Weekly Digest – 22 November 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
It’s been ‘hard to sell’ in many housing markets across Canada. Here’s why
The balance is shifting in Canada’s housing market, with realtors in most major markets saying home sales are slowing from Vancouver to Toronto. For home sellers who missed the signs, the slowdown can come as a surprise.
Canada needs to level up on financial literacy to navigate tricky economic times
November is Financial Literacy Month, and in these challenging times, we find ourselves constantly considering how to enhance Canadians’ knowledge and awareness of all the options and opportunities available to make their paycheques go farther and improve their financial decision-making skills to ensure they are more financially successful and secure in the long run.
Higher for longer — and maybe forever: Bank of Canada deputy says ultra-low rates may not return
Bank of Canada senior deputy governor Carolyn Rogers laid out the central bank’s view of the interest rate path going forward and indebted Canadians may not like what she had to say.
Canadian businesses urged to diversify amid possible recession
An economic slowdown and high interest rates, coupled with disruptions linked to catastrophes and geopolitical risks, pose huge challenges for Canadian businesses that trade internationally, a new report by QBE Canada has revealed.
Private members bill on open banking tabled in Ottawa
A private member’s bill on open banking has been tabled. Bill C-365, the Consumer-Led Banking Act, would require Finance Minister Chrystia Freeland to introduce open banking in Canada, something that is already available in countries like the U.K. and Australia.
Fall Economic Statement: Canada’s Affordability Challenge and the Gray Rhino of a Recession
Canadian policymakers, like those across Organisation for Economic Cooperation and Development (OECD) countries, have been grappling with rising cost-of-living issues since the fall of 2021. If policy interest rates stay higher for longer to address inflation, as suggested by central bankers, this journey will likely end with a bang (economic recession) and not a whimper (growth slowdown). This reality informs the Trudeau government’s margin of economic manoeuvre as Finance Minister Chrystia Freeland prepares to table her Fall Economic Statement
Canadian small businesses rally against carbon tax
The Canadian Federation of Independent Business (CFIB) has shed light on the growing discontent among small businesses towards the federal carbon tax. With 85% of businesses now against the tax, the CFIB is urging the government to take immediate action to address their concerns.
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