Taylor Swift in Toronto expected to bring in $282M
The six Taylor Swift concerts scheduled in November to play at Roger's Arena in Toronto are expected to add a bit of a bump to the city's economy. According to data from Destination Toronto, the two weeks in November when Taylor Swift will be playing six concerts in Toronto is expected to boost the city's economy by $282 million — with more than $152 million in direct spending, alone. "The Eras Tour is a great example of the impact major events have on our destination," explained Andrew Weir, CEO and president at Destination Toronto, in a statement. "Whether it's concerts like Taylor Swift, international meetings and conventions, or signature annual festivals like Pride, TIFF or Caribbean Carnival, events that draw visitors to our city also bring visitor spending that positively impacts our local economy and a wide range of businesses and jobs."
The six Taylor Swift concerts scheduled in November to play at Roger's Arena in Toronto are expected to add a bit of a bump to the city's economy. According to data from Destination Toronto, the two weeks in November when Taylor Swift will be playing six concerts in Toronto is expected to boost the city's economy by $282 million — with more than $152 million in direct spending, alone. "The Eras Tour is a great example of the impact major events have on our destination," explained Andrew Weir, CEO and president at Destination Toronto, in a statement. "Whether it's concerts like Taylor Swift, international meetings and conventions, or signature annual festivals like Pride, TIFF or Caribbean Carnival, events that draw visitors to our city also bring visitor spending that positively impacts our local economy and a wide range of businesses and jobs."
What is the Bank of Canada interest rate?
As of October 23, 2024, the Bank of Canada interest rate is 3.75%. This is the fourth, consecutive drop in the BoC's overnight rate — the target interest rate that influences prime rate used by lenders when providing mortgages, personal and auto loans as well as student loans and other debt products. According to the BoC announcement calendar, there is only one more opportunity for the central bank to cut, hold or hike rates in 2024. As the nation’s central bank, the Bank of Canada (BoC) is responsible for making sure our dollar maintains its value — and this is done by keeping inflation low and maintaining stable, economic growth. The BoC's decisions affect how we spend money, how and when we save, where we invest and how businesses grow and prosper. When it lowers its target rate, this prompts lenders, such as the Big 6 Banks or fintech firms, to drop their prime rate — the base rate used to calculate how much it will cost to borrow money. Dropping the target rate — also known as the overnight rate — usually means it's easier to borrow money and the loan will cost you less. This encourages more spending. On the flipside, raising the overnight rate often reduces spending from both businesses and consumers. When less money is spent, businesses earn less profit and, in theory, this cools price increases or prompts price reductions. A rise in the overnight rate makes it harder for borrowers to access funds, effectively costing more when they do get a loan. This is all part of the Bank of Canada's monetary policy. Eventually, the rise and fall of interest rates should help consumers, businesses and the economy reach a state of equilibrium — where consumers and businesses are spending at a rate that keeps the economy moving forward while maintaining a lower cost of living. Read More: Bank of Canada dropped its overnight rate: How does this impact variable interest rates? Read More: Who wins and loses when the Bank of Canada lowers its overnight rate? Read More: BoC dropped the overnight rate by 0.5%—making it a golden time for first-time homebuyers
As of October 23, 2024, the Bank of Canada interest rate is 3.75%. This is the fourth, consecutive drop in the BoC's overnight rate — the target interest rate that influences prime rate used by lenders when providing mortgages, personal and auto loans as well as student loans and other debt products. According to the BoC announcement calendar, there is only one more opportunity for the central bank to cut, hold or hike rates in 2024. As the nation’s central bank, the Bank of Canada (BoC) is responsible for making sure our dollar maintains its value — and this is done by keeping inflation low and maintaining stable, economic growth. The BoC's decisions affect how we spend money, how and when we save, where we invest and how businesses grow and prosper. When it lowers its target rate, this prompts lenders, such as the Big 6 Banks or fintech firms, to drop their prime rate — the base rate used to calculate how much it will cost to borrow money. Dropping the target rate — also known as the overnight rate — usually means it's easier to borrow money and the loan will cost you less. This encourages more spending. On the flipside, raising the overnight rate often reduces spending from both businesses and consumers. When less money is spent, businesses earn less profit and, in theory, this cools price increases or prompts price reductions. A rise in the overnight rate makes it harder for borrowers to access funds, effectively costing more when they do get a loan. This is all part of the Bank of Canada's monetary policy. Eventually, the rise and fall of interest rates should help consumers, businesses and the economy reach a state of equilibrium — where consumers and businesses are spending at a rate that keeps the economy moving forward while maintaining a lower cost of living. Read More: Bank of Canada dropped its overnight rate: How does this impact variable interest rates? Read More: Who wins and loses when the Bank of Canada lowers its overnight rate? Read More: BoC dropped the overnight rate by 0.5%—making it a golden time for first-time homebuyers
Rate drop winners and losers
The Bank of Canada lowered its target interest rate for a fourth time in 2024, when it announced it would drop the overnight target rate by 0.50%. The BoC overnight rate influences prime rate — the base interest rate lenders use to establish borrowing costs. What does this rate decrease mean for the average Canadians? How will those with mortgages, debt, savings and investments be impacted? According to Tyler Thielmann, President and CEO of Spring Financial the winners in this situation "are the people who have variable rate debt who should see an immediate change in their interest costs and more money in their pocket each month." However, for Thielmann, deciphering who the losers are is not as easy as it seems. "Losers is a bit harder to answer; we’ll need to see how things shake out. Typically, lowering interest rates is meant to spur on the economy and encourage growth. If the economy is in fact struggling, that could have a negative impact on many Canadians. Time will tell." When asked about why the Bank of Canada is decreasing the rate, Thielmann speculated that it was to prevent an economic collapse due to forthcoming mortgage renewals.
