The Bank of Canada held its key interest rate at five per cent, however it warned that it's still worried about the risk of inflation. One economist says although he expects cuts are coming in 2024, nothing is "preordained."
"This will be the year of cuts," David Macdonald, a senior economist at the Canadian Centre for Policy Alternatives, told CTV News Channel on Wednesday. "The question is, when do they start and how quickly do they proceed?"
Macdonald also cautioned that growth projections "remain quite low," part of an ongoing trend with Canada's "overall economic picture" – a byproduct that continues to put pressure on consumers.
"We've seen very little, almost no economic growth whatsoever last year," he told CTV News Channel host Marcia MacMillan. "There's no indication that we're going to immediately see growth at the start of this year."
When are cuts coming?
With the Bank of Canada indicating that rate cuts will be coming in 2024, Macdonald says the timing won't have been "pre-decided" and decision-makers will be examining the data, "just like everybody else."
"This is very much a fluid situation," Macdonald explained. "They're not committing to those types of things… and I wouldn't expect them to."
Concern over wage increases
With growth projections in Canada remaining stagnant, Macdonald said he thinks that the Bank of Canada remains concerned with wage increases among workers, who are "clawing their way back from inflation."
"The Bank doesn't like that," Macdonald warned. "It does not want to see people getting raises and getting back to where they stood prior to this inflationary period."
However, despite the expectation that wage gains will need to slow before any rate decrease, Macdonald said he also thinks that "relatively large" interest rate cuts are needed soon to avoid a recession.
"We'll see whether that happens though, in the spring."
Ukraine's troops have been forced to make a tactical retreat from three villages in the embattled east, the country's army chief said Sunday, warning of a worsening battlefield situation as Ukrainian forces wait for much-needed arms from a huge U.S. aid package to reach combat zones.
Ontario is introducing a suite of measures that will crack down on cellphone use and vaping in schools.
A recent report sheds light on Canadians living abroad--estimated at around four million people in 2016—and the public policies that impact them.
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.
Laurentian University's board of governors approved a budget of just over $201.7 million for the 2024-2025 fiscal year.
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.
The Canadian Food Inspection Agency has issued a recall for a specific chocolate brand sold in Ontario and Quebec.
Zendaya and castmates Mike Faist and Josh O’Connor have been on a globetrotting press tour to get the word out about Italian director Luca Guadagnino's original film, which opened in 3,477 locations in the U.S. and Canada.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
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.
Laurentian University's board of governors approved a budget of just over $201.7 million for the 2024-2025 fiscal year.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
Several students have launched an encampment at McGill University as they call on the institution to cut financial ties with Israel.
A number of LGBQT+2s groups in Central Alberta are pushing back against a request from the Red Deer South UCP constituency to reinstate MLA Jennifer Johnson into the UCP caucus.
Japanese Prime Minister Fumio Kishida's governing party, stung by an extensive slush funds scandal, appeared to have lost all three seats in Sunday's parliamentary byelections, according to media exit polls and preliminary results.
Chinese Foreign Minister Wang Yi arrived in Cambodia on Sunday for a three-day official visit to reaffirm ties with Beijing’s closest ally in Southeast Asia. His visit is the last stop on a three-nation regional swing that also took him to Indonesia and Papua New Guinea.
The German parliament voted Thursday to introduce an annual national “veterans' day” to honor people who have served in the military, which often has struggled to gain recognition in the country.
A funeral was held Sunday for 20 soldiers who died at an army base in southwestern Cambodia in a huge explosion of stored munitions that also wounded several others and damaged nearby houses.
Security was tight around a military base in southwestern Cambodia on Sunday, a day after a huge explosion there killed 20 soldiers, wounded others and damaged nearby houses.
Human rights groups and diplomats criticized a law that was quietly passed by the Iraqi parliament over the weekend that would impose heavy prison sentences on gay and transgender people.
Ontario is introducing a suite of measures that will crack down on cellphone use and vaping in schools.
Trudeau recently appeared on four podcasts as he travels the country talking up the Liberals' latest budget, which he's pitching as a plan to inject more economic fairness into society for those under 40 — a cohort that has kept Trudeau in power since 2015 but is increasingly turning to Conservative Leader Pierre Poilievre.
Quebec is investing $603 million over the next five years to counter what its French-language minister describes as the decline of the French language in the province.
The Canadian Food Inspection Agency has issued a recall for a specific chocolate brand sold in Ontario and Quebec.
The number of measles cases around the world nearly doubled from 2022 to 2023, researchers say, presenting a challenge to efforts to achieve and maintain elimination status in many countries.
A Sherwood Park family says their new house is uninhabitable. The McNaughton's say they were forced to leave the house after living there for only a week because contaminants inside made it difficult to breathe.
State-sponsored actors targeted security devices used by governments around the world, according to technology firm Cisco Systems, which said the network devices are coveted intrusion points by spies.
