World Report May 15 : Thursday's top stories in 10 minutes
7 snips
May 15, 2025 The condo market in Toronto and Vancouver faces turmoil with an oversupply of units. Canada's Housing Minister argues for building more homes instead of cutting prices. Economic ripples from the U.S. trade war are set to shape Ontario's budget. Tensions rise as Putin declines talks with Ukraine's Zelenskyy. In New Zealand, Maori MPs make a powerful statement by performing the haka in parliament, protesting a controversial government bill and highlighting indigenous rights.
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Condo Market Glut in Major Cities
- Toronto and Vancouver are experiencing a significant condo market downturn with a glut of units and declining prices.
- This is driven by a lack of buyers, capped immigration, rising rents, and higher borrowing costs.
Build More Homes, Not Lower Prices
- The solution to Canada's housing crisis is to build more homes rather than lowering prices.
- A new government agency will be created to spearhead affordable housing construction nationwide.
Ontario Budget Amid US Trade War
- Ontario’s budget will focus on reducing reliance on US trade amid the trade war and tariffs.
- This might increase deficits and slow economic growth, impacting government revenues.