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Bank of Canada raises key interest rate to 2.5% in its first hike since 2023
Source: CBC Politics
Date: 2026-10-28 12:33:56.0
Tags: [National, Economy, Finance, Trade, Affordability]The Bank of Canada, led by Governor Tiff Macklem, raised its benchmark overnight interest rate by 25 basis points to 2.5 per cent, marking its first rate hike since 2023. The central bank stated that the increase is necessary to curb persistent inflation—projected to remain above 3 per cent through much of 2027—which is driven largely by surging energy prices from the Middle East conflict and rising trade tensions with the United States. Policymakers warned that further rate hikes could occur depending on future economic uncertainties and cost pressures.
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Inflation rises to 3.1% in September, as fuel prices push higher: StatsCan
Source: CBC Politics
Date: 2026-10-19 12:44:28.0
Tags: [National, Economy, Affordability, Energy]Statistics Canada reported that Canada's annual inflation rate rose to 3.1 per cent in September, driven primarily by gasoline prices jumping 27.8 per cent year-over-year due to benchmark oil price increases stemming from ongoing conflict in the Middle East. Concurrently, grocery price inflation slowed to 1.7 per cent year-over-year—the smallest yearly increase since May 2024—while shelter prices rose 1.8 per cent year-over-year. Statistics Canada's core inflation measures eased slightly on a monthly basis ahead of the Bank of Canada's upcoming October 28 rate announcement.
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Ottawa considering ‘options’ as foreign home buyer ban nears end: minister
Source: Global News Politics
Date: 2026-10-07 20:34:15.0
Tags: [National, Housing, Affordability, Economy, Finance]Federal Finance Minister François-Philippe Champagne announced that the Liberal government is considering options regarding the future of the ban on foreign ownership of Canadian residential property. The restriction, originally enacted in 2022 to cool housing markets for Canadian buyers and previously extended in 2024, is scheduled to sunset in January 2027. The government's decision on whether to extend, modify, or allow the ban to expire will be evaluated based on housing stock availability and market evolution ahead of the upcoming federal budget.
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Yukon premier touts 'improved fiscal picture' in territory with budget update
Source: Territories - Northern Affairs (Yukon, NWT, Nunavut)
Date: 2026-10-05 11:00:00.0
Tags: [National, Finance, Economy, Infrastructure, Mining, Affordability]Yukon Premier and Finance Minister Currie Dixon tabled the Yukon Legislative Assembly's fall economic update and a partial capital plan for 2027, projecting a revised budget deficit of $53.7 million—down from the previously predicted $82 million. Forecasted revenues increased by $23.8 million due to higher federal transfers, taxes, and resource royalties, while projected expenditures dropped by $4.2 million, and net debt is now expected to reach $776.2 million by year-end. The 2027 capital spending plan allocates $138.8 million for the upcoming construction season, targeting projects such as the North Klondike Highway, the Shakwak corridor, the Whitehorse hospital expansion, and housing in Burwash Landing, Mayo, and Teslin. Simultaneously, the territory's economic update projects slower real GDP growth driven by lower production at the Keno Hill mine and placer gold operations, alongside elevated local inflation expected to average 4.6 per cent in 2026 due to higher shelter costs, electricity prices, and a greater reliance on heating oil.
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Minimum wage hikes set to begin across 5 provinces
Source: Nova Scotia - Halifax & Regional News
Date: 2026-10-01 12:34:05.0
Tags: [National, Ontario, Prince Edward Island, Nova Scotia, Manitoba, Saskatchewan, Alberta, Labour, Economy, Affordability]Minimum wage increases ranging from 25 to 40 cents take effect in Ontario, Prince Edward Island, Nova Scotia, Manitoba, and Saskatchewan, bringing their respective rates to $17.95, $17.30, $17.00, $16.40, and $15.70 per hour. Ontario has tied its adjustment directly to the rising cost of living. With these changes, Alberta maintains the lowest minimum wage in the country at $15.00 an hour, having not increased it since 2019, while Nunavut leads the country at just over $20.00 an hour following an increase at the beginning of September.
