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Toronto Housing Slumps to 25-Year Low

Home sales across the Greater Toronto Area declined to their lowest level in a quarter-century last year as economic uncertainty kept buyers on the sidelines despite falling prices and lower mortgage rates.

Real estate agents reported 62,433 transactions through the Toronto Regional Real Estate Board’s MLS system in 2025, down 11.2% from the previous year and marking the weakest performance since 2000.

The December benchmark price of $942,300 represented a 6.3% decline from the same month in 2024, according to the MLS Home Price Index. Average selling prices fell to $1,006,735 last month, down 5.1% year-over-year and the lowest level recorded since January 2021.

You can read more on the matter here.

What’s going on?

• Alberta Separatist Support Stalls at 19% Despite Aggressive Referendum Campaign (theDeepDive)

• U.S. State Department has revoked more than 100,000 visas since Trump took office (Globe)

• US May Take Equity in American Oil Firms After Venezuela Pitch Flops (theDeepDive)

• UK investigates Musk's X over Grok deepfake concerns (Reuters)

• Powell Faces Criminal Investigation as Trump Intensifies Pressure on Fed (theDeepDive)

• Donald Trump threatens to block ExxonMobil from Venezuela (FT)

• Indonesia Expands Land Seizures Across Mining Assets (theDeepDive)

• Democrats See Path to House Control in 2026 (WSJ)

• What If Gulf Coast Refiners Swap Canada for Venezuela? (theDeepDive)

• Greenspan, Bernanke, Yellen and other past officials say Trump using ‘prosecutorial attacks’ to undermine Fed (CNBC)

• Canada Sets 2026 Study Permit Cap at 408,000 (theDeepDive)

What’s the latest?

• Politics: Canada is sending Prime Minister Mark Carney to China for the first PM visit in nearly 10 years, aiming to double non-U.S. exports over the next decade and reduce reliance on the U.S. amid tariffs. China is Canada’s second-largest trading partner, but bilateral trade has been hit by 100% Canadian EV tariffs and Chinese retaliatory tariffs on canola, seafood, and pork. The visit signals a strategic trade diversification push as U.S. protectionism rises and Canada reassesses its export concentration risk.

• Real Estate: Average asking rents in Canada fell 2.3% year-over-year in December to $2,060, the 15th straight monthly decline and lowest level in 30 months. Rents dropped 3.1% in 2025, led by secondary-market units, as record apartment completions and slower population growth eased pressure. Major declines were seen in Vancouver (-7.9% to $2,654) and Toronto (-5.1% to $2,498), while Saskatchewan (+7.1%) and Nova Scotia (+1.8%) posted increases.

• Market: Canada’s TSX rose 219 points (+0.7%), driven by gold stocks as gold jumped US$133 to US$4,634/oz. U.S. markets were mixed: Dow -89, S&P 500 +0.06%, Nasdaq +0.23%. The Canadian dollar strengthened to 72.09 US cents, while oil was flat at US$59.11/bbl.

• Business: Paramount Skydance escalated its $77.9B hostile bid for Warner Bros. Discovery by planning to nominate its own board slate and suing to force disclosure of bid valuations. Warner Bros. rejected the offer and continues to back Netflix’s $72B deal for its streaming and studio assets. Paramount’s move raises pressure ahead of a shareholder vote that has not yet been scheduled.

• Economics: The Trump administration’s criminal probe of Fed Chair Jerome Powell, tied to a US$2.5B Fed building renovation, has triggered bipartisan backlash and intensified concerns over Federal Reserve independence. Republican senators warned they may block future Fed nominees, while economists say the pressure makes a near-term rate cut unlikely. Markets reacted mildly, reflecting expectations Powell can withstand the challenge, but analysts warn the episode raises long-term risks to U.S. monetary credibility.

When High Gold Prices Create New Risks

The stock market and stuff

• DPM Metal Reports 2025 Production Of 244,900 Oz Gold, 30 Million Pounds Of Copper (theDeepDive)

• Silver Dips Are Getting Bought, This Is How Breakouts Start | John Feneck (theDeepDive)

• Alphabet hits $4tn valuation on AI hopes (FT)

• Why Silver Needs to Slow Down to Go Higher | Dan Dickson – Endeavour Silver (theDeepDive)

• Silver, Not Gold, Could Be The Bigger 2026 Swing (theDeepDive)

In the juniors

• Vanguard Mining Completes Drill Program With Assays Now Pending at Redonda Copper-Molybdenum Project, British Columbia (JMN)

• Canada Nickel Expands Reid Resource To 0.87 Billion Tonnes Measured And Indicated (theDeepDive)

• Regency Silver Extends Breccia Target Southwards and Up-Dip Towards Dios Padre Silver Mine in 225m Step Out from Previous Drilling (JMN)

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