This week – new CPI data, new articles, and more!
Written By: Amit Shteyer & Peter Robertson
Canada’s Economy at a Glance
Economics Society News, Events, and Articles
Apologies for the delay, our next stock contest will be posted to the website and our Instagram tomorrow!
Looking to destress and mingle with students from other majors? Come join the Crafts and Kahoots events on Wednesday, November 24th. Register using the link in our Insta bio.
News and Noteworthy
Canada’s inflation rate soars to almost 20-year high, raising odds of earlier rate hike
Canada’s CPI jumped again for the month of October, matching its highest levels since February of 2003. Year-over-year CPI gains rose from 4.4% to 4.7% last month. This continued rise has led many to believe the Bank of Canada will hike interest rates sooner than previously expected. Read more.
Damage and repairs could make B.C. floods Canada’s most expensive natural disaster
Officials are developing repair estimates after this week’s flooding in BC, and many are expecting it to be Canada’s most expensive natural disaster ever. There is extensive damage to highways and railroads, as well as several communities across the province. Canada’s current most expensive natural disaster was the 2016 Fort McMurray wildfires, which led to a repair effort that cost nearly $9 billion. Read more.
Whether they own, rent or manage property, these locals say the housing market is no longer affordable
Housing prices in the Waterloo Region have risen 34% over the past year, significantly higher than the province-wide increase of 23%.The average home in Waterloo Region now costs over $800k. This article interviews several renters, homeowners and property managers to discuss the issue of housing affordability in Waterloo. Read more.
Sabrina Maddeaux: Economic havoc awaits after Canada’s largest port cut off from the rest of country
With the natural disasters occuring in BC, Vancouver is completely cut off from the rest of Canada and the world. The main impact is on the trade with China which accounted for 34.9 million tonnes of the exports from the Port of Vancouver in 2020. This disaster shows how over reliant Canada is on this trade partner. Read more.
After talks in D.C., Trudeau says he’s still concerned about threats to Canada’s auto sector
Justin Trudeau states his concerns regarding Joe Bidens’s new bill that will provide tax credits to buyers of US made electric vehicles. The main fear is that producers will shift their production from Canada to the US to take advantage of this subsidy. Read more.
Researchers look for new uses for bitumen to continue driving oilsands economy
Due to environmental scrutiny, researchers in Alberta are looking for new uses and opportunities for the oilsands to continue to contribute to the country’s economy. They are looking into turning bitumen into materials, such as carbon fibre, rather than into combustible fuels. Read more.