An economist says the Canadian housing market could be in for a rebound this year after a cautious 2023.
T-D Bank economist Rishi Sondhi says that optimism depends largely on the forecasts of the Bank of Canada cutting interest rates, which may begin as early as the second quarter.
Home prices softened in several areas late last year, including in the Fraser Valley.
Vancouver Realtor Tim Hill says he is optimistic of consumer sentiments slowly shifting as prices improve in recent months.
Five people – including three children and a shooter – were found dead in the northern Ontario city of Sault Ste. Marie after shootings at two homes, police said Tuesday, calling what happened a tragic case of intimate partner violence. Sault Ste. Marie police said the shootings that took place Monday night had left the community in deep mourning.
A minor earthquake has struck off the coast of British Columbia. Earthquakes Canada says the 3.9 magnitude quake was registered just before 11:00 p.m. PDT. The epicentre was 198 kilometres west of Port Hardy, south of Vancouver Island. It was recorded at a depth of 10 kilometres. No tsunami is expected.
Finance Minister Chrystia Freeland said Tuesday the government's fall economic statement will focus on housing and affordability within a fiscally responsible framework. "That is a challenging balance to strike. Our government is committed to doing it," she said. The federal government's financial statements were published Tuesday, revealing the deficit for the 2022-23 fiscal year came in at $35.3 billion.
Big numbers are being reported for B-C's cruise industry. The Port of Vancouver says its final cruise ship of the 2023 season is setting sail today. It says the 2023 cruise season in Vancouver has been the port's biggest season on record, with an estimated 1.25-million passengers this year.
Israel has escalated its bombardment of targets in the Gaza Strip ahead of an expected ground invasion against Hamas militants. The stepped-up attacks, and the rapidly rising death toll in Gaza, came as Hamas released two elderly Israeli women who were among the hundreds of hostages it captured during its devastating attacks on towns in southern Israel earlier this month.
Bank of Canada Governor Tiff Macklem warned premiers who publicly asked the central bank to not raise interest rates last month that their requests could undermine the institution's independence. The premiers of Ontario, British Columbia and Newfoundland and Labrador wrote to Macklem ahead of the Bank of Canada's Sept. 6 rate decision, outlining concerns about the effects of higher rates on their residents and asking the central bank not to raise its key rate further.