One more interest rate hike expected: Challenging economic times ahead in 2023
One more interest rate hike expected: Challenging economic times ahead in 2023
Just about everyone notices.
Groceries are more, and so is the interest on any debt.
Just about everything has gone up except wages.
"Over these last 12 months or so, when inflation went up, the average wage rate did not catch up with inflation," said Anupam Das, economist and professor at Mount Royal University.
"So people have been losing their real income for a while now."
According to a report released by TD Bank last month, Albertans' real wages have been falling at about a five per cent pace over the past year as the cost of food and fuel have inflated quickly.
In an effort to curb inflation, the Bank of Canada has hiked rates seven times since last March.
Its next scheduled interest rate announcement is Jan. 25.
While inflation is showing signs of coming back to healthier levels, many money watchers are expecting one more increase of .25 per cent.
Rate increases are used to slow the economy and bring prices under control, but they come with the risk of hitting the brakes a little too hard and triggering a recession.
"In the next 12 months, it's possible that the economy will slow down to an extent that people will actually start losing jobs," said Das, though he was careful not to say a recession is guaranteed at this point.
The TD Bank report also forecast Alberta's GDP growth would slow to 1.9 per cent for 2023 – less than half the 5.1 per cent reported in 2022.
It's significant, but analysts believe the province will still be one of the growth leaders in the country.
The federal Liberals are trending downward on three key measures while Conservative Leader Pierre Poilievre has surpassed Prime Minister Justin Trudeau when it comes to the question of who Canadians would prefer now as their prime minister, according to Nanos Research.
The Vatican on Thursday responded to Indigenous demands and formally repudiated the 'Doctrine of Discovery,' the theories backed by 15th-century 'papal bulls' that legitimized the colonial-era seizure of Native lands and form the basis of some property law today.
It's been two weeks since a major fire ripped through a heritage building in the heart of Old Montreal, killing seven people and forever altering the lives of families across the globe. For the families of those who died, the grieving process is only starting.
Alberta Premier Danielle Smith, in a leaked cellphone call, commiserated with a COVID-19 protester about his trial while divulging to him there was an internal dispute over how Crown prosecutors were handling COVID-19 cases.
A 15-year-old girl shot to death in the community of Martindale early Tuesday morning, has now been identified by friends and police as Sarah Alexis Jorquera.
The Canada Revenue Agency will pilot a new automatic system next year to help vulnerable Canadians who don't file their taxes get their benefits. This week's federal budget says the Canada Revenue Agency will also present a plan in 2024 to expand the service, following consultations with stakeholders and community organizations.
The Vatican on Thursday responded to Indigenous demands and formally repudiated the 'Doctrine of Discovery,' the theories backed by 15th-century 'papal bulls' that legitimized the colonial-era seizure of Native lands and form the basis of some property law today.
A 2021 plane crash at the Westlock Airport was caused by an "unstable visual approach" to the landing runway, a Transportation Safety Board investigator has found.
Alberta's energy regulator has defended its finding that the province's largest recorded earthquake was caused by oilpatch activity, saying the pattern of temblors since last fall clearly points to a water disposal well even though there's no suggestion rules were flouted.
The Riverview Hospital itself has been closed for more than a decade, but 289 people are currently receiving treatment for mental health, addictions or both at the old site.
The eve of the release of the final report from the inquiry into Nova Scotia’s 2020 mass shooting is a reminder for residents of Portapique of their small community’s traumatic past.
A Toronto man, whose neighbours vanished eight years ago and left their home completely abandoned, said he's fed up living next door to a property that is in complete disarray.
The Canadian Press has learned that Ontario has granted a three-month funding extension for doctors to provide care through virtual emergency departments.
It's been two weeks since a major fire ripped through a heritage building in the heart of Old Montreal, killing seven people and forever altering the lives of families across the globe. For the families of those who died, the grieving process is only starting.
A young man found wounded late Wednesday night in the parking lot of a shopping centre in northeast Montreal is believed to be the victim of an earlier shooting in the same area. Montreal police (SPVM) reported Thursday morning that the 18-year-old man's life was no longer in danger.
A new regulation that comes into effect Thursday in Quebec prohibits the feeding of white-tailed deer outside of hunting season, from Dec. 1 to Aug. 31, except on l'ile d'Anticosti.
Parents had their say at a Vimy Ridge Public School town hall as the Ottawa-Carleton District School Board addressed concerns around harassment and bullying.
The federal Liberals are trending downward on three key measures while Conservative Leader Pierre Poilievre has surpassed Prime Minister Justin Trudeau when it comes to the question of who Canadians would prefer now as their prime minister, according to Nanos Research.
A Saskatoon murder trial is being adjourned to allow police to follow-up on "significant information" that just came to the Crown prosecutor's attention Wednesday.
CTV News has learned a dog that attacked a five-year-old boy last week had been declared dangerous in February 2022, but the city had lost track of the owner a year ago.
A Winnipeg judge has acquitted a now-retired 93-year-old priest of assault after a residential school survivor accused him of forcing himself on her more than 50 years ago.
A bylaw officer in Manitoba is facing fraud charges for allegedly keeping the surrender fees when people gave up their pets, according to the Brandon Police Service.
A Manitoba family has launched a lawsuit alleging their 23-year-old son had a stroke days after receiving a dose of a COVID-19 vaccine, leaving him legally blind.
The Vatican on Thursday responded to Indigenous demands and formally repudiated the 'Doctrine of Discovery,' the theories backed by 15th-century 'papal bulls' that legitimized the colonial-era seizure of Native lands and form the basis of some property law today.
