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Economy news

  • Canopy Growth books $30M from sales of Biosteel assets

    01-12-2023 16:55 via cbc.ca
    Canopy Growth Corp. says the aggregate gross proceeds from selling off its sports drink business total $30.4 million.
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  • BMO raises dividend, even as profits slump and loan loss provisions increase

    01-12-2023 16:39 via cbc.ca
    BMO Financial Group raised its dividend as it reported its fourth-quarter profit fell compared with a year ago.
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  • This net-zero Hamilton home is built with straw walls

    30-11-2023 18:11 via macleans.ca
    (Photography by Nicolas Koff/Office Ou)
    In 2008, David and Nadine Koff—both radiologists—were living in Toronto when David got a job offer from McMaster University. To avoid a long commute, they decided to move to Hamilton, where they purchased a small two-bedroom home. Then the couple discovered the Japanese concept of “shinrin-yoku,” or forest bathing, which is the practice of nature immersion. They read studies reporting certain health benefits, including boosted immun
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  • Big banks announce layoffs and more bad loans as TD, Royal and CIBC post quarterly results

    30-11-2023 15:35 via cbc.ca
    Three of Canada's biggest lenders posted quarterly earnings on Thursday, and as was the case at Scotiabank earlier in the week, they're all putting a lot more money aside to cover loans that potentially might go bad.
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  • Gross domestic product, income and expenditure, third quarter 2023

    30-11-2023 14:30 via statcan.gc.ca
    Real gross domestic product declined 0.3% in the third quarter, following a 0.3% increase in the second quarter. The decrease in international exports and slower inventory accumulation were partially offset by increases in government spending and housing investment.
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  • GM scales back electric vehicle and self-driving car plans as new labour deals will cost it $10B

    29-11-2023 17:22 via cbc.ca
    General Motors said it is pumping the brakes a little on its plans for electric vehicles and self-driving cars as new labour deals signed with unions in the U.S. and Canada will cost it almost $9.3 billion US.
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  • Scotiabank profit falls as bank sets aside almost $1.3B to cover bad loans

    28-11-2023 15:44 via cbc.ca
    The Bank of Nova Scotia said its profit slumped in the fourth quarter for a variety of reasons, including doubling the amount of money the bank sets aside to potentially write off loans that are in danger of not being paid back.
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  • Government spending by function, 2022

    28-11-2023 14:30 via statcan.gc.ca
    Spending by all levels of government in Canada, excluding consumption of fixed capital, totalled $962.7 billion in 2022, a decline of 0.7% or $7.1 billion from 2021.
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  • A Toronto couple traded their city lives for a modernist, art-filled fort in Prince Edward County

    27-11-2023 17:55 via macleans.ca
    (Photography by Nathan Cyprys)
    Jim Turner and Craig Daniel first visited Prince Edward County together in the late 1990s, staying with friends who rented a farmhouse every year. In Toronto, Turner co-owned an events and communications firm, and Daniel worked in HR. Coming from their hectic lives, the couple fell in love with the County’s peaceful setting and eclectic population. In 2012, they decided to buy a place. They looked at some 90 properties in the area, finally settling on a small
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  • Air Transat faces strike as soon as January after 2,100 workers overwhelmingly vote in favour of walkout

    27-11-2023 15:30 via cbc.ca
    Air Transat's flight attendants are in a position to strike as soon as Jan. 3 after an overwhelming majority voted to give their union a mandate to walk off the job if a new labour deal can't be reached.
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  • George Cohon, founder of McDonald's Canada who helped bring chain to Soviet Union, dead at 86

    26-11-2023 02:47 via cbc.ca
    Canadian businessman George Cohon, who founded McDonald's Canada and helped open the fast-food company's first franchise in the Soviet Union, has died, his family said on social media. He was 86.
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  • George Cohon, founder of McDonald's Canada who brought Big Mac to Soviet Union, dead at 86

    26-11-2023 02:47 via cbc.ca
    Canadian businessman George Cohon, who founded McDonald's Canada and helped open the fast-food company's first franchise in the Soviet Union, has died, his family said on social media. He was 86.
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  • Mastermind Toys gets order for creditor protection, wants to close some stores

    24-11-2023 20:53 via cbc.ca
    Mastermind Toys says it has obtained an initial order for creditor protection from the Ontario Superior Court of Justice as it continues to cope with financial challenges and a slowing economy.
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  • A Montreal architect built his weekend home around an apple tree

