As a possible recession continues to loom amidst soaring costs of living and increased interest rates, RBC economists say unemployment could climb to 6.6 per cent by early 2024 while consumer insolvencies are projected to increase almost 30 per cent in the next three years.
This is based on findings that improvements to the financial situations of Canadians that occurred in the early stages of the pandemic -- a result of massive pandemic-related support measures from the government -- are now drying up, with debt climbing amidst a softening economy and increasing interest rates.
“We expect the environment to remain challenging for years to come – but an all-out collapse is unlikely,†economists Robert Hogue and Mishael Liu wrote in a research note last Wednesday.
As the cost of living continues to soar, RBC anticipates mortgage delinquencies to rise by more than a third of current levels over the coming year. Over the next three years, consumer insolvencies would return to pre-pandemic levels, Hogue and Liu said.
Despite early economic fears that the pandemic would result in serious financial trouble for Canadian households, the data suggests otherwise. According to the economists, “net worth increased, and various metrics of debt service, loan delinquencies and consumer insolvencies grew noticeably stronger.â€
Financial improvements such as these were largely due to government support programs such as the CERB and CRB, but these measures only provided a financial Band-Aid to a much deeper economic wound, as a “booming housing market put mortgage debt on a fast track,†the authors wrote.
Towards the end of 2021, however, Canadian household debt-to-income ratio had exceeded pre-pandemic levels. RBC economists also pointed out that the amount of mortgages in arrears have not increased, remaining the lowest on record, while the rate of consumers who are 90 days or more late on their debt service payments have spiked for credit cards, auto loans, installment loans and lines of credit.
RBC economists expect the state of Canada’s economy to trigger an uptick of job losses, with a projected spike in national unemployment rising from the current five per cent to 6.6 per cent by the first quarter of 2024.
“Still, we expect any financial troubles to remain relatively contained in the short to medium terms,†Hogue and Liu said.
This Monday, Sept. 30 is the National Day for Truth and Reconciliation (NDTR), a federal statutory holiday and day of remembrance for the Indigenous children who never came home from Canadian residential schools, as well as those who survived them.
British Columbia saw a rare unanimous vote in its legislature in October 2019, when members passed a law adopting the United Nations Declarations on the Rights of Indigenous Peoples, setting out standards including free, prior and informed consent for actions affecting them.
A pedestrian has died after reportedly getting struck by an OPP cruiser in Bala early Sunday morning.
Kris Kristofferson, a Rhodes scholar with a deft writing style and rough charisma who became a country music superstar and A-list Hollywood actor, has died.
Republicans on Sunday sought to distance themselves from Donald Trump's latest insults of Democratic nominee Kamala Harris during a rambling weekend rally in Wisconsin in which he called her 'mentally disabled.'
The U.S. southeast grappled with rising death tolls, a lack of vital supplies and widespread loss of homes and properties with the devastating toll of Hurricane Helene.
Two and a half years after losing her best friend and first love to suicide, Brooke Ford shared her story of grief and resilience at the CMHA Windsor-Essex Suicide Awareness Walk.
Migrant groups are pushing the federal government to reverse its cap on international study permits and tightening post-graduate work permit qualifications, claiming it will leave many students 'in limbo.'
The Tax-Free Savings Account can be a powerful savings tool and investment vehicle. Financial contributor Christopher Liew explains how they work and how to take full advantage of them so you can reach your financial goals faster.
Bullet casings recovered from the scene of a B.C. woman’s murder 30 years ago will be retested for DNA after the province’s highest court ruled it is “in the interests of justice†to do so in support of an ongoing appeal.
A child was sent to hospital after being attacked by a coyote in northwest Calgary.
A pedestrian has died after reportedly getting struck by an OPP cruiser in Bala early Sunday morning.
British Columbia saw a rare unanimous vote in its legislature in October 2019, when members passed a law adopting the United Nations Declarations on the Rights of Indigenous Peoples, setting out standards including free, prior and informed consent for actions affecting them.
A commemorative rally marking the fourth anniversary of Joyce Echaquan’s death will take place in Ville-Marie on Saturday afternoon.
Alberta's premier spoke to calls for an outside, independent investigation into the death of Jon Wells during an incident involving Calgary police last week.
