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Daily Markets Update: TSX Slips as Wall Street Hits Fresh Records Ahead of Bank of Canada Decision

  Tuesday, July 7, 2026 Canadian and U.S. markets pulled in opposite directions to start the week, with the TSX easing back from Friday's record close while the Dow and Nasdaq pushed to fresh highs south of the border. Here's what moved markets on Monday, and what's on deck heading into Tuesday's session. 🇨🇦 TSX: Small Pullback After Record Close The S&P/TSX Composite Index slipped 62.52 points, or 0.18%, to close at 35,212.32 on Monday, giving back a small piece of Friday's record-setting 308-point rally. Healthcare and utilities names led the retreat, while the TSX 60 managed a marginal gain of 0.02% to 2,069.26. The TSX Venture Composite fell further, down 1.50% to 924.21. The pullback comes just ahead of the Bank of Canada's Q2 Business Outlook Survey and Consumer Expectations Survey, both released Monday morning, with markets now firmly focused on the central bank's rate decision on July 15. The policy rate has held at 2.25% through the spring, an...
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Liberals Unveil Ambitious Plan to Address Housing Crisis: 3.9 Million Homes by 2031

 

The federal Liberals have stepped up their commitment to tackle the housing crisis head-on. Their comprehensive plan aims to address a spectrum of housing affordability challenges faced by Canadians, from the elusive dream of homeownership to soaring rental costs and homelessness. Here are the key highlights of their ambitious strategy:

  1. Tax Incentives for Homebuilding:

    • The federal government plans to increase the capital cost allowance rate for apartments from 4% to 10%. This move will empower builders to write off more expenses on their taxes.
    • Additionally, the GST exemption on rentals will extend to student residences built by public universities, colleges, and school authorities.

  2. Funding to Combat Homelessness:

    • Communities across the country grapple with encampments and limited shelter spaces. To address this, the Liberal government is allocating an additional $1 billion over four years to the Reaching Homes program—a federal homelessness initiative.
    • An extra $250 million is earmarked to help communities transition people from encampments into stable housing.

  3. Historic Shift in Land Use:

    • The Liberals pledge to revolutionize how public lands are utilized for housing. Rather than selling off land, they aim to make more of it available for home construction through leasing arrangements.

  4. A Call to Action:

    • Ottawa emphasizes that solving the national housing crisis requires collaboration among all levels of government. Housing Minister Sean Fraser underscores the need for joint efforts and incentives to achieve this critical task.

Prime Minister Justin Trudeau aptly describes this plan as “a scale not seen in generations.” With nearly 3.9 million homes envisioned by 2031, the Liberals are committed to reshaping Canada’s housing landscape and ensuring that every Canadian has a place to call home.

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