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Realtors Throw In The Towel

The Toronto Regional Real Estate Board saw its first year-over-year membership decline since at least 2016, with 1,363 fewer members in July 2024. 

Scott Ingram, a TRREB member and chartered accountant, told Storeys that there two primary factors contributing to this decline. First, the current market conditions are significantly less favorable than in recent years. Home sales in Toronto and the Greater Toronto Area have slowed considerably since the pandemic highs, with July 2024 recording only 5,391 sales compared to the peak of 15,652 in March 2021.

You can read more on the matter here.

What’s going on?

• Ottawa’s Program Expenditures Jump Nearly 15% Amid Growing Deficit (theDeepDive)

• Statistics Canada says country posted $684M merchandise trade surplus in July (BNN)

• China Launches Anti-Dumping Probe into Canadian Canola Imports Amid Trade Tensions (theDeepDive)

• US Trade Deficit Widens to $78.8 Billion, Largest in Two Years (Bloomberg)

• How the Far-Right AfD’s Historic Win Signals a Troubling Shift in Germany (theDeepDive)

• Russia built covert trade channel with India, leaks reveal (FT)

• “How Deals Die”: Inside The 24-Year Study on How 1 in 10 M&As Fall Apart (theDeepDive)

• Ukraine’s foreign minister Kuleba resigns as Russian strikes kill seven in Lviv (Globe)

• Cantor Fitzgerald Predicts Uranium Boom Amid Kazatomprom’s Supply Shortfall (theDeepDive)

• Mortgage refinance demand is 94% higher than a year ago, as interest rates fall again (CNBC)

• Mongolia Welcomes Russian President Vladimir Putin, Ignoring ICC Arrest Warrant (theDeepDive)

• Job openings fell more than expected in July in another sign of labor market softening (CNBC)

• Elon Musk Doxxes Brazilians After Defying Court Orders (theDeepDive)

What’s the latest?

• Rate Cuts: The Bank of Canada cut its key lending rate by a quarter percentage point to 4.25%, marking its third consecutive rate reduction. Governor Tiff Macklem cited easing inflation and the need to boost economic growth as key factors in the decision. With inflation nearing the 2% target, the bank emphasized balancing risks, suggesting the possibility of more rate cuts if inflation continues to ease as anticipated.

• OPEC Delays: OPEC+ is considering delaying a planned increase of 180,000 barrels per day in oil output for October due to a sharp decline in prices, which fell to their lowest level since December 2023. The discussions come as Brent crude dropped below $75 a barrel, driven by concerns over both supply and demand.

• Trade Surplus: Canada posted a merchandise trade surplus of $684 million in July, rebounding from a revised deficit of $179 million in June. Imports decreased by 1.7% to $65.0 billion, with a significant 10.8% drop in motor vehicles and parts, particularly an 18.7% fall in passenger cars and light trucks. Exports saw a smaller decline of 0.4% to $65.7 billion, driven by a 5.4% decrease in motor vehicle and parts exports.

• US Job Openings: US job openings in July fell to 7.67 million, the lowest since early 2021, while layoffs increased, signaling a weakening demand for workers. The Bureau of Labor Statistics' JOLTS report showed a drop from the revised 7.91 million in June, coming in below all economist estimates.

• AI Funding: Safe Superintelligence, co-founded by OpenAI's former chief scientist Ilya Sutskever, has raised $1 billion in funding to develop advanced AI systems. SSI will focus on AI safety research, acquiring computing power, and building a trusted team before bringing their product to market. The funding round saw participation from major venture capital firms like Andreessen Horowitz, Sequoia Capital, and DST Global, and valued the company at approximately $5 billion.

Ramp Metals’ gold discovery

The stock market and stuff

• Bank of Canada Again Cuts Rates By 25 Basis Points (theDeepDive)

• Nordstrom founders offer $23 per share to take department store private (Reuters)

• Volvo Walks Back Electric-Only Goal as Global EV Demand Falters (theDeepDive)

• Star manager Rob Arnott launches ETF to buy up index ‘rejects’ (FT)

In the juniors

• Kits Eyecare Expects Q3 Sales To Exceed $41 Million (theDeepDive)

• Plurilock Successfully Integrates With Acronis Cyber Protect Cloud Platform (theDeepDive)

• Blackrock Silver Reports $326 Million After-Tax NPV For Tonopah West Project (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.