Five things you should know before starting your day on Dec. 18

Home sales are espected to fall in British Columbia in 2019.Handout-Destination BC-Albert Normandin

Good morning! Housing association CREA sees home sales falling next year. A top market watcher already sees a bear market. The CRTC’s request for lower data-only plans sees the next batch of offerings, and Whistler won’t have as many downhillers next month as it might have, had it not gotten on the oil industry’s bad side. But, one loftier story: Come next summer, if you’re left on the ground at an airport, you’ll get better compensation.


Bumped travellers are to be compensated under proposed air passenger rights rules. Compensation would range from $125 for small carriers for a short delay, up to $2,400 if a passenger is denied boarding, Emily Jackson reports. The Canadian Transportation Agency’s proposed regulations would impose minimum compensation for delays within an airline’s control, such as commercial overbooking or scheduled maintenance, but not for delays it cant avoid. Rules also change for lost or damaged luggage or cellos, and under-14 children would have to be seated near their parents.


Home sales are set to fall to a nine-year low next year, CREA projects. Rising interest rates and strict mortgage stress-test rules will continue to put a damper on homebuyer sentiment, exacerbating the 2018 results, the Canadian Real Estate Association says. The group expects a rebound in sales activity in Ontario and continuing gains in Quebec. Sales were forecast to fall next year in Alberta and B.C.


As we saw yesterday, the stock market is still on a downhill path. The Dow sank another 500 points and the TSX 230. “I think it is a bear market,” said DoubleLine Capital CEO Jeffrey Gundlach, and expects new lows for the S&P 500. “I think we’ve had the first leg down and the second leg down is usually more painful than the first….”


Bell, Rogers and Telus will offer a range of lower-priced data-only wireless plans, following CRTC demands. The plans through the companies’ second- and third-tier brands will range from as low as $15 per month for 250 megabytes of data to $30 per month for one gigabyte of data. The regulator will watch to ensure the plans are implemented, and there will be a “broader” review done next year on the wireless competition environment.


Each year for the past 20 years, CIBC has held an investor conference in Whistler. But this year, there won’t be an energy portion. CIBC cancelled it after the Whistler mayor got on the wrong side of oil producers with his letter last week to Canadian Natural Resources, suggesting it help pay for the cost of climate change. The issue snowballed into a retreat from the conference by other energy firms. In fact, Whistler’s own greenhouse gas emissions have risen 4% in the past year.