TikTok is in the crosshairs of authorities in the U.S., where a new law threatens a nationwide ban unless its China-based parent ByteDance divests. Here are the places that have partial or total bans on TikTok.
The Hubble Space Telescope has captured a stunning new image of the glowing gas ejected from a dying star, which in this case happens to resemble a 'cosmic dumbbell.'
Morgan Freeman spoke the words, but pretty much everyone who took the stage at the presentation of the AFI Life Achievement Award agreed: "Nicole Kidman. She makes movies better."
Zendaya and castmates Mike Faist and Josh O’Connor have been on a globetrotting press tour to get the word out about Italian director Luca Guadagnino's original film, which opened in 3,477 locations in the U.S. and Canada.
California performers are organizing to be represented by a union now, more than four decades after their Florida counterparts did so.
The rise of remote and hybrid work has made it harder to justify a full office, so more are leaning on co-working spaces that they share with many others for convenience and cost savings. The choice, however, comes at the expense of privacy and control.
The 2024 federal budget announced on April 16 included plans to introduce “halal mortgages” as a way to increase access to home ownership.
The federal and Quebec governments are spending close to $100 million to boost the country's manufacturing capacity for semiconductors, which are vital in technologies ranging from artificial intelligence to quantum computing.
Employees increasingly find that robust workplace volunteer programs meet their desires for in-person connections, professional growth and altruistically inclined employers — career objectives that might be missing in conventional corporate atmospheres.
Take an illustrated look back at the culinary history of Winnipeg.
An idyllic 453-acre private island is up for sale off the west coast of Scotland and it comes with sandy beaches, puffins galore, seven houses, a pub, a helipad and a flock of black-faced sheep.
Mookie Betts went 3 for 5, including a triple and an RBI single, as the Los Angeles Dodgers beat the Toronto Blue Jays 4-2 on Saturday.
Canadian football observers thought it could happen, and on Saturday, it did. Towering offensive lineman Giovanni Manu – who was born in Tonga and grew up in Pitt Meadows, B.C. – became the first player from the University of British Columbia ever to be selected in the NFL draft.
William Nylander has joined the Stanley Cup chase.
An Ontario man who took out a loan to pay for auto repairs said his car was repossessed after he missed two payments.
Ford’s electric vehicle unit reported that losses soared in the first quarter to US $1.3 billion, or US$132,000 for each of the 10,000 vehicles it sold in the first three months of the year.
Honda is set to build an electric vehicle battery plant next to its Alliston, Ont., assembly plant, which it is retooling to produce fully electric vehicles, all part of a $15-billion project that is expected to include up to $5 billion in public money.
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.”
A woman was found dead in her home in Richmond on Friday and her son was arrested at the scene, police say.
A crash on Highway 99 Sunday morning was caused by a driver going the wrong way on Highway 99, according to authorities.
As the Lower Mainland's Filipino community gathered in South Vancouver for Lapu-Lapu Day on Saturday, one of the festival's organizers set its sights on creating a future focal point for such gatherings.
Ontario is introducing a suite of measures that will crack down on cellphone use and vaping in schools.
Brad Marchand became the Bruins' all-time leading playoff goal-scorer and added an assist as Boston suffocated the Toronto Maple Leafs 3-1 on Saturday to take a 3-1 lead in the teams' first-round playoff series.
A medical episode that led to a collision has claimed the life of a 79-year-old man, according to Durham Regional Police.
Calgary police are investigating after a hit-and-run Saturday afternoon in Bridgeland that left a pedestrian hospitalized with serious, life-altering injuries.
An investigation is underway after a pedestrian was struck and dragged by a vehicle early Sunday morning.
It was a long-awaited reunion at the Calgary International Airport Saturday as Ossama Zaqqout hugged his parents, who had just arrived after fleeing the war in Gaza.
The Ottawa Fire Services says two residents have been displaced following a fire that happened in the second floor of a two-storey double home in Vanier.
The Canadian Food Inspection Agency has issued a recall for a specific chocolate brand sold in Ontario and Quebec.
The City of Ottawa is warning people of a new scam asking residents to make payments by text messages.
Quebec is investing $603 million over the next five years to counter what its French-language minister describes as the decline of the French language in the province.
Quebec singing star and cultural icon Jean-Pierre Ferland died on Saturday at the age of 89.
The number of microdistilleries in Quebec has boomed in the last decade, growing from less than a dozen to about 70.
A man is dead after he reportedly lost control of his motorcycle in Strathcona County Saturday night.
A woman was killed after crashing into a water truck near the Fort McMurray International Airport Saturday morning.
The number of measles cases around the world nearly doubled from 2022 to 2023, researchers say, presenting a challenge to efforts to achieve and maintain elimination status in many countries.
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.
