December 1-15, 2025

2025-12-15

[BNN Bloomberg, Terry Cain - Canada]: Inflation holds steady: Inflation in Canada held steady last month, as slowing price growth for services was offset by rising costs of goods. Inflation rose to a 2.2 per cent yearly pace in November, matching the rate in October. Lower prices for travel tours and accommodation, as well as slower growth in rent prices, put downward pressure on headline inflation. Higher costs of groceries, as well as a smaller decline in gasoline prices, were the main upside contributors.

Real estate activity still sluggish: Home sales across the country saw a decline last month along with home prices. Data from the Canadian Real Estate Association indicates national sales fell 10.7 per cent in November compared to the year before. Home prices, meanwhile, fell 0.4 per cent month-over-month. The association says housing activity has turned into a holding pattern heading into the new year, adding that continued trade tensions with the U.S. have weighed on buyers’ confidence. New listings also saw a decline in November.

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2025-12-12

[BNN Bloomberg, Terry Cain - Canada]: The first segment of the proposed Alto high-speed rail project will run between Montreal and Ottawa.

Broadcom shares slide: Broadcom Inc., a chip company vying with Nvidia Corp. for AI computing revenue, slumped after its sales outlook for the red-hot market failed to meet investors’ lofty expectations. The shares fell about five per cent in premarket trading on Friday, following unsettling commentary from Chief Executive Officer Hock Tan on a conference call with analysts. He said the company has a backlog of $73 billion in AI product orders that will be shipped over the next six quarters — a number that disappointed some investors. But Tan sought to clarify that the figure was a “minimum.” The call followed a generally upbeat earnings report on Thursday afternoon. Sales will be about $19.1 billion in the fiscal first quarter, which ends Feb. 1, the company said. Analysts had estimated $18.5 billion on average, according to data compiled by Bloomberg. The company also boosted its quarterly dividend 10 per cent to 65 cents a share.

Trump may push for a Cannabis reclassification: U.S. President Donald Trump is expected to direct his administration to move to reclassify cannabis as a less dangerous drug, according to people familiar with the matter, a move that could represent one of the biggest shifts in US policy toward cannabis in decades. Cannabis is currently labeled a Schedule I drug, putting it in the same category that includes substances like heroin and LSD, categorized as having no medical use and a high potential for abuse. Trump is weighing pushing to reclassify it to a Schedule III drug, according to the people, which would move it to a tier for substances seen as having a lower potential for dependency — on the same level as ketamine, Tylenol with codeine, as well as anabolic steroids. Reclassification would make it easier to buy and sell cannabis, delivering a major victory for companies and investors in the sector as well as patients who use medical marijuana.

Prime Minister wants CUSMA: Prime Minister Mark Carney pushed back Thursday against the suggestion the U.S. is considering pulling out of North America’s free-trade pact. When The Canadian Press asked the prime minister if he was open to separate bilateral trade pacts if the U.S. withdraws, Carney replied, “That’s not what they’re saying.” U.S. Trade Representative Jamieson Greer floated the idea during a public talk put on by the American think-tank the Atlantic Council in Washington on Wednesday. Greer said the continental free-trade pact could be dissolved, revised, or renegotiated. “Could it be exited? Yeah, it could be exited. Could it be revised? Yes. Could it be renegotiated? Yes,” he said. “All of those things are on the table.” Canada’s most important free trade deal, the Canada-United States-Mexico Agreement — often referred to as CUSMA — is set to come up for review next year.

[Investopedia, USA]:  For years, prospective home buyers have been faced with high prices and very little inventory for sale. However, a recent surge in foreclosures could alter that dynamic.

Real estate data firm ATTOM reported that November foreclosure activity rose by 21% compared with the same month last year, with default notices, scheduled auctions and bank repossessions moving higher on an annual basis. The ATTOM report showed that one in every 3,992 U.S. housing units had a foreclosure filing in November 2025.

