The effects of heightened inflation and central bank efforts to rein it in by slowing the economy are showing in the second-quarter results from Canada’s big banks. Four out of the Big Five banks have reported earnings that missed expectations as they set aside more money for bad loans, struggle to contain rising costs, and…
Economic Headwinds Weigh on Bank Results as More Money Set Aside for Bad Loans
Canada Will See Weakest Level of Homes Sales Since 2001 This Year: TD Report
A new report from TD Economics predicts Canada will see the weakest level of home sales since 2001 this year. The housing market outlook from economist Rishi Sondhi attributes the prediction to the poorest affordability level since the late 80s and early 90s. Sondhi is forecasting that home sales will reach their bottom sometime in…
Canada Post Officially Launches Nationwide Loan Program With TD Bank Group
Canada Post now offers loans alongside stamps, packaging and its existing financial services as it officially launches a partnership with TD Bank Group. The Crown corporation said Wednesday that the loan program, which could be expanded to other services, will provide more financial options for Canadians across the country including in rural, remote, and Indigenous communities. “We believe that this is the best way of providing…
Canada’s Inflation Rate Cools in August but Grocery Prices Continue to Climb
Canada’s annual inflation rate slowed to 7.0 percent in August largely driven by the price of gasoline falling, but the cost of groceries continues to climb. In its latest monthly consumer price index (CPI) report, Statistics Canada said grocery prices rose at the fastest rate since 1981, with prices up 10.8 percent compared with a…
TD Bank Sees up to 25% Drop in Canadian Home Prices by Early 2023
A new TD Bank report suggests the average price of a home in Canada could fall between 20 and 25 percent from its peak seen earlier this year to the first quarter of 2023. The report released Monday comes as a decrease in prices materialized in the summer as mortgage and interest rates rose. Many…
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