In this edition:
- Canada’s economy grew 2.2 per cent annualized in Q1 as businesses raced to beat tariffs
- Markets, economists shift predictions on next week’s BoC rate decision after GDP report surprises to the upside
- Minister Hajdu invites organizations to apply for funding to improve accessibility and inclusion through youth leadership
- Some Ontario grocery stores question selling booze over empties deposit program]
- Canada Post workers set to rally as labour dispute continues
- Gas prices ‘among the cheapest in nearly a decade’ to start summer, analyst says]
- RBC, CIBC, BMO, National Bank, TD Bank and Scotiabank: A breakdown of the big banks’ second-quarter earnings
- Focus on Housing Solutions
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Canada’s economy grew 2.2 per cent annualized in Q1 as businesses raced to beat tariffs
A rush to get ahead of Canada’s looming tariff dispute with the United States powered economic growth in the first quarter, Statistics Canada said today.
Real gross domestic product rose 2.2 per cent annualized in the three-month period, the agency reported, up a tick from 2.1 per cent in the fourth quarter.
Annualized real GDP figures for the final quarter of 2024 were revised down by half a percentage point, StatCan said, and other quarters from last year were also adjusted in Friday’s release.
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Markets, economists shift predictions on next week’s BoC rate decision after GDP report surprises to the upside
Market bets for a Bank of Canada rate cut next week have dwindled further after this morning’s stronger-than-expected GDP report, and the Bank of Montreal abandoned its prediction that further monetary easing will be announced.
However, there are still a minority of economists who believe the bank will cut rates next week, and most agree it’s going to be a close call.
Photo credit: UN Women/Ryan Brown CC BY-NC-ND 2.0
Minister Hajdu invites organizations to apply for funding to improve accessibility and inclusion through youth leadership
Today, as part of National AccessAbility Week 2025, Patty Hajdu, Minister of Jobs and Families and Minister responsible for the Federal Economic Development Agency for Northern Ontario, launched a call for proposals under the youth innovation component of the Enabling Accessibility Fund (EAF).
The EAF supports construction, renovation and retrofitting community and workplace-based projects across Canada. Over 8,100 projects have been funded under the EAF since its launch in 2007. The youth innovation component supports youth in bringing their vision for a more inclusive Canada to life, while developing leadership skills, gaining valuable experience, and fostering culture change.
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Some Ontario grocery stores question selling booze over empties deposit program
Very few Ontario grocery stores that are required to accept empty alcohol containers are doing so, leaving the future of the deposit return program in question as The Beer Store closes locations across the province.
About 70 grocery stores — ones that are more than five kilometres away from a Beer Store — have been required to take empties since last fall. But only 13 are complying, according to the Ministry of Finance.
On Jan. 1, 2026, all grocery stores selling beer and wine — more than 1,000 are licensed, according to the Alcohol and Gaming Commission of Ontario — will have to accept bottle returns as part of Premier Doug Ford’s move to speed up the availability of alcohol.
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Canada Postal workers set to rally as labour dispute continues
Postal workers across Canada will rally against “major changes” to jobs as Canada Post and the Canadian Union of Postal Workers (CUPW) remain at an impasse in a long-running labour dispute.
Canada Post presented “final offers” to CUPW on May 28.The latest offers include signing bonuses, cost of living allowances and the ability to opt out of overtime shifts. But the proposals stand firm on previous offers of 13 per cent wage increases over four years and the creation of part-time, weekend shifts — key sticking points for the union.
Photo credit: Kate – stock.adobe.com
Gas prices ‘among the cheapest in nearly a decade’ to start summer, analyst says
Canada’s gas price average fell by 5.4 cents per litre of regular fuel this week, according to data from Kalibrate. The break from recent gains mirrors price action in the United States, where a leading analyst says rates at the pump are “among the cheapest in nearly a decade” when adjusting for inflation.
The Canadian average price fell from $1.492 per litre to $1.438 between May 22 and May 29, led by declines in Vancouver, Kelowna, B.C., and Sarnia, Ont. At this time last year, the national average price was $1.688.
Photo illustration credit: Greater Niagara Chamber of Commerce / Adobe Stock
RBC, CIBC, BMO, National Bank, TD Bank and Scotiabank: A breakdown of the big banks’ second-quarter earnings
Four of Canada’s Big Six banks beat analyst expectations in the second quarter ending April 30, as they navigated economic uncertainty with higher loan loss provisions and rising capital buffers, according to The Globe and Mail.
Toronto-Dominion Bank, Bank of Montreal, National Bank of Canada, and Canadian Imperial Bank of Commerce posted stronger-than-expected results, while Royal Bank of Canada and Bank of Nova Scotia missed estimates.
Focus on Housing Solutions
Carney’s prefabricated housing solutions can draw on European successes
John Bleasby; Daily Commercial News
One of Carney’s pre-election promises was to launch the Build Canada Homes (BCH) program to address Canada’s housing shortage. A big part of BCH’s mission would be to provide $25 billion in federal government loans for companies that build homes in factories rather than on construction sites, plus $1 billion in equity financing to innovative Canadian prefabricated homebuilders.
According to the Liberal Party statement, “Prefabricated and modular housing can reduce construction times by up to 50 per cent, costs by up to 20 per cent, and emissions by up to 22 per cent compared to traditional construction methods.”
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.
