Posthaste: Toronto housing still hot, Trans Mountain blues — and even BoJo’s bro bails
Seems like you can’t keep the Toronto housing market down. The latest numbers out of the Toronto Real Estate Board saw sales and prices climb in August as demand outstripped supply. Sales were up 13%, driven by a 21% jump in detached home sales. The benchmark price rose 4.9% to $802,400. “Our housing supply has not kept up with population growth, which has led to pent-up housing demand,” TREB CEO John DiMichele said in a statement. “With the federal election less than two months away, all political parties should be making their housing policy stance clear.”
Boris Johnson’s terrible week just got worse. Chalking up three defeats in two days, Britain’s new Prime Minister lost his bid for a snap election yesterday, leaving Brexit once again in limbo. Now his own brother has quit the government in protest of his brother’s strategy.
It’s been an honour to represent Orpington for 9 years & to serve as a minister under three PMs. In recent weeks I’ve been torn between family loyalty and the national interest – it’s an unresolvable tension & time for others to take on my roles as MP & Minister. #overandout
Meanwhile, a bill to stop a no-deal Brexit is poised to become law. Johnson will attempt to launch a fightback with a speech appealing for an election today.
The long-delayed Trans Mountain pipeline extension was thrown another hurdle yesterday when the Federal Court of Appeal allowed six new legal challenges. The decision did not overturn approval of the project, and isn’t likely to stop construction, which recently started. But another potential setback was disappointing to the industry and Alberta’s government which needs the pipelines to bolster its coffers. “As other Albertans have been frustrated, we have been very frustrated with that process,” Finance Minister Travis Toews told reporters after addressing a Calgary Chamber of Commerce luncheon. “The fact we can’t get a pipeline to tidewater in a reasonably predictable timeline is incredibly frustrating.”
Here’s what’s you need to know this morning:
The International Economic Forum of the Americas will host the Toronto Global Forum under the theme “Navigating a World of Disruption.” Notable speakers include Manulife CEO Roy Gori, Linamar CEO Linda Hasenfratz, MLSE CEO Michael Friisdahl, Canadian Bankers Asssociation president Neil Parmenter, Coca Cola president James L. Dinkins and former White House communications director Anthony Scaramucci
Scotiabank will hold its annual Financials Summit over two days, during which several top executives from banks, insurance companies and other financial firms will speak. Notable speakers on Sept. 5 include Manulife Financial Corp. CEO Roy Gori, Great-West Lifeco Inc. CEO Paul Mahon, Sun Life Financial Inc. CEO Dean Connor and TMX Group Ltd. CEO Lou Eccleston
Bank of Canada Deputy Governor Lawrence Schembri delivers speech in Halifax at 12 p.m. ET
Marijuana Business Daily will hold its annual MJBizConInt’l cannabis industry conference in Toronto until Sept. 6. Notable speakers include Canopy Growth Corp. CEO Mark Zekulin, former Prime Minister Kim Campbell and Canadian Securities Exchange CEO Richard Carleton.
Alberta Finance Minister Travis Toews speaks to the Edmonton Chamber of Commerce.
Alimentation Couche-Tard discusses first-quarter results released Wednesday.
Heritage Minister Pablo Rodriguez announces funding in Montreal for Artitalia Group Inc., a steel and aluminum company
Notable earnings: Lululemon, Transcontinental
Today’s data: U.S. factory orders, ISM U.S. services index
Canada’s trade deficit is bigger than we thought. Economists had been expecting a gap of $350 million; what they got was a $1.12 billion deficit, signalling that recent export strength could be fading. Exports to the U.S., our biggest trading partner, slumped 1.1% and exports to China were down 15.5%. Imports, however, are up which could be a sign of stronger domestic demand.