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Competition Bureau investigates minimum advertised pricing policies in grocery sector
Source: CBC Politics
Date: 2026-09-28 15:34:28.0
Tags: [National, Economy, Affordability, Agriculture]The Competition Bureau has launched an official investigation into minimum advertised pricing (MAP) policies utilized within Canada's grocery sector. Led by interim competition commissioner Jeanne Pratt, the watchdog is examining whether these pricing rules restrict grocers from advertising their lowest prices, limit price competition, erect barriers for discount and new grocers, and facilitate price coordination among major retailers. The agency is actively soliciting evidence from industry participants and consumers to assess the impact of these pricing restrictions on food affordability and consumer choice across the food supply chain.
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Canada's inflation rate holds firm at 3% in August
Source: CBC Politics
Date: 2026-09-14 12:48:38.0
Tags: [National, Economy, Affordability]Statistics Canada reported that Canada's annual inflation rate held firm at 3.0 per cent in August, matching economists' expectations. While gasoline prices and food costs experienced a slight easing, upward pressure was sustained by increases in shelter costs (including rents and mortgage payments) and prices for travel tours. On a month-over-month basis, consumer prices fell by 0.1 per cent in August, predating subsequent increases in crude oil prices driven by Middle Eastern conflicts.
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P.E.I. consumers will pay more in wake of Canadian counter-tariffs
Source: Prince Edward Island - Regional News
Date: 2026-09-09 09:00:00.0
Tags: [Prince Edward Island, National, Trade, Economy, Industry, Affordability]Retaliatory counter-tariffs implemented by Canada on American-made products took effect, raising import prices and impacting businesses and consumers on Prince Edward Island. Sam Sanderson, executive director of the Construction Association of Prince Edward Island, noted that approximately 65 per cent of construction materials used in the province originate from the U.S. and face these tariffs, potentially increasing material costs by 20 to 50 per cent. Prime Minister Mark Carney released a video stating that Canada will respond to the ongoing trade war by reducing reliance on the United States and pursuing new international trade agreements. Meanwhile, Prince Edward Island businesses such as MacArthur's Appliances, led by owner-operator Chris Welton, are managing price hikes and noting a shift in consumer sentiment away from American-made goods. The provincial government has also rolled out $12.5 million in support for businesses affected by U.S. tariffs.
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Ottawa set to extend the pause on federal fuel excise tax: source
Source: Global News Politics
Date: 2026-09-02 13:20:19.0
Tags: [National, Taxation, Economy, Affordability, Energy]Federal Finance Minister François-Philippe Champagne is set to announce an extension of the pause on the federal excise tax on gasoline and diesel until at least next year, preventing the return of the tax originally scheduled for September 8, 2026. The initial suspension, which took effect in April, eliminated a federal excise tax of 10 cents per litre on gasoline and four cents per litre on diesel. The decision by the federal government to prolong the tax break comes in response to rising fuel prices driven by ongoing hostilities associated with the Iran war.
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Liberals will extend gas and diesel tax holiday into 2027, sources say
Source: CBC Politics
Date: 2026-09-02 13:09:12.0
Tags: [National, Taxation, Affordability, Economy, Finance]Finance Minister François-Philippe Champagne announced an extension of the federal excise tax holiday on gasoline and diesel until early 2027. Originally introduced in April by Prime Minister Mark Carney as a temporary measure costing an estimated $2.4 billion to mitigate short-term oil price pressures from the U.S. conflict with Iran, the policy cuts the 10-cent federal excise tax per litre of gas and 4 cents per litre of diesel. The extension comes amid ongoing demands from provincial leaders like Ontario Premier Doug Ford and federal Conservative Leader Pierre Poilievre for further tax relief.
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