The Bank of Canada held its key interest rate at five per cent, however it warned that it's still worried about the risk of inflation. One economist says although he expects cuts are coming in 2024, nothing is "preordained."
"This will be the year of cuts," David Macdonald, a senior economist at the Canadian Centre for Policy Alternatives, told Â鶹´«Ã½ Channel on Wednesday. "The question is, when do they start and how quickly do they proceed?"
Macdonald also cautioned that growth projections "remain quite low," part of an ongoing trend with Canada's "overall economic picture" – a byproduct that continues to put pressure on consumers.
"We've seen very little, almost no economic growth whatsoever last year," he told Â鶹´«Ã½ Channel host Marcia MacMillan. "There's no indication that we're going to immediately see growth at the start of this year."
When are cuts coming?
With the Bank of Canada indicating that rate cuts will be coming in 2024, Macdonald says the timing won't have been "pre-decided" and decision-makers will be examining the data, "just like everybody else."
"This is very much a fluid situation," Macdonald explained. "They're not committing to those types of things… and I wouldn't expect them to."
Concern over wage increases
With growth projections in Canada remaining stagnant, Macdonald said he thinks that the Bank of Canada remains concerned with wage increases among workers, who are "clawing their way back from inflation."
"The Bank doesn't like that," Macdonald warned. "It does not want to see people getting raises and getting back to where they stood prior to this inflationary period."
However, despite the expectation that wage gains will need to slow before any rate decrease, Macdonald said he also thinks that "relatively large" interest rate cuts are needed soon to avoid a recession.
"We'll see whether that happens though, in the spring."
Amid new polling indicating most Canadians support boosting Old Age Security benefits by 10 per cent for seniors aged 65 to 74, a former Liberal finance minister and former Bank of Canada governor are warning the government not to pursue the policy change.
Canadians who are eligible for a GST/HST tax credit can expect their final payment of the year on Friday.
WestJet failed to convince a B.C. tribunal that a woman whose flight was delayed for three days spent an "excessive" amount on a hotel room, and the airline has been ordered to pay her full bill.
Israel carried out a series of massive airstrikes overnight, hitting suburbs of Beirut and cutting off the main border crossing between Lebanon and Syria for tens of thousands of people fleeing Israeli bombardment.
The owners of a North York condominium say they are facing a $70,000 special assessment to fix their building's parking garage. '$70,000 is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in,' said Ligeng Guo.
More than a dozen tigers were incinerated after the animals contracted bird flu at a zoo in southern Vietnam, officials said.
CTV's film critic Richard Crouse says 'Joker: Foli a Deux' is a study in fantasy, the ordinariness of evil, and obsession.
A woman who says she worked as a hair-and-makeup stylist for Garth Brooks alleged in a lawsuit filed Thursday that he raped her in a Los Angeles hotel in 2019.
A DoorDash driver who was caught on camera appearing to spit into an Ontario man’s drink has been removed from the platform, the food delivery company has confirmed.
A fire broke out in a building in Old Montreal, prompting a large deployment of firefighters to the area on Friday morning.
A DoorDash driver who was caught on camera appearing to spit into an Ontario man’s drink has been removed from the platform, the food delivery company has confirmed.
Most Canadians would prefer that e-scooters and e-bikes require a permit to operate, according to a new Nanos Research survey conducted for Â鶹´«Ã½.
Magna International Inc. says it is conducting a “targeted review†of its records as its founder, Frank Stronach, is facing additional sexual assault charges.
Canadians who are eligible for a GST/HST tax credit can expect their final payment of the year on Friday.
The owners of a North York condominium say they are facing a $70,000 special assessment to fix their building's parking garage. '$70,000 is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in,' said Ligeng Guo.
Iran’s supreme leader on Friday praised the country’s recent missile strike on Israel and said it was ready to do it again if necessary, state TV reported.
UN peacekeepers are staying in their positions on Lebanon’s southern border despite Israel’s request to vacate some areas before it launched its ground operation against Hezbollah militants, the UN peacekeeping chief said Thursday.
Days before rioters roamed the halls of the U.S. Capitol threatening to 'hang Mike Pence,' Donald Trump told his vice president that people are going to 'hate your guts' and 'think you're stupid' if he failed to stop the 2020 election certification.
