News Analysis OTTAWA—While the Bank of Canada likely raised interest rates more than consensus expectations, it clearly signalled that the Dec. 7 increase of 50 basis points—half a percentage point—may be the last of its current rate-hiking cycle, according to analysts. The central bank’s policy interest rate is now 4.25 percent, but language about future…
Bank of Canada Hints at End of Rate Hikes While Delivering Another Half-Point Increase
Bank of Canada Hikes Key Interest Rate by Another Half Percentage Point to 4.25 Percent
OTTAWA—The Bank of Canada raised interest rates by another 50 basis points (half a percentage point) on Dec. 7, citing an economy that is still overheating with unemployment near historic lows amid ongoing high inflation. The central bank’s policy interest rate is now 4.25 percent, but language about future interest rate increases was tweaked from…
Prices of Detached and Semi-Detached Homes Hit Hardest by Rising Interest Rates: Report
Prices of detached and semi-detached homes took the hardest hit in the Greater Toronto Area (GTA) last month as sales across all home types continue to be impacted by increased borrowing costs due to higher interest rates, a new report says. Released by the Toronto Regional Real Estate Board (TRREB) on Dec. 5, the report…
Alberta’s Inflation-Relief Spending Has Risks Despite Big Budget Surplus: Economist
November 30, 2022
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News Analysis Governments are taking advantage of revenue increases—in part due to high inflation—to send households money to mitigate rapidly rising prices. In doing so, a primary concern is to avoid blunting the Bank of Canada’s efforts to cool inflation and encourage government spending restraint. But Alberta’s massive budget surplus comes with its own particular…
Effect of Rate Hikes on Economy Will Be More Powerful Than People Think: Poloz
Former Bank of Canada governor Stephen Poloz says the effect of interest rate hikes will be larger than people anticipate. Speaking at a conference in Ottawa hosted by Western University’s Ivey Business School, the former governor warns today’s economy is more sensitive to interest rates than it was 10 years ago. Poloz estimates annual inflation…
Inflation Would Be Lower if Ottawa Had Spent Less on Pandemic Stimulus: Bank of Canada Governor
Canada’s current inflation rate of 6.9 percent would have been lower if the federal government had spent less on pandemic stimulus or stopped stimulating the economy earlier, says Bank of Canada Governor Tiff Macklem. Macklem appeared before the House of Commons finance committee yesterday, where he faced questions from all parties about his thoughts on…
Inflation Relief Measures Should Be Well Targeted and Temporary, Says Macklem
Governments looking to provide inflation relief to Canadians should choose measures that are well targeted and temporary, says Bank of Canada governor Tiff Macklem. At a House of Commons committee meeting Wednesday, Conservative MP Adam Chambers asked the governor which of two options is a better way to deliver relief without fuelling inflation: direct transfers to low-income Canadians or energy relief packages. In…
Toronto’s House Prices Will Continue to Fall, but Not at the Speed Seen This Spring: RBC Report
Despite soaring interest rates that have dampened Toronto’s housing market in recent months, a new RBC report says the slide in activity “seems to be stabilizing.” “The last four months have been very quiet but the sharp declining trend seems to be stabilizing,” said Robert Hogue, assistant chief economist at RBC, in his Nov. 7…
600-Year-Old Gold Coin Discovered in Newfoundland Could Be Oldest Found in Canada
A history enthusiast in Newfoundland has discovered what may be the oldest known English coin ever found in Canada. Provincial archeologist Jamie Brake said Wednesday that he knew he was looking at something very special when Edward Hynes sent him photos of a gold coin he’d found this past summer. The coin has since been…
‘Severe Recession’ Unlikely, Says Bank of Canada Governor
While economic slowdowns are likely, Canada will not experience a “severe recession” in upcoming months, says Bank of Canada (BoC) Governor Tiff Macklem. “Growth for the next three quarters is roughly zero, which means we’re just about as likely to have a couple of quarters of negative growth as we are to have a couple…
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