Republicans on Sunday sought to distance themselves from Donald Trump's latest insults of Democratic nominee Kamala Harris during a rambling weekend rally in Wisconsin in which he called her 'mentally disabled.'
A reaction following a fire at a Georgia chemical plant Sunday morning is forcing evacuations and road closures in the area, according to Rockdale County officials.
Witnesses on Monday reported the first Israeli airstrike in central Beirut in nearly a year of conflict, hours after Israel struck targets across Lebanon and killed dozens of people over the weekend.
Tim Walz and JD Vance might have the chance to reshape the political landscape Tuesday in their first and only debate.
U.S. President Joe Biden said he would speak with Israeli Prime Minister Benjamin Netanyahu, and believes that an all-out war in the Middle East must be avoided.
Riding in a black SUV with tinted windows, lawyer Mariel Colon rolls up to the gates of a remote mansion, strolling past a security guard side-by-side with Emma Coronel, the wife of notorious drug lord JoaquÃn 'El Chapo' Guzman.
The Liberal government is announcing more details on its existing strategy and funding to fight hate crimes.
Migrant groups are pushing the federal government to reverse its cap on international study permits and tightening post-graduate work permit qualifications, claiming it will leave many students 'in limbo.'
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A man from Alberta has been at the Medipal International Hospital in Kampala, Uganda for over two months with a hefty medical bill. He says he can’t leave until it’s been paid for.
More than 550 symptomatic people responded to an online questionnaire about a gastrointestinal illness at a Prince Edward Island shellfish festival last weekend.
A partial masking mandate has returned to Nova Scotia hospitals and provincially run healthcare facilities for visitors and healthcare workers.
Canadian innovators and technical leaders gathered in Ottawa Thursday to demonstrate the latest cutting-edge technology.
SpaceX launched a rescue mission for the two stuck astronauts at the International Space Station on Saturday, sending up a downsized crew to bring them home but not until next year.
Trees haven't grown on the Falkland Islands for thousands of years. But tree trunks and branches preserved in peat suggest the islands were once home to a forest.
John Ashton, the veteran character actor who memorably played the gruff but lovable police detective John Taggart in the 'Beverly Hills Cop' films, has died. He was 76.
Francis Ford Coppola’s decades-in-the-making, self-financed epic 'Megalopolis' flopped with moviegoers, while the acclaimed DreamWorks Animation family film 'The Wild Robot' soared to No. 1 at the weekend box office.
Given the sudden popularity of Moo Deng, the Thai national treasure whose name roughly translates as 'bouncy pork,' it was only a matter of time before someone turned her into a digital asset.
A strike by grain terminal workers at the Port of Metro Vancouver has ended, their employer announced Friday night.
When Annie Korver sits down with a new corporate or small business client, she encourages them to focus first on the 'truth' part of Truth and Reconciliation.
The U.S. Department of Transportation said Friday it had fined Air Canada US$250,000 for operating flights in 2022 and 2023 in prohibited Iraqi airspace.
While libraries might be stereotyped by some as boring or outdated, they’ve become popular digital destinations for young viewers on TikTok.
The Tax-Free Savings Account can be a powerful savings tool and investment vehicle. Financial contributor Christopher Liew explains how they work and how to take full advantage of them so you can reach your financial goals faster.
Matt Perrault has shipped animals in and out of Canada on behalf of owners for more than two decades, handling creatures ranging from birds to bearded dragons, rabbits and ferrets.
South Korea's Si Woo Kim missed a birdie putt on No. 18 and lost his match to Keegan Bradley as the United States clinched another win over the International team at the Presidents Cup.
When the key to a win is work ethic, it is not surprising to see Mattias Ekholm rise to the occasion. Ekholm had a goal and two assists as the Edmonton Oilers snapped a three-game skid with a 5-4 victory over the Seattle Kraken on Saturday.
On an eventful Saturday at the Presidents Cup, the U.S. took an 11-7 lead over an International team that saw big performances from the world's No. 1 ranked golfer, Scottie Scheffler.
A tale about a taxicab hauling gold and sinking through the ice on Larder Lake, Ont., in December 1937 has captivated a man from that town for decades.
A U.S. driver somehow squeezed her vehicle through a parkade hallway at a Metro Vancouver casino Thursday, before getting stuck at an elevator bank.
More than 12,000 vehicles in Canada are included in two separate recalls by Toyota Motor Corp. and Mazda.
