CIBC doubts slower population growth in 2024
The planned-for slowdown in population growth won’t be coming this year, predicts CIBC in its most recent report. This is attributed to a number of factors, such as international students, non-permanent residents and temporary residents. "For these measures to work we need to see not only a dramatic decline in the number of new visas issued, but also a spike in the number of NPRs exiting Canada. The former is largely under the government’s control. The latter, not so much,” said Benjamin Tal, CIBC’s managing director and deputy chief economist. “We suggest that population growth in 2024 might be stronger than currently anticipated by many, largely due to a lower than expected departure rate.” At the centre of the Canadian government’s efforts to curtail population growth is the newly introduced cap on international students, as well as a targeted decrease in the number of temporary residents to 5% of the population over the next three years.
The planned-for slowdown in population growth won’t be coming this year, predicts CIBC in its most recent report. This is attributed to a number of factors, such as international students, non-permanent residents and temporary residents. "For these measures to work we need to see not only a dramatic decline in the number of new visas issued, but also a spike in the number of NPRs exiting Canada. The former is largely under the government’s control. The latter, not so much,” said Benjamin Tal, CIBC’s managing director and deputy chief economist. “We suggest that population growth in 2024 might be stronger than currently anticipated by many, largely due to a lower than expected departure rate.” At the centre of the Canadian government’s efforts to curtail population growth is the newly introduced cap on international students, as well as a targeted decrease in the number of temporary residents to 5% of the population over the next three years.
Canada's P&C industry adds $38 Billion to GDP
Canada's property and casualty (P&C) insurance industry contributes $38 billion to the nation's nominal GDP, according to a recent report from the Insurance Bureau of Canada (IBC). This finding showcases the impact that the P&C industry in supporting jobs and contributing to economic growth on a national level. Along with a Canada-wide report, IBC also published provincial reports for Alberta, New Brunswick, Nova Scotia and Ontario. "Canada's P&C insurance industry is foundational to the strength, success and resilience of the economy," says Celyeste Power, IBC’s president and CEO. "Our member insurers are there for their customers after a disaster, helping individuals and families put their lives back together. We all hear about the big disasters in the headlines, and the day-to-day payment of insurance claims, big and small, shows how insurers help Canadians recover. However, few people are aware of the significant impact our industry has in creating jobs and contributing to economic growth across the country." The national report also highlights public policies that Canada's insurers are advocating for, including tackling the auto theft crisis and advocating for a low-cost national flood insurance program for high-risk properties.
Canada's property and casualty (P&C) insurance industry contributes $38 billion to the nation's nominal GDP, according to a recent report from the Insurance Bureau of Canada (IBC). This finding showcases the impact that the P&C industry in supporting jobs and contributing to economic growth on a national level. Along with a Canada-wide report, IBC also published provincial reports for Alberta, New Brunswick, Nova Scotia and Ontario. "Canada's P&C insurance industry is foundational to the strength, success and resilience of the economy," says Celyeste Power, IBC’s president and CEO. "Our member insurers are there for their customers after a disaster, helping individuals and families put their lives back together. We all hear about the big disasters in the headlines, and the day-to-day payment of insurance claims, big and small, shows how insurers help Canadians recover. However, few people are aware of the significant impact our industry has in creating jobs and contributing to economic growth across the country." The national report also highlights public policies that Canada's insurers are advocating for, including tackling the auto theft crisis and advocating for a low-cost national flood insurance program for high-risk properties.
Alberta funds AI tools for health care
There's a lot of debate regarding the use of artificial intelligence (AI), but some industries and companies consider the appropriate use of AI as an integral part of future-proofing company growth and profits. In Alberta, provincial funding is being spent to help Alberta companies and university research teams to identify and address barriers to the use of AI in health care. The funding initiative is led by Alberta Innovates, a Canadian, provincial Crown corporation created and funded by the government of Alberta. In its May 2024 announcement, this Alberta Crown corporation will provide $9.5 million to two private companies and 10 university research teams to help fund solutions and opportunities to use AI in health care. “Supporting digital health solutions is one of our core priorities," explains Laura Kilcrease, Alberta Innovates CEO. "Our program provides the necessary research funding to help companies and innovators identify and overcome roadblocks to the broader use of artificial intelligence." Kilcrease explained that the ultimate goal of this funding is to develop "faster and better health care for Albertans and the development of new technologies right here in Alberta that can be exported around the world.” While Alberta residents may be the direct beneficiaries of the results from this funding, investors interested in AI and the advancement of health care technology should also take note.
