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Daily Markets Update: Oil Plunges 7.6%, TSX Rebounds as Midterms Day Arrives

  Oil had its worst day since July, and Canadian stocks took the hint. The S&P/TSX Composite recovered from Friday’s rout on Monday as crude tumbled on hopes of US–Iran talks, but a fresh chip selloff pulled the Nasdaq lower on Wall Street. Overnight, Asia was dragged by South Korean tech and Europe slipped after a reported US strike on Iran’s Qeshm Island pushed oil back up. It’s US midterms day. Here’s the full picture. Monday, Nov. 2 closing figures, plus Tuesday morning moves (as of early Tuesday ET; Tuesday numbers will keep changing). Market Snapshot Market Monday close Change S&P/TSX Composite 35,801.09 +0.51% Dow Jones 51,983.98 +0.41% S&P 500 7,541.40 −0.51% Nasdaq Composite 25,164.32 −1.07% Brent crude US$104.77 −7.6% WTI crude US$96.46 −7.4% Gold (spot) ~US$3,945 +1.3–1.8% Canadian dollar ~71.5¢ US flat US 10-year yield ~4.90% −2 to −5 bp Canada: TSX Bounces Back, Energy Takes the Hit The TSX gained 181.06 points, or 0.51%, to close at 35,801.09, recovering ...
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Trudeau Announces $15 Billion Boost to Housing Program

 

Prime Minister Justin Trudeau has unveiled plans for a $15 billion increase to the Apartment Construction Loan Program (ACLP) as part of Budget 2024. This significant boost aims to construct a minimum of 30,000 new apartments across Canada.

As part of this announcement, the Prime Minister also introduced the Canada Builds program. This initiative will partner with provinces and territories to build rental housing, providing federal financing under certain conditions. These conditions include complementing federal funding with their own investments, utilizing government, non-profit, community-owned, and vacant lands, and streamlining development approval timelines to no longer than 18 months.

The Apartment Construction Loan Program, launched in 2017, has already committed over $18 billion in loans to support the creation of more than 48,000 new rental homes. With this top-up, the program’s financing is now on track to build over 131,000 new apartments within the next decade. Reforms announced alongside this boost include extending loan terms and broadening access to financing for housing aimed at students and seniors.

This move represents a significant step toward addressing Canada’s housing challenges and ensuring affordable housing options for citizens. As the country continues to grow, initiatives like the ACLP play a crucial role in meeting the housing needs of Canadians.


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