The Daily Chase: Suncor to cut 1,500 jobs; Toronto home sales rise

North American equity market futures are pointing to a modestly higher open after the U.S. Senate passed a bipartisan deal to increase the country’s debt ceiling, ending the threat of a federal default.

SPRING SURGE IN TORONTO REAL ESTATE CONTINUES

Toronto’s housing market recovery continued in the month of May with sales and home prices rising for the fourth consecutive month. Numbers released by the Toronto Regional Real Estate Board show the average price of a home reached $1,196,101 in May compared with $1,153,277 in April. Sales increased  by 5.2 per cent month over month on a seasonally adjusted basis. New listings increased by 10.1 per cent in May as more homeowners put their properties on the market, however that is down 18.7 per cent from the same period a year ago. TRREB Chief Market Analyst Jason Mercer said demand for ownership housing has picked up in recent months, as “many homebuyers have recalibrated their housing needs in the face of higher borrowing costs and are moving back into the market.”

SUNCOR TO CUT 1,500 JOBS BY END OF 2023