Jessica

This author Jessica has created 46 entries.

Bank of Canada ‘in a pickle’ when it comes to housing: National Bank

National Bank Economist Warren Lovely said the Bank of Canada is in a tough spot ahead of its monetary policy decision Wednesday, given housing markets all over the country are battling affordability. “We’ve had a significant reliance on housing in our Canadian economic model,” said Lovely, chief rates and public sector strategist at National Bank, in an interview. “At the same time, affordability is getting away from a lot of Canadians and may require a policy response, not just from politicians

Canadians paid down record amount of debt amid pandemic, StatCan says

OTTAWA — Statistics Canada says households paid down a record amount of non-mortgage debt in the first year of the pandemic as mortgage debt climbed by even more.The agency says from the onset of the pandemic to January 2021 that non-mortgage debt fell by $20.6 billion, including a $16.6-billion drop in credit card debt.The decrease came as mortgage debt rose by a record $99.6 billion over the same period.Statistics Canada says households were carrying about $2.5 trillion in outstanding debt one

B.C. home sales fall 35 percent from spring market peak, but prices climb 17 percent over last year

The B.C. Real Estate Association says home sales continue to moderate. In a new report, the BCREA noted that a total of 9,663 housing units were sold in July 2021. “Provincial market activity slowed in July with both sales and listings declining on a seasonally adjusted basis,” chief economist Brendon Ogmundson stated in a media release Wednesday (August 11). B.C. recorded its best monthly sales in March 2021, when 15,073 homes changed hands. The March 2021 record beat the previous all-time

Canada to implement mandatory COVID-19 vaccines for all federal workers by fall

Canada is making COVID-19 vaccinations mandatory for all workers in federal service by this fall, Minister of Intergovernmental Affairs, Dominic LeBlanc announced on Friday. “We are also calling on all federally-regulated industries and sectors, and we are also calling on crown corporations to follow suit,” LeBlanc told reporters in French at a news conference. The implementation will take place no later than October, he added. “We expect the federal public service to want to comply with this mandatory requirement,” LeBlanc said. “This is

This ‘super antibody’ for COVID fights off multiple coronaviruses

A newly identified immune molecule raises hopes for a vaccine against a range of viruses related to SARS-CoV-2. Scientists have uncovered an antibody that can fight off not only a wide range of SARS-CoV-2 variants, but also closely related coronaviruses1. The discovery could aid the quest to develop broad-ranging treatments and vaccines. Tyler Starr, a biochemist at the Fred Hutchinson Cancer Research Center in Seattle, Washington, and his co-authors set out to shed light on a problem facing antibody treatments for

Cooler housing market won’t hurt Canada’s recovery: CIBC

Home prices aren’t factored into residential investment and employment in sector isn’t likely to take a hit, economist says. Canada’s hot housing market is showing early signs of a slowdown that may soften the industry’s contribution to the economy — but not enough to be a major concern, according to one bank economist. “Now that Canadians are leaving their homes more often, demand for housing is cooling off after a period of historic strength,” Canadian Imperial Bank of Commerce economist Royce

More evacuations as more than 300 wildfires rage in B.C.

A wildfire burning near the community of Ashcroft forced the evacuation of scores of properties on Saturday night, as crews continued to battle more than 300 fires around B.C. The Thompson-Nicola Regional District expanded an evacuation order to include a total of 110 properties in Electoral Area “I” (Blue Sky Country) due to the Tremont Creek wildfire. The district has put another 675 properties in the area and in Electoral Area “J” (Copper Desert Country) on evacuation alert. The Tremont Creek fire is

Bank of Canada cuts growth forecast for 2021, holds key interest rate

OTTAWA — The Bank of Canada says the domestic economy will grow at a slightly slower pace this year than it previously thought and sees the risks from COVID-19 waning, but not enough to change its trendsetting policy rate. The central bank said it expects the economy to grow 6.0 per cent in 2021, down from its previous forecast of 6.5 per cent. However, the bank now expects growth of 4.6 per cent in 2022, up from its earlier forecast of 3.7

Step 2: B.C. to lift more COVID-19 restrictions including ban on travel within the province Tuesday

VANCOUVER — B.C. is moving ahead in its COVID-19 restart plan and lifting more restrictions, health officials announced Monday. The changes come into effect on Tuesday, Premier John Horgan said in a news conference alongside Dr. Bonnie Henry and multiple cabinet ministers. The government previously said COVID-19 cases and hospitalizations must be “declining” and at least 65 per cent of the adult population must be at least partially vaccinated before the province could move ahead with its restart plan. More than

Air Canada executives return bonuses after “public disappointment”

Air Canada says its top executives will return the bonuses they received through the COVID-19 pandemic following “public disappointment” over the pay plan.  The Montreal-based airline had previously approved a “COVID-19 Pandemic Mitigation Bonus” for its management team, awarding $10 million “to those individuals who were instrumental in the survival of the company during the COVID-19 pandemic.” The compensation plan, which was outlined in its 2020 proxy circular, also provided executives with share appreciation units (SAUs). Despite saying the compensation scheme