As inflation persists, Canadians are forced to cut back. How are they saving?
Global News
Decades-high inflation and soaring interest rates have led many to take a closer look at their spending habits and, consequently, make some tough choices.
It has not been an easy year for Canadians financially.
Decades-high inflation and soaring interest rates have led many to take a closer look at their spending habits and, consequently, make some tough choices.
On Wednesday, the Bank of Canada hiked its key interest rate for the seventh time in a row, bringing it to 4.25 per cent – the highest it’s been since January 2008.
The central bank’s aggressive rate hike cycle, which began in March, is in response to Canada’s drastically high inflation rate.
After peaking at 8.1 per cent in July, the annual inflation rate has slowed to 6.9 per cent in October – still well above the Bank of Canada’s target rate of two per cent.
These economic trends are effecting everything from gas prices to grocery bills to mortgage payments.
And in an effort to cut costs, Canadians coast-to-coast are making sacrifices and changes to their lifestyle.
Former Olympic wrestler Colin Daynes and his partner, mixed martial arts fighter Lupita (Loopy) Godinez, describe paying eight per cent interest on the mortgage for their new condo as “a real kick in the face.”
The family behind one of Canada’s most well-known ice-cream brands says they’re absorbing “all immediate increases in our costs” as the U.S.-Canada trade war heats up.
Friedrich Trump called his business in Bennett, a town that sprang up because of the Klondike Gold Rush, the Arctic Restaurant & Hotel.
A new poll suggests that 40 per cent of Canadians are worried about losing their jobs as many businesses scale back hiring plans in response to the trade war with the U.S.
At the Halifax Stanfield International Airport, the tariff trade war between Canada and the U.S. is leaving flyers who travel between the two countries feeling very uneasy.
The man pleaded guilty to one count of violating the Migratory Birds Regulations after hunting snow geese without a permit, says a release from the ECCC.
Doug Ford is set to fly in and out of the U.S. capital on Thursday for a meeting with President Donald Trump's commerce secretary which could calm or reignite trade tensions.
'Half of us here are dual citizens, including me -- Canadian and American, half of us,' Point Roberts resident Brian Calder told Global News.
The proposed upgrades include parking lot improvements, wider trails, and a 2.4-metre-wide multi-use pathway.
Carney will replace Justin Trudeau after winning a race for the Liberal leadership on Sunday, and will take the reins of government amid a growing trade war with the U.S.
A Toronto woman who faced multiple charges in a dog attack that seriously injured a child has pleaded guilty to some of them, including a criminal charge of negligence.
Doug Ford was spending Wednesday meeting with Canada's incoming prime minister and speaking to his fellow premiers ahead of a trip Thursday to Washington, D.C.
The Bank of Canada cut its benchmark rate by 25 basis points, bringing it down to 2.75 per cent. Experts say the outlook for the housing market remains hazy.
Officers received a call shortly after noon Wednesday about an unconscious person who was found on the slopes, lying near a tree.