According to a new report published by Royal LePage, a quarter of first-time homebuyers in Canada are relying on financial assistance from sources outside of their immediate families to make their mortgage payments. This trend is attributed to rising home prices and higher interest rates, which make it increasingly difficult for young Canadians to afford …
The Bank of Canada’s recent decision to raise interest rates was based on the unexpectedly strong consumer spending, which is showing no signs of slowing down according to the latest retail data. The central bank’s governing council reviewed economic data and concluded that the previous benchmark rate was not restrictive enough to reach its target …
Retail sales growth in Canada continues to surpass global markets this year, highlighting the resilience of Canadian shoppers despite inflation and recession concerns, according to a new report. The Colliers 2023 Retail Outlook reveals that consumers in Canada are still spending, although retail sales have slightly cooled compared to last year’s spike in prices and …
Canadians are facing challenges when it comes to saving for retirement, as inflation and higher interest rates are causing many to delay their retirement plans, according to a recent survey conducted by the Healthcare of Ontario Pension Plan (HOOPP). The survey reveals that Canadians of all ages are finding it increasingly difficult to save for …
In May, Canada’s housing market experienced continued growth, but experts believe that the Bank of Canada’s decision to raise interest rates could slow down the rebound. The Canadian Real Estate Association (CREA) reported that sales increased in 70% of local markets last month. Compared to the previous month, sales activity rose by 5.1%, and there …
The decision by the U.S. Federal Reserve to keep interest rates steady while the Bank of Canada raises its rates could have positive implications for the Canadian dollar and the fight against inflation in Canada, according to Benjamin Reitzes, BMO’s managing director of Canadian rates and macro strategist. Reitzes suggests that even a temporary divergence …
Canadian homeowners dealing with mounting debt and rising mortgage costs due to increasing interest rates may want to consider refinancing their loans, according to mortgage and real estate expert Victor Tran. Refinancing provides a chance to change the interest rate and amortization, while also giving homeowners access to the equity they’ve built up in their …
Amid the rising cost of living and the impacts of the Bank of Canada rate increase, two economists believe that planned increases in the carbon price should proceed as scheduled. Speaking to The West Block, the experts emphasized that the ongoing wildfire crisis across the continent underscores the continued urgency of tackling the climate crisis. …
The Bank of Canada’s deputy governor, Paul Beaudry, gave a speech to the Greater Victoria Chamber of Commerce, stating that recent economic data suggested an increase in the risk of “sticky inflation.” This was the driving force behind the central bank’s decision to raise interest rates by a quarter of a percentage point, bringing it …