Bloomberg Toronto home sales shot to a record in May and prices surged amid fierce competition for single-family homes. There were 12,870 homes sold in May, 11 percent higher than last year, according to the real estate board in Canada’s biggest city. With listings falling 6.4 percent from last year, average prices rose 16 percent to C$751,908 ($581,207). Detached ...

  Bloomberg MCAP Corp., a Canadian mortgage finance company, will seek to raise about C$275 million ($212 million) through an initial public offering as soon as next month, according to people with knowledge of the company’s plans. The Toronto-based business, which has about C$55 billion of mortgages under administration, filed a preliminary prospectus with Canadian regulators last month for an ...

  Bloomberg China’s central bank will further adjust how it assesses the amount of deposits banks must set aside with it as reserves to help ease swings in cash markets. From July 15, the People’s Bank of China will check banks’ average deposit value during a certain period, instead of at the end of a period, it said in a ...