Melania Trump revealed her support for abortion rights Thursday ahead of the release of her upcoming memoir, exposing a stark contrast with her husband, Republican presidential nominee Donald Trump, on the crucial election issue.
Police in Thailand on Friday said they have filed criminal charges against a bus operator in connection with a bus fire that killed 23 young students and teachers on a school trip earlier this week, as investigations suggested a gas leak may have caused the blaze.
Pakistani authorities placed shipping containers on key roads and highways leading to the capital and suspended cellphone service in Islamabad on Friday in an attempt to prevent supporters of imprisoned former Prime Minister Imran Khan from holding a rally seeking his release.
Defence Minister Bill Blair says Israel has the right to defend itself in 'a calibrated and proportional way' following Iran’s ballistic missile attack against Israel on Tuesday.
Federal fisheries officers in Nova Scotia say they're refusing some enforcement duties because of threats to their safety, as they await Ottawa's response to their complaints.
Government business has been put on indefinite pause in the House of Commons and the Conservatives say it will stay that way until the Liberals hand over documents related to misspent government dollars.
When an Ontario doctor refused to sign off on a mammogram for 38-year-old Sidra Lone, the mother of four says she was left with no choice but to lie.
Staff at Saskatoon's Royal University Hospital are calling for systemic changes just two days after its emergency room was more than three times above its capacity.
An Ontario child has died after coming in contact with a rabid bat, a health official confirmed on Wednesday.
A hacking group tied to Russian intelligence tried to worm its way into the systems of dozens of western think tanks, journalists and former military and intelligence officials, Microsoft and U.S. authorities said Thursday.
Google is pumping more artificial intelligence into its search engine.
Amazon Web Services’ director of global artificial intelligence is encouraging Canada not to go it alone when it comes to regulating the technology.
Rapper Eminem announced that his daughter Hailie Jade, 28, is expecting her first child via a new music video on Thursday for his song 'Temporary,' featuring Skylar Grey.
A woman who says she worked as a hair-and-makeup stylist for Garth Brooks alleged in a lawsuit filed Thursday that he raped her in a Los Angeles hotel in 2019.
The judge overseeing the sexual assault trial of Canadian musician Jacob Hoggard is expected to begin delivering his final instructions to a northeastern Ontario jury today
The Competition Bureau says it's obtained a court order as part of an investigation into potential anti-competitive conduct by the Canadian Real Estate Association.
A sign has gone up in front of the most expensive home in B.C. – the waterfront mansion owned by Lululemon founder Chip Wilson – calling the provincial NDP "communist."
Google said Friday it will stop linking to New Zealand news content and will reverse its support of local media outlets if the government passes a law forcing tech companies to pay for articles displayed on their platforms.
Toilet paper shortages in stores across America are giving folks nightmarish reminders of the pandemic era. But the lack of toilet paper isn’t a direct result of a major port strike Tuesday. It’s because of panic buying.
What does New Westminster's təməsew̓txʷ Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
After spending eight years living in the United Arab Emirates before the birth of their daughter in the late 1990s took them back to Canada, teachers Zora and Dave Keffer were no strangers to exploring the world.
Caitlin Clark has been named the WNBA Rookie of the Year in a near-unanimous vote, giving the Indiana Fever back-to-back winners after Aliyah Boston won the honour last season.
Days after being suspended by FIFA, Argentina goalkeeper Emiliano Martinez produced heroics in front of the watching Prince William as Aston Villa sealed another famous win against Bayern Munich.
The claim to Shohei Ohtani's potentially lucrative 50th home run ball grew more complicated this week, with a second fan filing a lawsuit asserting he had possession of the historic baseball.
Tesla is recalling more than 27,000 Cybertrucks because the rearview camera image may not activate immediately after shifting into reverse, the fifth recall for the vehicle since it went on sale late last year.
A Pickering, Ont., student going to college to be a mechanic is shocked the engine in his two-year-old car will not be repaired under warranty after the dealership claimed he had been 'over-revving' the engine.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
From the beaches of Cannes to the bustling streets of New York City, a new film by a trio of Manitoba directors has toured the international film festival circuit to much pomp and circumstance.
