The latest business news as it happens
Published Oct 04, 2023 • Last updated 24 minutes ago • 2 minute read
Stocks are struggling this morning after closing deep in the red last night. Photo by AP Photo/Richard Drew
Today’s top headlines
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8 a.m.
WestJet to suspend flights between Montreal and Toronto for 6 months: report
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WestJet will be temporarily suspending flights between Montreal and Toronto. Photo by Darryl Dyck/Bloomberg
WestJet Airlines Ltd. will be suspending flights between Montreal and Toronto, according to a report by CTV News on Tuesday.
A WestJet spokesperson is quoted as saying the route will return in April.
No date for the start of the suspension of service was provided, but a check on the airline website showed that flights can’t be booked from Oct. 28 until April 28.
Montreal Gazette
7:30 a.m.
Toronto in buyers’ market as home sales slump, listings surge
Toronto home sales declined sharply in September. Photo by Richard Buchan /The Canadian Press
Toronto home prices rose in September, but sluggish sales and a surge of new listings is tilting the market back in favour of buyers.
Monthly data released by the Toronto Regional Real Estate Board (TRREB) on Oct. 4 showed the average selling price was up roughly three per cent month-over-month to $1,119,428 in September. That was also about three per cent higher than the same month a year ago.
Home sales, however, declined sharply from August. Sales registered through TRREB’s MLS System were down 12 per cent from the previous month and 7.1 per cent in comparison to September 2022. The decline in year-over-year sales was especially evident in semi-detached houses and townhouses.
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At the same time, new listings surged. In September, 16,258 new listings were introduced to the market, a 32 per cent increase from August and up 44.1 per cent year over year.
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Financial Post
Stock struggle before the opening bell
Financial Post
Stocks are struggling this morning after closing deep in the red last night.
Markets plunged Tuesday on news that U.S. job openings were higher than expected, suggesting the economy was still strong and interest rates may have to go higher.
At the close, the S&P 500 was down 1.4 per cent. The Dow sank 1.3 per cent and the Nasdaq composite led the market lower with a 1.9 per cent drop. Big Tech stocks were among the market’s biggest losers.
The TSX closed at its lowest point since October last year.
This morning, U.S. futures are edging up.
Associated Press
What to watch today
More than 50 Alberta CEOs, entrepreneurs and industry leaders are in Ottawa in an effort to raise the profile of their province and promote “collaboration” on issues related to energy, climate and the economy. The business leaders’ trip comes amid souring relations between Alberta’s UCP government and the federal Liberals.
OPEC+ meets today but the panel is unlikely to change its oil output policy, sources told Reuters. Oil prices have been surging higher since the group, which includes oil powerhouses Saudi Arabia and Russia, said they would extend output cuts.
Toronto Regional Real Estate Board releases September home sales.
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Need a refresher on yesterday’s top headlines? Get caught up here.
Additional reporting by The Canadian Press, Associated Press and Bloomberg
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