Rise of the middle powers. Here's how Canada can wean itself off of U.S. dependence
Statistics Canada recently reported that Canada's trade with America had decreased six per cent, largely attributed to tariffs imposed by U.S. President Donald Trump.
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Global News
28 minutes ago
- Global News
Canada isn't in a housing slump — Ontario is, RBC analysis shows
The pace of housing construction in Canada is picking up, but the country's most populous province is pulling down the pace, new analysis shows. Housing starts have been the strongest ever in Canada in the last four years and remain robust in much of the country this year, said a new report by the Royal Bank of Canada that analyzes the latest housing start numbers from the Canada Mortgage and Housing Corporation (CMHC). However, while the rest of the country saw a bump in housing starts, Ontario saw a steep decline, with the decline centred in the Greater Toronto Area. 'This divergence is concerning, because it threatens to perpetuate severe affordability problems that exert social and economic hardship on Canadians in these regions,' the report by RBC economist Robert Hogue said. The report said Ontario's lag in construction was at 'the root of the housing crisis' in Canada. Story continues below advertisement Nationally, Canada saw construction start on 263,000 units in July, a jump of 3.7 per cent compared to the previous month. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Experts say this is not the case in Toronto. 'High development costs continue to choke new rental supply in Toronto, where housing starts plunged 69 per cent in July compared with a year earlier and are down 49 per cent year-over-year. Without policy reform, the downward spiral is likely to continue,' said Nicole Lechter, senior real estate analyst at RSM Canada. Alberta, Saskatchewan, Manitoba, Quebec and Atlantic Canada all saw higher housing starts. While B.C. saw some moderation, it is not as stark as it is in Ontario, the RBC report said. 'Ontario's six-month average has fallen to the lowest level in a decade — trending in the opposite direction of what's needed to achieve the provincial government's ambitious goal of building 1.5 million new homes over 10 years,' Hogue said in his report. 'It's a similar, albeit less pronounced, situation in B.C.,' he added. High development and construction costs were to blame for Ontario's slow pace of housing starts, the report said. 'Builders saw a rapid escalation of expenses for land, labour, and materials, compounded by municipal development charges and other fees in the past several years,' it said. Story continues below advertisement Ontario's housing slump is exacerbated by the slowing pace of condo construction, which has 'plummeted with no end in sight.' 'The full impact of the current slowdown in housing starts won't be felt for years in Ontario. It can take two, three or more years to complete a large multi-unit project once the foundation has been poured,' the report said. 'Indeed, the GTA market is still absorbing the wave of condo units completed in 2024 started during the pandemic or even earlier.' The ripple effects of the current downturn will be felt well into next year, the report said. 'The downturn in Ontario's housing construction pipeline could have dire consequences for 2026 and beyond if not addressed.'
Toronto Sun
28 minutes ago
- Toronto Sun
Joly: Visits to Saab, Lockheed 'normal' part of her job amid F-35 review
OTTAWA — Industry Minister Melanie Joly says Canadians shouldn't read too much into her visit to a Swedish defence manufacturer that comes right in the middle of a major government review of the F-35 fighter jet procurement. This advertisement has not loaded yet, but your article continues below. Create an account or sign in to continue with your reading experience. Create an account or sign in to continue with your reading experience. Subscribe now to read the latest news in your city and across Canada. Subscribe now to read the latest news in your city and across Canada. Joly says she visited Saab's facilities in Sweden this week and was shown the Gripen-E jet, which is one of the possible contenders to replace the controversial U.S.-made F-35 fighter jet. Article content Prime Minister Mark Carney ordered the review shortly after he became prime minister in March, as Canada sought tighter security and defence ties with Europe in response to U.S. President Donald Trump's trade war. The review is to be completed by the end of the summer and Joly says her role in it is to ensure the Canadian government understands all its options and what the industrial benefits to Canada would be in its final decision. Joly says this is a 'normal' part of her job, and that she will also be meeting with Lockheed Martin, which makes the F-35, in the coming weeks. Joly is wrapping up a trip to Sweden and Finland with Secretary of State for Defence Stephen Fuhr, which was focused on strengthening defence-industrial ties in Europe.
Winnipeg Free Press
28 minutes ago
- Winnipeg Free Press
Joly: Visits to Saab, Lockheed ‘normal' part of her job amid F-35 review
OTTAWA – Industry Minister Mélanie Joly says Canadians shouldn't read too much into her visit to a Swedish defence manufacturer that comes right in the middle of a major government review of the F-35 fighter jet procurement. Joly says she visited Saab's facilities in Sweden this week and was shown the Gripen-E jet, which is one of the possible contenders to replace the controversial U.S.-made F-35 fighter jet. Prime Minister Mark Carney ordered the review shortly after he became prime minister in March, as Canada sought tighter security and defence ties with Europe in response to U.S. President Donald Trump's trade war. The review is to be completed by the end of the summer and Joly says her role in it is to ensure the Canadian government understands all its options and what the industrial benefits to Canada would be in its final decision. Joly says this is a 'normal' part of her job, and that she will also be meeting with Lockheed Martin, which makes the F-35, in the coming weeks. Monday Mornings The latest local business news and a lookahead to the coming week. Joly is wrapping up a trip to Sweden and Finland with Secretary of State for Defence Stephen Fuhr, which was focused on strengthening defence-industrial ties in Europe. This report by The Canadian Press was first published Aug. 20, 2025.
