Oil drops more than 4 per cent... Vancouver condo prices surged 17.6 per cent last month... Molson Coors plans $500 million brewery in Montréal...
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Oil drops more than 4 per cent
Oil prices plunged Wednesday as markets digested evidence that OPEC nations have increased their output despite extending the output cap into 2018. Also in focus was talks between major producers in the West and Qatar with the nation looking to sharply increase output of LNG.
Oil recovered some lost ground later but the energy sector group of the main TSX closed 2.35 per cent lower but gains for the financials group and gold producers were among those keeping the index in positive territory.
Wall Street returned after the July 4th holiday to close with small gains for the S&P500, the Dow was flat but there was a strong performance for the Nasdaq. European and Asian markets were generally higher.
The S&P/TSX Composite Index closed up 22.51 (0.15 per cent)
The Dow Jones closed down 1.10 (0.01 per cent)
Oil is trending (Brent $48.16, WTI $45.55 at 4.55pm)
Gold is trending higher (1226.00 at 4.55pm)
The loonie is valued at U$0.7708
Vancouver condo prices surged 17.6 per cent last month
Demand for condos in Metro Vancouver is outstripping supply and prices are soaring.
The Real Estate Board of Greater Vancouver reported Wednesday that the benchmark price of a condo hit $600,700, up 17.6 per cent from a year earlier and 2.9 per cent higher than in May.
Meanwhile, detached home prices were up just 1.4 per cent year-over-year and 1.1 per cent from May as sales fell 15.5 per cent compared to June 2016.
“Two distinct markets have emerged this summer. The detached home market has seen demand lease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” Jill Oudil, REBGV president said.
Molson Coors plans $500 million brewery in Montréal
Brewing giant Molson Coors will invest half a billion dollars in a new brewery in Montreal instead of upgrading existing facilities.
The firm told employees on Wednesday but has not revealed the location of the new plant. The current brewery in Old Montreal will be sold for redevelopment apart from a microbrewery on the heritage site.
CBC News reports that the decision follows a 2-year study which revealed that building a new brewery would be more efficient than modernizing current facilities.
Oil prices plunged Wednesday as markets digested evidence that OPEC nations have increased their output despite extending the output cap into 2018. Also in focus was talks between major producers in the West and Qatar with the nation looking to sharply increase output of LNG.
Oil recovered some lost ground later but the energy sector group of the main TSX closed 2.35 per cent lower but gains for the financials group and gold producers were among those keeping the index in positive territory.
Wall Street returned after the July 4th holiday to close with small gains for the S&P500, the Dow was flat but there was a strong performance for the Nasdaq. European and Asian markets were generally higher.
The S&P/TSX Composite Index closed up 22.51 (0.15 per cent)
The Dow Jones closed down 1.10 (0.01 per cent)
Oil is trending (Brent $48.16, WTI $45.55 at 4.55pm)
Gold is trending higher (1226.00 at 4.55pm)
The loonie is valued at U$0.7708
Vancouver condo prices surged 17.6 per cent last month
Demand for condos in Metro Vancouver is outstripping supply and prices are soaring.
The Real Estate Board of Greater Vancouver reported Wednesday that the benchmark price of a condo hit $600,700, up 17.6 per cent from a year earlier and 2.9 per cent higher than in May.
Meanwhile, detached home prices were up just 1.4 per cent year-over-year and 1.1 per cent from May as sales fell 15.5 per cent compared to June 2016.
“Two distinct markets have emerged this summer. The detached home market has seen demand lease back to more typical levels while competition for condominiums is creating multiple offer scenarios and putting upward pressure on prices for that property type,” Jill Oudil, REBGV president said.
Molson Coors plans $500 million brewery in Montréal
Brewing giant Molson Coors will invest half a billion dollars in a new brewery in Montreal instead of upgrading existing facilities.
The firm told employees on Wednesday but has not revealed the location of the new plant. The current brewery in Old Montreal will be sold for redevelopment apart from a microbrewery on the heritage site.
CBC News reports that the decision follows a 2-year study which revealed that building a new brewery would be more efficient than modernizing current facilities.
