1 00:00:04,040 --> 00:00:08,360 Speaker 1: Broadcasting live to New York Bloomberg eleven Brio to Washington, 2 00:00:08,440 --> 00:00:13,480 Speaker 1: d C. Bloomberg to Boston, Bloomberg twelve hundred to San Francisco, 3 00:00:13,600 --> 00:00:18,560 Speaker 1: Bloomberg to the Country's Jui's Exam General one and around 4 00:00:18,600 --> 00:00:21,960 Speaker 1: the globe the Bloomberg Radio plus David Bloomberg got gone. 5 00:00:22,280 --> 00:00:25,760 Speaker 1: This is taking stock. Coming up on taking stock, will 6 00:00:25,800 --> 00:00:29,880 Speaker 1: take stock of Canada, specifically real estate in Toronto. I'm 7 00:00:29,880 --> 00:00:33,440 Speaker 1: gonna find out comparisons between Toronto and some major US 8 00:00:33,520 --> 00:00:37,320 Speaker 1: metropolitan areas. And as much as the Canadian dollar has 9 00:00:37,360 --> 00:00:40,440 Speaker 1: gained about five and a half percent against the US 10 00:00:40,680 --> 00:00:44,000 Speaker 1: dollar since the beginning of the year, currently trading at 11 00:00:44,360 --> 00:00:47,159 Speaker 1: one thirty to the US dollar. That's all coming up 12 00:00:47,240 --> 00:00:49,680 Speaker 1: on taking stock right now. Let's go to Charlie Pellet 13 00:00:49,760 --> 00:00:52,400 Speaker 1: and the Bloomberg News from Port Bloomberg Business Flash, and 14 00:00:52,479 --> 00:00:55,120 Speaker 1: I thank you pim Fox. Just getting word from ESPN 15 00:00:55,200 --> 00:00:59,520 Speaker 1: that Nike has resigned to Derek Jeter. Nike shares up 16 00:00:59,520 --> 00:01:02,800 Speaker 1: now by two point three percent, Equities climbing for a 17 00:01:02,880 --> 00:01:06,360 Speaker 1: third day, sending the Dow Jones Industrial average above its 18 00:01:06,400 --> 00:01:10,600 Speaker 1: record close from May twenty fifteen. As investors way corporate 19 00:01:10,600 --> 00:01:14,160 Speaker 1: health the mid the start of the earning season. Right now, 20 00:01:14,200 --> 00:01:16,960 Speaker 1: we have got the SMP five hundred index up seventeen 21 00:01:17,000 --> 00:01:19,520 Speaker 1: to twenty one fifty four, a gain of eight tens 22 00:01:19,520 --> 00:01:22,399 Speaker 1: of one percent. Dow Industrial is up one hundred thirty 23 00:01:22,400 --> 00:01:26,319 Speaker 1: five points to eighteen thousand, three hundred sixty three, record 24 00:01:26,400 --> 00:01:29,240 Speaker 1: territory on the down up right now by eight tenths 25 00:01:29,240 --> 00:01:32,679 Speaker 1: of one percent. The NASDA Compositor Index up thirty nine 26 00:01:32,720 --> 00:01:35,360 Speaker 1: points to five thousand, twenty eight, a gain of eight 27 00:01:35,360 --> 00:01:37,920 Speaker 1: tenths of one percent. A ten year down twenty six 28 00:01:37,959 --> 00:01:41,640 Speaker 1: thirty seconds the yield one point five one percent, and 29 00:01:41,760 --> 00:01:45,000 Speaker 1: gold is down twenty two seventy the ounce to thirteen 30 00:01:45,120 --> 00:01:48,000 Speaker 1: thirty three, a drop there of one point seven percent. 31 00:01:48,520 --> 00:01:51,760 Speaker 1: Amazon holding its second annual Prime Day, a day of 32 00:01:51,840 --> 00:01:55,360 Speaker 1: Black Friday light deals for customers and an opportunity to 33 00:01:55,400 --> 00:01:58,160 Speaker 1: get more people to sign up for its Amazon Prime service. 