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Wall Street Stumbles as Trump’s Tariff Threats Rattle Global Markets

U.S. stock markets kicked off the week in the red as renewed trade tensions sparked by former President Donald Trump sent shockwaves through Wall Street. The Dow Jones Industrial Average tumbled over 400 points, while the S&P 500 and Nasdaq Composite dropped 0.8% and 0.9% respectively. The sell-off followed Trump’s announcement of sweeping new tariffs set to take effect on August 1. In a series of public letters posted to social media, Trump warned that countries including Japan, South Korea, South Africa, and Malaysia would face levies ranging from 25% to 40% unless trade agreements are finalized by a self-imposed July 9 deadline. Adding to the market jitters, Trump declared that any nation aligning with the “Anti-American policies of BRICS” would be hit with an additional 10% tariff, escalating tensions with key trading partners like China and India. The tech sector bore the brunt of the downturn, with Tesla shares plunging nearly 7% amid political controversy surrounding CEO Elo...
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Toronto’s Housing Market Plummets to a 13-Year Low Amidst Higher Mortgage Rates

 


Toronto’s housing market experienced a significant decline in 2023, with home sales dropping to a 13-year low. According to a report by the Toronto Regional Real Estate Board, the number of home sales in the Greater Toronto Area (GTA) fell by 11% compared to the previous year . This decline can be attributed to the rise in mortgage rates, which made it difficult for potential buyers to afford homes.

The average home sold price in the GTA for November 2023 was $1,051,180, which is a 7% drop compared to the previous month . The report also states that the GTA housing market has been in a deep buyer’s market for the past few months, with the sales-to-new-listings ratio (SNLR) being 40% in November 2023. This means that there are comparatively more properties available for purchase than buyers in the market, giving buyers more leverage in negotiating prices and terms. However, the GTA is now once again in a balanced market, with buyers losing favour as sellers regain some control in the market .


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