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Canadian home sales slipped 3% in July while average price fell to $662,000 – CBC.ca

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Canada’s housing market is continuing its slowdown, with both prices and sales volumes well down in July from where they were a few months ago.

The Canadian Real Estate Association said Monday that the number of homes sold has now fallen for four months in a row, as has the average selling price. Sales in July 2021 were 15 per cent lower than they were in the same month a year ago, but the group that represents realtors notes that last year’s number was the busiest July ever.

“The slowdown we’ve seen in home sales over the last few months has not been surprising, given that the level of activity we were seeing back in March was unsustainable,” CREA’s chief economist Shaun Cathcart said. “We are not returning to normal, we are only returning to where we were before COVID, which was a far cry from normal.”

About two-thirds of all markets across the country saw sales decline, with significant declines in Prince Edward Island, Alberta and Saskatchewan. Sales were slightly lower in Ontario, Quebec and B.C., while they increased slightly everywhere else.

The average price of a Canadian home that sold on the MLS service was $662,000. That’s down from the all-time high of $716,828 seen in March 2021.

While selling prices are down from March, they are still well up compared to where they were this time last year, with CREA reporting that its House Price Index rose by 22 per cent in the year up to the end of July. That’s down slightly from 24 per cent in June.

TD Bank economist Rishi Sondhi says the July numbers suggest the market is in fact cooling, but is not on track to go ice cold any time soon.

“Despite the likelihood of further sales declines, prices should trend higher in coming quarters as markets still remain incredibly tight,” he wrote in a report. “However, the rate of growth should be much slower compared to earlier in the pandemic, weighed down by tough affordability in several markets and compositional forces (i.e. a rising share of lower-priced units in overall sales).”

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Train derailment and spill near Montreal leads to confinement order

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LONGUEUIL, Que. – People in a part of Longueuil, Que., were being asked to stay indoors with their doors and windows closed on Thursday morning after a train derailed, spilling an unknown quantity of hydrogen peroxide.

Police from the city just east of Montreal said it didn’t appear anyone was hurt, although a CN rail official told a news conference that three employees had been taken to hospital as a precautionary measure.

The derailment happened at around 9 a.m. in the LeMoyne area, near the intersection of St-Louis and St-Georges streets. Mathieu Gaudreault, a spokesman for CN rail, said about eight cars derailed at the Southwark rail facility, including four that toppled over.

“As of this morning, the information we have is it’s hydrogen peroxide that was in the rail car and created the fumes we saw,” he said, adding that there was no risk of fire.

François Boucher, a spokesman for the Longueuil police department, said police were asking people in the area, including students at nearby schools, to stay indoors while experts ensure the air is safe to breathe.

“It is as a preventive measure that we encourage people to really avoid exposing themselves unnecessarily,” he told reporters near the scene.

Police and fire officials were on site, as well as CN railworkers, and a large security perimeter was erected.

Officers were asking people to avoid the sector, and the normally busy Highway 116 was closed in the area. The confinement notice includes everyone within 800 metres of the derailment, officials said, who added that it would be lifted once a team with expertise in dangerous materials has given the green light.

In addition to closing doors and windows, people in the area covered by the notice are asked to close heating, ventilation and air exchange systems, and to stay as far from windows as possible.

Gaudreault said it wasn’t yet clear what caused the derailment. The possibilities include a problem with the track, a problem with a manoeuvre, or a mechanical issue, he said.

This report by The Canadian Press was first published Nov. 14, 2024.

The Canadian Press. All rights reserved.



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Nova Scotia election: Liberals promise to improve cellphone services and highways

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HALIFAX – Nova Scotia’s Liberal party is promising to improve cellphone service and invest in major highways if the party is elected to govern on Nov. 26.

Party leader Zach Churchill says a Liberal government would spend $60 million on building 87 new cellphone towers, which would be in addition to the $66 million the previous Progressive Conservative government committed to similar projects last year.

As well, Churchill confirmed the Liberals want to improve the province’s controlled access highways by adding exits along Highway 104 across the top of the mainland, and building a bypass along Highway 101 near Digby.

Churchill says the Liberals would add $40 million to the province’s $500 million capital budget for highways.

Meanwhile, the leaders of the three major political parties were expected to spend much of today preparing for a televised debate that will be broadcast tonight at 6 p.m. local time.

Churchill will face off against Progressive Conservative Leader Tim Houston and NDP Leader Claudia Chender during a 90-minute debate that will be carried live on CBC TV and streamed online.

This report by The Canadian Press was first published Nov. 14, 2024.

The Canadian Press. All rights reserved.



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Hospitality workers to rally for higher wages as hotel costs soar during Swift tour

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TORONTO – A group of hotel service workers in Toronto is set to hold a rally today outside the Fairmont Royal York to demand salary increases as hotel costs in the city skyrocket during Taylor Swift’s concerts.

Unite Here Local 75, the union representing 8,000 hospitality workers in the Greater Toronto Area, says Royal York employees have not seen a salary increase since 2021, and have been negotiating a new contract with the hotel since 2022.

The rally comes as the megastar begins her series of six sold-out concerts in Toronto, with the last show scheduled for Nov. 23.

During show weekends, some hotel rooms and short-term rentals in Toronto are priced up to 10 times more than other weekends, with some advertised for as much as $2,000 per night.

The union says hotel workers who will be serving Swifties during her Toronto stops are bargaining for raises to keep up with the rising cost of living.

The union represents hospitality workers including food service employees, room attendants and bell persons.

This report by The Canadian Press was first published Nov. 14, 2024.

The Canadian Press. All rights reserved.



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