    23-11-2023 19:08 via macleans.ca
    (Photography by Adrien Williams)
    The Montreal-based architect Maxime Frappier grew up on a 5,000-tree apple orchard near Franklin, Quebec, where he climbed branches and played with his siblings in apple crates. Even at a young age, he loved the neat rows of trees in the orchard and how they blossomed with flowers in the spring. Decades later, these memories came back to him when he set out to build a weekend home for his family in Saint-Donat, an hour and a half north of Montreal. For years, dur
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  • The new Canadian Mortgage Charter explained

    23-11-2023 10:00 via cbc.ca
    In the Fall Economic Statement (FES) the Liberal government unveiled an initiative it called the Canadian Mortgage Charter. What is it and who does it aim to help? The CBC explains.
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  • Past rate hikes may be enough to bring inflation back to target, Tiff Macklem says in speech

    22-11-2023 20:42 via cbc.ca
    Bank of Canada Governor Tiff Macklem warns fighting inflation half-heartedly and living with its consequences would be a huge mistake.
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  • Product/Study: Economic and Social Reports: Characteristics of postsecondary international students who did not enrol in publicly funded postsecondary education programs

    22-11-2023 14:30 via statcan.gc.ca
    Catalogue number 36280001 (HTML | PDF)
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  • Canada's natural resource wealth, 2022

    22-11-2023 14:30 via statcan.gc.ca
    In 2022, Canada's natural resource wealth totalled $2,522 billion, up $982 billion from the previous year.
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  • Why several big-box stores have ditched their self-checkouts

    22-11-2023 10:00 via cbc.ca
    Despite the rise of self-checkout, some big-box stores that previously embraced it have recently ditched their machines and returned to an all-cashier format. Some of those stores say theft and customer preference were factors.
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  • Children of homeowners twice as likely to own homes themselves, says StatsCan

    20-11-2023 16:48 via cbc.ca
    Whether or not your parents own a home makes you twice as likely to own one yourself, according to a new data analysis by Statistics Canada published Monday.
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  • Microsoft hires ousted OpenAI boss Sam Altman

    20-11-2023 13:27 via cbc.ca
    Microsoft announced Monday that it has hired Sam Altman and another architect of ChatGPT maker OpenAI after they unexpectedly departed the company days earlier in a corporate shakeup that shocked the artificial intelligence world.
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  • No Frills reaches tentative deal with Unifor workers, averts strike at 17 stores

    19-11-2023 15:16 via cbc.ca
    The union that represents thousands of grocery store workers in Ontario says it has reached a tentative agreement with No Frills, averting a strike that could have started as early as Monday.
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  • The Building: Vancouver’s Alberni tower ushers in a new wave of high-rises

    17-11-2023 20:41 via macleans.ca
    (Photography by Ema Peter/Westbank)
    Vancouver’s soaring skyline tells the story of Canada’s race to blanket the real estate market with residential units—no fewer than five new high-rises are expected to pop up in Metro Vancouver by 2027. Last June, a curvy newcomer emerged, proving that high density and high design can, in fact, mix. The Alberni is a 43-storey, gravity-defying build, home to 181 apartments, with studios starting at $1.2 million. When units went up for sale in
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  • Quebec's stock market regulator can go after Canada's Panama Papers kingpin, Supreme Court rules

    17-11-2023 16:43 via cbc.ca
    A 7-1 majority of the Supreme Court of Canada has ruled that Quebec’s Autorité des marchés financiers can proceed with trying to have Fred Sharp, Canada’s kingpin in the Panama Papers, banned for five years from the province’s stock market.
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  • Biosteel has found a new owner and it's Windsor entrepreneur Dan Crosby

    17-11-2023 15:28 via cbc.ca
    Cannabis company Canopy Growth says it has found a buyer for its Biosteel sports drink business and received a court's approval to go ahead with the sale of the company.
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  • Monthly credit aggregates, September 2023

    17-11-2023 14:30 via statcan.gc.ca
    In September, the total credit liabilities of households increased $6.2 billion (+0.2%) to reach $2,881.6 billion. Real estate secured debt, composed of both mortgage debt and home equity lines of credit, grew $5.0 billion (+0.2%). Household mortgage debt rose $5.6 billion (+0.3% on a monthly basis; +3.2% on an annualized basis) in September, a slowdown in growth compared with August.
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  • Canada's international transactions in securities, September 2023

