The Daily Chase: Toronto housing activity cools; Nordstrom to exit Canada - BNN Bloomberg

Home sales in Canada's largest market absolutely cratered from last year

in February as higher rates took a toll on activity. Sales in the month were basically cut in half year-over-year, which is notable just given the timing of things – February of last year was the last month before the Bank of Canada started its rate hiking cycle, which has brought the benchmark borrowing rate up a full four per cent.

, announcing plans to exit and lay off 2,500 employees. It's shades of Target's departure, albeit at a lower capital and employment cost – when Target shut down, it cut 17,000 jobs, with Nordstrom it's more like 2,500 positions.

Ritchie Bros. says dissident shareholder Luxor's goals don't align with those of shareholders in the latter's fight against the takeover of IAA – though worth noting the two sides have been at it for some time about the US$7.3 billion takeover.Notable data: Toronto Regional Real Estate Board home sales, Labour Productivity, Building Permits, ISM Services PMI

Notable earnings: SNC Lavalin, Martinrea International, Crescent Point Energy, Canadian Natural Resource

It's just the first leg down. Our homes are likely to continue to lose value until the end of the decade and could easily lose another 50% by then.

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