Fewer Canadians are shopping for U.S. homes, new data shows, amid anecdotes that President Trump’s tariff and immigration policies have put off home buyers from across the border, Mansion Global reported. The number of Canadians house hunting in the U.S. via Redfin plunged more than 26% in May compared to a year ago. Overall searches on the listing site took a very slight dip that month, but the decline was nowhere near enough to explain the large dropoff in Canadian shoppers, according to a report from Redfin on Monday.
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Attabotics Inc., a Calgary-based robotics and automation startup, has filed for bankruptcy protection, according to multiple reports, the Calgary Herald reported. The company, founded in 2016 by CEO Scott Gravelle, designs and manufactures an automated storage and retrieval system, using robotics. Attabotics reportedly had more than 300 employees, including about 250 in Calgary as of 2022. It is unclear how many, if any, of the tech company’s employees will keep their jobs.
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Canada’s share of exports destined for the US shrank to the smallest proportion since at least 1997, excluding the Covid pandemic. Shipments to other countries reached a new high, led by gold exports, Bloomberg News reported. With President Donald Trump’s tariffs crushing exports and imports between Canada and its biggest trading partner, the country’s share of exports destined for the US shrank to 68.3% in May, from last year’s monthly average of 75.9%, according to Statistics Canada data Thursday. Exports to the US were down for a fourth straight month, declining 0.9% in May.
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Canada scrapped its digital services tax targeting U.S. technology firms just hours before it was due to take effect on Monday, in a bid to advance stalled trade negotiations with the U.S., Reuters reported. Canadian Prime Minister Mark Carney and U.S. President Donald Trump will resume trade negotiations in order to agree on a deal by July 21, Canada's finance ministry said in a statement late on Sunday. Wall Street futures hit record highs on Monday morning as sentiment in the markets rose amid optimism over U.S. trade negotiations with key partners, including Canada.
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Hundreds of abuse victims linked to a long-running insolvency case involving a Catholic archdiocese in Newfoundland and Labrador will soon be receiving more cash after a court approved the disbursement of more than $14 million raised through the sale of churches and other assets, CBC.com reported. Cheques are expected to be distributed sometime in July to nearly 360 claimants who endured abuse at the hands of Christian Brothers at the notorious Mount Cashel orphanage in St. John's, and members of the clergy and other religious orders.
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Inflation in Canada steadied in May as drivers paid less at the pump and hefty rent increases continued to cool, though the central bank may still lack a clear enough signal to cut interest rates again, the Wall Street Journal reported. The consumer-price index rose a slightly hotter-than-anticipated 0.6% for the month to leave annual inflation unchanged at an as-expected 1.7%, a second straight month below the Bank of Canada’s 2% target, thanks in large part to the scrapping of a carbon tax in April, Statistics Canada data released Tuesday showed.
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Canada’s antitrust watchdog recommends the government ease restrictions on foreign investment in the country’s airline sector to stimulate competition–such as allowing nonresidents to own 100% of a domestic-focused carrier, the Wall Street Journal reported. The Competition Bureau issued its findings after a nearly yearlong study about Canada’s airline market on ways to stoke fiercer rivalries among operators. The country’s two major airlines, Air Canada and WestJet, account for about half to three-quarters of domestic passenger traffic, the bureau said.
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A B.C. Supreme Court judge has reassured the B.C. Securities Commission that a bankrupt man cannot discharge the $6.8 million he has been ordered to repay investors, BIV.com reported. On the heels of a Supreme Court of Canada ruling last year that set the bar for what monetary fines and penalties can and cannot be discharged, the commission sought clarity through an application to the province’s top court that the $6.8 million owed by Thomas Arthur Williams cannot be discharged.
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A regulatory disgorgement order will survive a fraudster’s bankruptcy, a court in British Columbia confirmed — a ruling that comes in the wake of a recent Supreme Court of Canada decision which found that regulatory penalties can be wiped out by bankruptcy proceedings, the Advisor reported. Back in 2016, the B.C. Securities Commission (BCSC) ordered sanctions against a former mutual fund rep, Thomas Arthur Williams, after finding that he defrauded investors in an alleged Ponzi scheme, which took in $11.7 million from investors between 2007 and 2010.