In this edition:
- Government of Canada begins consultation process for further Chinese tariffs
- Investing in natural resources sector a solution to Canada’s productivity problem
- Niagara homes staying on market 36% longer than in 2023
- Track work to impact GO train service in Niagara Falls, St. Catharines
- Walk a Mile in Her Shoes returning to help Gillian’s Place
- Share of Canadians in unaffordable housing returns to pre-pandemic levels
- Bank of Canada says trade disruptions could hinder inflation fight
- China’s probe of Canadian canola will put both exports and farmers in jeopardy
- Former Bank of Canada Governor Mark Carney to join Liberal Party as special adviser
- Focus on Finance & Economy
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Photo credit: Hildenbrand / MSC
Government of Canada begins consultation process for further Chinese tariffs
The federal government has launched a 30-day consultation on potential surtaxes in response to what it deems to be unfair Chinese trade practices. Specifically, the government is seeking views on the potential application of a surtax on critical mineral products, batteries and parts, solar products, and semiconductors, as well as the timing of the coming into force of any potential measures. These measures would build upon those announced on August 26, which were a 100 per cent surtax on all Chinese-made EVs and a 25 per cent surtax on imports of steel and aluminum products from China.
Photo credit: serikbaib / Adobe Stock
Investing in natural resources sector a solution to Canada’s productivity problem: Chamber report
A new report from the Canadian Chamber of Commerce’s Business Data Lab (BDL) says Canada’s productivity problem can be addressed by a renewed focus on enabling and investing in Canada’s natural resources sector.
The report, Canada’s Natural Wealth: Highlighting Canada’s strong natural resources sector, assessing the economic challenges, and identifying growth opportunities, provides recommendations to address Canada’s place as one of the least productive G7 nations, with the country facing significant economic challenges, low productivity, declining living standards, regulatory uncertainty, and weak business investment.
Photo credit: Andy Dean / Adobe Stock
Niagara homes staying on market 36% longer than in 2023
In August, the Niagara Association of REALTORS® listed 1192 residential properties compared to 1220 in August 2023. The average days it took to sell a home in August 2024 was 45 days, a 36.4% increase from August 2023.
“Inventory is still holding fairly high, but recent improvement could be a sign of a busier-than-normal end of year for Niagara,” said Association President Nathan Morrissette.
Photo credit: TOimages / Adobe Stock
Train passengers travelling between St. Catharines and Niagara Falls should anticipate route changes throughout September — and a bus detour — as GO train track construction gets underway.
Metrolinx said train service between Niagara Falls GO and St. Catharines GO will be modified to accommodate “critical track work” between the Niagara Falls and Aldershot GO stations.
Photo credit: Gillian’s Place
Walk a Mile in Her Shoes returning to help Gillian’s Place
The 18th annual Walk a Mile in Her Shoes men’s march returns to Niagara to help end violence against women and raise money for needed supports.
“It’s an opportunity for men to stand up in solidarity, promote healthy relationships, break down barriers and promote healthy masculinity, while raising vital funds for Gillian’s Place,” said Graeme Dargavel, the organization’s development and communications director.
Photo credit: Looker_Studio / Adobe Stock
Share of Canadians in unaffordable housing returns to pre-pandemic levels
The share of households living in unaffordable housing—defined as spending 30% or more of their income on shelter costs—was 22.0% in 2022, virtually the same as it was in 2018 (21.5%), before the COVID-19 pandemic. In 2022, renters (33.0%) were more than twice as likely to spend 30% or more of their income on shelter costs than owners (16.1%), a gap that has persisted over time.
Photo credit: Bank of Canada / CC BY 2.0
Bank of Canada says trade disruptions could hinder inflation fight
Global trade disruptions could make it harder for the Bank of Canada to consistently meet its 2% inflation target, and it will have to balance the risks of controlling higher prices with ensuring economic growth, Governor Tiff Macklem said on Tuesday.
Inflation has fallen this year, pushed down by interest rates that were at a two-decade high of 5% for more than a year before the bank cut rates three times in a row from June.
Photo credit: Felix Mittermeier / CC0
China’s probe of Canadian canola will put both exports and farmers in jeopardy
Tariff wars are a recurring feature in the global trading system, and tensions between China and Canada have been ongoing for years. These tariff wars are largely driven by geopolitical tensions.
In 2019, for instance, China banned Canadian meat imports following the detention of Huawei’s chief executive officer, Meng Wanzhou. Although China cited the use of banned feed additives in Canadian meat as the reason, many viewed it as a diplomatic response to the rift between Ottawa and Beijing.
Photo credit: Policy Exchange / CC BY 2.0
Former Bank of Canada Governor Mark Carney to join Liberal Party as special adviser
Former Bank of Canada Governor Mark Carney will be joining the Liberal Party as a special adviser.
In an official press release on Monday, the party says Carney will serve as the chair of a leader’s task force on economic growth.
Did you know?
Focus on Finance & Economy
Interest rate cut welcome news for homeowners with variable-rate mortgages: experts
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.
