September 1, 2015 / 12:26 PM / 2 years ago

PRESS DIGEST- Canada-Sept 1

Sept 1 (Reuters) - The following are the top stories from selected Canadian newspapers. Reuters has not verified these stories and does not vouch for their accuracy.

THE GLOBE AND MAIL

** Canadian housing prices continued to soar in the second quarter of the year, eroding affordability for buyers even in the face of a falling dollar and weak economic growth. But while detached house prices are marching out of reach of buyers in Canada's hottest housing markets, they are becoming more affordable in many other regions. (bit.ly/1N6YdUi)

** With the afterglow of the Pan Am Games having long since faded and Toronto Mayor John Tory still weighing his options over the idea of an Olympic bid, city council appears to be cooling on the idea of hosting the Games. (bit.ly/1hQLJTM)

NATIONAL POST

** Sergio Marchionne, the tenacious CEO of Fiat Chrysler Automobiles NV, is utterly convinced that a merger with General Motors Co is in the best financial interests of both companies. If his plan ever comes to fruition it will undoubtedly mean job cuts and plant closures around the world, but it appears that little would change in Canada as the country's shrinking auto sector continues to be buffeted by headwinds largely outside its control (bit.ly/1LHwYfN)

** Alberta's first fiscal update under the new NDP government paints a tragic picture of the once-booming oil province: a deficit of nearly $6 billion, and growing, despite higher income and corporate taxes; soaring unemployment; slumping manufacturing; and an expected 0.6 percent GDP contraction in 2015. (bit.ly/1ig3snL)

Compiled by Aurindom Mukherjee

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