Meanwhile, the benchmark price of a home in Toronto dropped 0.1 per cent in August from July to C$1.16 million, marking the first decline since March. Not all sellers have chosen to take lower than expected selling prices, resulting in fewer sales,” said Toronto Regional Real Estate Board chief market analyst Jason Mercer. “As interest rates continued to increase in May, after a pause in the winter and early spring, many buyers have had to adjust their offers in order to qualify for higher monthly payments. The volume of home resales in the Toronto region fell one per cent in August from July. Toronto housing market cools in August: Higher borrowing costs have squeezed buyers out of the market. The Calgary-based company plans to fund the deal through a combination of debt and equity. The deal will help position the Canadian pipeline operator as the largest natural gas provider in North America. gas: Enbridge is shelling out US$9.4-billion to buy three utilities from Dominion Energy. North American futures are pointing to a relatively flat open when trading gets underway this morning.īetting big on U.S. economy and clues to the central bank’s interest rate plans moving forward.
Don’t miss BNN Bloomberg’s live panel of experts who will provide instant reaction and analysis after the rate announcement.įed’s Beige Book: South of the border, traders are awaiting the release of the U.S. However, with inflation ticking higher to 3.3 per cent in July year-over-year, nothing is ever a done deal. Many economists are expecting the central bank to hold its key lending rate steady at five per cent, following data last week from Statistics Canada that showed the economy contracted in the second quarter.
To hike or not to hike? The Bank of Canada will announce its interest rate decision this morning at 10 a.m. Here are five things you need to know this morning:
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