Darpan News Desk The Canadian Press, 01 Sep, 2023 11:01 AM
The latest G-D-P report showing the economy contracted at an annualized rate of 0.2 per cent in the second quarter may signal an end to the Bank of Canada's rate hiking campaign.
Economist Tu Nguyen (WIN) at R-S-M Canada says the cooling economy should be enough evidence for the central bank to forgo further rate hikes unless there is another major external shock that sends inflation upward.
She says this is the first time since the early days of the pandemic that spending on services did not grow, which is a powerful sign of a cooling economy.
China has lifted a pandemic ban on group tours to several countries, including the United States and Australia, but tourists are still be barred from group visits to Canada. The change announced by China's culture and tourism ministry last week allows Chinese and online travel agencies to book group tours and packages for Chinese tourists in 70 more countries all over the world.
The Regional District of Okanagan-Similkameen has issued an evacuation order for the area southwest of Keremeos affected by two wildfires that have been burning for several weeks. Thirteen properties have been ordered evacuated along the Ashnola River and in the Snowy Protected area of Cathedral Provincial Park, including Cathedral Lakes Lodge.
Academics, commerical banks and policy thinkers have all been warning the federal government that the pace of population growth, facilitated by immigration, is making the housing crisis worse. Canada is also experiencing a boom in the number of temporary residents who are coming to the country, which includes international students and temporary foreign workers.
Canada Mortgage and Housing Corporation reports the annual pace of urban starts was down 11 per cent, the rate of multi-unit urban starts fell 12 per cent and the pace of single-detached urban starts dropped four per cent.
A new survey says an alarming number of kids age 12 and older have been treated for drug overdoses in Canada. The Canadian Paediatric Surveillance Program says stimulants are the most commonly reported cause of severe or life-threatening overdoses, followed by sedatives and opioids.
Mounties in Chilliwack say they have found the body of a Surrey man who was thought to have drowned in Cultus Lake last month. R-C-M-P say the discovery was made by its Underwater Recovery Team after about a month of searching.