A husband and wife have been on the road trip of a lifetime and have decided to stop in Saskatchewan for the winter.
The grave of a previously unknown Canadian soldier has been identified as a man from Hayfield, Man. who fought in the First World War.
A group of classic car enthusiasts donated hundreds of blankets to nursing homes in Nova Scotia.
Moving into the second week of October, the eastern half of Canada can expect some brisker fall air to break down from the north
What does New Westminster's təməsew̓txʷ Aquatic and Community Centre have in common with a historic 68,000-seat stadium in Beijing, an NFL stadium and the aquatics venue for the Paris Olympics? They've all been named among the world's most beautiful sports venues for 2024.
The last living member of the legendary Vancouver Asahi baseball team, Kaye Kaminishi, died on Saturday, Sept. 28, surrounded by family. He was 102 years old.
New data from Greater Vancouver and the Fraser Valley shows a surge in supply and drop in demand in the region's historically hot real estate market.
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.
A new Leger poll suggests the BC Conservatives are now in pole position.
Driving down the cost of car insurance is a priority, says BC Conservative Leader John Rustad, who is pledging to eliminate ICBC's monopoly.
When B.C.'s New Democrats published their full campaign platform, there were plenty of populist promises aimed at blunting the impacts of inflation, the housing crisis, and strained social supports – with a subtle message to frustrated health-care workers tucked in its pages.
The owners of a North York condominium say they are facing a $70,000 special assessment to fix their building's parking garage. '$70,000 is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in,' said Ligeng Guo.
A DoorDash driver who was caught on camera appearing to spit into an Ontario man’s drink has been removed from the platform, the food delivery company has confirmed.
Toronto paramedics say one male was taken to hospital with minor injuries following a shooting in North York.
A car ended up on the lawn of a southeast Calgary home on Thursday after police conducted a takedown of a suspect reportedly driving dangerously.
A Calgary police officer has been demoted of seniority in rank for a year after filming and sharing a video of him having sex with a fellow officer without her consent, with other members of the Calgary Police Service.
A dead bear, the appearance of more bears and then one of those bears eating the dead bear have led Parks Canada to shut down a sizeable bit of Banff backcountry.
There was a decrease in the amount of waste heading to the City of Ottawa's landfill in the two months leading up to the city's new three-item garbage limit.
A man is being treated for life-threatening injuries after being struck by a vehicle while cycling in Ottawa's south-west end.
Fair season continues in the Ottawa area, the Ottawa 67's and Senators play on home ice, Carleton University and the University of Ottawa meet in the Panda Game and a former Backstreet Boy is in town.
A fire broke out in a building in Old Montreal, prompting a large deployment of firefighters to the area on Friday morning.
Classes and campus activities at CEGEP de Valleyfield were cancelled Friday morning as a result of a police operation.
The Société de transport de Montréal (STM) has closed three metro stations on the Blue Line — Saint-Michel, Fabre and D'Iberville — indefinitely as a preventive safety measure after discovering major structural issues.
An Edmonton hot tub repairman who was the subject of a previous Â鶹´«Ã½ Edmonton report has been charged with fraud.
Police started searching a rural property north of Edmonton on Wednesday as part of an investigation into a suspected drug manufacturing lab.
A woman has been arrested after a search of a Blackfalds home turned up six guns and more than half a pound of cocaine.
Gas prices in Nova Scotia and New Brunswick dropped slightly overnight, while prices on Prince Edward Island didn’t change for the second week in a row.
Federal fisheries officers in Nova Scotia say they're refusing some enforcement duties because of threats to their safety, as they await Ottawa's response to their complaints.
Fertility rates in Atlantic Canada were among the lowest in the country last year, according to the latest data from Statistics Canada.
Residents of an apartment building remain shaken up following an officer-involved shooting inside Wednesday afternoon that killed an armed man.
Small business owners want to see a temporary program that helps combat retail theft be made permanent.
Canadians who are eligible for a GST/HST tax credit can expect their final payment of the year on Friday.
A husband and wife have been on the road trip of a lifetime and have decided to stop in Saskatchewan for the winter.
A man has died in hospital from injuries sustained after being struck by a vehicle on Monday.
Hundreds of Saskatchewan nurses and their supporters rallied outside the legislative building on Thursday calling for action to ongoing staffing shortages and hospital overcrowding around the province.