34 00:01:58,840 --> 00:02:02,520 Speaker 1: Amazon's effort woo shoppers with exclusive deals, though, has left 35 00:02:02,560 --> 00:02:05,400 Speaker 1: many frustrated as they struggled to add items to their 36 00:02:05,400 --> 00:02:09,240 Speaker 1: online shopping carts. Punum Goyala is a senior retail analyst 37 00:02:09,280 --> 00:02:13,000 Speaker 1: at Bloomberg Intelligence. Well, it definitely indicates the magnitude of 38 00:02:13,040 --> 00:02:15,959 Speaker 1: traffic and it is a glitch Syville plush some curatuses 39 00:02:16,000 --> 00:02:18,840 Speaker 1: out or even maybe tearing some customers away because once 40 00:02:18,880 --> 00:02:21,600 Speaker 1: again the customer wants he's at check out. And if 41 00:02:21,639 --> 00:02:23,639 Speaker 1: that's not happening, you know, there's only so many times 42 00:02:23,680 --> 00:02:26,359 Speaker 1: you're gonna hit that by an order, order, order before 43 00:02:26,400 --> 00:02:28,880 Speaker 1: you give up and go away. And on. An update 44 00:02:28,919 --> 00:02:31,480 Speaker 1: for the rest of the market, Amazon Trading lorder today 45 00:02:31,520 --> 00:02:35,440 Speaker 1: by one percent. Again. The SMP five hundred index up 46 00:02:35,520 --> 00:02:40,600 Speaker 1: set up eight tenths of one percent to thirty two 47 00:02:40,600 --> 00:02:42,359 Speaker 1: on Wall Street. Now, let's take a look at other 48 00:02:42,400 --> 00:02:45,919 Speaker 1: news from around the world. Thank you, Charlie from the 49 00:02:45,919 --> 00:02:50,280 Speaker 1: Bloomberg newsroom. I'm Matt Miller. Bernie Sanders has endorsed Hillary 50 00:02:50,280 --> 00:02:53,720 Speaker 1: Clinton for president. The two appeared side by side of 51 00:02:53,800 --> 00:02:57,280 Speaker 1: the campaign event Portsmouth, New Hampshire, where Sanders said Clinton 52 00:02:57,320 --> 00:03:03,040 Speaker 1: will make an outstanding chief Executive Secretary. Clinton has won 53 00:03:03,320 --> 00:03:10,400 Speaker 1: the Democratic nominating. President Obama is in Dallas, where at 54 00:03:10,440 --> 00:03:12,880 Speaker 1: this hour he is scheduled to speak at a memorial 55 00:03:12,960 --> 00:03:16,040 Speaker 1: service for those five police officers gunned down last week. 56 00:03:16,440 --> 00:03:19,360 Speaker 1: He also met with the families of the victims. White 57 00:03:19,360 --> 00:03:22,240 Speaker 1: House spokesman Josh Ernest said the President called the families 58 00:03:22,240 --> 00:03:25,360 Speaker 1: of Alton Sterling and Philando Castile, the two black men 59 00:03:25,480 --> 00:03:29,800 Speaker 1: killed by police in Louisiana and Minnesota last week. Meanwhile, 60 00:03:29,880 --> 00:03:32,160 Speaker 1: how Speaker Paul Ryan is praising the police chief in 61 00:03:32,280 --> 00:03:35,760 Speaker 1: Dallas in the wake of last week's murders. I think 62 00:03:35,760 --> 00:03:38,000 Speaker 1: what we should be focused on right now are solutions. 63 00:03:38,040 --> 00:03:40,200 Speaker 1: I think what we should be focused on is listening 64 00:03:40,280 --> 00:03:42,600 Speaker 1: to people in communities who have done a good job 65 00:03:43,080 --> 00:03:45,640 Speaker 1: of merging law enforcement with the communities so that these 66 00:03:45,720 --> 00:03:47,640 Speaker 1: kinds of problems don't occur. I think I think Chief 67 00:03:47,680 --> 00:03:49,640 Speaker 1: Browns in a phenomenal job in this crisis, and I 68 00:03:49,640 --> 00:03:51,280 Speaker 1: think if you look at what he had done before 69 00:03:52,440 --> 00:03:55,360 Speaker 1: by merging the community, by having community policing and solutions, 70 00:03:55,400 --> 00:03:58,200 Speaker 1: there's a lot for us to learn from. Workers in 71 00:03:58,240 --> 00:04:00,800 Speaker 1: Atlantic City have approved a new con track with three 72 00:04:00,800 --> 00:04:03,760 Speaker 1: casinos while a strike continues at the Trump taj Mahal. 