It’s been a quiet summer so far for the Greater Toronto Area housing market.
The latest data from the Toronto Regional Real Estate Board (TRREB) on Thursday showed home sales sank 47.4 per cent year-over-year in July. Sales activity was down 24.1 per cent on a monthly basis.
Seasonally adjusted, TRREB reported sales were down 0.3 per cent from June to July.
With some homebuyers sitting on the sidelines, it appears some would-be sellers are choosing to hold off listing their properties.
New listings fell 4.1 per cent in July from the year before. TRREB said it expects new listings to continue to follow sales trends into next year.
Amid less competition among buyers, the average selling price of a property extended a slide from the February peak, reaching $1,074,754 last month, led by the single-family home segment.
“With significant increases to lending rates in a short period, there has been a shift in consumer sentiment, not market fundamentals,” said Kevin Crigger, president of TRREB, in a release.
He called on the federal government to implement measures to improve affordability for buyers in the face of rising borrowing costs and high inflation.
He also slammed recent increases to municipal development charges.
“City of Toronto Council should reflect on its recently approved 46 per cent increase to development charges, bringing the average cost of all government charges and fees to an astounding $350,000+ for every new detached house and over $180,000 for a new condominium,” Crigger said.
“We do commend the city for providing an exemption from development charges for up to three additional units on single lots which will encourage more missing middle multiplex housing, but this exemption alone is not enough.”
WTI Stops Slide As API Figures Show Major Gasoline Draw – OilPrice.com
Crude oil prices fell further on Tuesday, with WTI falling to its lowest benchmark price since January this year.
Crude oil prices began their fall on Monday, dragged down by China’s disappointing economic data that led to China’s central bank cutting lending rates.
WTI prices fell to $86.13 per barrel by 2:24 pm ET, down $3.28, or 3.67% on the day. Brent crude fell $2.98 (-3.13%) on the day to $92.12 per barrel—the lowest price since February this year.
Gasoline prices in the United States have been falling for months now led by falling crude oil prices. Today’s gasoline prices in the United States average $3.949 per gallon, according to AAA data, down from $3.956 yesterday. Over the last month, U.S. gasoline prices have fallen 60 cents. They are still 76 cents above where they were this time last year.
The weight of disappointing data out of China—the world’s second-largest oil consumer and largest oil importer—was compounded on Tuesday by developments surrounding the Iran nuclear deal. Just moments before the deadline, Iran sent its written response to the EU regarding the “final” nuclear deal text. In its letter, Iran suggested that it was closer than it had ever been to securing a deal, although there were a few sticking points—mainly that the U.S. guaranteed the deal couldn’t be changed by future U.S. Presidents.
Despite the current crude oil fundamentals that suggest the market is still tight, the market fear is that Iran could unleash on the market hundreds of thousands of barrels of crude oil per day if sanctions were to be lifted. Iran has said that it could ramp up production and exports within months.
By Julianne Geiger for Oilprice.com
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Julianne Geiger is a veteran editor, writer and researcher for Oilprice.com, and a member of the Creative Professionals Networking Group.
Ageism: Does it Exist or Is It a Form of ‘I’m a Victim!’ Mentality? [ Part 4 ]
How you think is everything.
This is the fourth and final column of a 4-part series dealing with ageism while job hunting.
The standard advice given by “experts” to overcome ageism revolves contorting yourself to “fit in,” “be accepted,” and “be invited.” Essentially, their advice is to conceal your age and hope the employer throughout the hiring process won’t figure it out and hire you.
It takes a lot of time and energy to be accepted into places where you aren’t welcome, and it can be heartbreaking.
Finding an employer who accepts you for who you are, regardless of age, gender, race, or whatever, is the key to happy employment. There’s no better feeling than the feeling you’re welcomed. Therefore, my advice to job seekers is: Be your best self and let the chips fall where they may. Doing your best and accepting the outcome will give you a Zen-like sense of freedom.
An attempt to infer someone’s biases based on their actions is usually just an assumption based on what you want to believe. If it benefits you to think someone is practicing ageism (e.g., a convenient excuse), then you’ll believe you’re the victim of ageism.
