Houses in a neighbourhood on the side of a mountain, in Maple Ridge, B.C., on Aug. 17, 2023.DARRYL DYCK/The Canadian Press
Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and analysis from the pros, stock tips, portfolio strategies and more.
The politics and trade-offs of affordable home ownership
What exactly does restoring housing affordability mean in terms of dollars and cents? Mark Rendell asked economist Charles St-Arnaud, who crunched the numbers on the adjustments needed to bring affordability, specifically for home ownership, back in line with historical trends in Canada’s largest cities. In an interview focused on the nuts and bolts of the process, Mr. St-Arnaud talks about the striking results – at current interest rate levels, house prices across the country would need to decline by 40 per cent to restore affordability to its historical average.
If I had a million dollars: The Globe’s guide to daydreaming about money
What would you do if you found $100 on the street? OK, how about $1-million? Salmaan Farooqui asks his friends – and then their parents – what they would do with windfalls ranging in amounts from nice-to-have to life-changing. Then, he consults financial experts for the right way to handle found money. One of the biggest tips: Outstanding debt is the first thing you should tackle if you come into a large sum of money.
Decoder: Young people are quickly dropping out of the labour market
As Canada’s labour market slows down, young people are being driven out of the work force altogether. The labour participation rate for those aged 15 to 24 fell to 62.7 per cent in January, according to figures from Statistics Canada. The plunge has been especially large for young women, Matt Lundy reports, where the labour participation rate has ebbed to the lowest level since 2000. Get a closer look in this week’s Decoder.
Trading in Lululemon returns to Canadian markets, but not how you think
Earlier this week, Canadian investors were able to start buying Lululemon Athletica Inc. shares in Canadian dollars by purchasing Canadian Depositary Receipts (CDRs). The company will be one of seven new CDRs from Canadian Imperial Bank of Commerce that started trading Thursday on the Cboe Canada exchange. Jameson Berkow reports that CDRs have become an increasingly popular option for Canadians looking to invest in major American companies while minimizing currency risk. The CDRs are sold in Canadian dollars, allowing buyers to gain a hedge against fluctuations in the Canada-U.S. exchange rate.
CPA Canada cuts staff in advance of Ontario, Quebec exit
Another week, another series of major layoffs. The Chartered Professional Accountants of Canada announced earlier this week it laid off a fifth of its employees in advance of the pullout of all its Ontario and Quebec members. CPA Canada, which has approximately 400 employees across the country, said there will be a segment of employees who will remain with the organization but see their role change, Clare O’Hara reports. The news comes after CPA Ontario and CPA Quebec announced their intentions to withdraw from the national accounting organization.
Lightspeed founder Dax Dasilva returns as CEO in management shakeup
In other restructuring news, Lightspeed Commerce Inc. founder Dax Dasilva has returned to the chief executive post. Mr. Dasilva is replacing Jean Paul Chauvet, who served as president for 11 years and succeeded Mr. Dasilva at the helm of the Montreal company two years ago. The management shakeup was prompted by negative investor reaction to the e-commerce company’s latest financial update, Sean Silcoff reports. The company said Mr. Dasilva would become the “interim” CEO, but that period is undefined, and it could be a more permanent move.
Now that you’re all caught up, test your knowledge with our weekly business and investing news quiz and prepare for the week ahead with the Globe’s investing calendar.