73 00:04:04,120 --> 00:04:06,600 Speaker 1: The local fifty four unions as workers from the three 74 00:04:06,640 --> 00:04:10,480 Speaker 1: Caesar's Entertainment owned casinos, voted to ratify their new contract 75 00:04:10,600 --> 00:04:14,640 Speaker 1: last night. Workers at Harrah's, Bally's, and Caesar's reached a 76 00:04:14,720 --> 00:04:17,920 Speaker 1: deal July one, a vote on the contract reached with 77 00:04:17,960 --> 00:04:21,760 Speaker 1: the Tropicana is scheduled for Thursday. Global News twenty four 78 00:04:21,760 --> 00:04:24,360 Speaker 1: hours a day, powered by more than twenty hundred journalists 79 00:04:24,360 --> 00:04:27,000 Speaker 1: and analysts and more than one d twenty countries. I'm 80 00:04:27,040 --> 00:04:31,560 Speaker 1: Matt Miller. This is Bloomberg, Charlie, and we thank you 81 00:04:31,600 --> 00:04:35,680 Speaker 1: what again Recapping stocks higher SMP and the Dow trading 82 00:04:35,680 --> 00:04:40,640 Speaker 1: at records SMP five hundred index up a gain of 83 00:04:40,760 --> 00:04:44,080 Speaker 1: eight tenths of one percent. I'm Charlie Palatin. That's a 84 00:04:44,080 --> 00:04:48,799 Speaker 1: Bloomberg business flash. You're listening to taking stock with Kathleen 85 00:04:48,839 --> 00:04:53,000 Speaker 1: Hay and Pim Fox on Bloomberg Radio. House prices in 86 00:04:53,120 --> 00:04:57,359 Speaker 1: Toronto they continued to surge as would be buyer's struggle 87 00:04:57,400 --> 00:05:00,080 Speaker 1: with a lack of supply in a red hot the 88 00:05:00,160 --> 00:05:03,039 Speaker 1: state market. This all according to a report released by 89 00:05:03,080 --> 00:05:06,040 Speaker 1: the Toronto Real Estate Board. So while there are there 90 00:05:06,080 --> 00:05:10,200 Speaker 1: opportunities in real estate in Toronto compared to metropolitan regions 91 00:05:10,200 --> 00:05:13,800 Speaker 1: in the United States. Marianna Derskova is a broker for 92 00:05:14,040 --> 00:05:17,039 Speaker 1: you town Home Exclusive and the Pemberton Group, and she 93 00:05:17,160 --> 00:05:20,360 Speaker 1: joins us now from Toronto, Canada. Marianna, thank you very 94 00:05:20,440 --> 00:05:23,520 Speaker 1: much for being with us. Tell us about the current 95 00:05:23,600 --> 00:05:28,320 Speaker 1: state of the real estate market. For residential properties in Toronto. Well, 96 00:05:28,320 --> 00:05:31,039 Speaker 1: thank you for having me. Um. There is no denial 97 00:05:31,200 --> 00:05:35,480 Speaker 1: that the Toronto is the commercial and a cultural horus 98 00:05:35,520 --> 00:05:39,400 Speaker 1: of Canada. It is. It is definitely becoming a world 99 00:05:39,440 --> 00:05:42,680 Speaker 1: class city over the next couple of years. Last year 100 00:05:42,720 --> 00:05:46,120 Speaker 1: we by past Chicago and we became the fourth largest 101 00:05:46,120 --> 00:05:49,160 Speaker 1: city in North America with the two point a million 102 00:05:49,760 --> 00:05:52,720 Speaker 1: people living in a in a city city of Toronto 103 00:05:53,120 --> 00:05:55,480 Speaker 1: and then over six million people living in a g 104 00:05:55,640 --> 00:06:00,160 Speaker 1: T a UM. When you compare the prices uh air 105 00:06:00,200 --> 00:06:03,640 Speaker 1: to let's say New York market, we are definitely underprised. 106 00:06:03,640 --> 00:06:05,520 Speaker 1: And you can go further and just all over the 107 00:06:05,520 --> 00:06:08,279 Speaker 1: globe and compare the prices of the of the really 108 00:06:08,400 --> 00:06:12,240 Speaker 1: estate to to London and other metropolitan in the in 109 00:06:12,279 --> 00:06:17,039 Speaker 1: the world. UM. On average, the prices in Toronto are 110 00:06:17,360 --> 00:06:22,880 Speaker 1: probably three to five times less and cheaper than than 111 00:06:22,920 --> 00:06:26,840 Speaker 1: would you guys experiencing in New York. Well, an average 112 00:06:26,839 --> 00:06:31,080 Speaker 1: house in Canada's largest city, Toronto, a cost about seven 113 