    17-11-2023 14:30 via statcan.gc.ca
    Foreign investors reduced their holdings of Canadian securities by $15.1 billion in September, mainly due to retirements of bonds. Meanwhile, Canadian investors acquired $11.6 billion of foreign securities, ending the third quarter with the largest investment since the fourth quarter of 2021.
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  • Workers at 17 No Frills stores in Ontario could strike as of Monday, union says

    16-11-2023 20:31 via cbc.ca
    The union that represents thousands of grocery store workers in Ontario says 17 No Frills stores across the province could be on strike as early as Monday unless the company steps up with improved compensation and working conditions.
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  • A car dealer built a medieval-style church in Quebec—and it’s on the market for $1.8 million

    15-11-2023 18:20 via macleans.ca
    (Photography courtesy of Sotheby’s International Realty Canada)
    In L’Assomption, a town of 23,000 people located 50 kilometres north of Montreal, stands a stone castle—known, unsurprisingly, as the Stone Castle. The place was only built about 50 years ago, but looks like a Romanesque structure from medieval Europe, with painted ceilings, a stately dining room surrounded by textured archways and a 30-foot-tall turret. All of it, she thought, was reminiscent of the Romanesque str
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  • U.S. union workers at General Motors appear to have voted down tentative contract deal

    15-11-2023 17:27 via cbc.ca
    The union hasn't posted final vote totals yet, but workers at five large factories who finished voting in the past few days have turned down the four year and eight month deal by fairly large margins.
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  • 1st batch of newly minted Canadian coins bearing King Charles's image unveiled

    14-11-2023 18:13 via cbc.ca
    The Royal Canadian Mint revealed the design of its new coins during a news conference at its Winnipeg plant on Tuesday.
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  • Canadian rent prices hit new high for 6th month in a row, report suggests

    13-11-2023 23:09 via cbc.ca
    The average asking price for a rental unit in Canada reached $2,178 last month, a 9.9 per cent year-over-year increase and continuing a trend that has seen asking rents hit new highs for six months in a row.
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  • An entrepreneur created a tropical paradise in Quebec

    13-11-2023 15:43 via macleans.ca
    (Photography courtesy of Sotheby’s International Realty Québec)
    Montreal entrepreneur Denis Dumas doesn’t tackle projects half-heartedly. He spent 18 years transforming a 2,800-square-foot, California-style house with 360-degree views into a mini beach resort. He calls it “Cuba in Quebec”: a vacationland with a karaoke stage, a full cabana and tiki bar, an indoor cocktail station and even palm trees.READ: This opulent Toronto home looks like a 17th-century Fr
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  • Office workers still aren't back in full force, so what's next for Canada's downtowns?

    12-11-2023 10:00 via cbc.ca
    More than a year after pandemic-era restrictions lifted, many urban downtowns in Canada are still dealing with vacant offices, low foot traffic and safety concerns. Calgary and Winnipeg are two cities putting recovery plans in motion.
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  • Canadian mining company at centre of deadly Panama protests has no plans to scale back

    11-11-2023 10:00 via cbc.ca
    The Canadian mining company that controls a massive copper mine in Panama says it has no plans to alter its operations despite widespread local protests against the firm's mining contract that have escalated and turned deadly.
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  • This just in: the rich are getting richer

    10-11-2023 18:25 via cbc.ca
    This just in: the rich are getting richer
    The richest people in Canada got a lot richer in 2021, even as the poorest half of all tax filers in Canada saw their income decline by $1,400.
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  • Incomes for Canada's richest 1% rose nearly 10% in 2021, tax filings show

    10-11-2023 18:25 via cbc.ca
    Incomes for Canada's richest 1% rose nearly 10% in 2021, tax filings show
    The richest people in Canada got a lot richer in 2021, even as the poorest half of all tax filers in Canada saw their income decline by $1,400.
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  • Air Canada makes changes after passengers with disabilities share 'dehumanizing' experiences

    09-11-2023 18:38 via cbc.ca
    Air Canada makes changes after passengers with disabilities share 'dehumanizing' experiences
    Air Canada says it's changing its protocols to improve the way it treats passengers with disabilities after several high-profile incidents led to a meeting with politicians in Ottawa this week.
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  • Video chat service Omegle shuts down after allegations of abuse on platform

    09-11-2023 17:43 via cbc.ca
    Video chat service Omegle shuts down after allegations of abuse on platform
    Omegle, a video chat service that connects users with strangers at random, is shutting down after 14 years following allegations of misuse of the platform — particularly the sexual abuse of minors.
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  • Canadian Tire laying off 3% of corporate staff and cutting another 3% of open jobs

