The economic circles in Canada are anticipating a week filled with crucial events, from home sales data and the labor market report to the interest rate decision from the Bank of Canada, alongside important court sessions regarding Hudson's Bay Company.

Home Sales Data in Major Cities

Local real estate boards in Calgary (Monday), Vancouver (Tuesday), and Toronto (Wednesday) are expected to release May's data on home sales and prices. Reports from April showed a decline in sales volume across all these cities amid economic uncertainty linked to trade tensions between Canada and the United States.

Hudson's Bay Case Before the Court

Hudson's Bay Company, the oldest commercial company in Canada, returns to court on Tuesday in a session expected to seek approval for a $30 million deal with Canadian Tire. The deal includes the purchase of the company's intellectual property rights, including its name, historic logo, and its famous lines. The court is also expected to consider a request from the RioCan fund to place a joint venture with Hudson's Bay under receivership.

Telecommunications Sector Under Scrutiny

Toronto will host the Canadian Telecom Summit on Tuesday and Wednesday, bringing together major players in the telecommunications sector amid rising challenges, including price competition, mounting debts, and increasing pressures affecting the performance of large companies' stocks.

Bank of Canada's Interest Rate Decision

One of the most anticipated events this week is the Bank of Canada's announcement regarding the interest rate on Wednesday. Optimism for a rate cut has decreased following inflation data that showed persistent price pressures, while better-than-expected GDP growth data supported the bets on keeping the rate unchanged.

May Labor Market Report

Statistics Canada will conclude the week with its monthly labor market report on Friday. The national unemployment rate rose to 6.9% in April, a level not recorded since last November, increasing the importance of May's data in determining the future direction of the economy and the labor market.