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Toronto Housing Market Under Pressure

The Greater Toronto Area is experiencing an unprecedented spike in distressed property sales, with Power of Sale listings surging from just five in September 2020 to 472 last month, according to analysis by the Globe and Mail.

The crisis intensified throughout 2025, with the year already recording 1,232 new Power of Sale listings by September—surpassing all of 2024. Current active listings have increased 59% from the same period last year, with some estimates suggesting that as many as 780 such properties now represent roughly 3% of all GTA listings.

Power of Sale occurs when lenders force the sale of a property after mortgage defaults, allowing them to recover debt without taking full ownership through foreclosure. Unlike traditional foreclosures, homeowners retain title until the property sells but have no control over the process.

You can read more on the matter here.

What’s going on?

• Kazatomprom Cuts 2026 Uranium Guidance By 10% (theDeepDive)

• Canada’s trade deficit widens to second-highest level as exports drop (Globe)

• Quebec Wants LNG But Ottawa Says Not Yet (theDeepDive)

• OpenAI’s computing deals top $1tn (FT)

• Ontario Premier Vows to Pull Diageo Brands from Stores Over Plant Closure (theDeepDive)

• Trump's threat to invoke Insurrection Act escalates showdown with Democratic cities (Reuters)

• Carney’s Four-Year Net-Zero Banking Alliance Ends As Members Exit (theDeepDive)

• Gold Prices Top $4,000 for First Time (WSJ)

• Briefing Note Promoted Quebec LNG Project, But Company Met Only Junior Staff (theDeepDive)

What’s the latest?

• Real Estate: The CMHC warns that mortgage delinquencies and arrears are expected to rise as about two million Canadian mortgages renew in 2025–2026 at rates roughly three percentage points higher than five years ago. The national delinquency rate climbed to 0.22% in Q2 2025, up from 0.14% in 2022. CMHC flags Toronto condo owners as most at risk due to pandemic-era low-rate mortgages now facing steep renewals and high unemployment. Despite pressures, TD Bank says the situation won’t “shock” the system, citing a 1.7% drop in average mortgage payments in late 2024.

• Markets: Canada’s main stock index slipped in late-morning trading, dragged down by weakness in technology and energy stocks. The S&P/TSX Composite Index fell 70.64 points to 30,461.24. In the U.S., major indexes also moved lower, with the Dow Jones down 57.21 points, the S&P 500 down 18.82 points, and the Nasdaq off 96.19 points. The Canadian dollar traded at 71.72 cents U.S., while crude oil slipped to US$61.51 per barrel and gold rose US$27.70 to US$4,004.00 an ounce.

• Gold: Gold surged past US$4,000 per ounce for the first time Tuesday as investors flocked to safe-haven assets amid the ongoing U.S. government shutdown and global economic uncertainty. Futures rose roughly 50% year to date, trading near US$4,013, while silver jumped 60% to US$48. Analysts cite Trump’s escalating trade wars, a weaker U.S. dollar, and Federal Reserve rate cuts as key drivers. UBS’s Giovanni Staunovo noted the rally’s roots trace back to 2022, when Western allies froze US$300 billion in Russian assets. However, experts warn gold remains volatile and environmental risks are growing due to increased mercury use in illegal mining.

• Politics: Prime Minister Mark Carney meets U.S. President Donald Trump in Washington amid mounting pressure to secure relief from U.S. tariffs on Canadian steel, aluminum, and autos. Canada has already made concessions, including dropping counter-tariffs and scrapping the digital services tax, while introducing a $1.3B border plan. Trump emphasized tariffs’ importance for the U.S., while opposition leader Pierre Poilievre urged Carney to “negotiate a win.” Ontario Premier Doug Ford criticized the tariffs, calling the lack of a deal “a shame” and urging stronger action.

• OPEC: OPEC+ will raise November output by 137,000 barrels per day, its smallest monthly increase since April, amid fears of a global oil surplus. Brent crude has dropped 8% to below US$65, trading between US$60–70 since April, down from US$82 early this year. Global inventories climbed 269 million barrels in the first nine months of 2025, with China accounting for over one-third. Analysts warn of potential oversupply as non-OPEC production rises and demand slows post-summer.

GoldX2 Expands Near Moss Lake

The stock market and stuff

• NYSE Parent ICE Invests Up To $2B In Polymarket (theDeepDive)

• Equinox Gold Reports Q3 Production Of 236,470 Ounces Of Gold (theDeepDive)

• State Street’s flagship S&P 500 ETF suffers record $32bn outflows (FT)

• Why Did Ecuador Revoke DPM’s Loma Larga License? (theDeepDive)

• Ivanhoe Sees Q3 Copper Production Fall To 71,266 Tonnes At Kamoa-Kakula (theDeepDive)

In the juniors

• US Takes 10% Equity On Trilogy Metals For $35.6M, Sends Shares Over 230% (theDeepDive)

• West Red Lake Gold Posts Q3 Production Of 7,055 Ounces (theDeepDive)

• Anfield Energy Receives State Approvals For Velvet-Wood Mine, Groundbreaking Expected Within 30 Days (theDeepDive)

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