DEVELOPING Latest updates on the major wildfires burning in Canada
The 2024 wildfire season has begun, and it's shaping up to follow last year's unprecedented destruction in kind, with thousands of square kilometres already consumed.
The first increase in annual inflation since its June 2022 peak was driven in part by higher mortgage interest costs and higher rent prices, Statistics Canada said Tuesday.
Mortgage interest costs were up 28.5 per cent in April compared with a year ago as a result of the Bank of Canada raising interest rates at a breakneck pace over the past year. That's up from 26.4 per cent in March and 23.9 per cent in February.
Meanwhile, inflation for rent was 6.1 per cent year over year, up from 5.3 per cent in April.
That's despite overall shelter costs rising at a slower pace in April, at 4.9 per cent.
The year-over-year increase in the homeowners' replacement cost index also slowed for the 12th consecutive month, which Statistics Canada says reflects a general cooling of the housing market.
A report by RBC Economics says shelter was the largest contributor to headline inflation in April, accounting for a third of the growth.
The central bank's interest-rate hikes have come full circle, feeding back into inflation even though other key drivers like commodities have been coming back down, said Colin Cieszynski, chief market strategist at SIA Wealth Management, in a note.
However, RBC said year-over-year mortgage interest costs are expected to start slowing because of the central bank's pause on interest rate hikes.
But as for rent, high demand for rental housing could keep prices up. A March report by RBC said Canada's shortage of rental housing could quadruple by 2026, and the fierce demand for rental units has been driving record rent increases.
This report by The Canadian Press was first published May 16, 2023
The 2024 wildfire season has begun, and it's shaping up to follow last year's unprecedented destruction in kind, with thousands of square kilometres already consumed.
Veteran TSN broadcaster Darren 'Dutch' Dutchyshen, one of Canada’s best-known sports journalists, has died. He was 57. His family says 'he passed as he was surrounded by his closest loved ones.'
A ‘lifetime of abuse’ led Dallas Ly to snap and repeatedly stab his mother inside their Leslieville apartment in 2022 but he never intended to kill her, his defence lawyers argued during at his murder trial in Toronto on Thursday.
A burgeoning track star says his dream of going to the Olympics is being derailed by a deportation order after Immigration officials rejected his family’s claim for asylum
A Montreal father who kidnapped his daughter who has autism and lied to police when they asked where she was should serve three years in prison, a Crown prosecutor said.
Loblaw Cos. Ltd. said Thursday it's ready to sign on to the grocery code of conduct, paving the way for an agreement that's been years in the making.
A medical examiner says a Massachusetts teen who participated in a spicy tortilla chip challenge died from ingesting a substance 'with a high capsaicin concentration.'
To give Canadians a break on their summer road trips, Conservative Leader Pierre Poilievre is calling on Prime Minister Justin Trudeau to suspend all gas and diesel taxes from Victoria Day to Labour Day.
Foreign Affairs Minister Mélanie Joly is imposing sanctions on Israelis she accuses of 'extremist settler violence' in the West Bank, three months after pledging to do so.
A Starbucks fan — whose name is Winter — is visiting Canada on a purposeful journey that began with a random idea at one of the coffee chain's stores in Texas.
Members of Piapot First Nation, students from the University of Winnipeg and various other professionals are learning new techniques that will hopefully be used for ground searches of potential unmarked grave sites in the future.
ALS patient Mathew Brown said he’s hopeful for future ALS patients after news this week of research at Western University of a potential cure for ALS.
When Adam Kirschner wrote 'Slap Shot,' he never imagined the song would be embraced by his favourite team.
A team is ready to help an entangled North Atlantic right whale in the Gulf of St. Lawrence.
A $200 reward is being offered by a North Vancouver family for the safe return of their beloved chicken, Snowflake.
Two daughters and a mother were reunited online 40 years later thanks to a DNA kit and a Zoom connection despite living on three separate continents and speaking different languages.
Mother's Day can be a difficult occasion for those who have lost or are estranged from their mom.
YES Theatre Young Company opened its acclaimed kids’ show, One Small Step, at Sudbury Theatre Centre on Saturday.