愛污传媒

Business

    • Canada likely in 'rounding error recession,' more trouble looming: economist

    Share

    Statistics Canada has released new data about how the economy started off the third quarter, saying the country's GDP remains essentially unchanged. One economist says it highlights an ongoing trend of weak performance.

    "The economy is flat-lining鈥 we are not seeing any indications of strong growth," David Macdonald, a senior economist at the Canadian Centre for Policy Alternatives, told 愛污传媒 Channel's Akshay Tandon on Friday. "If we do end up in a recession, which is very plausible鈥 (it) would be a rounding error recession at this point."

    AN ONGOING TREND

    As Canadian growth remains stuck in neutral for a second consecutive month, Macdonald explains it's becoming part of an "ongoing trend" for the country's economy.

    "We've been going through this very weak growth鈥 but at the same time, the interest rate has been rising," Macdonald said. "Usually we'd see the opposite鈥 we'd see rates go down."

    That's leading to a "very unusual" situation, warns Macdonald, because consumers aren't seeing any relief, even as growth slows.

    MORTGAGE RISK

    Some of the biggest "storm clouds on the horizon," according to Macdonald, are a result of Canada's incredibly tight housing prices and the large amount of mortgage debt many homeowners have taken on.

    The Bank of Canada has been consistently hiking its benchmark interest rate since March 2022 and it could spell trouble as more long-term fixed rate mortgages come up for renewal, and it could tip Canada into a "real recession."

    Read more on BNNBloomberg.ca:

    "If we start looking鈥 a year down the road, a lot more people have to renew their mortgages at much higher rates," Macdonald warned. "A lot of Canadians have been protected from these higher rates because they've got a five-year fixed."

    MORE RATE HIKES?

    As many Canadian homeowners struggle with the impact of higher payments, does that rule out more hikes from the Bank of Canada?

    Not necessarily, says Macdonald, who warns that if October's inflation numbers are higher than expected it will "almost certainly" lead to another rate hike.

    "The last data point on inflation鈥 was a real surprise."

    Click the video at the top of this article to watch the full one-on-one interview.

    CTVNews.ca Top Stories

    BREAKING

    BREAKING

    A search has started at Prairie Green Landfill for the remains of two victims of a serial killer.

    A memorial is growing outside a Walmart in Halifax after a 19-year-old employee was found dead inside an oven in the store Saturday night.

    The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.

    He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.

    Canada

    • The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.

    • He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.

    • A man is dead following an RCMP shooting near a hospital in B.C.鈥檚 Okanagan on Tuesday afternoon, prompting an investigation by the province鈥檚 police watchdog.

    • A new report suggests that Canadians' exposure to a radioactive gas is increasing, putting millions of people at a higher risk of developing lung cancer.

    • A memorial is growing outside a Walmart in Halifax after a 19-year-old employee was found dead inside an oven in the store Saturday night.

    World

    Politics

    Health

    Sci-Tech

    • A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.

    • The estimated population of North Atlantic right whales increased in 2023, but a group of international marine scientists say human behaviour still poses a significant threat to the critically endangered species.

    Entertainment

    Business

    Lifestyle

    Sports

    Autos

    Local Spotlight

    A meteor lit up our region's sky last night 鈥 with a large fireball shooting across the horizon over Lake Erie at around 7:00 p.m.

    Residents of Ottawa's Rideauview neighbourhood say an aggressive wild turkey has become a problem.

    A man who lost his life while trying to rescue people from floodwaters, and a 13-year-old boy who saved his family from a dog attack, are among the Nova Scotians who received a medal for bravery Tuesday.

    A newly minted Winnipegger is hoping a world record attempt will help bring awareness for the need for more pump track facilities in the city.

    A Springfield, Ont. man is being hailed a 'hero' after running into his burning home to save his two infant children.

    Hortense Anglin was the oldest graduate to make her way across the platform at York University's Fall Convocation ceremony this week. At the age of 87, she graduated with an Honours degree in Religious Studies.

    Looking for a scare with good intentions this Halloween season? The ghosts and ghouls of Eganville, Ont. invite families to tour the Haunted Walk at Lekbor Manor.