There's a lot of debate regarding the use of artificial intelligence (AI), but some industries and companies consider the appropriate use of AI as an integral part of future-proofing company growth and profits. In Alberta, provincial funding is being spent to help Alberta companies and university research teams to identify and address barriers to the use of AI in health care. The funding initiative is led by Alberta Innovates, a Canadian, provincial Crown corporation created and funded by the government of Alberta. In its May 2024 announcement, this Alberta Crown corporation will provide $9.5 million to two private companies and 10 university research teams to help fund solutions and opportunities to use AI in health care. “Supporting digital health solutions is one of our core priorities," explains Laura Kilcrease, Alberta Innovates CEO. "Our program provides the necessary research funding to help companies and innovators identify and overcome roadblocks to the broader use of artificial intelligence." Kilcrease explained that the ultimate goal of this funding is to develop "faster and better health care for Albertans and the development of new technologies right here in Alberta that can be exported around the world.” While Alberta residents may be the direct beneficiaries of the results from this funding, investors interested in AI and the advancement of health care technology should also take note.
Canadian economy sees modest rebound in Q1
Despite an interest rate cut in June — the first in years — the Canadian economy appears to be mirroring the nation's overall sentiment: subdued. A forecast report recently released by TD shows that Canada's economic momentum is trending up, but in a decidedly subdued way. Apparently, indebted consumers are still adjusting to the rapid increase in debt and living costs over the last 12 months. This doesn't mean the June interest rate cut from the Bank of Canada won't provide some relief — and wasn't welcome. “Let’s just enjoy the moment,” exclaimed Bank of Canada Governor, Tiff Macklem’s, after being questioned about further rate cuts during last June's Monetary Policy press conference. According to TD analysts, the BoC "clearly wants to focus on the good news for an economy coping with the highest policy rate in over 20 years." In this report, TD analysts commented how this appears to be a global sentiment. "With inflation broadly coming to heel and no widespread recession, the best-case scenario is unfolding for policymakers for economies that suffered through severe dislocations over the past four years.” Of the G7 countries, only the European Central Bank and the Bank of Canada have begun rate-cut cycles.
Despite an interest rate cut in June — the first in years — the Canadian economy appears to be mirroring the nation's overall sentiment: subdued. A forecast report recently released by TD shows that Canada's economic momentum is trending up, but in a decidedly subdued way. Apparently, indebted consumers are still adjusting to the rapid increase in debt and living costs over the last 12 months. This doesn't mean the June interest rate cut from the Bank of Canada won't provide some relief — and wasn't welcome. “Let’s just enjoy the moment,” exclaimed Bank of Canada Governor, Tiff Macklem’s, after being questioned about further rate cuts during last June's Monetary Policy press conference. According to TD analysts, the BoC "clearly wants to focus on the good news for an economy coping with the highest policy rate in over 20 years." In this report, TD analysts commented how this appears to be a global sentiment. "With inflation broadly coming to heel and no widespread recession, the best-case scenario is unfolding for policymakers for economies that suffered through severe dislocations over the past four years.” Of the G7 countries, only the European Central Bank and the Bank of Canada have begun rate-cut cycles.
1 in 4 Canadian renters plan to buy in 2 years
According to a recent Royal LePage survey, 27% of Canadian renters plan to purchase a home in the next two years, while 69% say they do not plan to make such a purchase in the near future. Among them, more than half (54%) don't feel that their income will be sufficient to afford a property in the area where they wish to live. Canadians between the ages of 18 and 34 make up 40% of those who plan to purchase a home within the next couple of years, showcasing an optimisitc outlook of the market regardless of current barriers to entry. However, 61% of respondents in this age demographic don't feel that they will be able to afford a home in their current location. "The rental sector is not immune to the significant affordability challenges stemming from Canada's acute housing shortage. High mortgage rates have made it difficult for many to purchase a home, forcing some to move into, or remain longer than planned, in the rental market," said Phil Soper, president and CEO of Royal LePage. "Despite a short-lived decline in prices and demand for rental units during the height of the COVID-19 pandemic, the available supply of rental properties in most major markets remains ultra low."