Why This is Important for the Economy

Rising foreclosure activity matters because it can signal growing financial stress among households, which in turn shapes expectations for credit conditions, housing affordability, and broader economic resilience. The impact on home prices and inventory can be uneven, making it important for buyers and investors to track local data rather than rely on nationwide trends.

“The data suggests the market is still normalizing as some homeowners contend with higher housing costs and shifting economic pressures," said Rob Barber, CEO at ATTOM.

It’s the ninth straight month of year-over-year increases in foreclosure activity, highlighting a growing trend in 2025 for the U.S. housing market, which has been hampered by weak inventory levels that offer buyers too few options.

Impact of Foreclosures on Housing Supply Depends on State Laws, Local Markets

Whether the trend of rising foreclosures will lead to more supply in the housing market will depend on where you live, Barber said.

“Rising foreclosure rates may add some inventory to the for-sale market, but ATTOM’s data trends show that current increases remain well below historic highs, limiting their overall impact,” Barber wrote in a commentary. “Any boost in supply is likely to be localized, concentrated in markets where delinquency and foreclosure activity are accelerating more quickly than the national pace.”

These housing markets are likely to be located in Delaware, South Carolina, Nevada, New Jersey and Florida, which ATTOM said had the highest rates of foreclosure activity in November. Philadelphia, Las Vegas, Cleveland and the Florida cities of Orlando and Tampa led the list of big metro areas with elevated foreclosure activity.

“Foreclosure-to-market timelines vary significantly by state, largely due to differences in judicial vs. non-judicial processes,”  Barber wrote.

Some states, like Delaware, South Carolina and Florida, have a judicial process that requires a lender to file a foreclosure suit in court, while states like Nevada and California don’t require lenders to get a court order before moving forward with a foreclosure sale.

“In judicial states, the process can stretch well over a year, while in faster non-judicial states, properties may reach the market in just a few months, creating wide variation in when price effects show up,” Barber wrote. “Stricter regulations, longer timelines, or weak local demand can delay or even limit how many distressed properties ultimately reach active listings.”

Recent data has also shown that borrowers with government-backed Federal Housing Administration (FHA) mortgage loans—generally used by first-time homebuyers—are seeing higher rates of foreclosure activity.

Recent data indicate that rising delinquencies and foreclosures in government-backed Federal Housing Administration loans are contributing to the current increase. Analysts said this highlights a growing disparity between wealthy and lower-income homebuyers.

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2025-12-11

[BNN Bloomberg, Terry Cain - Canada]: Dollarama does it again: Speaking of party supplies, Dollarama is a destination for many people. Comparable sales in the latest quarter climbed six per cent, ahead of expectations, and overall sales soared 22 per cent. The shares have jumped 43 per cent this year and they’re only slightly down from a record high on Nov. 26.

Shopify sizzles: Heavily weighted Shopify lifted the market yesterday with a jump of almost five per cent, as investors bet on AI magic. Always-readable Canadian business site The Logic says the company’s “agentic storefronts” will “let chatbots like ChatGPT, Microsoft Copilot and Perplexity show products from Shopify sellers in conversations with users.” At last, something to help find a gift for a partner or spouse who tends to turn up a perfectly formed nose at whatever you buy them.

Oracle alarms: Shares in Oracle dropped 13 per cent in the pre-market. The company reported a surge in spending on AI data centres and other equipment. Those climbing expenditures have been slower to translate into cloud revenue than investors want. The company, which has about US$106 billion in debt, burned through $10 billion in cash in its latest three months.

[CBC]: The Bank of Canada held its key interest rate at 2.25 per cent on Wednesday, a move that was widely expected after an encouraging round of third-quarter data showed the Canadian economy has withstood some trade war-induced turmoil.

[BBC]: The US central bank cut interest rates by a quarter percentage point, as expected. That lowered the target for its key lending rate to a range of 3.5% to 3.75%, the lowest since 2022.

Fed members remain very divided about what to do next and even about today's move, with three formal dissents and several others signalling reservations on the decision to cut in their projections of appropriate policy.

