Tag: Canada

Economic headwinds weigh on bank results as more money set aside for bad loans

TORONTO — The effects of heightened inflation and central bank efforts to rein it in by slowing the economy are showing in the second-quarter results from Canada’s big banks. Four out of the Big Five banks have reported earnings that missed expectations as they set aside more money for bad loans and struggle to contain rising costs, and several see their revenue take a hit from slower loan growth. CIBC was the lone outlier as its results Thursday came in better than analysts had expected. While
— Read on ca.finance.yahoo.com/news/td-bank-group-reports-q2-111707633.html

Canadian residential mortgage debt hits $2.08 trillion: CMHC

OTTAWA — Canada Mortgage and Housing Corp. says the country’s total residential mortgage debt was $2.08 trillion as of January this year, up six per cent from January 2022. However, the federal housing agency says in a new report that the rate of growth for mortgage debt slowed compared with recent years. The report attributes the trend to inflation, rapidly rising interest rates and cooling housing markets, which have weakened consumer confidence and left fewer home buyers looking to buy. Many
— Read on ca.finance.yahoo.com/news/canadian-residential-mortgage-debt-hits-150523801.html

Economic update: Recession risk rising, deficit declining | CTV News

The federal government’s fall economic update makes it clear that while the deficit is declining, the risk that Canada enters into a recession is rising.
— Read on www.ctvnews.ca/politics/risk-of-recession-rising-deficit-projected-at-36-4b-in-2022-23-fall-economic-statement-1.6137290