In this edition:
- Trudeau considering his options as leader after Freeland quits cabinet
- Federal deficit balloons to $61.9B as government tables economic update
- Canada Post workers head back to work tomorrow. Here’s what we know
- New Canadian mortgage rules are now in effect
- Local United Way receives $60,000 donation from General Motors Canada
- Premiers meet in Toronto to discuss tariffs and trade
- Canadian annual home sales surged in November
- St. Catharines to host Black History Month exhibition
- Job vacancies decline in the third quarter, but at a slower pace
- Focus on Technology
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Photo credit: Hildenbrand / MSC
Trudeau considering his options as leader after Freeland quits cabinet, sources say
Trudeau is considering his options as leader, sources tell CTV News, after Finance Minister Chrystia Freeland revealed she will quit cabinet.
In an explosive resignation letter published Monday morning, Freeland ignited a storm of confusion and speculation on Parliament Hill the same day she was set to table her fall economic statement – a document that typically includes key economic metrics such as the size of Canada’s deficit.
Photo credit: Wangkun Jia / Adobe Stock
Federal deficit balloons to $61.9B as government tables economic update on chaotic day in Ottawa
The federal government’s fall economic statement — tabled just hours after Finance Minister Chrystia Freeland quit cabinet and questioned her government’s recent handling of the economy — calls for more than $20 billion in new spending and says the deficit has grown to $61.9 billion.
Picture credit: primestockphotograpy / Adobe Stock
Canada Post workers head back to work tomorrow. Here’s what we know
With Canada Post workers ordered back to the job, mail will start getting sorted again on Tuesday.
Here’s what we know about the order, and when you will start to see mail in your mailbox again.
Photo credit: ArLawKa / Adobe Stock
New Canadian mortgage rules are now in effect. Here’s what that means for Ontario homebuyers
The federal government hopes to make home ownership more accessible to first-time buyers with new mortgage rules that took effect Dec. 15.
Originally announced in September, the new rules enacted by the federal finance ministry aim to boost affordability for first-time millennial and generation Z buyers.
Here are some key points.
Picture credit: United Way
Local United Way receives $60,000 donation from General Motors Canada
United Way Niagara is proud to recognize a $60,000 corporate gift from General Motors (GM) Canada, part of a broader philanthropic commitment to support multiple charities across the Niagara region. Through GM’s Plant City Grant Program, five local organizations have received a total of $100,000 in funding to advance initiatives and ensure brighter futures for so many in Niagara.
Picture credit: amazing studio / Adobe Stock
Premiers meet in Toronto to discuss tariffs and trade
Canada’s premiers must take a bigger role in Canada-U.S. relations, Ontario Premier Doug Ford said on Dec. 16 on his way in to a meeting he is chairing with all 13 provincial and territorial leaders.
Ford has been outspoken about the need for a co-ordinated strategy in response to a threat from U.S. president-elected Donald Trump, who has said he will impose a 25 per cent import tariff on goods coming from Canada and Mexico when he takes office.
Photo credit: Rawf8 / Adobe Stock
Canadian annual home sales surged in November, with prices rising as interest rates fall
The Canadian Real Estate Association says the number of homes sold in November rose 26 per cent compared with a year ago, marking the second straight month of large year-over-year gains.
A total of 37,855 homes changed hands last month across Canada, compared with 30,042 in November 2023, following a 30 per cent year-over-year increase of sales in October.
Picture credit: City of St. Catharines
St. Catharines to host Black History Month exhibition
The City of St. Catharines in partnership with Future Black Female, Black Owned 905, the St. Catharines Downtown Association, the St. Catharines Public Library and the FirstOntario Performing Arts Centre is proud to invite Black artists from across the Niagara region to participate in a special Black History Month exhibition titled Reclaiming Narratives: A Black Resistance.
Picture credit: Tada Images / Adobe Stock
Job vacancies decline in the third quarter, but at a slower pace
Job vacancies fell by 31,900 (-5.5%) to 546,100 in the third quarter, marking the ninth consecutive quarterly decline. However, the drop in the third quarter was smaller compared with the decline recorded in the second quarter of 2024 (-63,200; -9.9%).
Did you know?
Minister Freeland’s resignation prompted a 0.1% dip on the TSX.
Focus on Technology
Survey on AI finds most people want it regulated, but trust in government remains low
If you use social media, you’ve likely come across deepfakes. These are video or audio clips of politicians, celebrities or others manipulated using artificial intelligence (AI) to make it appear like the person is saying or doing something they haven’t actually said or done.
If you are freaked out by the idea of deepfakes, you are not alone. Recent public opinion research conducted in British Columbia found that for 90 per cent of respondents, deepfakes are top of the list of major concerns with AI.
To say there is much hype about AI is an understatement. Media reports and comments from industry leaders simultaneously tout AI as “the next big thing” and as an existential risk that is going to wipe out humanity. This sensationalism at times distracts from the tangible risks we need to worry about, ranging from privacy to job displacement, from energy use to exploitation of workers.
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
