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.
Eight people were seriously injured after a Laval city bus crashed into a daycare Wednesday morning, according to first responders. The driver of the bus has been arrested, according to Quebec Public Security Minister Francois Bonnardel.
Conservative Leader Pierre Poilievre says that if he becomes prime minister he would uphold the 10-year deals Prime Minister Justin Trudeau is looking to ink with provinces and territories that would inject $46.2 billion in new funding into Canada's strained health-care systems.
With the hope of finding survivors fading, stretched rescue teams in Turkiye and Syria searched Wednesday for signs of life in the rubble of thousands of buildings toppled by a catastrophic earthquake. The confirmed death toll from the world's deadliest quake in more than a decade passed 11,000.
An 'awkward' attempt at a handshake between Alberta Premier Danielle Smith and the prime minister Tuesday is another example of leaders from the western province hesitating before shaking Justin Trudeau's hand, say political experts.
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.'
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.
According to newly released data, six provinces had increased wait times for walk-in clinics in 2022, with Canadians waiting an average of 37 minutes before seeing a physician.
A walk past a cemetery can conjure many emotions – sadness, fear and finality. But rarely does it conjure the idea of actually seeing a deceased loved one again. On British Columbia's Gabriola Island, however, coastal erosion is unearthing more than just memories.
A Victoria man says a series of devastating earthquakes in Turkiye and Syria have left him feeling nearly paralyzed, as the death toll from the quakes rises above 6,200 people.
A range of pressures on British Columbia forests are reverberating this spring through Houston and other rural and northern communities, where sawmill, pellet and pulp closuresare affecting hundreds of workers.
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.
The 2022 Status of Emergency Preparedness in Calgary report highlights civil disobedience as a potential future disaster in the city and says the risk is considered high.
An 'awkward' attempt at a handshake between Alberta Premier Danielle Smith and the prime minister Tuesday is another example of leaders from the western province hesitating before shaking Justin Trudeau's hand, say political experts.
An 'awkward' attempt at a handshake between Alberta Premier Danielle Smith and the prime minister Tuesday is another example of leaders from the western province hesitating before shaking Justin Trudeau's hand, say political experts.
A Toronto father was working Saturday afternoon when he got a notification from an app connected to his home security system. And what he saw on his phone was every parent's worst nightmare.
An associate of Ontario’s self-described “crypto king” was operating his own fraud scam parallel to the multi-million dollar Ponzi scheme, court documents allege.
Eight people were seriously injured after a Laval city bus crashed into a daycare Wednesday morning, according to first responders. The driver of the bus has been arrested, according to Quebec Public Security Minister Francois Bonnardel.
Police are investigating after a bar in Montreal North appears to have been the scene of an arson early Wednesday morning. There were no reported injuries, but the flames seriously damaged the building and forced residents upstairs to evacuate temporarily.
The number of organ donors in Quebec has increase threefold in the past five years, according to Transplant Quebec, which also reported a “steep” rise in donations coming from patients opting for medical assistance in dying (MAID). Canada’s MAID process allows patients with certain irremediable conditions to end their own life with the help of a physician or nurse. Since the law was passed in 2016, over 30,000 people have sought the process as of 2022, when the last federal report was published.
Team Lawes vice Selena Njegovan will be able to serve in a support role at the Scotties Tournament of Hearts after all despite initially being told she'd have limited access on site while on pregnancy leave.
Robyn Silvernagle will be making her third appearance at the national Scotties Tournament of Hearts next week in Kamloops, BC, just weeks after her team was put together.
Residents at a downtown Saskatoon apartment complex are speaking out about what they say are unreasonable rent increases and a lack of attention to building repairs.
Saskatchewan underestimated how many rapid antigen tests were needed during the height of the fourth wave of the COVID-19 pandemic, while also touting the tests as a key part of its plan to halt transmission of the virus, internal emails indicate.
Retirement is bittersweet for a Nova Scotia doctor who says she feels like she has abandoned the 2,000 patients she has been caring for because she was not able to find a doctor to replace her.
Thousands are dead and tens of thousands injured following the earthquake that has devastated Syria and Turkey. Maritimers with connections to the region are doing what they can to help during this time of need.
With more than 58,000 people requiring help, the Canadian Red Cross says its relief efforts after post-tropical storm Fiona last September were its largest ever in the country.
Eighty-four bricks of suspected cocaine were seized from a commercial truck allegedly attempting to smuggle the drugs into Canada at the Blue Water Bridge, border officials say.
An Ontario man is being accused of changing his name, profession and life story multiple times to potentially more than 100 women online before leaving some out thousands of dollars.
Eight people were seriously injured after a Laval city bus crashed into a daycare Wednesday morning, according to first responders. The driver of the bus has been arrested, according to Quebec Public Security Minister Francois Bonnardel.
City of Brantford councillor Richard Carpenter asked representatives from the Ontario Hockey League (OHL) if they could tell he was excited while wearing a hockey jersey in council chambers Tuesday night.