A tale about a taxicab hauling gold and sinking through the ice on Larder Lake, Ont., in December 1937 has captivated a man from that town for decades.
When a group of B.C. filmmakers set out on a small fishing boat near Powell River last week, they hoped to capture some video for a documentary on humpback whales. What happened next blew their minds.
A pizza chain in Edmonton claims to have the world's largest deliverable pizza.
Sarah McLachlan is returning to her hometown of Halifax in November.
Wayne MacKay is still playing basketball twice at Mount Allison University at 87 years old.
A man from a small rural Alberta town is making music that makes people laugh.
An Indigenous artist has a buyer-beware warning ahead of Sept. 30, the National Day for Truth and Reconciliation.
Police are looking to the public for help after thieves broke into a Lethbridge ice creamery, stealing from the store.
An ordinary day on the job delivering mail in East Elmwood quickly turned dramatic for Canada Post letter carrier Jared Plourde. A woman on his route was calling out in distress.
Here are five things to do in Vancouver this weekend to mark the National Day for Truth and Reconciliation.
Tactical evacuations were underway in Christina Lake, B.C., Sunday afternoon due to an out-of-control wildfire, according to officials.
Bullet casings recovered from the scene of a B.C. woman’s murder 30 years ago will be retested for DNA after the province’s highest court ruled it is “in the interests of justice†to do so in support of an ongoing appeal.
A woman is dead, and a man is in police custody following a stabbing in a home in Scarborough Sunday afternoon.
One person is in serious condition after a two-vehicle collision on Highway 403 in Mississauga.
A disappointing season was capped with one final blow Sunday as the Toronto Blue Jays dropped a 3-1 decision to the Miami Marlins.
The Calgary police homicide unit is investigating after two people were found dead in a home in the community of Penbrooke Meadows.
Calgarians gathered for a rally on Sunday in support of the people of Lebanon as conflict between Israel and Hezbollah continues to escalate in the region.
A child was sent to hospital after being attacked by a coyote in northwest Calgary.
The federal holiday on Sept. 30 will bring some schedule changes in Ottawa as Canada marks the National Day for Truth and Reconciliation.
Remembrance Day preparations are underway at Beechwood Cemetery and hundreds of people took a first step of showing their respect.
CTVNewsOttawa.ca takes a look at some of the events in Ottawa and around the region marking the day.
Provincial police (SQ) say a head-on crash on Highway 30 in Candiac has left two people dead.
The provincial Crown corporation in charge of liquor sales in Quebec says a computer issue resulted in all its products being temporarily listed at 30 per cent off on its website.
Sandy Yep's roots dig deep in Chinatown. His family planted themselves in the neighbourhood in 1895, and four generations later, he was raised in its vibrancy. "When I was growing up, you would hear mahjong being played, you would hear voices of families laughing and running," Yep said. His ties to Chinatown are framed in several photos displayed in an outdoor exhibit in the heart of the neighbourhood.
A person is in critical condition after a serious crash that closed down Highway 795 south of Calmar on Sunday.
Kim Ruether lifted her son's eyelid and saw his still, dilated pupil staring at the ceiling as he lay on a stretcher in a northwestern Alberta hospital hallway a decade ago. She says she didn't need a doctor to tell her the boy was dead.
Kris Kristofferson, a Rhodes scholar with a deft writing style and rough charisma who became a country music superstar and A-list Hollywood actor, has died.
Women entrepreneurs from across New Brunswick were front and centre at a ‘pop-up shop’ showcase on Sunday.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people’s basic human right to food.
The East Coast Ukrainian Festival kicked off at Pier 21 in Halifax on Saturday, celebrating Ukrainian culture and traditions.
Residents in Tadoule Lake, Man., and Churchill can expect to see heavy rain trickle in Sunday afternoon, lingering until Monday evening.
Canadian Space Agency astronaut Jeremy Hansen touched down in Winnipeg this week, ahead of his lunar mission set to launch in a year’s time.
Winnipeg Fire Paramedic Service crews believe a candle caused a major house fire in the city’s William Whyte neighbourhood Sunday afternoon.
The Regina Public Library (RPL) downtown hosted an architectural tour on Sunday, for folks looking to learn more about the building's history.
