Relatives can't afford the dead's final resting
Rising funeral costs are putting a significant financial burden on the living — prompting an increase in unclaimed dead bodies in several provinces across Canada. Between 2013 and 2023, the number of unclaimed bodies in Ontario morgues rose 150% in Alberta, 177% in Quebec and a whopping 388% in Ontario, according to provincial coronor office statistics. With burial and funeral costs on the rise, combined with inflationary pressures and an increase in most budgetary items, many Canadians are struggling with the cost of burying their loved ones.
Rising funeral costs are putting a significant financial burden on the living — prompting an increase in unclaimed dead bodies in several provinces across Canada. Between 2013 and 2023, the number of unclaimed bodies in Ontario morgues rose 150% in Alberta, 177% in Quebec and a whopping 388% in Ontario, according to provincial coronor office statistics. With burial and funeral costs on the rise, combined with inflationary pressures and an increase in most budgetary items, many Canadians are struggling with the cost of burying their loved ones.
Prime rate in Canada
Canada’s prime rate, the interest rate that major banks charge their best customers, continues to hold steady at 7.20%. The Bank of Canada also announced on April 10 that it is maintaining the overnight rate at 5.00%. "We have three main messages this morning," Tiff Macklem, Governor of the Bank of Canada, said about the policy announcement. "First, monetary policy is working. Total consumer price index (CPI) and core inflation have eased further in recent months, and we expect inflation to continue to move closer to the 2% target this year. Second, growth in the economy looks to be picking up. We expect GDP growth to be solid this year and to strengthen further in 2025. Third, as we consider how much longer to hold the policy rate at the current level, we’re looking for evidence that the recent further easing in underlying inflation will be sustained."
Canada’s prime rate, the interest rate that major banks charge their best customers, continues to hold steady at 7.20%. The Bank of Canada also announced on April 10 that it is maintaining the overnight rate at 5.00%. "We have three main messages this morning," Tiff Macklem, Governor of the Bank of Canada, said about the policy announcement. "First, monetary policy is working. Total consumer price index (CPI) and core inflation have eased further in recent months, and we expect inflation to continue to move closer to the 2% target this year. Second, growth in the economy looks to be picking up. We expect GDP growth to be solid this year and to strengthen further in 2025. Third, as we consider how much longer to hold the policy rate at the current level, we’re looking for evidence that the recent further easing in underlying inflation will be sustained."
What is the Bank of Canada interest rate?
As Canada’s central bank, the Bank of Canada ensures that your dollar gets its maximum value by keeping inflation low and the economy stable. The decisions the bank makes affect how you go about spending your money. It also affects how businesses set their prices. When the bank lowers interest rates, it means that you can borrow money from lenders more easily, encouraging you to spend more. When it raises rates, you tend to spend less. When you spend less money, businesses earn less profit, so they are motivated to bring down their prices. Eventually, a balance will be reached where consumers and businesses are spending at a rate that keeps the economy moving forward while maintaining a lower cost of living.
As Canada’s central bank, the Bank of Canada ensures that your dollar gets its maximum value by keeping inflation low and the economy stable. The decisions the bank makes affect how you go about spending your money. It also affects how businesses set their prices. When the bank lowers interest rates, it means that you can borrow money from lenders more easily, encouraging you to spend more. When it raises rates, you tend to spend less. When you spend less money, businesses earn less profit, so they are motivated to bring down their prices. Eventually, a balance will be reached where consumers and businesses are spending at a rate that keeps the economy moving forward while maintaining a lower cost of living.
Canada's pension plan sells commercial real estate
What would you do if you had a dollar to spare? For Boston Properties, one of America's largest publicly traded real estate developers, that $1 investment was used to buy a stake in a Manhattan office building — specifically, the Canada Pension Plan Investment Board’s (CPPIB) 29% share of 360 Park Ave. S in New York City. CPPIB selling its holding in one of North America’s most expensive cities — likely at a loss — has sent ripples through the commercial real estate (CRE) industry, which was already struggling with hybrid and remote work, high interest rates and record levels of office vacancies in Canada and the United States. CPPIB’s decision to unload the property could have lasting impacts on CRE, Canadians with pensions and investors.
