TLDR
Why Lower Prices Haven’t Solved the Housing Crisis
May 7, 2025
John McKenzie, CEO of TMX Group, shares insights on Canada’s housing market slump, highlighting a startling 23% drop in Toronto condo sales. He discusses the mixed signals of the economy, addressing the unique challenges of declining property values and rising interest rates. McKenzie also dives into the evolving role of stock exchanges, emphasizing the shift towards data services over traditional transaction revenues. The conversation concludes with a look at potential economic reforms and the need for infrastructure investments to spark growth.
29:29
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Quick takeaways
- Despite lower housing prices in Toronto, a significant downturn persists due to rising interest rates and buyer psychology changes.
- The TMX Group's adaptive revenue model highlights both the resilience and investment challenges within the Canadian economy amid volatility.
Deep dives
The Pope's Financial Leadership
The role of the Pope extends far beyond spiritual leadership, as he also oversees a vast financial empire valued in billions. The Catholic Church is managed through the Holy See, which includes the Vatican Bank and countless assets such as properties and priceless art, many of which are not generating profits. The new Pope will inherit this complex financial landscape, and his ability to manage these resources effectively is crucial for maintaining the church's operations. Recent reforms by Pope Francis have made strides towards transparency and profitability, turning the Vatican Bank into a trusted institution with steady profits reinvested into charitable initiatives.
