What's in the News July 2023

What’s in the News July 2023

14/07/2023

Welcome – stay in the know with some recent news updates relevant to business and the economy.

Struggling mortgage holders could see lenders waive fees under new guidelines

Ottawa has published a new set of guidelines to standardize how Canada’s federally regulated lenders offer mortgage relief to consumers struggling under the weight of higher interest rates.

Canada unexpectedly posts largest trade deficit since 2020

Canada’s merchandise trade balance unexpectedly recorded its largest deficit since October 2020, in large part due to lower energy prices.

Farmers wait as bill on carbon pricing exemption remains with the Senate

Canadian farmers are expecting to pay more to heat their barns and dry crops after a bill that would have exempted natural gas and propane from aspects of the carbon pricing scheme remains in the Senate.

State of connectivity in Canada, a year after the historic outage

Last summer a massive internet and wireless outage debilitated thousands of businesses across Canada. Research shows that over 70 per cent of businesses say they have made changes in the last six months to ensure their operations will not be significantly affected by a major prolonged network and mobile phone outage

Ontario Government supports planning and consultation work to explore clean nuclear expansion at Bruce Power

Ontario’s Minister of Energy, Hon. Todd Smith, announced support to advance the long-term planning and consultation work required to explore nuclear expansion options on the Bruce Power site. This commitment supports Ontario’s long-term plans to grow the economy and achieve its net zero goals.

What you need to know about the B.C. port strike

As a strike by B.C. port workers continues, businesses large and small are raising concerns about how it will affect Canada’s economy.
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Deloitte forecasts oil price rise as summer driving season begins

Oil prices will “increase modestly” in the next three months as supply cuts kick in and the summer driving season revs up, according to Deloitte’s latest forecast.

Canadian office vacancy climbs to 18%, hitting a 30 year high

In combination with the uncertainty surrounding remote work, CBRE attributes the rise in vacancy to “a perfect storm of a recession threat, interest rate hikes, tech sector weakness, tenants rightsizing, and a new supply of office space.”

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