The Bank of Canada lowered its target interest rate for a fourth time in 2024, when it announced it would drop the overnight target rate by 0.50%. The BoC overnight rate influences prime rate — the base interest rate lenders use to establish borrowing costs. What does this rate decrease mean for the average Canadians? How will those with mortgages, debt, savings and investments be impacted? According to Tyler Thielmann, President and CEO of Spring Financial the winners in this situation "are the people who have variable rate debt who should see an immediate change in their interest costs and more money in their pocket each month." However, for Thielmann, deciphering who the losers are is not as easy as it seems. "Losers is a bit harder to answer; we’ll need to see how things shake out. Typically, lowering interest rates is meant to spur on the economy and encourage growth. If the economy is in fact struggling, that could have a negative impact on many Canadians. Time will tell." When asked about why the Bank of Canada is decreasing the rate, Thielmann speculated that it was to prevent an economic collapse due to forthcoming mortgage renewals.
Prime rate in Canada
Canada’s prime rate — the interest rate that major banks charge their best customers — will drop to 5.95% prompted by the Bank of Canada's fourth, consecutive rate drop of its overnight rate by 50 basis points (the equivalent of 0.50%). The aggressive drop in October — the fourth rate drop in 2024 — appears to be prompted by concerns of a sluggish Canadian economy. In July, when the Bank of Canada (BoC) announced the second rate drop of its overnight rate, BoC Governor, Tiff Macklem highlighted the growing confidence that inflationary pressures were now under control. “We are increasingly confident that the ingredients to bring inflation back to target are in place," explained Macklem in the July 24, 2024 policy announcement. By October, the consumer price index inflation had mellowed to 1.6%, but bank economists felt more incentive was required to generate economic activity. "In Canada, the economy grew at around 2% in the first half of the year and we expect growth of 1.75% in the second half [of 2024]. Consumption has continued to grow but is declining on a per person basis," wrote the BoC in its October press statement. As of October 23, 20224, the current bank-to-bank lending rate is now 3.75%. This drop in the BoC's overnight rate will eventually prompt a reduction in the prime rate lenders use to establish borrowing costs on mortgages, auto loans and other debt products.
Canada’s prime rate — the interest rate that major banks charge their best customers — will drop to 5.95% prompted by the Bank of Canada's fourth, consecutive rate drop of its overnight rate by 50 basis points (the equivalent of 0.50%). The aggressive drop in October — the fourth rate drop in 2024 — appears to be prompted by concerns of a sluggish Canadian economy. In July, when the Bank of Canada (BoC) announced the second rate drop of its overnight rate, BoC Governor, Tiff Macklem highlighted the growing confidence that inflationary pressures were now under control. “We are increasingly confident that the ingredients to bring inflation back to target are in place," explained Macklem in the July 24, 2024 policy announcement. By October, the consumer price index inflation had mellowed to 1.6%, but bank economists felt more incentive was required to generate economic activity. "In Canada, the economy grew at around 2% in the first half of the year and we expect growth of 1.75% in the second half [of 2024]. Consumption has continued to grow but is declining on a per person basis," wrote the BoC in its October press statement. As of October 23, 20224, the current bank-to-bank lending rate is now 3.75%. This drop in the BoC's overnight rate will eventually prompt a reduction in the prime rate lenders use to establish borrowing costs on mortgages, auto loans and other debt products.
84% of Canadians feel they lack in money skills
The majority of Canadians (84%) believe that if they'd been taught financial education in school it would've helped them manage their personal finances better. Almost two-thirds (64%) admit they didn't learn about money management in their younger years at school. This lack of financial literacy education during formative years is part of a survey undertaken by fund investment dealer, Edward Jones Canada. "Early financial education is essential for alleviating money-related concerns in the long term," explains Maryon Urquhart, director of the Community Impact Programs at Edward Jones Canada, in a statement. "Recognizing Canadians' growing appetite for financial education and believing in the power of financial knowledge, Edward Jones has developed a new online program designed to empower Canadians of all ages with the practical skills needed to make key money-related decisions."