    The image of a sleepy Saskatchewan small town with 'not a lot going on' is a well-known anecdote. However, one Saskatchewan company is hoping to change that 鈥 and allow communities both on and off the beaten path to share their stories and advertise what they have to offer.

    A Moncton, N.B., home has been donated to the Friends of The Moncton Hospital Foundation and will be transformed into a resource hub for people living with cancer.

    • A man who fired at least 19 gunshots at an RCMP detachment in northern British Columbia, narrowly missing officers inside, has won a reduced prison sentence from the province's highest court, which ruled the sentencing judge failed to fully weigh the man's mental illness at the time.

    • A man is dead following an RCMP shooting near a hospital in B.C.鈥檚 Okanagan on Tuesday afternoon, prompting an investigation by the province鈥檚 police watchdog.

    • Mounties in Burnaby say a man they identified as a suspect in a string of thefts from a single store in Metrotown has been criminally charged.

    • He is a familiar face to residents of a neighbourhood just west of Roncesvalles Avenue.

    • The federal government says it can鈥檛 wait any longer for Ontario to end encampments in its cities and will offer money directly to municipalities, including Toronto, to fix the problem.

    • The Smith government says it's coming to the defence of Albertans and its regulated professionals who have had their freedom of expression limited and forced into training beyond the scope of their practice.

    • Calgary police say thousands of dollars worth of stolen goods and a loaded shotgun were seized from an encampment in the community of Ogden.

    • The Alberta Pharmacists' Association says government cuts to service compensation fees will be detrimental to pharmacists across the province.

    • A Zamboni driver in western Quebec has been arrested on suspicion of impaired driving after a low-speed crash at a hockey rink on Monday.

    • Popular Kanata restaurant D'Arcy McGee's has suddenly closed its doors. In a post on Facebook Tuesday night, D'Arcy McGee's said, "We will sadly be closing our doors."

    • The Professional Institute of the Public Service of Canada is now joining the Canadian Association of Public Employees (CAPE) in calling on the Standing Committee on Government Operations and Estimates to conduct a "thorough investigation.

    • Montreal Mayor Valerie Plante will not be seeking re-election.

    • The number of patients waiting for cancer surgeries recently hit a new high in Quebec and on Wednesday the opposition was accusing the provincial health minister of dodging questions on the issue.

    • The two environmental activists who climbed to the top of the Jacques Cartier Bridge early on Tuesday morning in Montreal have been charged with mischief and resisting or obstructing a peace officer.

    • The Alberta government's recent use of a rarely used measure to intervene in labour disputes is a sign of what's to come, says a labour policy professor.

    • The Alberta Pharmacists' Association says government cuts to service compensation fees will be detrimental to pharmacists across the province.

    • An Edmonton tow truck operator has been charged after police say he refused to release a vehicle to its owner.

    • A memorial is growing outside a Walmart in Halifax after a 19-year-old employee was found dead inside an oven in the store Saturday night.

    • The president and CEO of New Brunswick-based Covered Bridge Potato Chips is taking an 'extended leave of absence' after being charged with domestic violence this past weekend.

    • The Nova Scotia government says it plans to reduce the province's harmonized sales tax (HST) rate by one percentage point next year.

    • BREAKING

      BREAKING

      A search has started at Prairie Green Landfill for the remains of two victims of a serial killer.

    • A 59-year-old man has died following a crash involving three vehicles that startED after a tire fell off a car on the Trans-Canada Highway Wednesday morning in the RM of Tache.

    • Police are asking for the public's help finding a 27-year-old inmate who was mistakenly released from custody in Manitoba.

    • Regina police says officers will provide an update Thursday in its search for the suspect of a homicide that took place in the city during the summer of 2023.

    • Saskatchewan RCMP says it doesn't believe that a threat directed at Yorkton Regional High School is credible at this time.

    • Zackary Bellegarde, who faced multiple charges relating to the possession and distribution of child pornography, has pled guilty.

    • Detective Robert Hofstetter examined Erb鈥檚 home after her death and came to several conclusions based on the blood stains he found there.

