'It's very much a crisis': Landlords leaving Toronto market as rents plunge
As GTA condo vacancies reach record highs, many landlords with small portfolios have been left scrambling — or leaving the industry altogether.
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Yahoo
21 minutes ago
- Yahoo
US opposes lowering G7 cap on Russian oil, Bloomberg reports
The United States is opposing a proposal by other Group of Seven nations to lower the price cap on Russian oil, Bloomberg reported on June 13. Citing unnamed sources, Bloomberg said the U.S. remains opposed to reducing the cap from $60 to $45 per barrel – a position it first took earlier this year when Treasury Secretary Scott Bessent declined to support a similar effort. The price cap, introduced in December 2022 as a measure to limit the Kremlin's ability to finance its war against Ukraine, prohibits Western companies from shipping, insuring, or otherwise servicing Russian oil sold above $60 per barrel. Despite U.S. resistance, the European Union and United Kingdom – backed by other European G7 countries and Canada – have said they are prepared to move forward with the proposal, even without Washington's endorsement. One source told Bloomberg that the EU and U.K. could explore lowering the cap without the U.S., as most of Russia's oil is transported in European waters. However, a unified G7 agreement would carry greater impact if it could be enforced by the U.S. The price cap debate has become more urgent as oil prices, which had fallen below the $60 cap in recent months, surged following Israel's strikes against Iran in the past 24 hours. G7 leaders will revisit the price cap discussion during the upcoming summit, hosted by Canada from June 15-17 in Kananaskis County, Alberta. The summit agenda will also include topics such as support for Ukraine in the Russian war, global economic stability, digital transformation, and climate change. The G7 currently includes Canada, France, Germany, Italy, Japan, the United Kingdom, and the United States. The European Union is also represented in the group. Read also: Israel-Iran war could provide economic boost Russia needs to continue fight against Ukraine We've been working hard to bring you independent, locally-sourced news from Ukraine. Consider supporting the Kyiv Independent.
Yahoo
an hour ago
- Yahoo
Listings from 1972 show unbelievable house prices in nation's most expensive city
A page of real estate listings from 1972 has left Aussies shocked at just how much house prices have increased in the last 50 years. In the nation's most expensive city — where the median home value is now more than $1.2m — property prices have increased by an eye-watering 5000 per cent since the listings were published. The 1972 edition of The Realtor shows a page of homes located across Frenchs Forest, Belrose, Beacon Hill and Allambie Heights on Sydney's Northern Beaches. One three-bedroom home was for sale for just $23,950, while the most expensive property on the page is a four-bedder with 'room for a pool' listed at $44,950. One of the homes in Beacon Hill, valued at the time for $27,500, sold in 2021 for $2.55m — a staggering increase of more than 9000 per cent, outpacing the growth in average wages which has been under 2500 per cent over the same 53-year-period. Northern beaches realtor Mark Novak from Novak Properties told Yahoo News that even the smaller homes on the old listing page would be worth upwards of $2m now. "You can see in that photo, there's the little fellas that are just one level three-bedders, they're about that $2.2m mark. And then you can see the two storey examples, they're probably in the higher end of that $2.7m - $2.9m mark," he said. "It's wild." While these days you'd be lucky to get a new car for those 1970s prices, back then it was still out of reach for some. The average weekly wage in Australia in 1972 was $85.50, according to data from the Reserve Bank of Australia. This would put the average Australian's annual salary at just under $4500 a year. To purchase the cheaper three-bedroom home, a resident would be spending about five times their salary, though the interest rate was around 7 per cent. In 2025, the typical Australian full-time worker earns just under $100,000. With the median house value in Frenchs Forest currently sitting at $2.2m, buyers would be forking out more that 22 times their salary to buy a home in the area. While the increases feel ridiculously steep, Mark insists it's all part of the steady property trend that sees homes double in value every 10 years or so. He described the area around Frenchs Forest as a "lovely, honest, Australian" neighbourhood, where the families work hard and care about their community. He said it's likely the people who bought their homes 50 years ago may not have been particularly wealthy, but are now sitting on a pot of gold. But despite that, he made the interesting point that many of the homes on the listing remain relatively unchanged. "The houses look the same. I think you'd find the kitchens and bathrooms have been changed, but structurally they're pretty similar from the outside. "These are those guys where the furniture is the same. The cars are similar. They've kept everything. They bought once when they were real young and they never got in and out, or changed it. Whereas our generation and the newer generation, you're constantly evolving and changing, which costs money." For those first home buyers overwhelmed by today's prices who think they'll never be able to afford a home, Mark says it is absolutely possible and offered a tip. "Use your super. First home buyers can use their super, but not many people know that. They can voluntarily contribute to their super above their normal repayments and then pull it out to buy a property so they can save faster," he said. Do you have a story tip? Email: newsroomau@ You can also follow us on Facebook, Instagram, TikTok, Twitter and YouTube.
Yahoo
an hour ago
- Yahoo
Starmer heads to Canada for talks on security and trade
Sir Keir Starmer flies to Canada later to meet Mark Carney, the former governor of the Bank of England who became his country's prime minister in March. The two men will get together in the Canadian capital Ottawa on Saturday evening, ahead of the G7 summit, hosted by Carney, which begins in the province of Alberta on Sunday. It will be the first face-to-face gathering of world leaders since Israel's strikes on Iran. The talks between the two prime ministers on Saturday will focus on security and trade. Carney's office said the aim was to "strengthen the long-standing economic and security partnership between the two nations." Negotiations between the UK and Canada on a trade agreement broke down early last year, before the British general election, after a dispute over beef and cheese. Since then, officials on each side have remained in contact, but the conversations up to now were described to me by a Whitehall source as "not in earnest…not anything substantial". Downing Street has been proudly talking up three recent international deals over trade, with the European Union, India and the United States – at a time of volatility in the global economy following the return of Donald Trump to the White House. The two prime ministers have had a starkly different public approach to President Trump. Sir Keir has approached his dealings with the US president with a warmth critics have seen as fawning. Carney was frequently blunt in his rejection of Trump's branding of Canada as America's 51st state. He expressed irritation too that Sir Keir had theatrically doled out an invitation for a state visit to the UK for the president - in the midst of that questioning of Canada's sovereignty. On Sunday, Sir Keir and Carney will fly to Kananaskis in Alberta in the Canadian Rockies for the G7 summit. They will join Trump and the leaders of France, Italy, Japan, Germany and the EU for three days of talks. Ukraine's President, Volodymyr Zelenskyy, will also be there. UK, France and Canada threaten action against Israel over Gaza Mark Carney says Canadians are not 'impressed' by UK's invite to Trump Sign up for our Politics Essential newsletter to read top political analysis, gain insight from across the UK and stay up to speed with the big moments. It'll be delivered straight to your inbox every weekday.
