In this edition:
- Bank of Canada cuts interest rate to 3.75%
- Government of Ontario introduces Affordable Energy Act
- Highrise concept for vacant police station property OK’d by St. Catharines councillors
- Kitchen features, storage, and energy efficiency top homeowner want-list: CHBA
- Focus on Finance & Economy
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Photo credit: JHVEPhoto / Adobe Stock
Bank of Canada cuts interest rate to 3.75%
The Bank of Canada today reduced its target for the overnight rate to 3.75%, with the Bank Rate at 4% and the deposit rate at 3.75%. The Bank is continuing its policy of balance sheet normalization.
With inflation now back around the 2% target, the Bank’s Governing Council decided to reduce the policy rate by 50 basis points to support economic growth and keep inflation close to the middle of the 1% to 3% range. If the economy evolves broadly in line with the latest forecast of 1.75% in the second half of 2024, the Bank said it expects to reduce the policy rate further.
Photo credit: Ken / Adobe Stock
Government of Ontario introduces Affordable Energy Act
The Ontario government is introducing legislation that would, if passed, enable the implementation of the province’s first-ever integrated energy plan which will ensure the entire energy sector is aligned behind the government’s “pro-growth” agenda.
The Affordable Energy Act would also prioritize zero-emissions nuclear energy as the province’s grid expands, support the government’s significant expansion of energy efficiency programs to help families save money, help get more electric vehicle (EV) chargers built and reduce “last-mile” connection costs for electricity infrastructure.
Image credit: Macdonald Zuberec Ensslen Architects Inc.
Highrise concept for vacant police station property OK’d by St. Catharines councillors
Niagara Region doesn’t want to develop its own affordable housing project on the old police station site in downtown St. Catharines, but plans to use money from its sale toward affordable housing projects across the region.
St. Catharines city councillors were told Monday night the Region’s community services department isn’t interested in pursuing 68 Church St. for its own development because it believes there is already a concentration of Niagara Regional Housing in the area.
Photo credit: Pixel-Shot / Adobe Stock
Kitchen features, storage, and energy efficiency top homeowner want-list: CHBA
Did you know?
Focus on Finance & Economy
Small businesses projecting growth aren’t those you expect, says Canadian Chamber report
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.
