Markets were down on Wednesday after the FED raised interest rates by a further 0.25%.
The S&P 500 was down 1.65% and Toronto was down 0.6%.
RioCan was down 1.8% to $19.79. I think it is attractive at that price.
Statistics Canada announced total that Canada’s population increased by over one million people in 2022. That’s the most ever in a single year and well above normal. In part it is a catch up from the pandemic and there was a large boost from non-permanent residents including those that fled Ukraine. I suspect many of these non-permanent residents may in fact become permanent residents.
Alberta alone gained 165,000 people in the past year increasing the population by 3.7%. That is massive growth. At some point that has to translate into a lot of apartments and houses that need to be built. Melcor Developments should be a beneficiary of that.