WINNIPEG – The following is a glance at the news moving markets in Canada and globally.
– Approximately 8,500 workers represented by the Public Service Alliance of Canada and the Customs and Immigration Union are preparing to go on a work-to-rule strike on Friday. As part of their strike action, the workers will only perform the minimum amount of duties required in their contracts. On Monday, new rules come into effect allowing fully vaccinated American citizens and permanent residents to enter Canada for non-essential purposes. The Canadian Border Services Agency said it will “respond quickly” to any job action.
– The National Bank of Canada said it will take longer for homebuyers to save up for a down payment on a home, according to its study released on Thursday. During the second quarter of 2021, housing affordability worsened at a rate unseen since 1994. It would now take 69 months at a rate of 10 per cent median pre-tax household income to save up enough for a down payment to an average home, compared to 57 months last year. However, in cities like Vancouver, Victoria and Toronto, it would take at least 26 years.
– Canada posted a trade surplus of C$3.23 billion, the country’s largest since 2008, in the month of June, according to a Statistics Canada report. Exports increased by 8.7 per cent, the largest gain since July 2020, mainly driven by shipments of oil and automobiles. Analysts had forecast a trade deficit of C$680,000.