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Mortgage defaults are accelerating in Toronto region

Mortgage defaults are accelerating the Toronto housing market according to data tracked by broker John Flynn on X. 

The Toronto Regional Real Estate Board (TRREB) reported over 200 active or conditional listings for power of sale or bank-owned properties, blowing past that milestone for the first time, while the Information Technology Systems Ontario (ITSO) recorded over 100 similar mortgage default listings as well.

You can read more on the matter here.

What’s going on?

• DeSantis Doesn’t Want Florida To Be “Reeking of Marijuana”, Vows To Stop Cannabis Measure (theDeepDive)

• Natural resources are more important to the economy than city-dwellers realize (Globe)

• Old SkyDome Seats Become Trash When They Could’ve Been Treasure for Hundreds of Fans (theDeepDive)

• US Job Openings Hit Three-Year Low, Showing Cooling Labor Market (Bloomberg)

• J&J advances $6.48 billion settlement of talc cancer lawsuits (Reuters)

• US Senate Passes Bill To Ban Russian Uranium Imports (theDeepDive)

• Russia ramps up arms production as US boosts support for Ukraine (Reuters)

• NYPD Arrests Over 300 Protesters in Crackdown on College Campuses (Bloomberg)

• Jewish Student Files Lawsuit Against Columbia Over Campus Safety Concerns (theDeepDive)

• Buyouts of Delinquent Commercial Real Estate CLO Loans Jump 210% as Multifamily Landlords Struggle (BNN)

• Georgian lawmakers tussle in parliament after crack down on foreign agent protesters (Globe)

• Canada’s Credit Card Landscape from 2019 to 2024 Shows Surging Balances (theDeepDive)

What’s the latest?

• Trans Mountain Opens: The Trans Mountain oil pipeline expansion, a $34-billion project, officially starts operations today, increasing its capacity from 300,000 to 890,000 barrels per day. This expansion, which twins an existing pipeline running from Alberta to the British Columbia coast, aims to enhance global market access for Canadian oil, potentially boosting the prices received by Canadian oil companies.

• Tesla Layoffs: Elon Musk's recent layoffs within Tesla's Supercharger team have caused uncertainty among automakers and industry suppliers. Despite the sudden staff reductions, General Motors and Ford, among others, maintain their commitment to integrating their electric vehicles with Tesla's charging network. This network expansion was previously endorsed by President Biden and is linked to federal subsidies under the NEVI program, aimed at enhancing EV infrastructure.

• Protests Ended: The demonstration at Columbia University concluded dramatically when NYPD officers, equipped with riot gear, entered a campus building to arrest protesters who had occupied it since the previous night. This intervention was requested by the university's president to restore safety and order as commencement events approached.

• TD Provisions: Toronto-Dominion Bank has set aside US$450 million as an initial provision to address investigations by U.S. regulators into its anti-money laundering practices. The bank is in negotiations with three U.S. regulators and the Department of Justice, and the provision relates to discussions with only one of these regulators.

• Hudsons Bay Layoffs: Hudson's Bay Co. is undergoing another round of layoffs, affecting fewer than 100 employees, which is less than one percent of its total workforce. The company describes this move as a "realignment" of its organizational structure to adapt to ongoing pressures in the Canadian retail sector. This announcement comes a year after a similar reduction in 2023, where the company made two separate cuts totaling around 500 corporate positions.

Declining Living Standards Frustrate Canada's Under 30

The stock market and stuff

• Loblaw Claims CPI Food Inflation Higher Than Internal Inflation In Q1 2024 Financials, Hikes Dividend (theDeepDive)

• Goldman Sachs Bullish on AI Energy Theme, Recommends Cameco as Top Commodity Pick (theDeepDive)

• Barrick Gold is not interested in bidding for Anglo American (Reuters)

• Changpeng Zhao Sentenced to 4 Months in Prison for Breaking Anti-Money Laundering Laws (theDeepDive)

In the juniors

• Red Pine Exploration Withdraws All Previous Assay Results From Flagship Wawa Gold Project (theDeepDive)

• Intrepid Metals Hits 0.68% Copper Over 193 Metres At Corral Copper Project (theDeepDive)

• Sterling Metals Set To Acquire Copper Road Project (theDeepDive)

• Anfield Energy Files Plan Of Operation For Uranium Mining In Utah (theDeepDive)

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