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Source: James MacDonald/Bloomberg

Plunging Canadian housing sales and prices are prompting one of the country’s major financial-industry investors to plow C$1.7 billion ($1.3 billion) into a bet that it won’t be a protracted slump. 
Smith Financial Corp., the family holding company of First National Financial Corp. co-founder Stephen Smith, is offering C$44 a share for Canadian mortgage lender Home Capital Group Inc. The bid came after a 40% tumble in Home Capital’s shares as rising interest rates sent Canadian housing prices down 10% from their peak, souring investors on mortgage lenders.

source

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