can’t just grab your laptop and start working from the U.S.

Sara Herbek, managing partner at Global Immigration Associates, says you need a U.S. employer to sponsor you and be qualified for a TN or L-1 visa.

“If a Canadian employer has a U.S. entity, this could potentially be another option, however, it depends on the visa category,” Herbek told Yahoo Finance Canada.

It’s the same deal if you plan to work for a U.S. employer.

“Canadians are able to present TN and L-1 visa petitions at the border (now by air is recommended versus by land),” said Herbek.

“In other visa categories, the employer would need to file the visa petition with United States Citizenship and Immigration Services (USCIS) and obtain approval first.”

Herbek says it’s important to have all of the correct paperwork when entering the U.S. to avoid being turned away.

“They should ensure they have original documents when appearing at the border: approval notice, as applicable, educational documents, birth or marriage certificates,” said Herbek.

Mortgage rules for buying a home in the U.S.

Unless you’re lucky enough to be able to buy a home outright, you’ll need a mortgage and things are mostly similar to obtaining a mortgage in Canada if you’re moving to the U.S. permanently, but with some key differences.

Rob Mclister, mortgage editor at RATESDOTCA says one of them is proof of income.

“It may be harder to prove income to the U.S. lender’s satisfaction if you have already moved to the U.S. before applying for a mortgage,” Mclister told Yahoo Finance Canada.

“That’s because most mainstream U.S. lenders generally want to see at least two years of U.S. tax returns. If this is the case, find a good broker in the U.S. to advise you.”

If you plan to buy before your immigration and job situation are sorted out, Mclister says most lenders will want 20-25 per cent down instead of the 5 per cent minimum in Canada.

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Canadian Mortgage Debt Hits $1.69 Trillion, Fastest Rate of Growth Since 2010

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Canada is experiencing a real estate boom, and it’s fueled by a flood of cheap mortgage debt. Bank of Canada (BoC) data shows mortgage credit reached a record high in April. That’s no longer a surprise since it’s a regular occurrence, but the rate of growth is noteworthy. Canadians added the equivalent of 6% of GDP to mortgage debt over the past year. It’s now growing at the fastest rate in a decade, as people scramble to buy as much house as possible. 

Canadian Mortgage Debt Hits $1.69 Trillion, After Growing 6% of GDP

Canadian mortgage debt reached a record high, adding a massive amount in just a short period. The balance reached $1.69 trillion in April, up 1.06% ($17.74 billion) from the month before. The annual increase works out to 7.80% ($122.25 billion), which is just a mind-blowing number. For context, $122.25 billion is the size of ~6% of the country’s GDP. With this kind of scale, it shouldn’t be a surprise how dependent the economy is on real estate. 

Canadian Residential Mortgage Debt

The outstanding dollar amount of residential mortgage credit held by Canada’s instituional lenders.

Canadian Mortgage Debt Is Growing At The Fastest Rate Since 2010

The rate of mortgage growth isn’t just high for this period — it’s high by historical standards. The annual rate of growth is the largest seen since 2010. For the month of April, you need to go a little further back — to 2009. Usually, during a recession, it’s difficult to get households to borrow. In Canada, households ramped up the borrowing and purchases of expensive goods.

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