In this week’s Toronto mortgage, finance and other news stories range from the Bank of Canada delivering a warning about the surging housing prices in the hot markets of Vancouver and Toronto, the Toronto Stock Exchange being down about 200 points and Ontario’s auditor general has found that last summer’s Pan Am and Parapan Am Games in Toronto came in $342 million over budget. Check it out below!


Soaring home prices in Toronto and Vancouver are testing levels of affordability not seen since the early 1990s, when the country was in a recession and mortgage rates were north of 10 per cent. http://www.cp24.com/news/owning-a-home-increasingly-a-pipe-dream-for-house-hunters-in-toronto-vancouver-1.2937979


The Bank of Canada delivered a warning Thursday that surging housing prices in the hot markets of Vancouver and Toronto are humming along at an unsustainable clip. http://www.ctvnews.ca/business/bank-of-canada-issues-stern-warning-on-toronto-vancouver-housing-markets-1.2938420


Walmart says it intends to join the list of retailers in Canada that don’t accept Visa cards, citing high fees for transactions.  http://www.ctvnews.ca/business/wal-mart-canada-no-longer-accepts-visa-cards-due-to-unacceptably-high-fees-1.2941775


The second quarter of 2016 is set to witness the sharpest contraction of Canada’s economy since the depths of the global financial crisis in 2008-9. https://www.wsws.org/en/articles/2016/06/11/cana-j11.html


Canada’s main stock index posted its largest drop since February on Friday, falling to a one-week low as energy stocks tumbled with oil prices and global equity markets broadly moved lower. https://ca.finance.yahoo.com/news/futures-slip-oil-ease-2016-highs-113926646–business.html

 


Traffic on one of Toronto’s busiest highways came to a standstill Saturday morning after a group of web-footed pedestrians waddled into the roadway. http://www.cbc.ca/news/canada/toronto/group-of-geese-brings-dvp-traffic-to-standstill-drivers-have-a-gander-1.3631117


Environment Canada has issued a special weather statement for the City of Toronto and parts of the Greater Toronto Area ahead of possible overnight thunderstorms. http://toronto.ctvnews.ca/special-weather-statement-issued-for-toronto-parts-of-gta-1.2940960


Ontario’s auditor general has found that last summer’s Pan Am and Parapan Am Games in Toronto came in $342 million over budget, but the province still paid more than $5 million in performance bonuses. http://globalnews.ca/news/2748785/toronto-pan-am-games-342m-over-budget-ontario-auditor-general/


Just two weeks after the Toronto Raptors’ gruelling post-season run came to an end, Cory Joseph was back on the court Saturday. https://ca.sports.yahoo.com/news/raptors-guard-cory-joseph-back-court-canada-heels-210700746–nba.html


Toronto Blue Jays top prospect Anthony Alford was taken off the field on a stretcher with a neck injury following a collision Friday night in a minor league game. https://www.thestar.com/sports/2016/06/11/blue-jays-top-prospect-anthony-alford-injured-in-minor-league-game.html


 

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