National

BOC raises concern that debt poses to Cdn economy

Darpan News Desk The Canadian Press, 18 May, 2023 10:13 AM

The Bank of Canada is growing more concerned about the risks that high household debt pose to Canada's financial system.

WATCH: Governor Macklem and Senior Deputy Governor Rogers take questions from the media following the release of the Financial System Review.https://t.co/wcXIiWJUy0 #economy #cdnecon
— Bank of Canada (@bankofcanada) May 18, 2023

It says higher borrowing costs mean more households will likely face financial pressure going forward, while falling home prices have reduced homeowner equity.

The central bank is also warning that financial stability could be threatened by a potential major cyber attack and more frequent extreme weather events associated with climate change.

Prev Next

MORE National ARTICLES

Vancouver's April home sales down 16.5% from a year ago: board

The B.C. board says sales for the month totalled 2,741, almost 16 per cent below the 10-year seasonal average. The composite benchmark price for all residential properties in Metro Vancouver hit $1,170,700 last month, down 7.4 per cent from a year ago but up 2.4 per cent from March.

Vancouver's April home sales down 16.5% from a year ago: board

Two men dead after boating incident off B.C. coast, RCMP say

The Joint Rescue Co-ordination Centre in Victoria says it sent the Canadian Coast Guard to the area to join the search for the missing men Sunday morning. It says they were found and recovered about six hours later, around 1 p-m.

Two men dead after boating incident off B.C. coast, RCMP say

Driver of overpass crash in Abbotsford could face charges

The collision, which involved equipment loaded on a truck striking the Peardonville Road overpass in Abbotsford yesterday, was captured on video. Highway Patrol says though there were no injuries, a car was struck by some debris from the overpass.

Driver of overpass crash in Abbotsford could face charges

Premier Eby says B.C. officials will brief Surrey mayor, council over police dispute

Eby says he's spoken twice with Surrey Mayor Brenda Locke since Friday when the government recommended the city proceed with its transition to the Surrey Police Service rather than return to the RCMP.

Premier Eby says B.C. officials will brief Surrey mayor, council over police dispute

B.C. introduces exemptions for children, spouses living in 55-plus stratas

The B.C. government says it has now expanded the list of exemptions to allow those under 55 to remain at those properties to include their future children, dependants or partners.

B.C. introduces exemptions for children, spouses living in 55-plus stratas

Woman dead in early morning Delta crash, intersection shut down

The cause of the collision is not yet known. The other driver remained on the scene and is cooperating with investigators. Our thoughts and condolences are extended to the family and friends of the victim of this collision.