A Toronto-based restructuring firm says several bidders have offered to buy all or part of SaltWire Network and The Halifax Herald, the two insolvent companies that operate Atlantic Canada's largest newspaper enterprise.
Halifax’s professional soccer team kicks off its sixth season against Ottawa on Saturday with a sold-out crowd of 6,500 fans on the Wanderers Grounds.
The trial for the man accused of killing four Indigenous women in Winnipeg is set to get underway on April 29.
A Winnipeg scale model builder is using his craft to showcase a large piece of Canadian history in miniature form.
With heavy wind gusts expected along Lake Manitoba and Lake Winnipeg this weekend, the provincial government is warning residents and property owners about potential ice pileups.
The Regina Rebels made history over the weekend — taking home gold for the first time ever at the U18 women's hockey national championships.
Regina's fire service is investigating following a significant house fire in the North Central area.
'Feel through the Deepness to see,' an art installation by artist Rita McKeough, will be calling the Dunlop Art Gallery home for the next two months.
A ransom for a stolen laptop, a parking dispute at a Kitchener apartment building, and a five-cent property tax bill round out the most-read stories of the week.
Raneem, 10, lives with a neurological condition and liver disease and needs Cholbam, a medication, for a longer and healthier life.
Waterloo regional police are investigating after they found a man unconscious in a Kitchener parking lot with serious injuries.
Workers at group homes run by LutherCare Communities in Saskatoon are escalating their strike action.
On Saturday, in a display of cross-cultural solidarity, members of the Indigenous and Palestinian communities gathered in Saskatoon for an event steeped in prayer and dance.
The Saskatoon Police Service (SPS) and Saskatchewan Coroners Service are investigating after a woman’s body was found at a recycling facility Friday morning.
Laurentian University's board of governors approved a budget of just over $201.7 million for the 2024-2025 fiscal year.
Ontario is introducing a suite of measures that will crack down on cellphone use and vaping in schools.
Environment Canada has lifted the thunderstorm watches issued on Saturday for northeastern Ontario – however, has since issued special weather statements warning of freezing rain from Chapleau, Ont. to Sturgeon Lake, Ont. beginning Monday.
Ontario is introducing a suite of measures that will crack down on cellphone use and vaping in schools.
Working smoke alarms and an alert passerby are credited with saving the lives of several people after a fire broke out at a home in the city’s south end early Sunday morning.
While the federal NDP said it has not decided whether it will support the Liberals’ federal budget tabled this week, London Fanshawe New Democrat MP Lindsay Mathyssen said the party needs to see more.
A solemn occasion to mark the lives lost and workers injured on the job took place in Orillia on Sunday.
Police and search and rescue crews in Gravenhurst are trying to locate a man after reports of a possible drowning.
One person was killed in a six-vehicle crash on Highway 400 in Innisfil Friday evening.
Ontario is introducing a suite of measures that will crack down on cellphone use and vaping in schools.
Rain couldn't stop an annual charity 5K run from taking place in Lakeshore this weekend. In fact, running in the rain has practically become a tradition at this point.
A man is facing several charges after allegedly possessing a knife during an altercation and fleeing from police early Sunday morning.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
J.T. Miller had a goal and assist and the Vancouver Canucks edged the Nashville Predators 2-1 to re-take the lead in their first-round playoff series.
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.
Out of more than 9,000 entries from over 2,000 breweries in 50 countries, a handful of B.C. brews landed on the podium at the World Beer Cup this week.
An emaciated dachshund is now recovering thanks to a Good Samaritan who found the pup near a biking trail in Kelowna, according to the BC SPCA.
Search and rescue crews have been called in after a vehicle belonging to a missing senior was located near a rural intersection outside of Kelowna Tuesday.
The Brooks Bandits got down to business Friday, defeating the Okotoks Oilers 8-2.
An Alberta political scientist said the NDP leadership hopefuls remained fairly even following the first of the party’s debates.
It was a busy Wednesday evening for fire crews in Lethbridge County after multiple grass fires were sparked near the Kipp rail yard.
St. Joseph’s General Hospital Elliot Lake says it is moving towards “normalcy” by transitioning to a mask-friendly policy.
Environment Canada has lifted the thunderstorm watches issued on Saturday for northeastern Ontario – however, has since issued special weather statements warning of freezing rain from Chapleau, Ont. to Sturgeon Lake, Ont. beginning Monday.
About 100 delegates from around the province travelled to Timmins, Ont., for its annual general meeting and convention at Cedar Meadows Resort and Spa.
Legendary sportscaster Bob Cole was a Newfoundlander through and through, and his daughter says his connection to the province was 'everything' to him.
Cenovus Energy has been ordered to pay a $2.5-million fine for its role in the largest offshore oil spill ever recorded in Newfoundland and Labrador.
As more Canadians find themselves struggling to afford or find housing, the country's smallest province is the only one that can point to legislation recognizing housing as a human right.
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