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

Woman found guilty of COVID assault

The incident happened in April 2020 when provincial health regulations mandated that shoppers stay at least six feet apart from one another, and that grocery stores put a limit on how many customers were inside at a time.

Woman found guilty of COVID assault

West Kelowna woman dead after being struck by a vehicle

The West Kelowna R-C-M-P say the woman was walking in a parking lot when she was struck by a pickup truck just after 11 a-m. Mounties say the driver remained on scene and is co-operating with police.

West Kelowna woman dead after being struck by a vehicle

Driver flees after crashing Lamborghini into retaining wall of a residence: North Van RCMP

It is alleged the Lamborghini lost control and crashed into the retaining wall of a residence. The driver fled prior to Police arrival. Police have since spoken to the owner of the vehicle and launched an investigation into the actions of the driver.

Driver flees after crashing Lamborghini into retaining wall of a residence: North Van RCMP

Largest Vaisakhi parade back in Surrey after 3 years, attended by an estimated 700,000

Canada’s largest Vaisakhi Parade outside of Punjab, India took place on April 22 in Surrey, and was attended by approximately 700,000 people. The colorful and vibrant community event saw volunteers and local businesses enthusiastically handing out treats and food and were at forefront of making the parade a successful event.

Largest Vaisakhi parade back in Surrey after 3 years, attended by an estimated 700,000

Transit association says more police, security needed on city buses, trains

This month in British Columbia, a 17-year-old boy riding public transit was fatally stabbed near Vancouver and a man on a Surrey-area bus was left with life-threatening issues from a throat slash.

Transit association says more police, security needed on city buses, trains

Man arrested after attack on a SkyTrain passenger in Surrey earlier this month

Officers are recommending a charge of assault with a weapon and one count of possession of a weapon for a dangerous purpose. Police say a man and his girlfriend were on SkyTrain at about 1 a.m. on April 15th when they say the suspect stabbed and injured the man.