According to a recent Royal LePage survey, 27% of Canadian renters plan to purchase a home in the next two years, while 69% say they do not plan to make such a purchase in the near future. Among them, more than half (54%) don't feel that their income will be sufficient to afford a property in the area where they wish to live. Canadians between the ages of 18 and 34 make up 40% of those who plan to purchase a home within the next couple of years, showcasing an optimisitc outlook of the market regardless of current barriers to entry. However, 61% of respondents in this age demographic don't feel that they will be able to afford a home in their current location. "The rental sector is not immune to the significant affordability challenges stemming from Canada's acute housing shortage. High mortgage rates have made it difficult for many to purchase a home, forcing some to move into, or remain longer than planned, in the rental market," said Phil Soper, president and CEO of Royal LePage. "Despite a short-lived decline in prices and demand for rental units during the height of the COVID-19 pandemic, the available supply of rental properties in most major markets remains ultra low."
CIBC offers new banking option for tradespeople
Skilled trades make the nation's economic engine purr but that doesn't always mean they've been provided opportunities or advantages within the financial sectors. CIBC wants to change that with the introduction of a new bank account with an aim to support apprentices in the skilled trades. The CIBC Skilled Trades Banking solution will offer all apprentices in approved programs the opportunity for no-fee banking using the CIBC Smart Account. "CIBC recognizes the increasing importance that professionals in the skilled trades are bringing to the country and economy, and also understands that it takes an investment of time and money to become certified in a trade," said Jeff Smith, CIBC’s senior vice-president of client segmentation and franchising. "The Skilled Trades Banking solutions are unique and will help make career ambitions of skilled tradespeople more attainable – especially at a time when skilled trades workers are needed across the country." According to the CIBC press release, the Skilled Trades Banking solution is the first of its kind in Canada.
Skilled trades make the nation's economic engine purr but that doesn't always mean they've been provided opportunities or advantages within the financial sectors. CIBC wants to change that with the introduction of a new bank account with an aim to support apprentices in the skilled trades. The CIBC Skilled Trades Banking solution will offer all apprentices in approved programs the opportunity for no-fee banking using the CIBC Smart Account. "CIBC recognizes the increasing importance that professionals in the skilled trades are bringing to the country and economy, and also understands that it takes an investment of time and money to become certified in a trade," said Jeff Smith, CIBC’s senior vice-president of client segmentation and franchising. "The Skilled Trades Banking solutions are unique and will help make career ambitions of skilled tradespeople more attainable – especially at a time when skilled trades workers are needed across the country." According to the CIBC press release, the Skilled Trades Banking solution is the first of its kind in Canada.
New Truth & Reconciliation office, says RBC
RBC has opened a Truth and Reconciliation Office under its new Indigenous banking banner, RBC Origins. Previously, in 1991, it became the first major financial institution to have a full-service branch in a First Nation community. "For decades, RBC has partnered with First Nations, Métis and Inuit Peoples and communities to create positive social change and drive economic growth. To continue doing that in an impactful and relevant way, it was important for us to evolve our own team mandate, identity and approach," Chinyere Eni, RBC Origins’ head, said. "We're excited about the launch of RBC Origins, including our new Truth and Reconciliation Office, as it marks a shift to collaborating with Indigenous communities in ways that are more holistic, while being accountable and transparent about the outcomes of our actions and commitments." Eni is a member of Little Pine First Nation in Saskatchewan and a second-generation member of the Igbo tribe in Nigeria. The team aims to increase access to capital and prosperity of Indigenous economies through the integrated delivery of financial services to governments, not-for-profits, businesses and retail clients.
RBC has opened a Truth and Reconciliation Office under its new Indigenous banking banner, RBC Origins. Previously, in 1991, it became the first major financial institution to have a full-service branch in a First Nation community. "For decades, RBC has partnered with First Nations, Métis and Inuit Peoples and communities to create positive social change and drive economic growth. To continue doing that in an impactful and relevant way, it was important for us to evolve our own team mandate, identity and approach," Chinyere Eni, RBC Origins’ head, said. "We're excited about the launch of RBC Origins, including our new Truth and Reconciliation Office, as it marks a shift to collaborating with Indigenous communities in ways that are more holistic, while being accountable and transparent about the outcomes of our actions and commitments." Eni is a member of Little Pine First Nation in Saskatchewan and a second-generation member of the Igbo tribe in Nigeria. The team aims to increase access to capital and prosperity of Indigenous economies through the integrated delivery of financial services to governments, not-for-profits, businesses and retail clients.