In front of the Saskatchewan Legislative building, law enforcement officers and members of the public gathered to pay tribute to peace officers who died in the line of duty.
A man is in custody after allegedly robbing a business in McLean, Sask. with an edged weapon on Saturday.
People in Guelph may notice a new addition at the entrance to Franchetto Park in Guelph.
A young motorcyclist has been taken to an out-of-region hospital after a single vehicle crash in Woolwich Township.
A grassroots organization is calling on the provincial government to reopen the Ontario Science Centre after it was abruptly closed in June following the discovery of structural issues in the building.
The fourth and final walk in memory of Megan Gallagher drew around one hundred people in Saskatoon on Sunday.
RCMP are seeking tips after a church on Main Street in Loon Lake burned to the ground.
Saskatoon Police Service has arrested a suspect in connection with two separate stabbing incidents that occurred earlier this month.
Ontario Provincial Police remind the public that ‘a case is never closed until it is solved,’ while highlighting the force's continued investigation of the 1996 disappearance of Melanie Ethier.
The government has just weeks to decide if it will meet the $16-billion demand from the Bloc Québécois to stave off an election for a few more months, but the stipulation may be at odds with the political and fiscal plans of the Liberals.
The CEO of the Ottawa Mission is responding to controversial comments made this week by Premier Doug Ford about those living in homeless encampments that received swift blowback from advocates.
A crash between a car and motorcycle closed a portion of Oxford St. in downtown London for several hours on Sunday.
On Saturday night at her parents’ home in Delaware, Ont. the Olympic bronze medallist in pole vault welcomed everyone who played a role in getting her to the podium in Paris.
The fourth annual National Day for Truth and Reconciliation in Canada is on Monday, Sept. 30.
A pedestrian has died after reportedly getting struck by an OPP cruiser in Bala early Sunday morning.
OPP officers arrested a suspect while he was in the middle of a possible theft Sunday morning in Wasaga Beach.
A Barrie police officer suffered serious but non-life-threatening injuries while arresting a suspect Sunday afternoon.
Two and a half years after losing her best friend and first love to suicide, Brooke Ford shared her story of grief and resilience at the CMHA Windsor-Essex Suicide Awareness Walk.
The BSI aims to elevate Black academic excellence, promoting scholarship, mentorship, and cultural knowledge.
The fourth annual National Day for Truth and Reconciliation in Canada is on Monday, Sept. 30.
Bullet casings recovered from the scene of a B.C. woman’s murder 30 years ago will be retested for DNA after the province’s highest court ruled it is “in the interests of justice†to do so in support of an ongoing appeal.
The fertility rate in Canda reached an all-time low in 2023, and the lowest rate was recorded in British Columbia, according to new data from Statistics Canada.
New Democrat Leader David Eby, speaking before his largest crowd of the provincial election campaign, says he's making a tax relief election promise that will benefit more than 90 per cent of people in British Columbia.
Fire crews in Vernon, B.C., responded to a large house fire early Saturday morning.
A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.
The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.
The sentencing for three men convicted of helping lead and coordinate the COVID-19 protest blockade at Coutts, Alta., in 2022 has been delayed.
A 10-year-old boy from Lethbridge is being praised as a hero after a routine summer outing at the pool nearly turned tragic for his friend.
A man and woman have been charged after a Lethbridge ice creamery was broken into earlier this week. Staff arrived at Cookie Crimes, in the 300 block of Sixth Street South, just before 5:30 a.m. on Monday to discover the front window broken.
Overnight on Thursday as the community of Elliot Lake was resting to prepare for the upcoming Kraft Hockeyville celebrations, when vandals struck a building that has been top of mind for the northern Ontario city for more than a year.
Ontario Provincial Police remind the public that ‘a case is never closed until it is solved,’ while highlighting the force's continued investigation of the 1996 disappearance of Melanie Ethier.
Sault residents may notice some commotion on the Algoma University campus over the next two weeks as a team conducts an archaeological search.
A mother in a community where the cost of living is one of the highest in the country says grocery prices are 'inhumane' and retailers are putting profits ahead of people’s basic human right to food.
A soccer game in England on Tuesday night drove a spike in online traffic across the Atlantic to a website launched by the Newfoundland and Labrador government.
Newfoundland and Labrador sponsored a minor football team in England, now they’re about to play one of the biggest clubs in European soccer.
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