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Liberal Candidate Paul Chiang Steps Down Amid Controversy

Paul Chiang, a Liberal candidate in the Markham-Unionville riding, has announced his resignation following backlash over comments he made regarding a Conservative opponent, Joe Tay. Chiang suggested that individuals could claim a bounty offered by Hong Kong authorities by turning Tay over to the Chinese consulate. This statement, made during a press conference in January, sparked widespread criticism and raised concerns about foreign interference in Canadian politics. The Royal Canadian Mounted Police (RCMP) has since launched an investigation into the matter, citing potential threats to Canada's democratic processes. Chiang issued an apology, calling his remarks a "deplorable lapse in judgment," but the controversy persisted. Conservative leader Pierre Poilievre condemned the comments, stating that they endangered Tay's safety and sent a chilling message to the community. Chiang's resignation comes as Liberal leader Mark Carney faces mounting pressure to address ...
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Toronto Housing Market Cools Down as Interest Rates Heat Up

 


The Toronto housing market has experienced a sharp slowdown in October 2023, as the high interest rates that have been pressuring the market show little sign of easing. According to the Toronto Regional Real Estate Board The benchmark price of a home in Canada’s largest city fell to C$1.13 million ($815,000) in October, down 1.7% from September, the Toronto Regional Real Estate Board said Thursday. That’s the third straight monthly drop and the fastest pace of decline in 15 months.

The number of sales also dropped 5% from the previous month, to 4,867 transactions, comparable to the deep market freeze of December and January. The TRREB predicts that activity will not rebound over the remainder of the year, as the Bank of Canada repeatedly says that it is prepared to raise interest rates above the current 5% if inflation remains high.

The high interest rates have made borrowing more expensive and reduced the affordability of homeownership for many potential buyers. The TRREB says that the average monthly mortgage payment for a typical home in Toronto has increased by 25% since January 2023, while the average household income has only increased by 2%.

The cooling of the Toronto housing market is in contrast to the national trend, which saw home sales and prices increase slightly in October, according to the Canadian Real Estate Association. However, some analysts warn that the national figures may not reflect the true state of the market, as they are skewed by the strong performance of some smaller markets, such as Halifax and Montreal.

The TRREB says that it expects the Toronto housing market to remain subdued in the near term, as buyers and sellers adjust to the new reality of higher interest rates. However, it also says that there are still some positive factors that support the long-term outlook for the market, such as strong population growth, low unemployment, and high demand for housing.


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