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.
The federal government is seeking to delay the extension of assisted dying eligibility to people whose sole condition is a mental disorder until March 17, 2024. Justice Minister David Lametti introduced a bill seeking the extension in the House of Commons on Thursday.
Nestle Canada says it is winding down its frozen meals and pizza business in Canada over the next six months. The four brands that will no longer be sold in the freezer aisle at Canadian grocery stores are Delissio, Stouffer's, Lean Cuisine and Life Cuisine.
Will we see six more weeks of winter, or an early spring? Here’s what some of the groundhogs (and one human) have predicted so far, from coast-to-coast.
A gay man is taking the federal government to court, challenging the constitutionality of a policy restricting gay and bisexual men from donating to sperm banks in Canada, CTV News has learned.
The United States has answered President Volodymyr Zelenskyy's plea for rockets that can strike deep behind the front lines of the nearly year-long conflict with Russia. Now Russian forces will need to adapt or face potentially catastrophic losses.
Australia is removing the monarchy from its bank notes. The nation's new $5 bill will feature an Indigenous design rather than an image of King Charles III. But the king is still expected to appear on coins that currently bear the image of the late Queen Elizabeth II.
The organization regulating medical care and services in Manitoba is apologizing for racism directed towards Indigenous people when accessing health care in the province.
A Quebec woman said she was very surprised to find her stolen Audi had been used in what’s being described as an “absolutely insane” Ontario mall theft.
A pair of provincial parks are being considered in the B.C. government's treaty negotiations with the T’Sou-ke and Songhees nations on Vancouver Island.
A homicide investigation is underway on Quadra Island, B.C., after a 39-year old woman was found dead in what investigators believe was a targeted killing.
Athabasca University's board of governors has replaced the president who resisted the government's demand to double the distance-learning school's number of employees who live in Athabasca.
Ontario has released a new 'connected' and 'convenient' health-care plan aimed at shortening wait times and localizing access to care across the province.
Three Richmond Hill residents have been arrested after police seized $500,000 in fake gift cards from a “sophisticated forgery lab” while searching multiple local properties last month.
A polar vortex is descending over Ontario this week and some of the coldest weather is still to come. Wind chills will also reach dangerous levels, increasing the risk of frostbite.
The next few nights are expected to be frigid in Montreal, with wind chill factors dropping to -30. In order to prevent anyone experiencing homelessness from ending up outdoors, the City of Montreal is announcing the opening of two emergency shelters.
A Quebec woman said she was very surprised to find her stolen Audi had been used in what’s being described as an “absolutely insane” Ontario mall theft.
Paramedic logs from 2022 are highlighting some of the pressures Regina EMS workers have been facing for months including one instance where a patient died following offload delays at the hospital, the documents indicate.
Calgary's Scotiabank Saddledome was packed to the rafters with fans eager to take a look at Canadian phenom Connor Bedard and the 17-year-old did not fail to impress.
On the day that Shubenacadie Sam predicted six more weeks of winter, there are warnings and statements cautioning that the coldest air of the season is about to arrive in the Maritimes.
The Middlesex-London Health Unit (MLHU) has issued its first Cold Weather Alert of the year. The Alert will come into effect just after midnight as wind chill values plunge to -23 C by midday Friday.
One person has died after a two-vehicle crash in south London Wednesday night. Police were called to the scene on Bostwick Road around 7:20 p.m. and say there were five people injured in total and all five were taken to the hospital with injuries ranging from serious to life-threatening.
Wiarton Willie has predicted an early spring! The groundhog in South Bruce Peninsula didn't see his shadow at 8:07 a.m. on Thursday morning, meaning spring is on the way.
The Nishnawbe Aski Police Service is investigating after a handwritten note containing a violent threat at an Attawapiskat arena was found during a hockey tournament prompting an armed response by officers.
Highway 11 in northern Ontario is closed Thursday morning from Highway 66 near Kenogami Lake to Matheson after a collision involving several vehicles, police say.
Ontario has released a new 'connected' and 'convenient' health-care plan aimed at shortening wait times and localizing access to care across the province.
Wiarton Willie made his prediction his spring prediction Thursday morning at 8:07 a.m. The groundhog did not see his shadow, meaning we could get an early spring.
