Glacier FarmMedia COVID-19 & the Farm

Global Markets: Toronto house sales point to real estate downturn

Compiled by Glen Hallick, MarketsFarm

WINNIPEG, July 6 (MarketsFarm) – The following is a glance at the news moving markets in Canada and globally.

– At just over 11,100, house sales last month in Toronto fell 28.5 per cent compared to a year ago, with analysts warning the housing market could be headed for a slump. The Toronto Regional Real Estate Board reported sales also dropped seven per cent from May and were significantly lower than the record 15,000 houses sold in March. The board also noted home prices jumped 17 per cent from a year ago with an average price of C$1.09 million. When compared to May’s average price that was a dip of 0.95 per cent.

– Monday’s meeting of the OPEC+ alliance was cancelled due to the bitter disagreement between Saudi Arabia and the United Arab Emirates with no date scheduled to meet again. The two countries have been at odds over proposed oil production increases. There are concerns within the alliance on Tuesday that a price war may quickly ensue as global demand for crude rises. With production talks left in limbo, world oil prices climbed to their highest levels in six years.

– Tensions continued to rise on Tuesday between Ethiopia and Egypt over the controversial Grand Ethiopian Renaissance Dam. Ethiopia officially informed Egypt that it has started filling water behind what is said to be Africa’s largest hydro-electric project. The dam is situated on a tributary of the Nile River, which has raised fears in Egypt, as well as in Sudan, that water flow in the future will be curtailed. Ethiopia stated the filling is taking place during the rainy season of July and August. However, Egypt condemned the move as “a violation of international law.”

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