Canada to skirt global turbulence, record healthy growth this year: RBC

OTTAWA — A new outlook from the Royal Bank predicts Canada’s economy will skirt the global economic turbulence and rebound strongly from a slow start to the year. The RBC’s new quarterly forecast anticipates the economy will rebound to 3.1% growth during this quarter, which ends in June, and record a 2.6% gross domestic product […]

Renovation Spending at $20.9 Billion Across 10 Major Centres

OTTAWA, June 7, 2012 — An estimated 1.7 million households in 10 major centres undertook renovations in 2011 according to Canada Mortgage and Housing Corporation’s (CMHC’s) Renovation and Home Purchase Survey released today. This represents about 37 per cent of homeowner households, a slight decrease from 42 per cent, or 1.9 million households, in 2010. The estimated average cost of renovations undertaken in 2011 was $13,709, an […]

Visa Launches Video Game to Help Educate Youth on Balancing Savings with Prudent Spending to Reach Financial Goals

  Game launch coincides with sponsorship of financial literacy panel at International Economic Forum of the Americas Conference of Montreal, underscoring Visa‘s ongoing commitment to educating Canadians on financial literacy   (Toronto, ON) – June 12, 2012 – Today, Visa Canada is launching a dynamic educational video game called Money Metropolis that teaches youth the basics of […]

Banks got $114B from governments during recession

Canada‘s biggest banks accepted tens of billions in government funds during the recession, according to a report released today by the Canadian Centre for Policy Alternatives. Canada’s banking system is often lauded for being one of the world’s safest. But an analysis by CCPA senior economist David Macdonald concluded that Canada’s major lenders were in […]

Mark Carney repeats that the Bank of Canada may have to raise rates

OTTAWA — Bank of Canada Governor Mark Carney has said again that the bank may have to raise interest rates to keep inflation in check as Canada’s economic recovery advances. “Given the smaller output gap, given the slightly firmer underlying inflation, the possibility of withdrawal of some degree of the considerable monetary stimulus that is […]

Canadians getting the message on debt load, Carney says

JEREMY TOROBIN OTTAWA— From Wednesday’s Globe and Mail Canadian house prices are now almost five times higher than incomes, the latest illustration of why policy makers are worried about parts of the housing market. The average price is roughly 4.75 times the average income, Bank of Canada Governor Mark Carney said Tuesday, noting that the historical […]

Canada Household Debt: Majority Frets About What They Owe, But Still Think Others Are The Real Problem

With policymakers warning about rising household debt levels, a new survey shows that Canadians are both worried about what they owe, and in denial about how their debt compares to those around them. The seemingly contradictory conclusion was reported on Monday by the Toronto-based online mortgage comparison service 

Average Canadian’s consumer debt hits $25,960

The average consumer’s debt load climbed to a record high $25,960 at the end of 2011, although annual data from a credit bureau report released today suggests that the Canadian love affair with debt is waning. Consumer debt, which excludes mortgages, edged 1.4 per cent higher in the fourth quarter of 2011 from the previous […]

CMHC agreeing with brokers?

A new report is backing up a broker beef, confirming consumer credit card debt has significantly outpaced mortgage growth. “Consumer credit, which makes up the remainder of household debt, grew at a faster rate than mortgage debt in the last two decades,” reads the 2011 Canadian Housing Observer, a comprehensive CMHC report on the state […]

Mark Carney: The man who speaks the truth

In this age of spin, rare are the voices that speak with candour. Certainly, the federal government’s vast apparatus can’t be counted on to speak the truth, not with the Harper party’s partisan manipulation of every utterance. Nor can anyone count on the opposition parties, whose game it is to embarrass the government. In the […]

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