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Noah Zivitz

Managing Editor, BNN Bloomberg

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TORONTO HOME SALES PLUMMET 

Home sales across the Greater Toronto Area plunged 20.3 per cent year-over-year last month in the wake of intervention by Kathleen Wynne's government. The Toronto Real Estate Board's newest data captures the first full month of activity since the provincial Liberals took aim at the market amid rampant bubble fears. And the impact was dramatic. Not only did sales plummet, but homeowners raced to cash in. Active listing surged almost 43 per cent in May from the year ago period. Even so, the benchmark and average selling prices still rose – albeit at slower rates than in April. TREB says it's too soon to gauge the full effect of the government's actions.

Today we'll need to assess whether the government is getting what it bargained for and how much more the market could cool.  

LAWMAKERS SCRUTINIZE BANKS

The House of Commons Standing Committee on Finance opens its hearing on “Consumer Protection and Oversight in Relation to Schedule 1 Banks” today. In short, this is the committee’s opportunity to grill the industry and stakeholders about claims of aggressive sales tactics by anonymous alleged bank employees. The first half of today’s session will be in camera, meaning it’s behind closed doors. At 5:00 p.m. ET, the doors open for testimony by the Financial Consumer Agency of Canada and Canadian Bankers Association. We’ll get you ready for that and chase the head of the committee as well as the FCAC and CBA.

SHOW HIM THE MONEY

CSX shareholders get their say on Hunter Harrison’s pay today. More specifically, the US$84 million he forfeited when he left CP Rail, plus a tax indemnity. Recall CSX’s board of directors decided to give its shareholders a non-binding vote on the matter and Harrison warned everyone involved that he’ll walk away from CSX if he doesn’t receive the payment. This continues to be a great governance story to explore. A) Is Hunter worth it? B) Why didn’t the board make the call on its own?

BNN Advisor

Vancouver: Housing concerns cross generations

Winnipeg and Saskatchewan: The loonie and U.S. protectionism weigh on Central Canada

Yellowknife and Whitehorse: The hurdles of northern living and aboriginal issues

OTHER NOTABLE STORIES

-The Canadian American Business Council is bringing together former U.S. presidents and Canadian Prime Ministers for a series of events designed to underscore the importance of the cross-border relationship amid the background of pending NAFTA negotiations. According to La Presse, George W. Bush and Stephen Harper will sit down “far away from the media” tomorrow in Dallas. While Bill Clinton and Jean Chretien will hold a public discussion in Montreal in October.  

-We've got a deal to open the week. Osisko Gold Royalties announced this morning it's paying $1.125 billion for a portfolio of royalties, streams and offtakes from Orion Mine Finance. The purchase is being made in cash ($675 million) and stock ($450 million). Osisko is finding some support in the transaction from the Caisse de dépôt and Quebec's Fonds de solidarité. 

-Oil has given up early gains that came on the back of Saudi Arabia, Bahrain, the UAE and Egypt cutting diplomatic ties with Qatar. Question is whether the friction could affect compliance with OPEC’s coordinated production cuts.  

NOTABLE RELEASES/EVENTS

-Notable data: U.S. factory orders (10:00 a.m. ET), ISM U.S. services index (10:00 a.m. ET)

-8:00 a.m. ET: Restaurant Brands International holds annual general meeting in Oakville, Ont.

-8:45 a.m. ET: Innovation Minister Navdeep Bains delivers remarks at Canadian Telecom Summit in Etobicoke, Ontario – we’re sending a camera/dejero. Michelle will monitor.   

-10:00 a.m. ET: Technical briefing in Ottawa on Canada Infrastructure Bank 

-10:00 a.m. ET: CSX holds annual meeting in Richmond, Virginia. Shareholders will have a non-binding vote on CEO Hunter Harrison's compensation package.

-10:30 a.m. ET: Alberta Energy Minister Margaret McCuaig-Boyd delivers remarks at Alberta & Saskatchewan Renewable Energy Summit in Calgary 

-10:45 a.m. ET: Justin Trudeau delivers remarks in Niagara-on-the-Lake 

-12:00 p.m. ET: Quebec Economy Minister Dominique Anglade delivers speech in Toronto.

-12:30 p.m. ET: Toronto Mayor John Tory media avail after announcement at ROSS Intelligence office in Toronto

-1:00 p.m. ET: Apple's Worldwide Developers Conference starts in San Jose. CEO Tim Cook delivers opening keynote.

-3:30 p.m. ET: House of Commons Finance Committee hearing on Consumer Protection and Oversight  

-4:00 p.m. ET: Wynne holds news conference at SEUS-CP conference 

-4:35 p.m. ET: Justin Trudeau holds media avail in Ottawa alongside Chile’s president  

-Natural Resources Minister Jim Carr in China on trade mission

-Southeastern United States-Canadian Provinces Alliance holds Trade Partnerships at Work conference in Toronto

Every morning BNN's Managing Editor Noah Zivitz writes a ‘chase note’ to BNN's editorial staff listing the stories and events that will be in the spotlight that day. Have it delivered to your inbox before the trading day begins by heading to www.bnn.ca/subscribe.