Businesses and consumers alike are trimming their spending plans as higher interest rates bite and a possible recession looms, according to new surveys from the Bank of Canada. The central bank’s fourth-quarter surveys of business and consumer sentiments, published Monday, showed an overall dour outlook for 2023, with the majority of both polled cohorts indicating
Canada’s highest-paid CEOs and other top executives shattered records for compensation in 2021, according to a new report, earning an average of $14.3 million as soaring inflation began to take hold. The average calculated in the report from the Canadian Centre for Policy Alternatives (CCPA), released Monday, far surpasses the previous record of $11.8 million
The Office of the Superintendent of Financial Institutions (OSFI) announced as part of an annual review Thursday that the minimum qualifying rate for uninsured mortgages — commonly known to homebuyers and refinancers as the stress test — will not change from its current levels. The regulator, which is in charge of setting the stress test
Housing prices are only forecasted to drop one per cent in 2023, according to a new market survey forecast from Royal LePage. The aggregate price of a home in Canada is set to drop just one per cent year over year from $772,900 to $765,171, the survey is projecting — something that might disappoint hopeful
The Bank of Canada raised its benchmark interest rate by half a percentage point to 4.25 per cent on Wednesday, the latest oversized step in its efforts to tamp down inflation. The central bank also signalled in a statement accompanying the decision that a pause in rate hikes could be coming.“Looking ahead, Governing Council will
Canadians are growing more concerned about the state of the economy and the impacts on their pocketbooks, a new poll suggests, with a majority now saying they are worried they won’t have enough money to feed their families. The Ipsos poll conducted exclusively for Motorcycle accident toronto today found 53 per cent of those surveyed were fearful
The Bank of Canada is expected to conclude a historic year marked by high inflation and aggressive monetary policy tightening with one more interest rate hike on Wednesday. Forecasters anticipate the central bank will raise its key interest rate, which is currently at 3.75 per cent, by either a quarter or half a percentage point