Daily Market Update

Why are Toronto and Stockholm side by side?
Toronto is one of the ten most economically important cities in the world. A study by Martin Prosperity Institute and Citylab revealed that New York tops the league table of cities, ranked by metrics such as overall economic clout, equity and quality of life, financial power and global competitiveness. Next come London, Tokyo, Hong Kong, Paris, Singapore, Los Angeles, Seoul and Vienna. Toronto ties with Stockholm at number 10 and is the only Canadian city to make the top 25 listing. Read the full story.
Debt firm warns of “laissez faire” attitude to borrowing
A Canadian debt company has warned that consumers have a too-laid-back attitude to borrowing money. Laurie Campbell, CEO of Credit Canada Debt Solutions, told CBC: "People seem to have a laissez-faire attitude toward debt right now, simply because what's been shoved down our throats – that interest rates are at an all-time low, and life is great… and the economy is not bad.” She said this creates a false sense of security. While there are differing reports about whether households can or can’t withstand interest rate increases with the levels of debt they hold, Campbell sees people when things are spiralling out of control. Although mortgages make up the bulk of personal debt, she said credit cards are the big problem due to their high rate of interest. She added: "It's very easy to impulse-purchase on – it doesn't feel like money.”  Read the full story.
Proposed tower will become Canada’s tallest building
A new 80-storey development in Toronto will become Canada’s tallest building with the owner promising it will put the junction of Yonge and Bloor Streets “on the international map”. Sam Mizrahi is planning a mixed-use tower with retail and residential units and a Hyatt hotel. The plan is to create a destination retail space to rival New York’s Fifth Avenue. The glass ‘exoskeletal’ construction would be an amazing feat of engineering and would breathe new life into the area that has been occupied by Stollery’s store since 1901. Read the full story.

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