Cities’ downtown cores are hollowing out, but small towns and suburbs tell a different story

Cities’ downtown cores are hollowing out, but small towns and suburbs tell a different story

People walk in Vancouver’s business district over the lunch hour on April 22. According to a new report, the city experienced a 48-per-cent decline in mobility compared with prepandemic timesJENNIFER GAUTHIER/Vancouver Freelancer The downtowns of most major Canadian cities continue to face a substantial dip in foot traffic compared with prepandemic norms – but the … Read more

A new 3.49% six-month mortgage is launching soon. Should you get it?

A new 3.49% six-month mortgage is launching soon.  Should you get it?

Many mortgage shoppers are by and large still choosing variable or short-term fixed rates, hoping they can reset their rate lower in 12-24 months.Sean Kilpatrick/The Canadian Press Most in the mortgage industry believe that interest rates will be lower by the end of next year. And the bond market agrees. It’s pricing in a Bank … Read more

The astonishing rise and fall of used car and truck prices

The astonishing rise and fall of used car and truck prices

Used vehicles for sale are seen at an auto mall in Ottawa, on April 26, 2021.Justin Tang/The Canadian Press In mid-2021, when “transitory” was the go-to word for central bankers trying to ease concerns about inflation, US Federal Reserve chairman Jerome Powell highlighted surging used-car and truck prices, which were up 45 per cent from … Read more

Bank of Canada’s Tiff Macklem says overheating labor market must slow to fight inflation

Bank of Canada’s Tiff Macklem says overheating labor market must slow to fight inflation

Bank of Canada governor Tiff Macklem said that unemployment needs to rise in order to slow down inflation, although elevated levels of job vacancies could soften the blow. In a speech in Toronto hosted by the Public Policy Forum, Mr. Macklem said that Canada’s labor market is overheating, with unemployment near a record low and … Read more

Lowe’s leaves Canada, interest-free student loans and more temporary foreign workers: Must-read business and investing stories

Lowe’s leaves Canada, interest-free student loans and more temporary foreign workers: Must-read business and investing stories

US hardware giant Lowe’s has sold its Canadian retail operations, which includes 450 stores, to New York private equity firm Sycamore Partners for US$400-million in cash.Mark J. Terrill/The Associated Press Getting caught up on a week that got away? Here’s your weekly digest of the Globe’s most essential business and investing stories, with insights and … Read more

Immigrants now make up nearly a quarter of Canada’s population, according to 2021 census

Immigrants now make up nearly a quarter of Canada’s population, according to 2021 census

Immigrants now compose the largest proportion of Canada’s population in history – 23 per cent – ​​the result of a campaign to attract primarily young, economic class newcomers to address the country’s labor shortage, according to a new release from the 2021 census. More than half of immigrants who arrived in Canada between 2016 and … Read more

Canada’s wealthiest households see net worth drop by $200,000 as previous gains erased

Canada’s wealthiest households see net worth drop by 0,000 as previous gains erased

Canada’s wealthiest households saw nearly $200,000 wiped off their net worth in the second quarter of 2022. A perfect storm of economic pressures caused households to lose wealth as asset values ​​declined amidst turmoil in the financial and housing markets, while interest rates and inflation increased, according to a Statistics Canada report released Monday. The … Read more

Unions win big across Canada as bargaining collides with inflation

Unions win big across Canada as bargaining collides with inflation

Activists and union members march through Toronto during the Labor Day Parade on Sept. 5.Tijana Martin/The Canadian Press As Canadians continue to grapple with the specter of prolonged inflation, unions across the country have begun to win higher-than-average wage increases for workers in recent months, a Globe and Mail analysis of internal union data and … Read more

Canada’s jobless rate jumps to 5.4% as hiring falls for third consecutive month

Canada’s jobless rate jumps to 5.4% as hiring falls for third consecutive month

Pedestrians pass a ‘now hiring’ sign on Toronto’s Yonge Street.Deborah Baic/The Globe and Mail Canada’s unemployment rate shot up in August as the economy shed jobs for a third consecutive month, the latest sign of a chill spreading through the labor market. Employment fell by 40,000 in August, taking total losses since May to 114,000, … Read more

What should teens do with the money they earned this summer?

What should teens do with the money they earned this summer?

Alyssa Dobie, 17, and her mom, Kelsey, a nurse at Penticton Regional Hospital, stand outside of the hospital together in Penticton, BC, on Sept. 1.The Globe and Mail On the heels of a sizzling summer jobs market, some teenagers will be starting the school year having earned some serious cash. So how should teens approach … Read more