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Feds Pledge $2.5B for Toronto Rentals

The federal government has pledged more than $2 billion to jumpstart the construction of 4,831 rental units in Toronto.

Mayor Olivia Chow described the agreement as “landmark” and “historic,” pointing out that it bundles seven major rental projects and streamlines approvals to expedite construction. According to her, recent interest rate hikes had effectively shut down Toronto’s housing pipeline.

“These projects have zooming approval, they have land and the homebuilders are saying we are ready,” she said. “Now it can happen because of this federal agreement.”

You can read more on the matter here.

What’s going on?

• Mark Carney Expected To Call Snap Election on Sunday (theDeepDive)

• Chinese tariffs come into force on $3.7-billion worth of Canadian goods (Globe)

• Canada Aligning With Europe’s Military Circle Amid Tensions With US (theDeepDive)

• Global debt exceeds $100 trillion as interest costs surge, OECD says (Reuters)

• Greenpeace Faces $667 Million Judgment for Pipeline Protests (theDeepDive)

• Zelenskiy Says Open to US Investing in Nuclear Plants (Bloomberg)

• Germany Passes Trillion-Dollar Plan to Boost Defense, Infrastructure (theDeepDive)

• Home Sales Rose 4.2% in February, Beating Expectations (WSJ)

• Xi Government Signals Displeasure Over CK Hutchison’s $23 Billion Ports Sale (theDeepDive)

• European leaders push for even more defense spending — despite plans for $867 billion ‘ReArm’ package (CNBC)

• Is Trump Classifying Fentanyl As A Weapon of Mass Destruction? (theDeepDive)

What’s the latest?

• Tesla: Tesla Inc. has recalled all 46,096 Cybertrucks sold in the U.S. since its late 2023 launch due to a defect in the steel trim panels. The company reported that 1% of the vehicles have an adhesive issue that can cause trim pieces to loosen and fall off, creating a potential road hazard. As of March 18, Tesla had not yet resolved the issue in production but expected a fix by March 21. The recall marks the sixth Cybertruck recall within a year, adding to concerns about the durability of the vehicle, which was marketed as “really tough” by CEO Elon Musk.

• Copper: Copper fluctuated near $10,000 per ton, with Comex prices up 27% this year and LME prices rising 14%, driven by strong U.S. demand ahead of potential 25% import tariffs. Over 100,000 tons of copper are being diverted to the U.S., creating shortages elsewhere. The LME price hit $10,046.50 per ton, while the LMEX Index of six base metals reached a five-month high. U.S. manufacturers are already paying higher costs, similar to the record aluminum premiums following Trump’s blanket 25% import duty.

• Energy Stocks: Energy stocks are the top-performing sector in the S&P 500 in 2025, up nearly 8% despite oil prices dropping 6%, as investors hedge against inflation and geopolitical risks. Bank of America clients poured into energy stocks, making it the most-bought sector during the recent market correction. Analysts project the sector will see double-digit profit growth in Q3 and 20% earnings growth in Q4, while Wall Street is shifting from negative earnings revisions to upgrades. However, uncertainties remain, including Trump’s push for lower oil prices and potential Russian supply increases if a Ukraine ceasefire occurs.

• Sports: The Boston Celtics are being sold for $6.1 billion, marking the largest team sale in U.S. sports history. The deal, led by private equity executive Bill Chisholm, includes Sixth Street, real estate mogul Bruce Beal Jr., and Boston businessman Rob Hale. Wyc Grousbeck, the team’s current CEO and governor, will remain in charge until 2028. The NBA must approve the deal, which is expected to close this summer. This sale surpasses the $6.05 billion paid for the Washington Commanders in 2023. The Celtics, reigning NBA champions, are strong title contenders again this season.

• Real Estate: Sales of previously owned homes rose 4.2% in February to 4.26 million units, exceeding analyst expectations of a 3% drop, but were still 1.2% lower year-over-year. Inventory increased by 17% to 1.24 million units, yet supply remains tight at 3.5 months, keeping median home prices high at $398,400 (up 3.8%). First-time buyers increased to 31% of sales, while investor participation dropped to 16%, with cash sales holding steady at 32%. However, a separate survey indicated that 53% of real estate agents reported weaker-than-normal spring sales, citing affordability concerns and economic uncertainty.

K92 Mining Q4 Earnings

The stock market and stuff

• Tesla Recalls Cybertrucks Over Detaching Exterior Panels(theDeepDive)

• Nvidia to spend hundreds of billions on US supply chain, says chief (FT)

• Trump Administration Considers Giving Chevron Special Treatment On Venezuelan Oil (theDeepDive)

In the juniors

• First Helium To Develop New Shallow Heavy Oil Discovery (theDeepDive)

• Viscount Mining Drilling Intercepts 1100m of Significant Sulfides In First Deep Drill Hole at the Passiflora in Silver Cliff, Colorado (JMN)

• Goldshore Drills 25.9 Metres Of 1.15 g/t Gold At Moss Gold Project (theDeepDive)

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