Mark Carney’s New Measures to Protect Canadian Steel Industry
Prime Minister Mark Carney has announced new protection measures to bolster Canada’s steel industry, which has been severely impacted by the US tariffs. The measures will impose 50-per-cent tariffs on countries that have free-trade agreements with Canada, and slash current tariff-free steel quotas for countries without free-trade agreements.
Carney also stated that he sees little evidence of a ‘tariff-free deal’ that would remove all US levies on Canadian goods.
Couche-Tard Withdraws from 7-Eleven Parent Bid
Alimentation Couche-Tard Inc. has abandoned its roughly $46-billion effort to take over Seven & i Holdings Co., the parent company of 7-Eleven. The company accused 7-Eleven of failing to engage in meaningful talks towards a potential deal.
GO Residential Launches Rare IPO
GO Residential Real Estate Investment Trust is launching a $410-million initial public offering on the Toronto Stock Exchange, making it one of the largest real estate IPOs in Canadian history.
Sales in Toronto’s Preconstruction Market Slump
Sales in Toronto’s preconstruction market have slid to their lowest level in three decades, causing developers to delay or cancel new planned projects. Meanwhile, residential real estate developers have cut jobs as the Canadian residential development industry faces the worst downturn since the 1990s recession.
Canada’s Housing Market
Canada is building lots of rental housing – and losing interest in condos. National housing starts have held up a lot better because developers are building loads of rental units. Over the past year, there have been roughly 108,000 rental housing starts, according to Canada Mortgage and Housing Corp.