The majority of Canadians (84%) believe that if they'd been taught financial education in school it would've helped them manage their personal finances better. Almost two-thirds (64%) admit they didn't learn about money management in their younger years at school. This lack of financial literacy education during formative years is part of a survey undertaken by fund investment dealer, Edward Jones Canada. "Early financial education is essential for alleviating money-related concerns in the long term," explains Maryon Urquhart, director of the Community Impact Programs at Edward Jones Canada, in a statement. "Recognizing Canadians' growing appetite for financial education and believing in the power of financial knowledge, Edward Jones has developed a new online program designed to empower Canadians of all ages with the practical skills needed to make key money-related decisions."
Canadian income inequality reaches record high
The income gap between Canada’s highest and lowest earners is at the most extreme recorded level in the country’s history, according to a report released by Statistics Canada on October 10. Overall, the top two-fifths of Canadians were 47% wealthier compared to the bottom two-fifths of Canadians. Low-income earners, or those in the bottom 40%, are also struggling when it comes to everything from mortgages to basic necessities. The report looked at the distribution of household accounts across income, consumption, savings and wealth generation. To put this in perspective, Canada’s top 20% of earners accounted for 67.7% of Canada’s net worth in Q2 of 2024, while the bottom 40% contributed 2.8%, according to Statistics Canada. The Bank of Canada (BoC) says that this trend began in the 1980s and 1990s, according to their 2022 report on Income Inequality. The BoC notes that the median income of those under 44 has stalled or dropped while those in the 65 plus cohort have seen an increase in income, typically tied to retirement. The most intense impacts are felt by low-income earners and young people.
The income gap between Canada’s highest and lowest earners is at the most extreme recorded level in the country’s history, according to a report released by Statistics Canada on October 10. Overall, the top two-fifths of Canadians were 47% wealthier compared to the bottom two-fifths of Canadians. Low-income earners, or those in the bottom 40%, are also struggling when it comes to everything from mortgages to basic necessities. The report looked at the distribution of household accounts across income, consumption, savings and wealth generation. To put this in perspective, Canada’s top 20% of earners accounted for 67.7% of Canada’s net worth in Q2 of 2024, while the bottom 40% contributed 2.8%, according to Statistics Canada. The Bank of Canada (BoC) says that this trend began in the 1980s and 1990s, according to their 2022 report on Income Inequality. The BoC notes that the median income of those under 44 has stalled or dropped while those in the 65 plus cohort have seen an increase in income, typically tied to retirement. The most intense impacts are felt by low-income earners and young people.
Toronto condo owners shocked by ‘special’ $70K fee
A group of condo owners were appalled after getting a letter saying they could be on the hook for a $70,000 special assessment fee to fix structural issues in a condo in the North York area of Toronto. The building, located at 869 Wilson Ave., is only seven years old and looks impeccable from the outside — but engineers say leaks in the parking garage need to be fixed before they pose serious structural risk to the building as a whole. “No one has $70,000 lying around, so it’s hard to even fathom what we have to do,” said unit owner Augustine Ogditi, about the prospect of paying a five-figure bill. Ligeng Guo, another unit owner in the building, was more blindsided by the timing and the size of the special assessment fee, telling CTV News: “$70K is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in,” adding that he doesn’t even have a parking spot. Here’s what happened — and how to approach an eye-watering special assessment fee if your condo has a problem like this.
A group of condo owners were appalled after getting a letter saying they could be on the hook for a $70,000 special assessment fee to fix structural issues in a condo in the North York area of Toronto. The building, located at 869 Wilson Ave., is only seven years old and looks impeccable from the outside — but engineers say leaks in the parking garage need to be fixed before they pose serious structural risk to the building as a whole. “No one has $70,000 lying around, so it’s hard to even fathom what we have to do,” said unit owner Augustine Ogditi, about the prospect of paying a five-figure bill. Ligeng Guo, another unit owner in the building, was more blindsided by the timing and the size of the special assessment fee, telling CTV News: “$70K is a lot of money. It makes me very nervous and stressed out of nowhere for this huge debt to come in,” adding that he doesn’t even have a parking spot. Here’s what happened — and how to approach an eye-watering special assessment fee if your condo has a problem like this.
Toronto senior loses $27k to alleged roofing scam
A Toronto senior believes she fell victim to a costly roofing scam, paying $27,000 to charlatans posing as contractors who defrauded her and other unsuspecting targets. The alleged scammers were friendly and affable, catching their marks off-guard, according to multiple victims. Like all “con” artists, they started by earning confidence. “They get your confidence first and make you feel like family; that they can help you. They are so smooth, I think they could make more money as actors than defrauding seniors and the disabled,” Patrice Stephens-Bourgeault told CTV News. She realized she might be a victim after reading the story of Sita Dubeau, a vulnerable senior living in Scarborough, who claims she paid $158,000 to roofing contractors, who vanished after receiving the money and without doing any work. Here’s how to spot these scams and protect yourself and your wallet from fraudsters.