What would you do if you had a dollar to spare? For Boston Properties, one of America's largest publicly traded real estate developers, that $1 investment was used to buy a stake in a Manhattan office building — specifically, the Canada Pension Plan Investment Board’s (CPPIB) 29% share of 360 Park Ave. S in New York City. CPPIB selling its holding in one of North America’s most expensive cities — likely at a loss — has sent ripples through the commercial real estate (CRE) industry, which was already struggling with hybrid and remote work, high interest rates and record levels of office vacancies in Canada and the United States. CPPIB’s decision to unload the property could have lasting impacts on CRE, Canadians with pensions and investors.
Royal family drama: A lesson in estate planning
Upon her death in 2022, the estate of Queen Elizabeth II was estimated at US$500 million, according to Forbes — only a small part of the royal family’s US$28 billion empire. While squabbles may persist between Harry and Megan and the royal family, few questioned who would inherit the queen’s estate. Though few Canadians will relate to the high-net-worth lifestyle of Queen Elizabeth II and the royal family, the unfortunate family squabbles and private concerns regarding the inheritance of the US$500 estate serve as an important reminder of the importance of estate planning.
Upon her death in 2022, the estate of Queen Elizabeth II was estimated at US$500 million, according to Forbes — only a small part of the royal family’s US$28 billion empire. While squabbles may persist between Harry and Megan and the royal family, few questioned who would inherit the queen’s estate. Though few Canadians will relate to the high-net-worth lifestyle of Queen Elizabeth II and the royal family, the unfortunate family squabbles and private concerns regarding the inheritance of the US$500 estate serve as an important reminder of the importance of estate planning.
3 lessons from millionaires on saving money
Canadian icon Celine Dion was one of the first. Now, Marky Mark is doing it. So is Superman. The rich and famous appear to be picking up their roots in established high-net-worth enclaves, such as Malibu, California, to settle in less-expensive U.S. communities. The reasons appear to be simple: It’s a matter of money. Just over a year ago, Mark Wahlberg sold his 20-bedroom mansion in Beverly Park for US$55 million. Rather than stay in sunny California, Wahlberg chose to relocate his family to the exclusive Summit Club in the Summerlin Community, close to the Red Rock Canyon National Park. Despite purchasing a luxury townhome, along with the 2.5-acre lot — where he may build a future production studio — Wahlberg profited more than US$30 million from this move. He’s not the only one. Last June, Dean Cain, who played Superman in the 1990s ABC show Lois & Clark, paid just under US$4 million for a two-story home in Henderson, NV, a community nestled between Boulder City and Las Vegas. Cain’s purchase was prompted after he sold his Malibu mansion for US$6.25 million in May 2023. There isn’t one person or statistic to prove an exodus, but according to various data sources, including Internal Revenue Service data and industry reports, the rich and famous are abandoning the Sunset Strip in search of affordable luxury near the Las Vegas Strip.
Canadian icon Celine Dion was one of the first. Now, Marky Mark is doing it. So is Superman. The rich and famous appear to be picking up their roots in established high-net-worth enclaves, such as Malibu, California, to settle in less-expensive U.S. communities. The reasons appear to be simple: It’s a matter of money. Just over a year ago, Mark Wahlberg sold his 20-bedroom mansion in Beverly Park for US$55 million. Rather than stay in sunny California, Wahlberg chose to relocate his family to the exclusive Summit Club in the Summerlin Community, close to the Red Rock Canyon National Park. Despite purchasing a luxury townhome, along with the 2.5-acre lot — where he may build a future production studio — Wahlberg profited more than US$30 million from this move. He’s not the only one. Last June, Dean Cain, who played Superman in the 1990s ABC show Lois & Clark, paid just under US$4 million for a two-story home in Henderson, NV, a community nestled between Boulder City and Las Vegas. Cain’s purchase was prompted after he sold his Malibu mansion for US$6.25 million in May 2023. There isn’t one person or statistic to prove an exodus, but according to various data sources, including Internal Revenue Service data and industry reports, the rich and famous are abandoning the Sunset Strip in search of affordable luxury near the Las Vegas Strip.
