March 7 roundup - MoneySense

March 7 roundup

On credit card fraud, housing affordability and Canada’s newest billionaire.


•Turns out chip credit cards are doing their job after all. Canada’s banks lost $70 million due to skimming fraud in 2011, down from $119 million in 2010 and $142 million in 2009, according to a new report.

•Two new reports on housing affordability in Canada suggest the market is starting to simmer down. RBC said homes became slightly more affordable in the last quarter while Scotiabank said the risk of an overheating market is falling.

•Meet Canada’s newest billionaire: Lawrence Stroll. The Montreal native ranks 719th on Forbes’ latest list of billionaires. Stroll, 52, and his business partner recently took fashion house Michael Kors public. The move paid off big time.