A Toronto senior believes she fell victim to a costly roofing scam, paying $27,000 to charlatans posing as contractors who defrauded her and other unsuspecting targets. The alleged scammers were friendly and affable, catching their marks off-guard, according to multiple victims. Like all “con” artists, they started by earning confidence. “They get your confidence first and make you feel like family; that they can help you. They are so smooth, I think they could make more money as actors than defrauding seniors and the disabled,” Patrice Stephens-Bourgeault told CTV News. She realized she might be a victim after reading the story of Sita Dubeau, a vulnerable senior living in Scarborough, who claims she paid $158,000 to roofing contractors, who vanished after receiving the money and without doing any work. Here’s how to spot these scams and protect yourself and your wallet from fraudsters.
Condo inventory spikes—investors find deals
Buyers looking for deals on a condo purchase may be in luck. Inventory on condo listings soared in seven major markets across Canada in 2024, according to the RE/MAX Canada Condominium Report. Condos listings grew dramatically in some of the largest cities in Canada between January and August 2024. Report authors largely attributed this increase in listings to anticipation of increased demand in the last few months of 2024 and early moving into 2025. Condo listings grew by 58.7% in Fraser Valley, BC and 52.8% in Greater Toronto in 2024 "High interest rates and stringent lending policies pummelled first-time buyers in recent years, preventing many from reaching their homeownership goal, despite having to pay record high rental costs that mirrored mortgage payments," says Christopher Alexander, president of RE/MAX Canada in a recent statement. Alexander chalked up the dramatic increase in inventory — where the number of condos listed for sale rises faster than buyers willing to finalize a sale — as a temporary situation. "[This] current lull is the calm before the storm. Come spring of 2025, pent-up demand is expected to fuel stronger market activity, particularly at entry-level price points, as both first-time buyers and investors once again vie for affordable condominium product." Several markets are reporting a spike in condo listings with some market recording a more than 50% increase in condo listings.
Buyers looking for deals on a condo purchase may be in luck. Inventory on condo listings soared in seven major markets across Canada in 2024, according to the RE/MAX Canada Condominium Report. Condos listings grew dramatically in some of the largest cities in Canada between January and August 2024. Report authors largely attributed this increase in listings to anticipation of increased demand in the last few months of 2024 and early moving into 2025. Condo listings grew by 58.7% in Fraser Valley, BC and 52.8% in Greater Toronto in 2024 "High interest rates and stringent lending policies pummelled first-time buyers in recent years, preventing many from reaching their homeownership goal, despite having to pay record high rental costs that mirrored mortgage payments," says Christopher Alexander, president of RE/MAX Canada in a recent statement. Alexander chalked up the dramatic increase in inventory — where the number of condos listed for sale rises faster than buyers willing to finalize a sale — as a temporary situation. "[This] current lull is the calm before the storm. Come spring of 2025, pent-up demand is expected to fuel stronger market activity, particularly at entry-level price points, as both first-time buyers and investors once again vie for affordable condominium product." Several markets are reporting a spike in condo listings with some market recording a more than 50% increase in condo listings.
Salary top of mind for Canadian professionals
Salary is the biggest concern for Canadians in 2024, with more than nine in 10 professionals (92%) concerned about inflation outpacing salary growth and 51% feeling underpaid. This is according to Robert Half’s 2025 Canada Salary Guide. "Salary continues to be the biggest priority for professionals, as cost of living remains top of mind," David King, senior managing director at Robert Half, Canada and South America, said in a statement. "However, it's not the only thing that matters. In addition to benchmarking salaries, businesses need to ensure they have efficient hiring processes, and that they are offering attractive perks and benefits, flexibility in the workplace, and upskilling opportunities to hire, retain and train top talent in this evolving labour market." One-third of workers said they'll look for a new role if their employer does not raise their salary.
Salary is the biggest concern for Canadians in 2024, with more than nine in 10 professionals (92%) concerned about inflation outpacing salary growth and 51% feeling underpaid. This is according to Robert Half’s 2025 Canada Salary Guide. "Salary continues to be the biggest priority for professionals, as cost of living remains top of mind," David King, senior managing director at Robert Half, Canada and South America, said in a statement. "However, it's not the only thing that matters. In addition to benchmarking salaries, businesses need to ensure they have efficient hiring processes, and that they are offering attractive perks and benefits, flexibility in the workplace, and upskilling opportunities to hire, retain and train top talent in this evolving labour market." One-third of workers said they'll look for a new role if their employer does not raise their salary.
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