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Iran Rejects Nuclear Talks with U.S. Following Israeli Strikes

Iran has declared negotiations with the United States over its nuclear program "meaningless" after Israel launched its largest-ever military strike against Iranian targets. Tehran accused Washington of enabling the attack, stating that the U.S. cannot claim to seek diplomacy while allowing Israel to target Iranian territory. The sixth round of U.S.-Iran nuclear talks was scheduled to take place in Oman on Sunday, but the recent escalation has cast doubt on whether the discussions will proceed. Iran maintains that its uranium enrichment program is solely for civilian purposes, rejecting Israeli claims that it is secretly developing nuclear weapons. The U.S. has denied any involvement in Israel’s actions and urged Iran to continue negotiations. However, Iranian officials insist that Israel’s influence over the diplomatic process has undermined any potential for meaningful dialogue. With tensions rising, the future of nuclear diplomacy between Iran and the U.S. remains uncertain...
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Housing starts drop 10% in July: CMHC

 



According to the Canada Mortgage and Housing Corp. (CMHC), the annual pace of housing starts in July fell 10% compared with June when they posted their strongest showing so far this year. The seasonally adjusted annualized rate of housing (SAAR) starts fell to 254,966 units in July from a revised 283,498 units in June. The national housing agency says the monthly SAAR of total housing starts for all areas in Canada decreased 10% in July compared to June, which was the strongest month so far this year. Despite the monthly drop, total SAAR housing starts for all areas in Canada was 7.4% above the 5-year average.

This is a significant drop and could be attributed to various factors such as rising interest rates, high home prices, and supply chain disruptions. The CMHC also reported that Metro Vancouver’s annual pace of housing starts fell 23% in July while Toronto dropped 29%. Meanwhile, Montreal rose 12%, Calgary gained 33%, and Edmonton added 6%3.  


Impact of housing starts drop on home buyers.

The drop in housing starts could lead to a decrease in the supply of homes available for purchase. This could lead to an increase in home prices due to the lack of supply1. The cost of housing has already reached levels that are unaffordable for a large share of new home buyers, translating into a slowdown in 2022. The expected increases in borrowing costs contribute to a further slowdown in house price growth in 2022 and 2023.


Impact of housing starts drop on renters.

The drop in housing starts could lead to an increase in home prices due to the lack of supply. This could also lead to an increase in rental prices as renters compete for fewer available units. The cost of housing has already reached levels that are unaffordable for a large share of new home buyers, translating into a slowdown in 2022. The expected increases in borrowing costs contribute to a further slowdown in house price growth in 2022 and 2023.


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