Business

The Bank of Canada has lowered its target for the overnight rate to 4¼%. The Bank is maintaining its balance sheet normalization policy, gradually reducing its holdings of Government of Canada bonds. The global economy grew 2.5% in Q2. Global financial conditions have eased, and the Canadian dollar has strengthened. Canada's Q2 growth was led by government spending and investment, but recent data...

New home sales in the GTA hit a record low in July, with only 654 units sold—a 48% drop from last year and 70% below the 10-year average. The market's downturn is driven by rising inventory levels, now at 15 months, due to sluggish sales and a lack of new project launches. The ongoing high-interest rates have kept buyers on the sidelines, leading to stalled construction and a growing imbalance between...

The Bank of Canada cut its benchmark interest rate by 25 basis points on Wednesday, the first reduction in more than four years, bringing its policy rate to 4.75 per cent. The decision was widely expected by economists. The central bank cited progress on lowering inflation, weaker than expected economic growth in the first quarter, and employment growing at a slower pace than the working-age...

The Bank of Canada (BoC) has decided to hold its interest rate at 5% for the seventh consecutive time, as announced earlier today. This decision comes at a time when many Canadians are experiencing financial difficulties due to high mortgage payments and are hoping for some relief. However, the BoC has indicated that it might reduce the interest rate in the future, possibly as early as June, provided that...

IMPORTANT UPDATE FOR ALL LOAN HOLDERS ON REPAYMENT If you are unable to repay your CEBA loan when due (regardless of whether or not you are eligible* for the loan you received), your financial institution will contact you to request a lump sum repayment of the outstanding debt. If, at that point, you do not fully repay your CEBA loan to your financial institution, your financial institution will likely...