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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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Instagram pausing Instagram Kids, eyes changes – Business News – Castanet.net

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Instagram is putting a hold on the development of Instagram kids, geared towards children under 13, so it can address concerns about access and content.

Adam Mosseri, the head of Instagram, wrote in a blog post Monday that a delay will give the company time to “work with parents, experts, policymakers and regulators, to listen to their concerns, and to demonstrate the value and importance of this project for younger teens online today.”

The announcement follows a withering series by the Wall Street Journal, which reported that Facebook was aware that the use of Instagram by some teenage girls led to mental health issues and anxiety.

Yet the development of Instagram for a younger audience was met with broader push back almost immediately.

Facebook announced the development of Instagram for kids in March, saying at the time that it was “exploring a parent-controlled experience.” The push back was almost immediate and in May, a bipartisan group of 44 attorneys general wrote to Facebook CEO Mark Zuckerberg, urging him to abandon the project, citing the well being of children.

They cited increased cyberbullying, possible vulnerability to online predators, and what they called Facebook’s “checkered record” in protecting children on its platforms. Facebook faced similar criticism in 2017 when it launched the Messenger Kids app, touted as a way for children to chat with family members and friends approved by parents.

While concerns about Instagram for kids is ongoing, Mosseri said that Instagram believes it’s better for children under 13 to have a specific platform for age-appropriate content, and that other companies like TikTok and YouTube have app versions for that age group.

“We firmly believe that it’s better for parents to have the option to give their children access to a version of Instagram that is designed for them — where parents can supervise and control their experience — than relying on an app’s ability to verify the age of kids who are too young to have an ID,” he wrote.

Mosseri said that Instagram for kids is meant for those between the ages of 10 and 12, not younger. It will require parental permission to join, be ad free, and will include age-appropriate content and features. Parents will be able to supervise the time their children spend on the app, oversee who can message them, who can follow them and who they can follow.

While work is being paused on Instagram Kids, the company will be expanding opt-in parental supervision tools to teen accounts of those 13 and older. More details on these tools will be disclosed in the coming months, Mosseri said.

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Rescue efforts underway after 39 miners trapped underground in Sudbury – Globalnews.ca

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Rescue efforts are underway after 39 miners became trapped underground at Vale’s Totten mine in Sudbury, Ont., on Sunday afternoon.

On Monday afternoon, a Vale spokesperson confirmed the rescue crew had reached the miners and is starting the ascent. The company expects everyone to reach the surface by Monday night.

Read more:
Sudbury police search for suspect in hit-and-run homicide investigation

“We have learned that no one is injured, which is our number one concern,” Vale spokesperson Jeffrey Lewis said in an email.

“The miners have had and continue to have access to water, food and medicine.”

The company said the conveyance for transporting employees was taken offline following an incident in the shaft on Sunday afternoon.

It confirmed that employees will exit the mine through a secondary egress ladder system with the support of Vale’s mine rescue team.

When the incident took place, the employees underground immediately went to refuge stations as part of what Vale called its “normal procedures.”

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Updates to B.C.’s tailings code after Mount Polley disaster an improvement: auditor

“We have been in frequent communication with them since the incident,” the company said in a statement. “We are doing everything we can to ensure the safety of these employees.”

On Monday, Ontario Premier Doug Ford said he’s relieved to hear the miners are uninjured.

“Our thoughts are with the 39 miners trapped underground in Sudbury as rescue teams work to get them safely above ground,” Ford tweeted.

Timmins—James Bay MP Charlie Angus also said he’s praying for the safety of the mining workers.

“Let’s get everyone home,” he said.


Click to play video: 'Maintenance workers trapped in Saskatchewan potash mine rescued, are safe'



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Maintenance workers trapped in Saskatchewan potash mine rescued, are safe


Maintenance workers trapped in Saskatchewan potash mine rescued, are safe – Jul 4, 2019

© 2021 Global News, a division of Corus Entertainment Inc.

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Poker Pal of Evergrande Founder Heads for the Exit – Bloomberg Markets and Finance

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