The five largest grocery chains have delivered plans to stabilize food prices to the federal government, Industry Minister François-Philippe Champagne said Thursday. In August, food prices increased 6.9 per cent over last year, while the overall inflation rate hit 4 per cent The five largest grocery chains have delivered plans …
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New apartment construction is booming in Toronto and Vancouver, but overall home building is flat, CMHC says
Canada Mortgage and Housing Corp. says construction of new homes increased slightly across several of Canada's major cities in the first half of 2023, as the pace of apartment starts helped offset declines in other dwelling types. Pace of new home construction is down 25% so far in 2023, despite …
Read More »A 47-year mortgage? They’re out there — and even longer ones could be coming
Canada's top banking regulator will soon implement new guidelines aimed at reducing the risks posed by the growing number of negative amortization mortgages — those where payments aren't enough to make a dent in the original loan balance. Banking regulator says about $250B worth of home loans are either currently …
Read More »WestJet suspends flights between Toronto and Montreal until next April
WestJet is temporarily suspending flights between Canada's two biggest cities this winter, but plans to resume service between Toronto and Montreal next spring. Airline says route will start up again in the spring WestJet is temporarily suspending flights between Canada's two biggest cities this winter, but plans to resume service …
Read More »Year of strikes continues as 75,000 Kaiser Permanente workers in U.S. walk off the job
The largest ever strike in the U.S. health care sector is set to start on Wednesday as 75,000 workers at Kaiser Permanente in a handful of states walk off the job demanding better wages. Three day strike is largest ever for a health care company Healthcare workers launched a planned …
Read More »CN Rail’s network restored after failure halted Toronto-area commute
The commute home for people in Ontario using GO Transit was put on hold Tuesday afternoon because of a Canadian National network-wide system failure affecting all rail corridors. Company cites internet connectivity issue; GO Transit and Via rail affected The commute home was put on hold Tuesday afternoon for tens …
Read More »Constant price hikes are making inflation worse, Bank of Canada deputy says in speech
Bank of Canada deputy governor Nicolas Vincent says businesses raising their prices more frequently than they did before the pandemic is contributing to higher-than-expected inflation. Nicolas Vincent says some firms may keep raising prices even after legitimate reasons have gone Bank of Canada deputy governor Nicolas Vincent says businesses raising …
Read More »TSX slumps to lowest level in more than a year as bond market flashes warning sign of recession
The Toronto Stock Exchange's main stock index has given up all of its gains for 2023, as investors head for the exits as the realization that high interest rates are going to stick around settles in. Yield curve is inverted in Canada and U.S., which traditionally portends recession The Toronto …
Read More »CRTC registration for podcasts and streaming companies draws criticism
Canada's broadcasting regulator is obligating online streamers and podcast companies to provide registration information to them. But the new requirements are also inviting speculation that heavier regulation of content from online streamers and podcast companies is coming. Social media users not required to register with regulator, but some services will …
Read More »Fraud trial for CEO of collapsed crypto exchange FTX set to begin on Tuesday
The trial of Sam Bankman-Fried, the founder of the failed cryptocurrency brokerage FTX, is set to begin in New York City this week. And while testimony is likely to veer into complex and murky topics, prosecutors are expected to try to boil their case down into simple terms for the …
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