Kitchener family says their 10-year-old needs life-saving drug that cost $600,000
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
Canada's economy appears to have ended 2023 on a stronger note than expected, which economists say could push back the timeline for interest rate cuts this year.
Statistics Canada reported on Wednesday the economy grew 0.2 per cent in November, marking the first expansion in six months.
A preliminary estimate suggests real gross domestic product increased 1.2 per cent on an annualized basis in the fourth quarter, following a decline of a similar magnitude in the third quarter.
That would bring economic growth in 2023 to 1.5 per cent, StatCan said.
Those figures exceed the Bank of Canada's forecasts. The central bank projected 0.7 per cent growth in the fourth quarter and one per cent growth for 2023.
The Canadian economy has slowed over the past year as higher borrowing costs weigh on consumer spending and business investment. But it has so far avoided a recession.
Bank of Montreal chief economist Douglas Porter says the stronger-than-expected report on Wednesday suggests 2024 economic forecasts may need to be revised higher.
A stronger economic outlook for this year would mean the Bank of Canada can take its time before cutting interest rates.
"This solid result, after a long dry spell for growth, affords policymakers the ability to gently push back on easing chatter, as they wait for underlying inflation to come down further," Porter wrote in a client note.
However, economists are interpreting Wednesday's report with some caution and continue to expect the economy to show weakness in the months to come.
While Statistics Canada offers a glimpse of what it expects in its preliminary estimates, final results can often greatly differ.
RBC economist Claire Fan says that's one reason why the report should be taken with a "grain of salt."
Moreover, she said the November real GDP increase was driven by one-off factors such as a recovery from factory shutdowns in the manufacturing sector.
"It really shouldn't be interpreted as something of a turnaround, let's say, in aggregate demand and consumer activity toward the end of 2023," she said.
StatCan said growth in November was driven by gains in goods-producing industries, including manufacturing and wholesale trade.
Meanwhile, education services sector shrank in the month as strikes in Quebec began.
The Bank of Canada as well as private sector economists expect economic growth to remain muted in the first half of 2024 before rebounding in the second half of the year.
Weaker growth — along with lower inflation — should pave the way for interest rate cuts. Financial markets believe the first rate cut could come as early as April.
Fan says RBC still anticipates the central bank to begin lowering its key rate in June.
"Higher rates have been putting a lot of downward pressure on consumer spending activities. That's still very much the case and will continue to be the case as rates stay high over the first half of this year," she said.
At the last interest rate decision, governor Tiff Macklem indicated that conversations at the governing council have shifted toward the timing of rate cuts.
The central bank’s key interest rate currently sits at five per cent, the highest it’s been since 2001.
This report by The Canadian Press was first published Jan. 31, 2024
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
The Canadian Food Inspection Agency has issued a recall for a specific chocolate brand sold in Ontario and Quebec.
A senior Qatari official has urged Israel and Hamas to show "more commitment and more seriousness" in ceasefire negotiations in interviews with Israeli media, as pressure builds to reach a deal that would free some Israeli hostages and bring a ceasefire in the nearly seven-month-long war in Gaza.
Quebec will invest $603 million over five years to counter the decline of French in the province, French Language Minister Jean-Francois Roberge announced Sunday.
Health Minister Mark Holland says while he is 'deeply appreciative' of the work doctors in Canada do, the federal government has no plans to scrap the proposed capital gains tax changes outlined in the latest budget, despite opposition from the Canadian Medical Association.
Ontario is now home to an invasive and toxic worm species that can grow up to three feet long and can be dangerous to small animals and pets.
A recent report sheds light on Canadians living abroad--estimated at around four million people in 2016—and the public policies that impact them.
One person has been charged with second-degree murder in connection with the death of a man who fell from a balcony following an altercation inside a Toronto apartment building.
Dozens of people raised their arms in the fascist salute and shouted a fascist chant during ceremonies Sunday to honor Italian dictator Benito Mussolini on the 79th anniversary of his execution.
As if a 4-0 Edmonton Oilers lead in Game 1 of their playoff series with the Los Angeles Kings wasn't good enough, what was announced at Rogers Place during the next TV timeout nearly blew the roof off the downtown arena.
Mounties in Nanaimo, B.C., say two late-night revellers are lucky their allegedly drunken antics weren't reported to police after security cameras captured the men trying to steal a heavy sign from a downtown business.
A property tax bill is perplexing a small townhouse community in Fergus, Ont.
When identical twin sisters Kim and Michelle Krezonoski were invited to compete against some of the world’s most elite female runners at last week’s Boston Marathon, they were in disbelief.
The giant stone statues guarding the Lions Gate Bridge have been dressed in custom Vancouver Canucks jerseys as the NHL playoffs get underway.
A local Oilers fan is hoping to see his team cut through the postseason, so he can cut his hair.
A family from Laval, Que. is looking for answers... and their father's body. He died on vacation in Cuba and authorities sent someone else's body back to Canada.
A former educational assistant is calling attention to the rising violence in Alberta's classrooms.
The federal government says its plan to increase taxes on capital gains is aimed at wealthy Canadians to achieve “tax fairness.”