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.
Supreme Court rules federal environmental impact law is unconstitutional
Canada’s top court ruled on Friday that a federal environmental impact law is unconstitutional. The Impact Assessment Act, enacted in 2019, allows Ottawa to assess the potential environmental impacts of designated energy and infrastructure projects. Five out of the seven judges ruled against the assessment act. The federal government responded by committing to revising the law and bringing its changes quickly before Parliament, Sean Fine reports. Alberta sent the case to the province’s Court of Appeal in 2022, ruling that the law violated provincial jurisdiction. The federal government then appealed to the Supreme Court. Quebec and Ontario were also among the provinces who opposed the law.
CREA downgrades home sales forecast for second time in 2023
Canada’s housing market continues to cool down as home sales fell in September, according to the national real estate association. The number of home resales fell 1.9 per cent in September, with activity dropping in the country’s two most expensive markets of Toronto and Vancouver, according to the Canadian Real Estate Association (CREA). It was the third straight month of declines. Rachelle Younglai also reports that CREA downgraded its outlook for home sales and prices in 2023 for the second time this year.
Have long-term yields peaked, or just paused?
The bond market has seen a sharp sell-off since July, and when the price of bonds