B.C. could be in for a 'mild recession,' economic forecaster says
B.C. could be in for a 'mild recession,' economic forecaster says
While food prices go up, economists expect B.C. housing sales to slow and prices to fall, a combination that one expert says could bring a "mild recession."
Derek Burleton, the deputy chief economist, for TD said he expects B.C.'s economic growth will be close to zero, something that brings with it anxiety about potential job losses and the continuing increase of the cost of living.
"I think, we may see a mild recession," Burleton told CTV News. Adding, the province is "not looking at anything too severe – but it won’t feel that good."
Economic forecasters met with Finance Minister Selina Robinson in Victoria Monday to look at the province's financial outlook for 2023. In a statement, Robinson says B.C.'s position is "steady" although growth is expected to be slow.
"We're entering this period of slower growth and challenging global economic times in a strong position to continue supporting people," she wrote, saying projected growth for 2023 is 0.4 per cent down from an anticipated 2.7 per cent.
Speaking to reporters, she hinted more help may be coming those who have less of a cushion to absorb higher interest rates and continued inflation.
"The people who are lower income feel the squeeze more because it's about housing, it's about food. So supporting them, (economic forcasters) recognize, is a valuable tool," explained Robinson.
Economists believe housing prices may come down, but won't necessarily become affordable.
In recent weeks, disability advocates and the BC Greens have called on the government to increase assistance rates.
MLA Adam Olson said people on disability assistance are living thousands of dollars below the poverty line. He participated in the economic forecast meeting and said several experts took note of recent government spending.
"We did hear from economists here who basically cautioned against 'Eby bucks," Olson said, using the phrase to refer to the more than one billion dollars in relief measures announced by the new premier
Economists warn this year's anticipated five billion dollar surplus won't repeat next year. Prompting some debate about whether now – when the province is flush with cash – is the right time for an election call.
On Wednesday, Eby will announce changes to his cabinet.
Opposition finance critic Peter Milobar noted the province's election law which states the next general voting day will be in October 2024.
"But if the premier decides to be a political opportunist with a bit of a surplus then we'll be ready for that election as well," Milobar told CTV News.
When asked by reporters if a snap election call was in the cards David Eby has repeatedly said no. His predecessor, John Horgan, said the same for months, before changing his mind and sending voters to the polls two years earlier than scheduled.
A senior government official says a Canadian military assessment team is on its way to Turkiye in the wake of a devastating earthquake that's killed thousands.
A man has been arrested and two children are dead after a driver crashed a city bus into a daycare in Laval, Que. Wednesday morning. The deadly crash sent multiple children to area hospitals and parents scrambling to find their kids shortly after they dropped them off for the day at the Garderie éducative Sainte-Rose, north of Montreal.
Condolences are pouring in on Parliament Hill after a Laval, Que., city bus crashed into a daycare on Wednesday morning, with federal politicians of all stripes expressing their sympathies with the families affected and gratitude to the first responders.
Many Canadians are experiencing strains caused by the increased cost of living and inflation. In his exclusive column for CTVNews.ca, contributor Christopher Liew shares some of the top credits and deductions that you may be able to claim on your income tax return to help you save money.
In a first for the Bank of Canada, it has released a summary of deliberations by its governing council regarding its policy decision to raise its key interest rate target by a quarter of a percentage point to 4.5 per cent in January. Here are five key takeaways from those discussions.
Netflix Canada is rolling out its long-anticipated plans to crack down on password sharing, saying it will begin notifying Canadian users today by email about limitations.
The way respiratory viruses have circulated this fall and winter, most Canadians could probably benefit from a hand-hygiene refresher. Here are the latest hand-washing best practices to apply in your daily life.
Protracted labour shortages in Canada could fuel more rapid wage growth and inflation over time, potentially prompting the need for higher interest rates long-term, a new RBC Economics report released Wednesday said.
The Bank of Canada released a summary of its Governing Council meetings on Wednesday, providing the public and financial institutions with more insight into the central bank’s decision to raise its key interest rate on Jan. 25.
Mounties on Vancouver Island say they were in "disbelief" when they saw a senior driving more than 100 km/h through a school zone in Qualicum Beach, B.C.
Charges have now been laid against a tug and barge company and one of its senior officials two years after a tug sank off British Columbia's coast south of Kitimat, killing the captain and one crew member.
The Calgary Police Service asked residents of a northwest neighbourhood to shelter in their homes as officers responded to a situation Wednesday morning involving a firearm.
Animal welfare advocates are urging pet owners to spay and neuter their pets after two kittens were found abandoned in a child's backpack in the St. Albert area last week.
An Ontario lawyer who filed a $229-million lawsuit against his former “sugar baby” for alleged fraud had his case dismissed after the court found he'd become "obsessed" with the young woman when she attempted to end their arrangement.
An Ontario grocery chain said they are seeing an “unprecedented” surge in customers after a recent TikTok revealing the company’s low food prices went viral.
A man has been arrested and two children are dead after a driver crashed a city bus into a daycare in Laval, Que. Wednesday morning. The deadly crash sent multiple children to area hospitals and parents scrambling to find their kids shortly after they dropped them off for the day at the Garderie éducative Sainte-Rose, north of Montreal.
Condolences are pouring in on Parliament Hill after a Laval, Que., city bus crashed into a daycare on Wednesday morning, with federal politicians of all stripes expressing their sympathies with the families affected and gratitude to the first responders.
Justin Trudeau has thrown in the towel in the fight to maintain the federal role as gatekeeper of a public, universal, accessible and fair health-care system in Canada, writes former NDP leader Tom Mulcair in an exclusive column for CTVNews.ca. 'That could have tragic consequences for folks on the lower rungs of the social and economic ladder.'
The federal government is putting up $500,000 for a feasibility study into a potential search for the remains of two Indigenous women at a Winnipeg-area landfill.
A Saskatoon couple is left feeling powerless to help their family and friends dig out of the rubble following the two major earthquakes in Turkiye on Monday.
Saskatoon's Ward 3 city councillor David Kirton decided to cancel his “Coffee with the Councillor” event scheduled for Saturday afternoon at Confederation Mall because of what he calls threatening phone calls and emails which became a “cause for concern”.
Nova Scotia Health is under the microscope after eight employees were found snooping into medical records. The privacy breaches involve the electronic health records of people associated with the April 2020 mass shooting in Nova Scotia, among others.
Former London, Ont. high school teacher Dustin Epp, 48, was supposed to appear for his sentencing hearing Wednesday afternoon, but the matter has been delayed until next week due to health-related concerns and to give Epp more time to prepare his legal defence.
A 20-year-old driver from London, Ont. is temporarily without a licence after OPP stopped them for allegedly driving 145 km/h in a 60 km/h zone on Tuesday night.
A thief was siphoning fuel from trucks on York Street in London before a massive fire broke out in a storage yard. U-Haul told CTV News London an explosion occurred at 745 York St. around 1 a.m. Hours later, a photographer from the London Police Service Forensics Division was on scene taking photos of charred vehicles.
The wait is over for ticketholders in the latest Canadian Hard of Hearing Association's Ultimate Dream Home Draw as Pure Country Sudbury morning show hosts pulled the names of the prize winners Wednesday afternoon.
A grieving family in Noelville, Ont., is reeling after a judge dismissed a trial connected to a 2019 workplace fatality involving a close family member.
A memorial has been set up in the area where 30-year-old Karen Cunningham’s body was found, as police in Woodstock continue to investigate her death as “suspicious” in nature.