Market equilibrium doesn't deliver on housing need
It wouldn't surprise anyone in Canada that rental housing is a minefield of problems. Whether it's the landlord that renovicts their tenant, the investor group that focuses on short-term rentals or simply the lack of suitable rental stock for all stages of life, the rental situation in Canada is in bad shape. Now a new report from the review panel on the Financialization of Purpose-Built Rental Housing has made its report public and is urging a call to action to protect the housing rights of tenants in Canada. "The housing market, left to its own devices, is not delivering what is needed," Sam Watts, chair of the review panel said. "Canadians expect universal access to health care; they should expect access to adequate housing. There is an urgent need to respond to this challenge. The right to housing is a shared responsibility, but one where the Government of Canada must lead the way." The panel consisted of three members of the National Housing Council: Sam Watts chair and CEO of the Welcome Hall Mission; Dr. Ann McAfee from Vancouver who has over 50 years of experience in housing and city planning; and Maya Roy from Toronto who has experience in gender-based analysis, racial equity and human rights.
It wouldn't surprise anyone in Canada that rental housing is a minefield of problems. Whether it's the landlord that renovicts their tenant, the investor group that focuses on short-term rentals or simply the lack of suitable rental stock for all stages of life, the rental situation in Canada is in bad shape. Now a new report from the review panel on the Financialization of Purpose-Built Rental Housing has made its report public and is urging a call to action to protect the housing rights of tenants in Canada. "The housing market, left to its own devices, is not delivering what is needed," Sam Watts, chair of the review panel said. "Canadians expect universal access to health care; they should expect access to adequate housing. There is an urgent need to respond to this challenge. The right to housing is a shared responsibility, but one where the Government of Canada must lead the way." The panel consisted of three members of the National Housing Council: Sam Watts chair and CEO of the Welcome Hall Mission; Dr. Ann McAfee from Vancouver who has over 50 years of experience in housing and city planning; and Maya Roy from Toronto who has experience in gender-based analysis, racial equity and human rights.
Canadians want action on reducing landfill waste
Eight in 10 Canadians think the country produces too much waste. What’s more, two-thirds believe it can be responsibly managed — that's according to a new poll conducted by the insurance group, Co-operators. "Canada is sending over 26 million tonnes of waste to landfill every year. In 2023, our customer claims resulted in 116,000 tonnes of waste – that's nearly the weight of the CN Tower. It's unsustainable," Craig Bran, Co‑operators vice-president of claims, said. While there are many Canadians who have reasonably good habits for reducing waste, six in 10 are interested in learning more about sustainable practices.
Eight in 10 Canadians think the country produces too much waste. What’s more, two-thirds believe it can be responsibly managed — that's according to a new poll conducted by the insurance group, Co-operators. "Canada is sending over 26 million tonnes of waste to landfill every year. In 2023, our customer claims resulted in 116,000 tonnes of waste – that's nearly the weight of the CN Tower. It's unsustainable," Craig Bran, Co‑operators vice-president of claims, said. While there are many Canadians who have reasonably good habits for reducing waste, six in 10 are interested in learning more about sustainable practices.
New Canadians face unique financial challenges
New Canadians – regardless of their citizenship status – may face unique challenges in comparison to longer-term residents, according to a new survey from the Canadian Credit Union Association (CCUA). "These insights reveal the unique financial challenges faced by new Canadians, highlighting the critical role of tailored financial services that cater specifically to their needs," Jeff Guthrie, CCUA president and CEO, said. These disparities between newer and older residents often come down to financial stability and planning.
New Canadians – regardless of their citizenship status – may face unique challenges in comparison to longer-term residents, according to a new survey from the Canadian Credit Union Association (CCUA). "These insights reveal the unique financial challenges faced by new Canadians, highlighting the critical role of tailored financial services that cater specifically to their needs," Jeff Guthrie, CCUA president and CEO, said. These disparities between newer and older residents often come down to financial stability and planning.
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