Rate of housing starts rises in August
The national housing agency reports the annual rate of housing starts increased to 150,400 units in August from 134,200 in July. Canada Mortgage and Housing Corp. says there were improvements in the single- and multiple-housing segments. The annual rate of urban starts increased by 14 per cent to 131,800 in August. Urban multiple starts increased by 23.8 per cent to 77,600 units, while urban single starts moved up 2.5 per cent to 54,200.
Westjet to raise $150 million in share issue
WestJet Airlines Ltd. (TSX:WJA) said Wednesday it has signed a deal with a syndicate of underwriters to raise at least $150 million in an issue of shares to help fund capital expenditures, including the purchase of new aircraft. The company said it will issue 13.4 million common and variable voting shares at $11.20 per share to raise $150 million. WestJet shares were down 30 cents at $11.70 on the Toronto Stock Exchange before trading was halted pending the announcement. The underwriters, led by CIBC, have also been grained an over-allotment option for an additional two million shares that if fully exercised would bring it to $172.5 million.
Shoppers face higher food prices
Canadian shoppers should expect to pay more at supermarket cash registers this fall as food prices keep ticking higher despite a weak economy, according to industry watchers. And chains across the country who choose to pass on the ballooning costs of food ingredients and workers’ wages could face pressure from disgruntled shoppers who continue to worry about the possibility of job losses and tight credit.
Toronto shopper Merle Pierre said higher prices have left her with some bitter choices about where she’ll buy food, forcing her to decide between quality and quantity.