Tag: inflation
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Canada now has one of the highest household debt levels in the world
Interest Payments Now Consume Nearly 20% of Income for Some Canadians Canada ranks third globally for household debt among advanced economies, trailing only Switzerland and Australia. This high debt burden impacts Canadians unevenly, with lower-income households bearing the brunt. Impact of Rising Interest Rates A recent study by Fédération des caisses Desjardins du Québec reveals…
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Bank of Canada cuts key interest rate for the first time in 4 years
The Bank of Canada has reduced its overnight rate by 25 basis points, marking the first rate cut since the onset of the pandemic. This decision, announced on Wednesday, lowers the policy rate from 5% to 4.75%. Background and Context The Bank of Canada began increasing its key interest rate in March 2022 in response…
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All Eyes on the Bank of Canada: Will They Cut Interest Rates in June?
The Bank of Canada’s upcoming rate-setting announcement on Wednesday is attracting significant attention. While some expect a rate cut, the central bank’s decision could have substantial implications for the economy, especially if they choose to hold rates steady. The Current Economic Landscape The anticipation surrounding this announcement is fueled by the economic context. Since March…
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Average hourly wage in Canada now $34.95 according to StatsCan
The latest data from Statistics Canada reveals that the average hourly wage in Canada has reached $34.95, as reported on May 10, 2024. This significant figure comes amidst a robust performance in April’s job numbers, prompting economists to reconsider their stance on potential rate cuts. Here’s a closer look at the key highlights: In summary,…
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Here’s how much it cost to buy a home in Toronto in the 1960s
For many Toronto residents, the dream of homeownership has become increasingly elusive, a stark contrast to a time not so long ago when single-income families could easily buy a house in the city. A throwback advertisement that has resurfaced on social media highlights the dramatic rise in housing costs, showcasing a two-storey home from the…
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The Bank of Canada holds interest rates steady at 5.00% on March 6, 2024
On March 6th, the Bank of Canada shared some good news for homeowners and those considering buying a home soon: interest rates will remain unchanged. This decision keeps the overnight rate at a steady 5.00%. This move was anticipated in our latest interest rate forecast, owing to signs of slowing inflation and a softer economy.…
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Bank of Canada to slash interest rates in half by end of 2025, predicts Desjardins
In a move anticipated to bring significant financial relief to Canadians, the Bank of Canada is gearing up to initiate a series of interest rate reductions starting this spring. According to Desjardins Group, this strategic adjustment aims to alleviate the economic strain experienced by many, marking a shift towards more accommodating monetary policy. Desjardins Group’s…
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Canada CPI inflation falls to 2.9% vs. 3.3% expected
Mortgage interest costs continued to be the #1 driver of inflation Recent data from Statistics Canada reveals a decrease in the inflation rate for January to 2.9% from December’s 3.4%, which was below the expected 3.3%. This change is significant for those interested in the Ontario housing market, suggesting a shift in economic conditions. Highlights…
Canada Housing Market 