The Canadian housing market is feeling the weight of rising interest rates and slowing activity, but a report from Desjardins’ economics team says the burden won’t be heavy enough to break the market’s back. The report predicted prices could potentially fall 15 per cent from their Feb. 2022 peak by the end of next year. However, home prices would still remain above pre-pandemic levels.
Potential trouble ahead for those banking on their home to fund their retirement
Speaking of declining home prices — that could spell trouble for homeowners banking on their property to help finance their retirement, writes personal finance columnist Dale Jackson. While it shouldn’t be a surprise that home prices can move in either direction, Jackson says it’s a reminder that a broader and well-diversified investment portfolio is key to ensuring you have a robust retirement fund.
Preparing your finances for a potential recession
While there’s still a debate on whether or not Canada is heading towards a recession, it won’t hurt to start “recession-proofing” your finances now, especially for younger Canadians. Experts tell the Canadian Press that could include broadening your career skillset, reconsider spending habits that hurt your bank account and assess your abilities before you jump into stock investing.
New startup changes the game for driver’s ed
For any new driver hoping to be eligible for lower auto insurance rates, traditional driver’s education costs can add up. One digital startup is aiming to lower these expenses. Toronto-based Kruzee is leaning on technology to keep driving education prices reasonable, helping Canadians minimize the costs of getting behind the wheel.
CIBC increases minimum wage to $20 per hour
With tight labor markets forcing the big banks into fierce competition for workers, CIBC is increasing its minimum wage and pledging to push it even higher in coming years. According to a statement from the bank’s CEO, the lender’s minimum wage will be bumped to $20 per hour in Canada starting this July, with that number rising to $25 by the end of 2025.
– That’s the new record high for global wealth that was reached in 2021, a 10.6 per cent increase from the prior year, according to reporting by Bloomberg News.
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