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 Ontario Moves to Absorb Condo Glut

Ontario’s provincial infrastructure bank and a private investment firm announced March 10 a $1.3-billion fund to buy unsold condominiums across the Greater Toronto Area and convert them into long-term rentals — with a slice set aside as permanently affordable housing.

The deal pairs High Art Capital with the Building Ontario Fund, a Crown agency the Ford government set up in 2024. BOF is contributing up to $300 million in mezzanine debt — not a grant, meaning returns are expected — with the remainder coming from private investors.

Ten consecutive Bank of Canada rate hikes between 2022 and 2023 pushed the overnight rate from 0.25% to 5%, wiping out the investor demand that had long fuelled Toronto’s pre-construction condo sector.

You can read more on the matter here.

What’s going on?

• Valero Refinery Explosion in Port Arthur Triggers Shelter-in-Place Order for Residents (theDeepDive)

• Federal minimum wage increasing to $18.15 per hour (CBC)

• Musk’s Starlink Stumbles Again In Africa As Namibia Says No (theDeepDive)

• Mark Carney calls for humility in politics at National Prayer Breakfast (Globe)

• New Brunswick Emerges as Hub for Defense Manufacturing with $1 Billion Explosives Plant in Talks (theDeepDive)

• Senators Close In on Deal to End DHS Shutdown, Fund TSA (WSJ)

• Russia, Vietnam Sign Deal to Build Hanoi’s First Nuclear Plant (theDeepDive)

• BYD plans 20 Canadian dealerships within a year as 6.1% tariff deal opens the floodgates (Electrek)

• Trump Says the US and Iran Will ‘Jointly Control’ the Strait of Hormuz (theDeepDive)

What’s the latest?

• Real Estate: Canadian farmland values rose 9.3% in 2025, extending a decades-long uptrend but slowing from 11.5% in 2023. Growth was strongest in the Prairies (Manitoba +12.2%, Alberta +11.4%, Saskatchewan +9.4%), while Ontario +2.2%, Quebec +4.8%, and B.C. −1.7% (with Kootenay −21.1%). The market remains supported by tight supply and strong demand, though higher input costs and global disruptions are emerging risks, with support programs offering up to $500K credit lines.

• NASA: NASA is scrapping its Lunar Gateway space station plan and redirecting resources to build a $20B lunar surface base within ~7 years under the Artemis program. The shift repurposes existing Gateway hardware and contracts to support long-term moon operations, amid technical delays and rising competition with China’s 2030 moon landing goals.

• Markets: Canada’s S&P/TSX rose 189.49 to 32,073.30, supported by energy stocks as oil climbed $3.24 to $91.37/barrel. U.S. markets were mixed (Dow +139.77; S&P 500 +1.87; Nasdaq −82.90), while the Canadian dollar weakened to 72.70¢ USD (from 72.90¢). Gold was flat at ~$4,407.50/oz (+$0.20).

• Tech: OpenAI Foundation pledged $1B in grants over the next year to expand its philanthropic efforts, focused on health/life sciences and mitigating AI’s impacts on jobs and mental health. The nonprofit, which oversees a company valued at ~$130B, is scaling up after limited recent activity (e.g., $7.6M granted in 2024) and previously outlined a broader $25B commitment. The move signals a renewed push to align AI development with its mission to benefit society.

• Politics: The Canadian government corrected a Parliament filing that mistakenly said PM Mark Carney did not proactively raise human rights or foreign interference during his January meeting with Xi Jinping. Carney’s office says the information was submitted in error and retabled, confirming he did raise these issues directly in Beijing. The update follows scrutiny from opposition MPs over Canada–China relations.

Roscan Kandiole PEA

The stock market and stuff

• New $35M Prediction Market Fund Backed By Rivals Polymark, Kalshi Execs (theDeepDive)

• Enbridge Forecasts Surge in Canadian Crude Re-Exports Via Gulf Coast (theDeepDive)

• Oil rises back above $100 as Iran launches new strikes (FT)

• Dollarama Takes Margin Hit In Q4 2025 From Australia Unit (theDeepDive)

In the juniors

• Orogen Sees Flat Net Income In Q4 2025 Despite Record Revenue (theDeepDive)

• Faraday Copper Continues to Intersect Near-Surface Copper Mineralization at American Eagle and Expands Keel Laterally (JMN)

• i-80 Gold Completes Massive $1 Billion Financing Plan (theDeepDive)

FULL DISCLOSURE: Nord Precious Metals is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of Nord Precious Metals. The author has been compensated to cover Nord Precious Metals 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.