It’s not just the S&P 500. The Toronto Stock Exchange has been on its own record rip in recent days, partying like it’s 2021 again.

Rate cuts fueled the mood, but managers warn it’s getting frothy. “A time for caution,” says one.

I don’t think Shopify got the memo.

— William D.

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BNN Bloomberg: Canadian automakers warn EV mandate could cost over $3B in credits by 2030 as sales lag targets.

IE: Canada’s retail sales fell 0.8% in July to $69.6B, with sharp declines at grocery and clothing stores.

The Northern Miner: Newmont $NEM ( ▲ 4.34% ) sold its Yukon Coffee gold project to Fuerte Metals for up to $150M, completing its divestment plan.

BBC: Canada and Mexico agreed to deepen trade and security ties as Trump tariffs strain both economies.

The Globe and Mail: Canadian jobless claims hit 552,000 in July, up 13% this year, driven by tariffs and sectoral weakness.

Rising unemployment, paired with moderating inflation, gave the Bank of Canada the “green light” to lower interest rates, not just this week but likely also in the near future, according to CIBC economist Benjamin Tal.

But policy rates have been close to neutral before, and based on that historical precedent, Tal expects any rate relief to be modest. Butler Mortgage’s Ron Butler concurs, stating that rate cuts had already been largely priced into markets.

Interest rate cuts typically relieve pressure in the housing market by lowering the rates that mortgage holders on variable rates pay. But far fewer people have variable rates today, as the wild swings of the pandemic era reduced their popularity. Now, Butler argues, lower interest rates could have a much more muted impact on the housing market than they once did.

Even the significant decline in fixed rates since last year hasn’t bolstered demand. Although Butler reported three-year fixed terms as low as 3.69%, well below rates of over 5% seen in mid-2024, sales volumes have barely budged.

Ultimately, the analysts say, the biggest drag on the housing market may be psychology rather than monetary policy. Tal points to weak consumer confidence as limiting demand. And Dan Kottick, President of Re/Max Canada, says potential buyers are taking a “wait and see” attitude amid tariff fears and other economic uncertainties, which could hold the housing market in limbo for now.

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The Bank of Canada’s decision to cut interest rates by 25 basis points brings Canada in line with the global trend towards lower interest rates. Announced on the same day as a 25bps cut in America, the move came in response to a softening labor market that has lost over 100,000 jobs in the last two months as unemployment climbed to 7.1%.

It’s a similar story stateside, where jobs revisions determined that almost a million fewer jobs were created in the 12 months ending in March than previously thought. Similarly, in the UK, August’s 25bps cut came amid a slowing jobs market. Central banks in China, India, and the EU have also cut interest rates this summer as labor market growth slowed.

In its decision, the Bank of Canada offered hints that further rate cuts could be in store, pointing out that inflation’s momentum had dissipated, while a cooldown in tariff tensions could also mean less upward pressure on prices.

Falling rates may not “fix” the broader Canadian housing market. But Real Estate Investment Trusts (REITs) could still be one of the clearest winners of low-interest-rate eras.

These companies — which own, operate, or finance income-producing real estate — tend to outperform during periods of falling interest rates for a variety of reasons.

By law, REITs must return 90% of their taxable income to shareholders as dividends, so their yields become more enticing to investors as treasury and corporate bond yields fall.

Meanwhile, the 10-year Treasury yield is the benchmark for discounting future cash flows from REITs. So, as the yield falls, REIT cash flows become stronger, boosting valuations.

Finally, lower borrowing costs are a potential boon, because REITs fund operations with long-duration debt, which can be refinanced at lower rates, padding profit margins.

One REIT to watch for the global low-rate era is Canadian Apartment Properties REIT $CAR.UN.TSX ( ▲ 0.1% ). Headquartered in Toronto, Canada, its real estate portfolio of more than 44,000 residential suites consists primarily of apartments and townhouses near public amenities. It derives almost all of its income from leasing properties to tenants in mid-tier or luxury markets.

Valued at $4.8 billion, the REIT may look expensive at first glance, with its price-to-earnings ratio of 82.6. But when it comes to REITs, funds from operations (FFO) are a better metric for gauging profitability and the sustainability of dividend payouts. Last quarter, the company grew FFO per unit by 6%, but shares trade at under $42, well below net asset value of $56.14.

Another sign that Canadian Apartment Properties is a potential steal? Management thinks so. Normal-course issuer bids have scooped up $200 million in shares so far in 2025, with an average purchase price of $43 per unit. The stock buyback program continues as occupancy rates tick up to 97.9% for its total real estate portfolio.

The company pays a 3.8% yield, which may be attractive to investors, should the Bank of Canada pursue further rate cuts. With expectations for lower rates largely priced into markets, a pivot in monetary policy could hurt this REIT’s prospects, along with the overall sector. But for investors seeking income amid a potentially prolonged era of low rates, this REIT may be well worth a look.