Matt Lundy

No other way to slice it: this is incredibly fucked up.

And here's what the trend looks like:

Canada is building lots of rental housing – and losing interest in condos Rental housing starts are in a boom period, at nearly double the condo starts over the last year

This is one of the biggest shifts in the Canadian housing market, and frankly a rare bright spot:

We're building a lot of rental units, even as the economics prove challenging for other housing types.

Exclusive | Two Kevins Battle to Be Next Fed Chair in Trump’s Apprentice-Style Contest Kevin Hassett emerges as contender to succeed Jerome Powell, posing possible threat to Kevin Warsh

This lede. 😂

"Two Republicans named Kevin are vying to be the next chairman of the Federal Reserve."

Opinion: Trump’s trade goals are becoming clearer. Brace for impact, Canada U.S. President just wants to tell Americans he won, which means the other side must bend the knee, kiss the ring and say thank you

"Finally, nothing is written in stone in Trump World. There are no binding accords, negotiated over years by experts, spelling out legal obligations in minute detail. ... International trade law is being rewritten with sketches on the back of a wet cocktail napkin."

Eight lessons learned in 27 years of covering personal finance and investing Even though we are in a golden age of personal finance, things are tough for both young and old

👀 From Rob Carrick's (sorta) last column: "A guy once walked up to me while I was showering at the gym to ask if I thought the government would raise the contribution limit for tax-free savings accounts that year."

CMHC gives up on goal to return to 2004 housing affordability levels 2019 will now be used by the national agency as a more realistic benchmark for housing

💀 "Canada’s national housing agency says it is no longer possible to build enough homes to bring housing affordability back to 2004 levels and it will starting using 2019 as a more realistic benchmark." www.theglobeandmail.com/business/art...

Meanwhile, imports from New Zealand and Australia have jumped ~30 per cent, year over year. France and Italy have risen by 13.6 per cent and 7.6 per cent. Importers are filling the US-sized hole in supply.

In April, Canadian imports of U.S. wine plummeted 94 per cent (!) from the monthly average last year, owing to widespread bans. Gift link: www.theglobeandmail.com/gift/d6b0095...

👀

Opinion: Trump is inverting everything The U.S. President keeps doing things guaranteed to yield bad outcomes, rather than upping his odds for success

Tony Keller on the One Big Beautiful Bill: "It’s reverse Robin Hood economics. It’s stealing from the poor and the future, to give to the wealthy and the present."

Trump does not plan to produce t-shirts or socks in the United States

How a Canadian suit maker got slammed by Trump’s China tariffs Despite shipping all its products from Mississauga, Spier & Mackay has faced U.S. tariffs as high as 170 per cent this month on its Chinese-made garments

My story on Spier & Mackay (a favourite of @dieworkwear.bsky.social), which has faced US tariffs as high as 170% this month.

Outstanding pick.

The job market for new Canadian graduates is brutal – and could get even worse The jobless rate for recent grads is one of the worst in decades, excluding the pandemic, as young workers bear the brunt of Canada’s weakened labour market

This is one of the worst job markets for university/college grads in decades. “Youth have borne the brunt of Canada’s weaker labour market,” says one economist. www.theglobeandmail.com/business/art...

Thanks, Armine!

In Ontario, selling at a loss becomes commonplace A quarter of properties bought in 2022 and sold in 2024 lost value, study finds

"Across Ontario, 25 per cent of properties bought in 2022 and sold in 2024 suffered a loss in value. The median loss was $45,000, while in the Toronto-region it was a little higher at $56,000."

This election was supposed to be about restoring hope for young Canadians. What happened? The plight of young people has faded into the background, as the trade war with the U.S. takes centre stage in Canada’s federal election

"The Globe and Mail asked the Liberals, Conservatives and New Democrats whether they’d like to see their policies bring down home prices. None of them answered the question."

Opinion: Speed, comfort, low emissions: Europe’s expanding high-speed rail networks offer lessons for train laggard Canada The inability to launch a successful Toronto-to-Montreal high-speed train is a national embarrassment, especially since the route is essentially flat

“When I went to the booking site of Italian train operator Trenitalia … I counted 54 departures on Saturday alone from Rome to Milan – the same distance as Toronto to Montreal.”

LINKEDIN POST:

What I learned about personal growth from rising bond yields. ...more

Canadians are leading the charge on a tanking U.S. travel industry Airport arrivals and vehicle traffic flows show the extent to which international travellers, especially Canadians, are avoiding the U.S.

⬇️ Canadian car travel to the U.S. fell 32% in March, year over year. International arrivals at major U.S. airports are tanking. Delta Air Lines is scrapping is financial guidance.

The travel industry is a mess.

Great yarn here. “We didn’t write the paper as an encouragement for any country, in particular the U.S., to start the trade war. That was never intended.”

See you tomorrow then!

When are you back at work? Stuff is happening in markets.

‘We’re not friends’: Canadian union leaders call out American counterparts for supporting Trump’s auto tariffs The United Auto Workers union is supporting Trump’s tariff plan, arguing that it will bring back manufacturing jobs to the U.S. that were lost over the 30 years following the enactment of NAFTA in 199...

“Right now, UAW and us, we’re not friends. The gloves are off as far as I’m concerned.”

Tariff cheat sheet: What’s in effect, what’s on pause and what’s been threatened? U.S. President Donald Trump has imposed, paused and threatened more tariffs to come. Here’s what you need to know

Confused about tariffs? We all are.

Here's a gift link to an explainer from @markrendell.bsky.social. We update this piece any time tariff rules change (so, frequently).

Stellantis to close Windsor plant for two weeks due to U.S. tariffs Union representing workers says the company said the main reason for the April 7 shutdown was Trump’s levies

The shutdowns are about to start.

Ten economic issues that will define the 2025 election, explained in charts Pocketbook issues were set to dominate the conversation in this election cycle. Then came along a trade war

Ten charts that explain the economic stakes in this federal election