Many Canadian businesses are struggling to find staff
Businesses across Canada can operate at full capacity again, but many are struggling to find staff to serve their customers.
"Currently, we are open only five days a week," Davinder Chaudhary, owner of Ottawa's upscale Aiana restaurant told CTV News. "We are capping our reservations because we don't have adequate service staff to take care of our guests."
That means about half the tables stay empty due to staffing issues: a new economic reality for many Canadian business owners.
"I don't think there's an industry out there that is not constrained by the lack of workers," the Conference Board of Canada's chief economist, Pedro Antunes, told CTV News.
The Bank of Canada says businesses are expecting to raise wages by an average of 5.8 per cent over the next year to keep and attract employees.
"We offer benefits which include health care, life insurance, retirement plans," Chaudhary said. "So, we are trying to offer this entire package to our team members."
Without them, Chaudhary's restaurant will not be able to operate at full capacity and make up for the long months of lockdowns and closures.
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For millennial and gen Z Canadians, owning a home in this real estate market might seem like a pipe dream. In an exclusive column for CTVNews,ca personal finance contributor Christopher Liew offers some strategies to consider if you can’t afford the housing market yet.
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Following a series of interest rate hikes, Canada's housing market is now facing a 'historic' correction. CTVNews.ca wants to hear from Canadians looking to buy or sell homes in a changing market landscape.
With inflation rising at its fastest pace in nearly 40 years, the cost of everything from food to gas has skyrocketed. Canadians across the country are feeling squeezed, but big families with multiple children are at times shouldering much of the higher costs — and changing demographics and consumer patterns have left some of them more exposed to inflation than in previous generations.
The Canadian Association for Retired Persons is raising alarms about the increase in old age security only being made eligible for those 75 and above.
The rising cost of living is exacerbating the challenge for many Canadians living on fixed disability income to pay for food and housing.
The savings accounts of Canadians have sprung a leak. As inflation tops eight per cent, anyone with money in the bank is seeing their savings drip away at the fastest rate on record because interest rates for savings accounts, still largely languishing at around one per cent, haven't kept up.
With inflation at a nearly 40-year high, Canadians are feeling the financial strain. In a six-part series this summer, people at different stages of their lives detail where they're being hit the hardest.