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Senate Approves Stopgap Funding Bill to Prevent Government Shutdown

In a dramatic turn of events, the U.S. Senate passed a six-month funding bill just hours before a potential government shutdown. The bill, which faced significant opposition from Democrats, was approved with a 54-46 vote. The legislation now heads to President Donald Trump's desk for final approval. The funding measure, often referred to as a continuing resolution (CR), was a contentious issue, with Democrats criticizing it for lacking input from their party and for falling short on key priorities like healthcare and housing assistance. However, Senate Minority Leader Chuck Schumer urged his colleagues to support the bill, emphasizing that a government shutdown would have far-reaching consequences. Despite internal divisions, some Democrats sided with Republicans to ensure the bill's passage, prioritizing the avoidance of a shutdown over their reservations about the legislation. The decision has sparked debates within the Democratic Party, with some members expressing frustrati...
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Business Matters: New Condo Sales in the Greater Toronto Area Plummet 71% Below 10-Year Average

 

In a surprising turn of events, new condominium sales in the Greater Toronto Area (GTA) have taken a nosedive, plummeting 71% below the 10-year average for the first quarter of this year. According to analysis by Urbanation, this decline is the most significant since the late 1990s.

The figures reveal a stark contrast from the Q1 high in 2022, where sales reached 9,723 units. However, in the current quarter, only 4,978 units were sold, marking a substantial drop. The GTA’s real estate market has been grappling with various challenges, including high interest rates and soaring prices, which have priced out many potential buyers.

Outside of a brief period in early 2009, the GTA hasn’t witnessed such low condo sales. The situation underscores the need for a closer examination of market dynamics and potential solutions to revive the condo sector. As the industry navigates these uncharted waters, stakeholders will be closely monitoring the trends and seeking ways to restore confidence in the market.

The GTA’s real estate landscape remains in flux, and it remains to be seen how the market will evolve in the coming months. For now, prospective condo buyers and industry players alike are keeping a watchful eye on the numbers, hoping for signs of recovery.

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