00:06:31,120 --> 00:06:34,080 Speaker 1: hundred and fifty thousand dollars in June, and that's a 114 00:06:34,360 --> 00:06:38,800 Speaker 1: nearly seventeen increase from June of twenty fifteen. What do 115 00:06:38,839 --> 00:06:41,159 Speaker 1: you get for that kind of money? Well, you probably 116 00:06:41,160 --> 00:06:45,560 Speaker 1: get around fifteen fifteen to eighteen hundred square feet townhouse 117 00:06:46,160 --> 00:06:51,839 Speaker 1: frontage probably anywhere between fifteen to twenty And what about 118 00:06:51,960 --> 00:06:56,720 Speaker 1: the buying capacity the supply that would match the buyers 119 00:06:56,760 --> 00:06:59,520 Speaker 1: In other words, I understand that there's not a great 120 00:06:59,560 --> 00:07:02,160 Speaker 1: deal of apply on the market. There is It's definitely 121 00:07:02,160 --> 00:07:04,920 Speaker 1: what we're experiencing right now is the sellers market. There 122 00:07:05,000 --> 00:07:07,840 Speaker 1: is definitely a shortage and that's why the prices is. 123 00:07:07,920 --> 00:07:10,200 Speaker 1: You can see when you look at the comparisons between 124 00:07:10,200 --> 00:07:12,800 Speaker 1: the two thousand and fifteen and and the current year, 125 00:07:12,920 --> 00:07:16,600 Speaker 1: the prices for the townhouses increased by fifteen point seven percent. 126 00:07:17,360 --> 00:07:20,840 Speaker 1: And some of the regions in Toronto like Peel or Halton, 127 00:07:21,080 --> 00:07:23,240 Speaker 1: York and Durham. What if you could tell us about 128 00:07:23,240 --> 00:07:25,600 Speaker 1: those areas for people that are not familiar with Toronto. 129 00:07:26,000 --> 00:07:28,240 Speaker 1: So these are part of the g t A and 130 00:07:28,360 --> 00:07:32,080 Speaker 1: they are known as a narrator Toronto area correct, correct, 131 00:07:32,200 --> 00:07:34,640 Speaker 1: And they are known as the nine oh five area, 132 00:07:34,800 --> 00:07:39,360 Speaker 1: so suburbia of the of the Toronto. People typically gravitate 133 00:07:39,400 --> 00:07:42,680 Speaker 1: towards those areas as they can get a larger home 134 00:07:42,880 --> 00:07:46,240 Speaker 1: for for a less money, but they often dealing with 135 00:07:46,440 --> 00:07:49,400 Speaker 1: the with the commute so even the prices in a 136 00:07:49,640 --> 00:07:52,520 Speaker 1: in a g T A are increasing over the over 137 00:07:52,560 --> 00:07:55,960 Speaker 1: the last they has increased over the last year, but 138 00:07:56,120 --> 00:07:59,840 Speaker 1: mostly they really increase in a in a downtown area 139 00:07:59,880 --> 00:08:02,240 Speaker 1: in the four one six area. Tell us about that 140 00:08:02,280 --> 00:08:04,400 Speaker 1: four one six area, and also maybe just adding a 141 00:08:04,440 --> 00:08:06,840 Speaker 1: little bit about luxury, because I understand that the price 142 00:08:06,920 --> 00:08:12,480 Speaker 1: of luxury apartments has increased. The four million dollar plus 143 00:08:12,520 --> 00:08:17,320 Speaker 1: categories seen the biggest sales volume increase correct in in 144 00:08:17,200 --> 00:08:21,040 Speaker 1: in Toronto. Correct So, so in the last few years 145 00:08:21,240 --> 00:08:25,760 Speaker 1: it was it was market as a million dollar and 146 00:08:25,880 --> 00:08:28,760 Speaker 1: plus market. Today I would really go as far as 147 00:08:28,800 --> 00:08:31,800 Speaker 1: push it to the three million and up because the 148 00:08:31,840 --> 00:08:34,559 Speaker 1: average price for a detached home in the four one 149 00:08:34,600 --> 00:08:37,679 Speaker 1: six in a in a downtown area is one point 150 00:08:37,679 --> 00:08:42,240 Speaker 1: two million, So that typically buys you a detached home 151 00:08:42,360 --> 00:08:45,520 Speaker 1: in the in in in the prime neighborhoods. But if 152 00:08:45,559 --> 00:08:48,200 Speaker 1: you're really looking for something luxurious, you're going to have 153 00:08:48,240 --> 00:08:51,240 Speaker 1: to probably spend more than three million dollars. That applies 154 00:08:51,320 --> 00:08:54,400 Speaker 1: for a detached home, for the townhouses and also for 155 00:08:54,559 --> 00:09:00,200 Speaker 1: a condominiums. Now, Marianna, you spoke earlier about the quality 156 00:09:00,200 --> 00:09:02,720 Speaker 1: of life in Toronto, I'm wondering if you could offer 157 00:09:02,840 --> 00:09:06,920 Speaker 1: some details about schools and how they compare with perhaps 158 00:09:07,320 --> 00:09:11,319 Speaker 1: educational institutions in the United States. We are very similar 159 00:09:11,640 --> 00:09:15,319 Speaker 1: in terms of the of the quality of the lifestyle 160 00:09:15,400 --> 00:09:18,480 Speaker 1: that you experience. Let's say in New York the school 161 00:09:18,600 --> 00:09:22,240 Speaker 1: there is a grade educational system on an elementary level, 162 00:09:22,480 --> 00:09:26,840 Speaker 1: on a high school, also on a on a university level, 163 00:09:27,240 --> 00:09:30,160 Speaker 1: we have the well known universe on the world. We 164 00:09:30,240 --> 00:09:33,640 Speaker 1: attract a lot of international students. I'm talking about the 165 00:09:33,720 --> 00:09:37,440 Speaker 1: University of Toronto and UH. In terms of the of 166 00:09:37,559 --> 00:09:41,920 Speaker 1: the health care, UH people have the access and you know, 167 00:09:42,040 --> 00:09:45,480 Speaker 1: it's it's it's it's free. So it's a little bit 168 00:09:45,480 --> 00:09:49,959 Speaker 1: of socialist approach that Canada. Canada has and people people 169 00:09:50,000 --> 00:09:53,960 Speaker 1: do like it. UM. In terms of the culturally, you know, 170 00:09:54,120 --> 00:09:57,720 Speaker 1: we have a variety and the and the various museums. 171 00:09:57,760 --> 00:10:00,199 Speaker 1: We have the a geo, they have the they have 172 00:10:00,280 --> 00:10:03,760 Speaker 1: to have the wrong They have a lot of culture exhibitions. 173 00:10:04,080 --> 00:10:07,559 Speaker 1: A lot of well known artists come to come to Toronto. 174 00:10:07,640 --> 00:10:10,600 Speaker 1: They are attracted because of the vibemen, because of the 175 00:10:10,640 --> 00:10:14,480 Speaker 1: lifestyle of the of the city has to offer. UM. 176 00:10:14,520 --> 00:10:18,440 Speaker 1: In terms of the restaurants, Vogue magazine just named Toronto 177 00:10:18,840 --> 00:10:21,760 Speaker 1: in their March issue as a place to go and 178 00:10:21,960 --> 00:10:24,400 Speaker 1: visit for all the foodies. I want to thank you 179 00:10:24,520 --> 00:10:28,800 Speaker 1: very much for sharing these details with us. Marianna Derskova 180 00:10:29,000 --> 00:10:32,200 Speaker 1: is a broker the U town Home Exclusive Broker at 181 00:10:32,240 --> 00:10:36,640 Speaker 1: the Pembertons Group in Toronto, Canada. And just to note 182 00:10:36,679 --> 00:10:41,640 Speaker 1: that the S and P TSX composite index of Canadian 183 00:10:41,720 --> 00:10:46,160 Speaker 1: stocks here today up more than eleven percent. If you're 184 00:10:46,200 --> 00:10:50,719 Speaker 1: listening to taking Stockheim, pim Fox, and this is Bloomberg 185 00:11:01,040 --> 00:11:03,880 Speaker 1: coming up. He was the chief executive of Apple, chief 186 00:11:03,920 --> 00:11:06,840 Speaker 1: executive of PepsiCo, and now he's got a new book, 187 00:11:06,920 --> 00:11:11,960 Speaker 1: John Scully's Moonshot, Game changing Strategies to build billion dollar businesses. 188 00:11:12,200 --> 00:11:12,800 Speaker 1: That's next