Sponsored by ATHA Energy

GTA faces real estate price-fixing class action

After two years of careful consideration, the Federal Court has given the green light for a class-action lawsuit, centered around accusations of price-fixing and anti-competitive practices within the Greater Toronto Area (GTA) real estate industry.

The lawsuit, initiated in April 2021 on behalf of Mark Sunderland, a Toronto resident, and anyone who has sold a home in the GTA since 2010, alleges wrongdoing by prominent brokerages such as Century 21, Remax, and IproRealty Ltd. Additionally, the Canadian Real Estate Association (CREA) and the Toronto Regional Real Estate Board (TRREB) are named defendants in the case.

On September 25, Chief Justice Paul Crampton ruled in favor of allowing the lawsuit to move forward, suggesting that there exists a credible argument that regulations imposed improper limitations on the pricing of buyer brokerage services. The defendants had sought the court’s intervention to dismiss the claim, citing its lack of merit.

You can read more on the matter here.

What’s going on?

• Writers’ Strike Ends as WGA Nears Contract Approval, But Battle Extends to Video Games (theDeepDive)

• Court Finds Donald Trump Committed Fraud In Inflating His Assets (theDeepDive)

• Mexico disperses thousands of migrants to ease pressure on southern border (Reuters)

• Poland Initiates Extradition of Nazi SS Veteran Following Canadian Tribute (theDeepDive)

• US targets Iran drone procurement network, accuses it of aiding Russia (Reuters)

• ‘It really sucks right now’: Trudeau Acknowledges Public Discontent (theDeepDive)

• Trump Campaign Caught Unaware that It’s Illegal for the Indicted Ex-President to Buy a Gun (theDeepDive)

• Germany Edges Closer to 50% Renewable Energy Milestone Amid Solar Slowdown (theDeepDive)

• U.S. calls on Azerbaijan to safeguard Armenians as thousands flee Karabakh (Reuters)

• House Speaker Anthony Rota Resigns After Inviting Nazi SS Veteran to Parliament for Standing Ovation (theDeepDive)

What’s the latest?

• Evergrande Blowup: The chairman of China Evergrande Group, Hui Ka Yan, has reportedly been placed under police surveillance. This development adds to the uncertainty surrounding the embattled property developer, which is grappling with a severe liquidity crisis and is the world's most indebted developer with over $300 billion in total liabilities.

• SAFE Banking: The U.S. Senate Banking Committee has approved legislation that would provide federal protections to banks offering financial services to cannabis businesses. The proposed bill aims to improve safety for cannabis-based businesses that currently rely heavily on cash transactions, making them vulnerable to theft and crime. The legislation could encourage larger financial institutions to serve the industry.

• Rentals Canada’s Focus: The Canadian federal government is making an additional $20 billion in low-cost financing available for the construction of rental housing. The Canada Mortgage Bonds program, which funds residential mortgage financing, will see its annual limit increase from $40 billion to $60 billion, with the extra funds aimed at boosting rental construction

• Unifor Dissenters: Skilled trade workers within Unifor are expressing their opposition to the recently ratified Ford contract in Canada. While the majority of the 5,600 autoworkers approved the contract, skilled trade workers, which include electricians, welders, and mechanics, rejected it. The contract included a 15 percent wage increase over three years, a $10,000 signing bonus, and other benefits.

• North Korean Defector Returned: Travis King, the American soldier who crossed into North Korea two months ago, is now in U.S. custody, according to two U.S. officials. King, an army private, was transferred to American custody in China. North Korea had earlier announced its intention to expel him.

The rise of Vivek Ramaswamy

The stock market and stuff

• Ford Suspends Construction on $3.5 Billion EV Battery Plant Amid Labor Strife (theDeepDive)

• Sam Bankman-Fried Wants Temporary Release Again: “He Alone Knows The Facts” (theDeepDive)

• Chase Imposes Ban on Crypto-Linked Payments for UK Customers Amid Fraud Fears (theDeepDive)

In the juniors

• Guanajuato Silver Reveals Resource Of 7.6 Million Ounces Silver Equivalent M&I At San Ignacio (theDeepDive)

• Green Thumb CEO Ben Kovler Loses $52.5 Million Worth Of Shares As Part Of Divorce Settlement (theDeepDive)

• IsoEnergy To Acquire Consolidated Uranium In All-Stock Deal (theDeepDive)

• ATHA Energy Identifies 20 Km Of High Priority Conductive Lineaments In Athabasca Basin (theDeepDive)

FULL DISCLOSURE: ATHA Energy is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of ATHA Energy. The author has been compensated to cover ATHA Energy on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.