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Rental prices surge in Canada

The latest data from Rentals.ca and Urbanation shows rental costs across Canada are rising at an alarming rate, with the average asking price for units hitting $2,193 per month in February. This represents a staggering 10.5% year-over-year increase, marking the fastest annual growth since September 2023.

The surge is being felt across housing types and regions. One-bedroom units now command an average of $1,920 per month, a 12.9% spike from last year. Two-bedrooms are listed at $2,293 on average, an 11.3% annual rise. Overall, asking rents have ballooned by 21% or $384 per month over just the past two years as interest rates climbed.

You can read more on the matter here.

What’s going on?

• Elon Musk’s Charity Faces Multi-Million Dollar Fine Over Donation Shortfall (theDeepDive)

• Philippine seafarers who survived Houthi Red Sea attack arrive home (Reuters)

• Proposed Act Aims to Pay Musicians Fair ‘Living Wage’ from Streaming (theDeepDive)

• Haiti’s leader resigns as gangs run rampant through country engulfed in crisis (CNN)

• What’s Florida Governor Ron DeSantis’ Real Issue With Cannabis? (theDeepDive)

• Inflation Picks Up to 3.2%, Slightly Hotter Than Expected (WSJ)

• Major Chipmakers Delay US Factory Plans Despite CHIPS Act Subsidies, The Reason: DEI (theDeepDive)

• Oil Fluctuates as US Inflation Remains Stronger Than Expected (Bloomberg)

• The #WhereIsKateMiddleton Plot Thickens: News Agencies Issue Kill Notice As New Photo Appears To Have Been Manipulated (theDeepDive)

• OpenAI Calls Elon Musk ‘Incoherent’ in Legal Filing (WSJ)

• US Threatens Austria’s Top Bank with Sanctions Over Russian Dealings: Is EU Next? (theDeepDive)

What’s the latest?

• US Inflation: In February, the core consumer price index, excluding food and energy costs, rose by 0.4% from January and 3.8% from a year ago, exceeding forecasts for the second consecutive month. The overall CPI increased by 0.4% from January and 3.2% from a year ago, primarily driven by rising gasoline prices. These figures suggest persistent inflationary pressures, contributing to the Federal Reserve's cautious stance on interest rate cuts.

• Rent Up: A report by Rentals.ca and Urbanation reveals that the average asking price for rental units in Canada surged to $2,193 per month in February, marking a substantial 10.5% year-over-year increase, the fastest growth since September 2023. Specifically, the average monthly cost for one-bedroom units rose by 12.9% to $1,920, while two-bedroom units increased by 11.3% to $2,293 annually.

• Scholastic Expansion: Scholastic Corp., the largest publisher and distributor of children's books, is set to acquire 9 Story Media Group for US$185 million. 9 Story Media Group specializes in creating and distributing television content for children, with a focus on animation and consumer products. The acquisition aims to expand Scholastic's reach by leveraging 9 Story's expertise to translate more of its books into television content and vice versa.

• Spending Demands: According to a recent survey by the Nanos Research Group for Bloomberg, approximately 63% of Canadians want Prime Minister Trudeau to reduce government spending, attributing it as a primary driver of inflation. Among respondents, 38% advocate for using the saved funds to repay government debt, while 25% suggest tax cuts

• Ukraine Strikes Russia: On Tuesday Ukraine launched a major attack on targets in Russia using drones and rockets, resulting in significant damage to the NORSI oil refinery. Lukoil's NORSI refinery, which processes about 15.8 million tonnes of Russian crude annually, saw its main crude distillation unit (AVT-6) damaged, halting at least half of its production. The refinery accounts for 5.8% of Russia’s refining capacity.

A sit down with Thomas George at Grizzle

The stock market and stuff

• Airbnb bans use of all indoor security cameras to ‘prioritize the privacy’ of guests (CNBC)

• Bitcoin Sets Another All-Time High as Crypto Sees Record Inflows (Bloomberg)

• Having Overtaken Tesla, BYD Is Running Into Problems Overseas (WSJ)

• Google restricts election-related queries for its Gemini chatbot (CNBC)

In the juniors

• Thesis Gold Hits 8.46 g/t Gold Over 20.0 Metres At Ranch Project (theDeepDive)

• DiagnaMed Enhances CERVAI Brain Health Platform Commercialization Efforts In Canada (theDeepDive)

• BowFlex Doesn’t Make It Through Post-Pandemic, Post-Ozempic Environment, Files For Bankruptcy (theDeepDive)

• Strategic Resources Reports NPV(8%) Of US$957 Million For Iron Pellet Project (theDeepDive)

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