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12 p.m.
Canada’s rent inflation rate reaches 9-month high, study says
A new report by Rentals.ca and Urbanation says the average asking price for a rental unit in Canada reached $2,149 last month, marking an 11.1 per cent jump from the same period a year ago.
The data, which analyzes monthly listings from the Rentals.ca network, shows Canada reached a nine-month high for the annual rate of rent inflation, while rents also rose 1.5 per cent from August.
The average cost of a one-bedroom unit in September was $1,889, up 9.7 per cent from the same month in 2022, while the average asking price for a two-bedroom was $2,342, up 9.5 per cent annually.
Vancouver leads the way as Canada’s priciest city for renters, with the average one-bedroom unit listed at $2,976 and a two-bedroom at $3,908, followed by nearby Burnaby, B.C.
Toronto ranks third at $2,614 for a one-bedroom and $3,411 for a two-bedroom.
The report says that while rent increases remained strong in most major markets last month, the annual rate of rent growth “slowed substantially” in Toronto, possibly signalling a broader moderation for rent inflation in the months ahead as the economy cools.
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The Canadian Press
11:21 p.m.
Bank of Canada’s Tiff Macklem says rate hikes still on table as global volatility rises
Barbara Shecter
10:31 a.m.
CREA lowers home price forecast after September dip in sales and prices
The average home price is now expected to decline by 3.3 per cent to $680,686.
Shantaé Campbell
10:00 a.m.
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Markets are open: Stocks bounce back
Stocks are bouncing back this morning on solid earnings from some of the largest U.S. banks.
The TSX was up almost 130 points.
Bloomberg and Financial Post
9:48 a.m.
Supreme Court rules against Ottawa’s environmental law
A law passed by Prime Minister Justin Trudeau’s government to review major resource and infrastructure projects was largely struck down by Canada’s top court, which ruled it intrudes on provinces’ jurisdiction.
The law, known as the Impact Assessment Act, had been opposed by Canada’s oil industry, which argued that it increased the complexity of the approval process for major projects like pipelines and gave too much weight to input from parties that aren’t directly affected by the projects.
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Bloomberg
9:27 a.m.
Aimia to raise up to $32.5 million, names new directors and board chair
Aimia Inc. signed a deal to raise up to $32.5 million in a private placement of shares and warrants that will be used to fund operations and support its strategic investment plans.
Under the private placement announced before markets opened Friday, Aimia says it will issue up to 10,475,000 shares together with up to 10,475,000 share purchase warrants. Each share and accompanying warrant will be issued at $3.10 and each warrant will be exercisable at $3.70 per share.
Shares in Aimia, which sold its flagship Aeroplan loyalty program to Air Canada in 2019 and reinvented itself as an investment holding company, closed up seven cents at $3.52 on the Toronto Stock Exchange on Thursday.
The company says that assuming the private placement is fully subscribed and all the warrants are exercised, the maximum number of shares issuable under the private placement represents 24.89 per cent of its currently issued and outstanding shares on an undiluted basis.
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In connection with and subject to the closing of the private placement, Aimia says it will appoint Thomas Finke and Yannis Skoufalos as independent directors. Finke will also be named chair of its board.
The Canadian Press
9:16 a.m.
JPMorgan posts another record, boosts guidance
Net interest income was US$22.9 billion in the three months through Sept. 30, above analysts’ expectations. The biggest U.S. bank said it now expects to generate US$88.5 billion from the revenue source this year.
“We acknowledge that these results benefit from our over-earning on both net interest income and below normal credit costs, both of which will normalize over time.,” chief executive Jamie Dimon said in a statement. Dimon warned that the wars in Ukraine and the Middle East could have far-reaching consequences. “This may be the most dangerous time the world has seen in decades,” he said.
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JPMorgan’s results mirror similar gains at Wells Fargo & Co., which reported Friday that net interest income — the difference between what a bank earns on loans and the amount it pays out on deposits — also topped estimates. The third-quarter reports offer the latest look at how U.S. consumers and businesses are faring as the United States Federal Reserve leaves borrowing costs higher for longer than most economists had predicted.
Bloomberg
7:30 a.m.
Canadian pension funds mull selling stake in Chile’s Transelec
CPPIB, British Columbia Investment Management Corp. and Public Sector Pension Investment Board are in the early stages of evaluating a potential sale of their roughly 72 per cent stake in the Santiago-based utility, the people said, asking not to be identified because the matter is private.
Bloomberg
Stock markets: Before the opening bell
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Treasuries rallied as investors turned to havens on signs Israel is preparing for a ground invasion of Gaza.
U.S. futures edged lower, auguring more losses after a retreat Thursday driven by rising bond yields.
What to watch today
Wall Street kicks off earnings season with JPMorgan Chase & Co., Wells Fargo & Co., Blackrock Inc. and Citigroup Inc. reporting results today.
Additional reporting by The Canadian Press, Associated Press and Bloomberg
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