Canadian Stocks Trade Lower Amid Housing Crisis
Stocks in Toronto are trading lower amid Canada's ongoing housing crisis. Gainers in the session include consumer services, tech, and distribution services stocks.
By Adriano Marchese
Stocks in Toronto were trading firmly lower Monday at midday. Canada's Deputy Prime Minister Chrystia Freeland said over the weekend that the country's housing crisis is still a way's away from being resolved. She said that the federal government will remove the 5% consumption tax on the building of new rental apartment buildings.
Consumer services, tech, and distribution services stocks were the leaders of the few gainers in the session, offset primarily by a retreat in process industries stocks, as well as producer manufacturing and tech services.
Canada's S&P/TSX Composite Index slipped by 0.67% to 20483.53. The blue-chip S&P/TSX 60 was down 0.80% at 1228.45.
Canopy Growth shares fell by about 15% to 1.58 Canadian dollars ($1.17) after the company announced its plans to raise $50 million with private investors to strengthen its balance sheet.