The average credit card balance in the country has surged to its highest level in 17 years, highlighting a significant increase in consumer debt. In the second quarter of 2024, the average credit card balance climbed to over $4,300, pushing the total outstanding credit card debt to $122 billion—an alarming…

The most recent consumer price index report highlights that reductions in costs for travel, vehicles, and electricity have contributed to this decrease. Despite these improvements, shelter costs remain a significant inflation driver, with higher rents and mortgage payments continuing to exert upward pressure on prices. However, the growth in shelter…

In its 2024 Peer Review, Fitch highlights the robust performance of the country’s six largest banks and the Desjardins Group, attributing their high ratings to their substantial scale, conservative risk management, and effective underwriting practices. The stability of the Canadian economy is anticipated to support the financial performance of these…

In its latest monetary policy meeting, the Bank of Canada’s governing council deliberated extensively on the state of the labor market, which has shown signs of deterioration that could potentially hinder economic growth and inflation targets. On July 24, the Bank of Canada reduced its key interest rate to 4.50…

This expansion of 2per cent GDP comes despite some headwinds in other sectors, notably retail, wholesale trade, and oil and gas, which have collectively dampened overall economic performance. A significant contributor to May’s growth was the completion of the Trans Mountain pipeline expansion. The crude oil and pipeline transportation industry…

According to data from the Investment Funds Institute of Canada (IFIC), ETF sales surged to nearly $10.1 billion for the month, with every category experiencing positive net sales. Bond ETFs emerged as the standout performers, attracting the lion’s share of investments. IFIC’s report highlighted that June saw the highest-ever sales…

The country has managed what economists describe as a “soft landing,” where efforts to curb inflation through higher interest rates have not derailed growth into recessionary territory. Throughout this year, Canada has sustained positive economic growth, albeit at a subdued pace. Inflation, hovering around the upper end of the central…

These job losses marked a 2 percentage point increase in the unemployment rate, which now stands at 6.4 per cent. This marks a continued upward trend in unemployment rates over the past year, with 1.4 million Canadians reported as unemployed, according to Statistics Canada’s latest Labour Force Survey. The impact…

Starting in July, the CRA plans to escalate its recovery actions, including legal warnings and measures such as garnishing wages or seizing funds from bank accounts for those who have not responded or cooperated with the authorities. Sylvie Branch, a spokeswoman for the agency, emphasized their commitment to working with…

Despite this trend, cities like Toronto, Vancouver, Montreal, Ottawa, and Calgary remain highly appealing to international workers due to their exceptional quality of life. In Mercer’s ranking, which compares consumer prices across 226 cities worldwide, Canadian cities occupied mid-range positions. Toronto emerged as the most expensive Canadian city at 92nd…