On several fronts, things are getting worse for Canada’s economy. Growth is petering out. The labor market is shedding jobs. And inflation is far too high. In turn, a growing number of domestic banks are projecting Canada will slip into recession by next year. The mood soured on Wednesday as the US Federal Reserve projected … Read more
More than a dozen countries rushed to raise interest rates in the last few months, but World Bank experts now worry that this could mean a looming global recession. While consecutive interest rate hikes have helped control inflation, a recent report by the World Bank showed that such a series of rate hikes could push … Read more
Amid soaring prices at grocery stores, a new survey has found that 23.6 per cent of Canadians have had to cut back on the amount of food they were buying. The survey, conducted by Dalhousie University’s Agri-Food Analytics Lab in partnership with Caddle, was conducted between Sept. 8 and 10 and involved 5,000 Canadians from … Read more
For Mei and Harold, both 27, the prospect of further interest rate hikes could mean trouble for their variable rate mortgage. The couple have a 30-year mortgage on a home they purchased earlier this year in Etobicoke. “These recent rate hikes have really affected our ability to spend and save,” Mei explains. “With the speculation … Read more
The underlying pressures driving inflation in Canada are likely to peak in the fourth quarter of this year, economists told Reuters, though most see signs fast rising prices are becoming entrenched and warn a recession may be needed to avoid a spiral. Canada’s inflation data for August will be released on Tuesday, with analysts forecasting … Read more
The Bank of Canada’s rising interest rates have some variable-rate mortgage holders thinking about the upside of locking in a fixed rate, according to experts who spoke to Global News. But the peace of mind that comes with a steady rate has trade-offs that homeowners should be aware of before they opt to convert, they … Read more
Since the beginning of this calendar year, the Bank of Canada has raised its benchmark interest rate on five occasions. And while there are concerns about the impact on people’s bottom lines, one financial advisor says the hikes can present an opportunity for some. “The rising interest rate doesn’t necessarily mean a change in lifestyle … Read more
House prices across Canada may be tumbling, but housing affordability hasn’t been this bad since the final months of 1990, when Brian Mulroney was still prime minister, a new tax called the GST was winding its way through Parliament and, somewhat ominously, Jon Bon Jovi’s Blaze of Glory blanketed the airwaves. The Bank of Canada’s … Read more
Newly elected Conservative Party Leader Pierre Poilievre, in Ottawa, on Sept. 10.PATRICK DOYLE/Reuters After a landslide victory on Saturday night, new Conservative Leader Pierre Poilievre began the job of pitching himself and his party to Canadians with a speech that leaned as heavily on the personal as it did on the political. The father of … Read more
The Ontario Teachers’ Pension Plan plans to invest $5-billion in some of the world’s biggest greenhouse gas emitters as part of a strategy to boost returns while tackling climate change. Teachers launched a “high carbon transition” initiative this month that will see one of the country’s largest fund managers, with $242-billion in assets, take significant … Read more
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