    09-11-2023 15:58 via cbc.ca
    Canadian Tire laying off 3% of corporate staff and cutting another 3% of open jobs
    Canadian Tire Corp. Ltd. has cut about three per cent of its corporate work force as it responds to softening consumer demand.
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  • Is that snack chocolate or 'chocolatey'? How skimpflation might be affecting your groceries

    09-11-2023 10:00 via cbc.ca
    Is that snack chocolate or 'chocolatey'? How skimpflation might be affecting your groceries
    Skimpflation is when companies swap out ingredients in food products for cheaper ones without lowering the price. The practice can be hard to detect because shoppers don't have access to companies' recipes.
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  • Bank of Canada officials split on need for more rate hikes, deliberations show

    08-11-2023 20:09 via cbc.ca
    Bank of Canada officials split on need for more rate hikes, deliberations show
    Further interest rate hikes from the Bank of Canada are very much still on the table as its governing council remains split on whether rates may need to rise further.
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  • This opulent Toronto home looks like a 17th-century French château

    08-11-2023 18:11 via macleans.ca
    This opulent Toronto home looks like a 17th-century French château
    (Photography by Nathan Cyprys)
    Artist Eve Gordon will never forget the grandiose European designs she saw during her summer in France in the 1970s. Her parents had sent her to do a French course in Montpellier; while on a biking tour around the countryside, she was amazed by the hand-painted walls and carved wooden mouldings in local churches, homes and gardens. “I felt like I belonged there,” she says.
    During university, Gordon began painting flowers. In 1976, she moved to Paris and
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  • Supply and use tables, 2020

    08-11-2023 14:30 via statcan.gc.ca
    The national, provincial and territorial supply and use tables are now available for 2020.
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  • Provincial and territorial economic accounts, 2022

    08-11-2023 14:30 via statcan.gc.ca
    Canada's real gross domestic product (GDP) grew 3.8% in 2022, following a 5.3% increase in 2021. Growth in real GDP was driven by household spending, inventory accumulation and exports.
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  • The Move: A former Toronto renter becomes a first-time homeowner—in St. John’s

    07-11-2023 20:25 via macleans.ca
    The Move: A former Toronto renter becomes a first-time homeowner—in St. John’s
    Hayley Shaughnessy standing in front of her “very Newfoundland-y” clapboard home St. John’s. (Photography by Johnny C. Y. Lam)
    The buyer: Hayley Shaughnessy, a 32-year-old communications consultant
    The budget: $325,000
    The backstory: In October of 2019, the Toronto-based public relations agency where Shaughnessy was working decided to hold its next company retreat in St. John’s, Newfoundland. The city’s overwhelmingly friendly vibe impressed Shaughnessy right away.
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  • ‘Shrinkflation’: Why food giants are charging you the same for less

    07-11-2023 18:49 via cbc.ca
    ‘Shrinkflation’: Why food giants are charging you the same for less
    Your cereal box is getting smaller, but you’re paying the same amount. What’s the deal? It's called shrinkflation — and consumers and advocates want companies to be transparent about downsizing their items.
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  • 'Shrinkflation' is here — and it's why food giants are charging you the same for less

    07-11-2023 18:49 via cbc.ca
    'Shrinkflation' is here — and it's why food giants are charging you the same for less
    Your cereal box is getting smaller, but you’re paying the same amount. What’s the deal? It's called shrinkflation — and consumers and advocates want companies to be transparent about downsizing their items.
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  • Quebec mini-budget boosts funds to address hunger, homelessness

    07-11-2023 16:54 via cbc.ca
    Quebec mini-budget boosts funds to address hunger, homelessness
    Quebec Finance Minister Eric Girard unveiled his economic update today. With the province's economic growth expected to remain sluggish, spending outlined in the mini-budget is aimed at food banks, social housing and dealing with the impact of climate change.
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  • Quebec finance minister unveils plan to address hunger, homelessness and climate change

    07-11-2023 16:54 via cbc.ca
    Quebec finance minister unveils plan to address hunger, homelessness and climate change
    Quebec Finance Minister Eric Girard unveiled his economic update today. With the province's economic growth expected to remain sluggish, spending outlined in the mini-budget is aimed at food banks, social housing and dealing with the impact of climate change.
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