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Business Briefing Millennials forced to move to the burbs to afford a home, TD says

Briefing highlights

  • Moving to the burbs
  • Stocks, loonie, oil at a glance
  • Canopy strikes deal
  • Rogers profit slips
  • Retail sales rise, though volumes muted
  • Required Reading

Moving to the burbs

Many millennials want metropolitan living, but are being forced to look to the suburbs because of high city prices, Toronto-Dominion Bank says.

Indeed, almost 65 per cent of millennials polled in a TD-commissioned Environics Research Group survey said they’d opt for “suburban life” to be able to own a home.

“Eight in 10 (81 per cent) Canadian millennials aspire to own their own home, but financial realities, including the rising cost of home prices across the country, mean many of today’s buyers need to expand their search to the suburbs in their quest for an affordable property, even if they’re already in the housing market,” TD said in releasing the survey results.

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Millennials are most concerned about affordability, the size of their homes and the state of the neighbourhood, the study showed.

They’re also prepared to eat out less, shop less and cut their spending on entertainment if that means they can own property, TD said.

(Are you a homeowner worried about debt? If you would like to share your story with The Globe and Mail, contact reporter Rachelle Younglai at ryounglai@globeandmail.com .)

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Markets at a glance

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Canopy strikes deal

Canopy Growth Corp. has struck a complex deal to take control of Acreage Holdings Inc. when the timing is right.

The Canadian cannabis company lauded the agreement is complementing its “U.S. CBD strategy with an an accelerated pathway” into the American markets once it’s federally legal.

Canopy is buying “the right to acquire 100 per cent of the shares of Acreage,” with a stipulation that it must do so when pot becomes federally legal in the U.S.

Acreage shareholders would immediately get US$300-million. When all is said and done, the deal would be worth about US$3.4-billion, the companies said.

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There’s also a licensing pact that gives Acreage access to Canopy brands.

The two companies will operate separately until Canopy exercises its right.

“Today we announce a complex transaction with a simple objective,” said Bruce Linton, Canopy’s co-chief executive. “Our right to acquire Acreage secures our entrance strategy into the United States as soon as a federally-permissible pathway exists.”

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Rogers profit slips

Rogers Communications Inc. added fewer new wireless and internet customers and profit slipped in the first quarter, in part due to Toronto Blue Jays player salaries, The Globe and Mail’s Christine Dobby reports.

Rogers said overall revenue was down 1 per cent in the first quarter to $3.59-billion and profit fell by 8 per cent to $391-million.

The company said that was largely because of baseball-related considerations at its media division, citing the timing of player salaries and a tough comparison to the first quarter last year, when Major League Baseball paid the Blue Jays a large distribution.

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Retail sales rise

Canada’s retailers finally scored a winning month in February, muted though it was in volume terms, as sales rose after three losing months in a row.

Retail sales climbed 0.8 per cent in February, Statistics Canada said. When you strip out price changes sales rose 0.2 per cent by volume.

Driving the gains were general merchandise outlets, such as department stores and warehouse clubs, and car and parts dealers.

Indeed, sales at new car dealers rose 3.1 per cent.

“Canadians have been reluctant shoppers of late, but were willing to brave cold February weather to finally go out and spend more, even if most of that was to cover higher prices rather than actually load up on goods,” said CIBC World Markets chief economist Avery Shenfeld.

“In sum, while this was ‘better than expected’ and will help offset weaker factory activity in terms of February GDP, it wasn’t really all that strong a signal for consumer activity,” he added.

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Ticker

Galaxy reviews

From Reuters: Samsung’s new Galaxy Fold, a splashy $1,980 phone that opens into a tablet, is malfunctioning for some journalist reviewers after only a day or two of use, according to posts on social media.

Required Reading

Kenney eyes pipelines

Premier-designate Jason Kenney says he plans to enact the former NDP government’s legislation to allow Alberta to cut off oil shipments to British Columbia over the Trans Mountain pipeline. Justin Giovannetti reports.

Businesses want steady rates

Businesses are sending the Bank of Canada a clear message on interest rates, columnist David Parkinson writes: Hold the line.

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Environmental strategy

Investment reporter David Berman looks at how a climate-change investing strategy can help you beat the market.

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