The next move is unlikely to be immediate. Powell said repeatedly he thought the bank was now "well positioned to wait" to see what happens to jobs and inflation.

While official forecasts for growth and inflation have improved, Powell said both areas face risks, warning in particular that jobs data could be overestimating hiring. Conversely, he said he was optimistic that tariff-related inflation would not spread to the wider economy.

On the ground, today's cut should bring some relief to borrowers. But Powell conceded that the impact may not be large - especially in the housing market, where tight supply remains a significant issue.

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2025-12-09

[BNN Bloomberg, Terry Cain - Canada]: Trump threatens fresh tariffs on Canadian fertilizer: U.S. President Donald Trump is threatening to impose fresh tariffs on agricultural products, including Canadian fertilizer. Speaking at a White House event to announce billions in new aid for U.S. farmers, Trump suggested he could target fertilizer imported from Canada to boost domestic production, saying the U.S. could impose “very severe tariffs” on it if necessary. Tariffs on fertilizers largely sourced from abroad could renew concerns from American farmers, who have grappled with rising input costs in recent years. Canada is the U.S.’s biggest supplier of potash.

Brookfield, Qatar create US$20B venture: Brookfield Asset Management and Qatar Investment Authority are teaming up on a US$20 billion venture to invest in artificial-intelligence infrastructure. Brookfield will invest through its newly launched AI fund, which aims to mobilize as much as US$100 billion of investments globally. The asset manager has estimated the global build-out will require trillions of dollars over the next decade. Qatar Investment Authority says the partnership will also advance Qatar and help build a diversified, innovation-based economy.

Group Dynamite blows past expectations: Groupe Dynamite delivered results in its third quarter that blew past expectations. The Canadian fashion retail company posted profit and revenue that topped estimates and saw same-store sales jump more than 30 per cent. Groupe Dynamite says the results were driven by strong demand as well as its real estate strategy. The company also raised its targets for the year for comparable store sales and profit. It has also declared a special dividend.

Microsoft expands Canada investments: Microsoft will be adding to its AI investments in Canada, with a total of US$19 billion between 2023 and 2027. The tech giant will build new digital and AI infrastructure in the country, with new capacity set to come online in the second half of next year. Canada will receive more than US$7.5 billion in the next two years. Microsoft is also launching a new plan to promote and protect Canada’s digital sovereignty, including protecting Canadian data from other governments including the U.S.

Nvidia gets Approval to Ship H200: U.S. President Donald Trump has granted Nvidia approval to ship its H200 artificial intelligence chips to China. On the heels of the move, Trump has vowed to “protect national security, create American jobs, and keep America’s lead in AI.” Trump has also said Nvidia’s top products would remain off bounds. There are reports that regulators in Beijing are considering ways to allow limited access to the H200, with buyers being subjected to an approval process to explain why their needs are not met by domestic producers.

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2025-12-02

[Bnn Bloomberg]: Laurentian Bank splits up: Laurentian Bank of Canada has reached agreements to break up and sell itself to Fairstone Bank for $1.9 billion. National Bank of Canada will acquire all Laurentians’ retail and small-business assets and liabilities. Fairstone will operate Laurentians’ commercial lending business. Fairstone is an alternative mortgage lender that also offers a variety of other financial products. It’s privately held, but in January it was announced that Smith Financial, the vehicle of Canadian billionaire Stephen Smith, had taken a majority voting interest. Laurentian put itself up for sale in 2023 but failed to find a buyer. Analyst John Aiken at Jefferies says National not only benefits by increasing its scale in its home province but does not have to deal with the legacy issues associated with Laurentian’s branch system. “Getting the assets, deposits and mutual funds at book value is simply icing on the cake,” he says.

Scotia tops estimates: Bank of Nova Scotia topped adjusted profit estimates in its latest quarter, on better-than-expected results in its capital markets and wealth management divisions. Scotia also booked a restructuring charge primarily related to workforce reductions. Scotiabank is two years into a strategic overhaul with its international division tracking ahead of plans while earnings growth at home has been slower.