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Daily Markets Update: TSX Holds Near Highs as Wall Street Reopens - July 6, 2026

  Monday, July 6, 2026 | Canada's benchmark index closed out last week just shy of a fresh record, and Wall Street is back in action today after Friday's Independence Day holiday closure. Here's everything Canadian investors need to know about global markets this morning. 🇨🇦 Canada: TSX Closes Higher, Just Off Its 52-Week High The S&P/TSX Composite Index closed Friday, July 3 at 35,274.84 , up 308.17 points (+0.88%) . That leaves the index within about 350 points of its 52-week high of 35,629.89, set earlier this summer. Since Canadian markets were closed over the weekend, Friday's print remains the most recent TSX close heading into today's session. The loonie remains under pressure. USD/CAD was trading near 1.421 this morning, keeping the Canadian dollar close to its weakest levels of the past year. Higher-for-longer U.S. rate expectations and softer Canadian growth data have been the main drags, though a pullback in oil prices has also limited support for...
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New home buyers in trouble as mortgage rates soar

Some buyers who purchased preconstruction homes are finding themselves unable to close on their properties due to rising mortgage rates and stricter lending rules. As a result, they are resorting to selling their contracts to other buyers at a discount, or even giving up their deposits and facing legal risks.

According to Robert McLister, an interest rate analyst and mortgage strategist, this trend is creating opportunities for bargain hunters who are looking for assignment deals. These are transactions where the original buyer transfers their rights and obligations to a new buyer before the home is completed.

However, assignment deals are not without challenges and costs. Both assignors and assignees need to get approval from the builder, pay fees and taxes, and secure financing. Moreover, they need to be aware of the market conditions and the potential risks of flipping or renting out the property.

McLister advises buyers to start evaluating their options early and seek professional help from a tax-savvy accountant, a mortgage broker, and a real estate lawyer. He also suggests that buyers should monitor the bond yields and the Bank of Canada’s rate decisions, as they may affect the future demand and prices of new homes.

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