Columnist image
Noah Zivitz

Managing Editor, BNN Bloomberg

|Archive

Canada's largest housing market is amplifying affordability concerns today for the hottest economic topic on the campaign trail. The average price of homes sold in the Greater Toronto Area last month climbed to $1.07 million, according to figures released by the local real estate board this morning. That's despite a drop in sales. And so the blame gets pinned on inadequate supply, as the number of new listings collapsed 43 per cent year-over-year. With the federal party leaders throwing everything at the wall to address Canada’s housing problems, we’ll get perspective this morning from the Toronto Regional Real Estate Board’s chief market analyst and pollster Nik Nanos.

MASSIVE U.S. JOBS MISS

Heading into today, economists were expecting to see 733,000 jobs added to the U.S. economy last month. The actual job-creation was less than half of that. Employers hired just 235,000 in August. There’s a partial offset: July’s job growth was revised up to 1.05 million from the originally reported 943,000. It’s hard to sort out investor reaction in the immediate aftermath as traders attempt to make sense of what this means for the U.S. Federal Reserve’s taper timeline. 

OIL HANGING ONTO US$70

West Texas Intermediate crude is steady this morning after climbing above US$70 per barrel yesterday for the first time in almost a month. And that helped propel the S&P/TSX Composite Index to yet another set of intraday and closing records as the energy group led the way higher.

OTHER NOTABLE STORIES

  • Manitoba’s more expansive vaccine passport requirements take effect today. Keep an eye on BNNBloomberg.ca for a cross-Canada look at what governments are doing (or not doing) with proof of vaccination, and how that’s resonating with local business leaders.
  • We’ll watch Didi Global’s NYSE-listed shares today after our Bloomberg News partners reported the ride-hailing company could fall under state control in an escalation of Beijing’s attempt to rein in data security.
  • Hard to imagine this one is coincidental: Air Canada announced today that it will resume flights to Montreal from the island airport in Toronto on Sept. 8. That’s also the date when Porter Airlines is scheduled to finally resume service. 

NOTABLE RELEASES/EVENTS

  • Notable data: U.S. non-farm payrolls and ISM services index
  • 9:15: NDP Leader Jagmeet Singh unveils Quebec platform in Quebec City (plus avail)
  • 9:30: Conservative Party Leader Erin O’Toole makes announcement in Montreal (plus avail)
  • 10:00: U.S. President Joe Biden delivers remarks on the jobs report
  • 11:00: Liberal Party Leader Justin Trudeau makes announcement in Mississauga, Ont. (plus avail)
  • 14:30: Green Party Leader Annamie Paul holds news conference in Toronto
  • 19:00: Deadline for Inter Pipeline shareholders to tender to Brookfield offer