    • A 27-year-old man is miraculously alive after his pickup went over Hawk Cliff near Port Stanley, Ont. On Wednesday. Fire fighters estimate that from the top to bottom of the embankment is around 270 feet.

    • Court is hearing that a man who stabbed a professor and two students in a University of Waterloo gender studies class last year may have experienced a psychotic break in the weeks before the attack.

    • Saskatoon Public Library workers are in a strike position following the rejection of a tentative agreement with the employer.

    • Candidates across Saskatchewan are making their final pitches to potential voters as the 2024 election campaign is quickly approaching its end.

    • Saskatoon police are investigating after a group of teenagers discharged bear spray on a city bus Tuesday evening.

    • BREAKING

      BREAKING

      A Sudbury jury has found Felicity Altiman guilty of second-degree murder in the December 2020 stabbing death of a Sudbury man.

    • It only took minutes for North Bay pharmacist Brian Chute to be out $1,500 after fraudsters deceptively swapped his bank card with another.

    • Greater Sudbury has ended the employment of CAO Ed Archer, Mayor Paul Lefebvre announced suddenly Tuesday evening

    • A 27-year-old man is miraculously alive after his pickup went over Hawk Cliff near Port Stanley, Ont. On Wednesday. Fire fighters estimate that from the top to bottom of the embankment is around 270 feet.

    • Police said the house is believed to be empty and abandoned and it's not known yet if the driver of the truck is injured.

    • Frustration over long wait times has spurred a doctor to create a new eating disorders clinic in London, Ont. 鈥楾he Harbour鈥 is located inside Western University Research Park.

    • A haunted house in the Town of Innisfil is causing a real scare for some people a week before Halloween.

    • Barrie police conducted a search on Wednesday of the last place Autumn Shaganash was seen in hopes of giving her family some answers to her mysterious disappearance.

    • A 34-year-old motorcyclist has died following a collision in Barrie鈥檚 south end on Tuesday.

    • As hospitals elsewhere in Ontario reintroduce mask mandates due to rising respiratory illnesses, Windsor hospitals are taking a more measured approach.

    • Windsor police are looking to identify four suspects after a pizza delivery driver was allegedly robbed and assaulted.

    • A new mental health and addictions service inventory is launching for those looking for help with mental health and addition in Windsor and Essex County.

    • A man who fired at least 19 gunshots at an RCMP detachment in northern British Columbia, narrowly missing officers inside, has won a reduced prison sentence from the province's highest court, which ruled the sentencing judge failed to fully weigh the man's mental illness at the time.

    • An oil salvage operation is underway on the fragile wreckage of a U.S. army transport ship that sank almost 80 years ago off coastal British Columbia in a race to head off an eruption of thousands of litres of oil that a coast guard official says is "near imminent."

    • Green Leader Sonia Furstenau is set to meet the media for the first time since British Columbia's indecisive election on Saturday, amid speculation about a possible minority government.

    • Dave Lindsey began growing giant pumpkins to bring a bit of magic to his grandkids' Halloween.

    • A U.S. District Court judge in Montana has sentenced a 27-year-old man from Kelowna, B.C., to 18 months in prison for using fake names to buy guns with the aim of selling them in Canada.

    • Nearly two years after a man was stabbed to death in downtown Kelowna, RCMP have made an arrest in the case.

    • A proposed coal mine 鈥 not tourism 鈥 is critical in revitalizing southwestern Alberta communities along the edge of the Rockies, a group in favour of a controversial project maintains.

    • Alberta Premier Danielle Smith says she's waiting for NDP Leader Naheed Nenshi to declare where he intends to run for office before she calls a byelection in Lethbridge.

    • The health of honeybees will be the focus of a presentation at the University of Lethbridge on Wednesday evening.

    • The union representing the fire rangers with the Ministry of Natural Resources says money won鈥檛 fix the systemic problems in the workplace.

    • Rallies by a group called Voices Against Violence took place across the country on Monday, including Sault Ste. Marie.

    • An Indigenous group in northwestern Ontario shut down the highway for a couple of hours Monday morning in protest after ancestral remains were found at a construction site.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at 愛污传媒. We may earn a commission when you use our links to shop.聽Read about us.

    Stay Connected
    Follow 愛污传媒