Halifax housing prices have skyrocketed: Mayor Mike Savage
We’re stress testing the major parties’ platforms this morning with Canada’s first budget watchdog. Kevin Page, who previously led the Parliamentary Budget Office, joins The Open shortly after 8 a.m. to assess fiscal and economic plans that’ve been put forward so far in the campaign. No doubt we’ll also get his perspective on the lack of any concrete plan to balance the budget.
We’re about to get plenty more fuel for the hottest election campaign topic. This morning we learned that home sales in Greater Vancouver slipped 5.2 per cent in August (albeit still 20 per cent above the 10-year average), while the benchmark composite price was flat at $1,176,600. That comes on the heels of numbers out of Calgary yesterday, which showed a slight moderation in the pace of sales while the city’s benchmark price held steady at just under $460,000 in August – which looks like a bargain compared to Vancouver and Toronto, but still markedly higher than a year earlier. And if you missed it, check out Greg’s conversation with Halifax Mayor Mike Savage about surging home prices in that city.
Rail stocks pushed the S&P/TSX Composite to new intraday and closing records yesterday. The index has now moved higher in the first trading day of every month since May 2020. North American futures are flat this morning ahead of tomorrow’s U.S. non-farm payrolls and former PIMCO bond king Bill Gross is back in the headlines this morning, with his latest commentary describing bond funds as “investment garbage”.
OTHER NOTABLE STORIES
- CIBC announced this morning that it’s becoming Costco’s exclusive credit card partner in Canada and acquiring the bulk retailer’s existing $3-billion card portfolio from Capital One.
- Major Drilling will be on our radar after the company reported its highest quarterly revenue and profit in nine years. CEO Denis Larocque warned however that access to skilled labour “continues to be extremely challenging”. Larocque joins Andy in Commodities shortly after 11am.
- We’re also watching BRP after that company jacked up its full year profit forecast (now seeing as much as $9.75 per share, compared to earlier call for up to $8.50) after reporting a 154 per cent surge in second-quarter adjusted profit.
- Airlines have another logistical nightmare on their hands, with hundreds of flights already cancelled in and around New York this morning as the remnants of Ida flood the region.
- Canada's trade surplus shrank to $778 million in July from $2.6 billion in June as the value of imports rose 4.2 per cent to a record $53 billion, while exports inched up just 0.6 per cent. Autos were the primary import driver, with a 21.1 per cent surge.
- Notable data: Vancouver monthly home sales (900), U.S. initial jobless claims and trade balance
- Notable earnings: BRP
- 9:30: Federation of Canadian Municipalities releases Election 2021 recommendations
- 20:00: TVA hosts French-language leaders debate