'Cybersecurity incident' shuts down London Drugs stores across Western Canada
All 79 locations of pharmacy and retail chain London Drugs were shut down Sunday after it was the victim of a “cybersecurity incident.”
Home prices in Canada likely won't drop much further due to the country's ongoing shortage of new homes, even as rising interest rates curb some demand in the market, the deputy chief economist for the Canada Mortgage and Housing Corporation (CMHC) says.
Speaking to CTV National News Toronto Correspondent Heather Butts, the CMHC’s Aled ab Iorwerth says because the supply of housing remains a problem in many parts of Canada, first-time homebuyers will still have a difficult time entering the market.
"We've seen quite a large price decline but there's such a shortage of new construction of new houses in Canada that this inexorable rise in demand is just going to continue in the future," Iorwerth said.
"Don't know exactly when it's going to kick in again, but the shortage in supply means the prices can't go down too much further."
A report released Friday by Royal LePage found that the median price of a home in Canada in the fourth quarter of 2022 fell 2.8 per cent to $757,100 compared to the end of 2021 — marking the first year-over-year decline since the end of 2008 during the financial crisis — although prices are still well above pre-pandemic levels.
It comes as the Bank of Canada has tried to bring inflation down by raising its key interest rate seven consecutive times since March 2022, from 0.25 per cent to 4.25 per cent.
Economists are also predicting, at the very least, a mild to moderate recession for 2023.
The Bank of Canada's interest rate hikes, in turn, are leading to higher mortgage rates.
"I don't think their intent is to really target house prices," Iorwerth said. "Their intent is to really get inflation under control. But the main effect of it is going to be through the housing market."
Over time, as people refinance their mortgages, they will be doing so at higher rates meaning they will have fewer opportunities to spend or save, he said.
Household debt is already at a concerning level in Canada, Iorwerth added, and the challenges are not just affecting homeowners.
"If you're looking for a new place to rent, the rent is at a very high rate, so the whole rental market is stretched," he said. "So there's a lot of challenges in the housing system at the moment."
With files from The Canadian Press and CTV National News Toronto Correspondent Heather Butts
All 79 locations of pharmacy and retail chain London Drugs were shut down Sunday after it was the victim of a “cybersecurity incident.”
Three women diagnosed with HIV after getting 'vampire facial' procedures at an unlicensed medical spa are believed to be the first documented cases of people contracting the virus through a cosmetic procedure using needles.
Elias Lindholm scored 1:02 into overtime and the Vancouver Canucks came all the way back to beat the Nashville Predators 4-3 in Game 4 of their first-round playoff series on Sunday.
One person was killed in a six-vehicle crash on Highway 400 in Innisfil Friday evening.
Aerial photos posted by Chinese state media on Sunday showed wide devastation in part of the southern city of Guangzhou after a tornado swept through the day before, killing five people, injuring dozens others and damaging more than 140 buildings.
Ontario is introducing a suite of measures that will crack down on cellphone use and vaping in schools.
Australia's Prime Minister Anthony Albanese on Monday described domestic violence as a 'national crisis' after thousands rallied around the country against violence toward women.
Rookie goalie Arturs Silovs will start in net for the Vancouver Canucks when they face the Nashville Predators in Game 4 of their first-round playoff series Sunday.
U.S. intelligence officials have determined that Russian President Vladimir Putin likely didn't order the death of imprisoned opposition leader Alexei Navalny in February, according to an official familiar with the determination.
The lawyer for a residential school survivor leading a proposed class-action defamation lawsuit against the Catholic Church over residential schools says the court action is a last resort.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
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.