A Cambridge, Ont. father wants answers after his adult son, who has autism, was arrested and charged with assault after an encounter with a jogger.
A 19-year-old was killed Thursday after his motorcycle was struck by a transport truck near Ayr.
An Ontario child has died after coming in contact with a rabid bat, a health official confirmed on Wednesday.
Staff at Saskatoon's Royal University Hospital are calling for systemic changes just two days after its emergency room was more than three times above its capacity.
The mayor of Loon Lake is appealing to both provincial and federal government leaders for assistance in dealing with rising crime in the village, which has seen an increase in vandalism, theft, and property damage.
Staff at the Saskatchewan Penitentiary in Prince Albert seized a sizeable load of contraband on Monday, according to the federal correctional service.
A fingerprint found on a detergent bottle at the crime scene matched second-degree murder suspect Felicity Altiman, a Sudbury court heard Thursday.
An Ontario child has died after coming in contact with a rabid bat, a health official confirmed on Wednesday.
A 41-year-old from Elliot Lake is facing even more charges after behaving very badly after being arrested on outstanding warrants.
Coun. Sam Trosow admits he can’t be certain if it was a beer or a non-alcohol beer that he can be seen drinking during last week’s council meeting.
Uneven population growth across London has shifted the amount of political power residents have in different municipal wards, and Londoners will soon be asked to consider four options for adjusting the 14 ward boundaries
Investigators say the scam is instigated by a suspect approaching the victim, asking for their help to pay a taxi fare.
Governance, leadership, quality of care, operations, and financial performance are all concerns highlighted in a final report from an investigation into Stevenson Memorial Hospital in Alliston.
A 62-year-old man has been charged after police received a report about an employee stealing over $60,000 worth of materials from a Huntsville business.
RVH opens Simcoe Pod to continue the hospital's cancer treatments during equipment upgrades.
County Road 37 between County road 14 and Mersea road 10, was reported closed around 6:45 a.m. following a crash involving a tractor trailer and a pickup truck.
Juliana Pannunzio, 20, was killed on Jan. 19, 2021, during a house party in Fort Erie, Ontario.
Ottawa’s new mortgage rules set to take effect at the end of the year are drawing both praise, and caution in southern Ontario. Last month, the federal government announced it was making the "boldest mortgage reforms in a decade" aimed squarely at young people trying to buy a home.
One person is dead after a floatplane carrying three people crashed Wednesday evening in a remote inlet on British Columbia's central coast.
A new Leger poll suggests the BC Conservatives are now in pole position.
Driving down the cost of car insurance is a priority, says BC Conservative Leader John Rustad, who is pledging to eliminate ICBC's monopoly.
Three young suspects have been arrested in connection with a swarming attack on a teenager in B.C.'s Okanagan last week – and authorities have asked the public to stop circulating disturbing videos of the incident.
A father in Kelowna is furious after his 13-year-old daughter was brutally beaten on Gyro Beach. He is calling for criminal charges in the devastating attack, which was caught on video by multiple bystanders.
The officer who shot and killed a forcible confinement suspect in Kamloops two years ago was justified in doing so, according to the Independent Investigations Office of B.C.
WestJet has changed its operations at the Lethbridge Airport, and it means there's now only a single daily flight from Lethbridge to Calgary, down from three flights a day, as offered previously.
Archie's Exotic Pet Rescue has been open about six years and, like many other animal rescues, it has seen a surge in surrenders.
It’s almost deadline day for Lethbridge residents interested in becoming members of one of the city’s boards, commissions and committees (BCCs).
The judge overseeing the sexual assault trial of Canadian musician Jacob Hoggard is expected to begin delivering his final instructions to a northeastern Ontario jury today
A man charged with first-degree murder in Sault Ste. Marie, Ont., doesn't have to sit in the prisoner's box when his trial begins next month, a judge with the Superior Court of Justice has ruled.
After receiving complaints about off-road vehicles, police in Greater Sudbury laid more than a dozen charges in a recent safety blitz.
He may not have logged the fastest time or even gone the full distance, but residents of a Newfoundland town agree the goat who unexpectedly joined the local weekend half marathon was the event's undisputed champion.
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.
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