Insane that Bill Pulte is doing all this for *lower* mortgage rates.

Throw in domestic (Canadian) manufacturing investment commitments and I'm sold.

It must include domestic (Canadian) manufacturing investment commitments, but if we can get that - it's a win/win deal that Canada should make in a heartbeat.

London won't be on the tab for millions of dollars in developer fee exemptions: Mayor | CBC News London Mayor Josh Morgan's push to get next year's tax increase under five per cent is a lot closer to reality. That's because the Ontario government has confirmed that cities won't have to cover the ...

Yea. While I support the UGB expansion, this is a fair critique. Accounting tricks seem to be in vogue lately. See also: these well-celebrated exempt DC "savings" that are really just the same servicing costs being paid out of a different City Hall pocket!

www.cbc.ca/news/canada/...

FWIW I think we are due for a big housing slowdown and I think the provincial pop projections probably *are* too optimistic. So a lot of this land just might not be developed for a while - in the UGB or not.

But that seems fine? I'd rather grow the UGB and and not need it than vice versa.

Also strange that the PPS reqs re: adequate supply of land don't factor in land *at what cost*.

A limited UGB might be adequate in the sense that it could *physically fit* expected pop growth - but if it renders developable land is 2x the price per hectare vs. bigger UGB, shouldn't that factor?

I've never quite understood the PPS requirement tying UBG to population growth projections. If we just required costs be fully internalized, wouldn't the market just set an optimal boundary based on expected pop. growth?

(fully internalized costs is a big "if", I suppose)

The PPS effectively prohibits even small-scale privately serviced intensification in rural areas.

Growing an existing small urban settlement to a city does happen, yes.

But preventing *brand new* small urban settlements on rural land is still essentially a policy choice by the Province.

Still very little attention being paid to the US30Y approaching the highs of the April 8 midnight panic.

"Heads you win, tails I lose" energy in USTs lately.

Not sure how Good China News and Bad China News can *both* consistently cause bonds to puke, but that seems to be the new reality.

Everything the same except structurally higher Treasury yields apparently.

Bessent can't be happy ending all this with the US30Y at 4.9%.

Need someone to explain how both Good China News and Bad China News can simultaneously be bad for USTs.

Where's the headline.

Reporting Road Violence - A Cyclist's Guide The Biking Lawyer LLP guide for cyclists to report dangerous drivers and road violence.

Sadly we represent a number of people on bikes attacked by motorists and so this kind of incident while definitely shocking is not a rarity. The vitriol and aggression on our roadways is terrifying and these incidents common. No more!
www.thebikinglawyer.ca/post/reporti...

These days, oil seems to be the best proxy for the aggregate demand outlook than yields (and equities, frankly).

These wild swings at the long-end in particular are totally untethered from the macro growth view.

Don't forget: we can go back to worrying about an obviously weakening US housing and labour market.

Funny thing is, the cycle was turning before the tariff war.

But at his own doing, he's now going to get the blame for *all* of it.

Couldn't have happened to a nicer guy.

Yield rising means people are selling bonds.

What the hell is going on with long yields today. This seems impossible to reconcile with what's happening in equities.

FYI, this = Oxford underpass flooded at the end of the Blackfriars levee. Had to play frogger across traffic this morning.

Level going down though and my guess is it will by passable by evening commute.

Separate from a political "policy put", I really wonder where the strike on the Fed put is here.

My gut tells me it's below 4700.

Not a comforting thought.

💀

This tracks. Most prior "tariff selloffs" saw bonds rally on broad growth fears. Not seeing same today.

While the Mayor is also right that Ontario *should* make this illegal, "let property taxpayers cover provincial failings" has worked out quite well for this government.

So I'm not holding my breath.

Don't wait on the province - get together and just say no!

‘Race to the Bottom’: Morgan slams financial incentives luring family doctors Mayor Josh Morgan made an unexpected appearance at the Community and Protective Services (CAPS) Committee during a discussion about local efforts to attract more family doctors.

The Mayor is 100% right. This kind of stuff always creates a prisoner's dilemma: Spend, or someone else will.

It'll be a race to the *top* for property taxes.

What's needed is a compact where munis collectively agree to say ENOUGH - No more voluntary downloading.

www.ctvnews.ca/london/artic...

I'm not so sure. Long USTs are still 20bps above Dec 2024 levels. I'd argue they've insufficiently priced in the risk of a real growth slowdown.

Continue to be amazed that after all that's happened in equities the past 2 weeks, the 30y is still 20bps above where it was in December 2024.

I guess EU/JP fiscal is propping it up, but still.

Japan and South Korea too - neither can rely on the US umbrella anymore.