The best mortgage lenders in Canada
Shopping around for a mortgage is a huge part of buying a home. You want to ensure that you get the best rates and the best terms based on your personal financial needs. With so many different lenders on the market, it can be difficult to sort through all the options. Which is where this list of the best mortgage lenders in Canada for 2023 comes in. We’ve done some of the leg work for you and are sharing seven of our picks of the best mortgage lenders in Canada to get you started on your search.
Shopping around for a mortgage is a huge part of buying a home. You want to ensure that you get the best rates and the best terms based on your personal financial needs. With so many different lenders on the market, it can be difficult to sort through all the options. Which is where this list of the best mortgage lenders in Canada for 2023 comes in. We’ve done some of the leg work for you and are sharing seven of our picks of the best mortgage lenders in Canada to get you started on your search.
Canada ranks number-three in the world for quality of life, with affordability serving as a major factor
A recent USA News and World Report ranked 87 countries on their quality of life. The factors taken into consideration for this report included the following metrics politically stable, family friendly, well-developed public health system, well-developed public education system and affordability. It may not be a surprise that Canada is on the list. However, what many Canadians likely will find surprising is that Canada was given third place. While many of the eligibility criteria on the list make sense and are features that Canadian citizens are proud of, the affordability factor seems like a cruel joke when Canada is currently facing an affordability crisis. It was only a few weeks back that Finance Minister Chyrstia Freeland admitted that the country’s housing problem will take years to solve. So, what does affordability currently look like in Canada? Here are the recent trends.
A recent USA News and World Report ranked 87 countries on their quality of life. The factors taken into consideration for this report included the following metrics politically stable, family friendly, well-developed public health system, well-developed public education system and affordability. It may not be a surprise that Canada is on the list. However, what many Canadians likely will find surprising is that Canada was given third place. While many of the eligibility criteria on the list make sense and are features that Canadian citizens are proud of, the affordability factor seems like a cruel joke when Canada is currently facing an affordability crisis. It was only a few weeks back that Finance Minister Chyrstia Freeland admitted that the country’s housing problem will take years to solve. So, what does affordability currently look like in Canada? Here are the recent trends.
Toronto landlord raises rent by $7,000
Rent prices in Toronto are at an all-time high. Thousands of tenants are concerned about the possibility of an increase in rental costs. Most anticipate a rent increase of up to 2.5% for the year, which is what the government recommends for 2024. However, some renters are shocked to learn that their landlords can legally charge them much, much more.
Rent prices in Toronto are at an all-time high. Thousands of tenants are concerned about the possibility of an increase in rental costs. Most anticipate a rent increase of up to 2.5% for the year, which is what the government recommends for 2024. However, some renters are shocked to learn that their landlords can legally charge them much, much more.
What is the trigger rate for your mortgage?
Interest rates are subject to change on a regular basis. The Bank of Canada meets regulary throughout the year to determine the best course of action to take to ensure that inflation is kept low and the economy is kept alive. For variable-rate mortgage owners, whenever interest rates increase, the amount they pay towards interest on a monthyl basis also rises. Generally, a mortgage lender’s prime rate will often mirror the central bank’s rate. That means variable-rate mortgage holders with a fixed payment will see the interest portion of their payments increase. For those on a fixed-rate mortgage, nothing changes since you would have locked in your interest rate when you signed your mortgage. With The Bank rising interest rates to a level not seen since 2001, many homeowners will likely hit their trigger rate unless they adjust their monthly payments.
Interest rates are subject to change on a regular basis. The Bank of Canada meets regulary throughout the year to determine the best course of action to take to ensure that inflation is kept low and the economy is kept alive. For variable-rate mortgage owners, whenever interest rates increase, the amount they pay towards interest on a monthyl basis also rises. Generally, a mortgage lender’s prime rate will often mirror the central bank’s rate. That means variable-rate mortgage holders with a fixed payment will see the interest portion of their payments increase. For those on a fixed-rate mortgage, nothing changes since you would have locked in your interest rate when you signed your mortgage. With The Bank rising interest rates to a level not seen since 2001, many homeowners will likely hit their trigger rate unless they adjust their monthly payments.
Money.ca Digest