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
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.
On Wednesday at approximately 7:53 p.m., Surrey RCMP were on scene of a motorcycle collision occurred on 64 Avenue just west of Fraser Highway. One person has been transported to local area hospital with serious possibly life threatening injuries.
Nathan Tidridge with the Institute for the Study of the Crown in Canada says schools are missing out on a chance for students a chance to learn about the monarchy while still acknowledging mixed feelings about its place within Canadian society and governance.
Officers and an ambulance were called Wednesday night to a report of a baby found in a parking lot in the city. Police say it's believed the baby had been recently born, possibly in the area.
The prime minister has a series of meetings and events, during which he is expected to promote Canada as a trade and investment partner for American businesses. One topic that has been garnering a lot of attention, is what Ottawa is planning for its critical minerals sector.
On global markets, the price of grains, vegetable oil, dairy and other agricultural commodities has fallen steadily for months. But the relief hasn't made it to the real world of shopkeepers, street vendors and families trying to make ends meet.
Chief economist Bob Duggan says home ownership will be less affordable in the near-term because of higher mortgage rates and high price levels. He also expects rental affordability will likely decline as well.