The fact is you don’t know what the hiring manager’s behind the scene looks like. The entire company’s leadership team judges their hiring decisions. Your fit with current employees needs to be considered. Budget constraints exist. Let’s not forget the biggest hiring influencer, and their past hiring mistakes, which they don’t want to repeat.
While reviewing resumes for a senior accounting position, the hiring manager thinks, “The Centennial College graduates I’ve hired didn’t last six months. While Bob has plenty of experience, he’s a Centennial College alumnus. Hiring another six months quitter won’t look good on me.” “Karen has worked for FrobozzCo International. If I recall, the company reportedly funneled money into offshore accounts to avoid paying taxes. I wonder if Karen was involved.”
Association experiences contribute to most biases. You know the saying, “If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.” If you met five rude redheads in a row, the next one will also be rude, right? The human brain is wired to look for patterns and predict future behavior based on those patterns. Call it a survival skill. When we first meet someone, we try to predict what behavior to expect from them using past experiences.
This quick assessment is why hiring managers decide, within as little as two minutes, whether a candidate is worth their time. While it’s important to try and make a good first impression (READ: image), you have no control over how others interpret it.
Bottom-line: You can’t control another person’s biases.
Based on how I hire, and conversations with hiring managers, I believe the following to be true. An employer is more interested in the results you can deliver for them than your age or whatever “ism” you believe is against you.
Can employers afford to pass up qualified candidates who could contribute to their bottom line? Of course not! (Okay, it’s “unlikely.”) You’ll be in demand if you can demonstrate a track record of adding value to your employers.
Having the belief that your age prevents you from finding the employment you want is a paralyzing belief. Ageism exists for all ages, which I think many people use as a crutch.
“They said I was overqualified. That’s ageism!”
“They hired someone younger than me. That’s ageism!”
“They said I wasn’t experienced enough. That’s ageism!”
Get over yourself!
Employers can hire whomever they deem to be the best fit for their business. It’s self-righteous to judge someone else’s biases (READ: preferences), especially when their biases don’t serve your interests. Let’s say, for example, you’re 52 years old, and the hiring manager prefers candidates between 45 and 55 (Yes, I know such hiring managers), and they hire you. Would you call out the hiring manager’s bias that worked in your favor?
If you believe your age is an obstacle, here’s my advice: Break the fourth wall. If you sense your age is the elephant in the room, put your age on the table and see what happens. When interviewing, I always mention, early in, that I’ve been managing call centers since 1996. I then let my interviewer do the mental math and wrestle with any age bias they may have. As I mentioned in my last column, the employer most likely Googled you and has a good idea of your age. Therefore, since you were vetted to determine if you were interview-worthy, tell yourself that your age is irrelevant.
When interviewing, don’t focus on “isms.” Doing so makes them your reality. Instead, focus on the problems the position you’re interviewing for is meant to solve.
Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers advice on searching for a job. You can send Nick your questions at firstname.lastname@example.org
CMHC reports annual pace of housing starts up 1.1 per cent in July – CP24
The Canadian Press
Published Tuesday, August 16, 2022 9:02AM EDT
Last Updated Tuesday, August 16, 2022 9:02AM EDT
Canada Mortgage and Housing Corp. says the annual pace of housing starts in July edged higher compared with June despite a slowdown in urban starts.
The housing agency says the seasonally adjusted annual rate of housing starts in July was 275,329 units, an increase of 1.1 per cent from June.
The annual rate of urban starts was down 0.8 per cent at 254,371 units in July, while multi-unit urban starts fell 0.3 per cent to 195,987 units.
The pace of single-detached urban starts dropped 2.3 per cent to 58,384 units.
Meanwhile, rural starts were estimated at a seasonally adjusted annual rate of 20,958 units.
The six-month moving average of the monthly seasonally adjusted annual rates was 264,426 units in July, up from 257,862 in June.
This report by The Canadian Press was first published Aug. 16, 2022.
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