We’re into the second day of a new era for Canadian housing markets, the country’s lenders, and homebuyers. The Office of the Superintendent of Financial Institution’s B-20 guideline took effect yesterday; most notably, that includes a tough new stress test for uninsured mortgages. On Friday, a local sales rep told us B-20 will kick buyers out of the freehold market and force them to seek more affordable options in condo towers. We’ll continue the conversation today as we await new sales data from the country’s two most-scrutinized markets later this week.

2018’S NEW REALITIES

It’s not just B-20. Here are some high-profile legislative changes that took effect when the calendar flipped to 2018.

• Ontario’s minimum wage rose to $14 per hour from $11.60. Music to the ears of workers, not so much for employers that have to decide how to pass along the cost or absorb it.
• Alberta’s carbon tax rose to $30 per tonne from $20, prompting UCP Leader Jason Kenney to post a new year’s eve video of himself fuelling up and vowing to “scrap the tax” if his party prevails in the next election.
• Recreational cannabis sales started in California, potentially offering all levels of government in Canada an opportunity to watch and learn.

NATURAL GAS BULL MARKET

The cold snap that has engulfed much of Canada, and beyond, has helped propel natural gas into a bull market. From a recent low of $2.56 per million British thermal units on Dec. 21, nat gas climbed to within a hair of $3.10 this morning. Jameson will contextualize and apply an investing lens to his coverage.

NUTRIEN MAKES ITS TRADING DEBUT

Nutrien started trading on the TSX today after Agrium and Potash Corporation of Saskatchewan closed their merger. That prompted our assignment editor to wonder what happens to the POT ticker symbol and whether cannabis producers will be vying to snap it up. We reached out to the TSX. Turns out there’s a 53-week waiting period before an applicant can inherit a discontinued symbol. 

OTHER NOTABLE STORIES

- We will keep tabs on any major developments in Iran as anti-government protests enter a sixth day. By most accounts, at least 13 – including one police officer – have died since the demonstrations began.

- The Canadian Centre for Policy Alternatives’ annual report on executive compensation shows Canadian CEOs, on average, were paid 209 times the average worker’s wage in 2016 – and earned that average labourer’s annual income by 10:57 a.m. on January 2.

- Bombardier’s transport hot streak continues. Today, the rail division said New Jersey’s transit corporation exercised an option for 17 locomotives, worth US$160M at list price.

NOTABLE RELEASES/EVENTS

- Notable data: ISM U.S. manufacturing index, U.S. construction spending

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.