Statistics Canada said Friday that retail sales rose 0.9 per cent to $66.4 billion in July, helped by stronger new car sales.

The agency said sales were higher in seven of the nine subsectors it tracks with sales at motor vehicle and parts dealers up 2.2 per cent, boosted by a 2.3 per cent increase in sales at new car dealers.

"It鈥檚 rare to see a positive surprise from Canadian consumers these days, but the July retail sales report delivered," Shelly Kaushik, an economist with BMO Capital Markets, said in a note to investors.

The period the figures covered was largely marked by people anticipating and then delighting in the Bank of Canada's decision to cut its key interest rate in July. The central bank cut rates again in September to 4.25 per cent.

The rate has weighed on shoppers, particularly those looking to make big purchases or take out mortgages, but as it's been dropping, it's delivered some relief to wallets.

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That was reflected in core retail sales, which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers. They rose 0.6 per cent in July.

Sales at food and beverage retailers increased because of a 1.2 per cent jump in sales at supermarkets and other grocery retailers, a 2.1 per cent climb at specialty food retailers and 0.4 per cent rise at convenience retailers and vending machine operators.

Higher sales were also reported at health and personal care retailers in July.

In volume terms, Statistics Canada said retail sales across the month increased 1.0 per cent.

However, sales at gasoline stations and fuel vendors fell 0.6 per cent for the month as sales for the subsector in volume terms fell 1.7 per cent.

Looking forward, Statistics Canada said its preliminary estimate for retail sales in August pointed to a gain of 0.5 per cent for the month, though it cautioned the figure will be revised.

"As we鈥檝e stressed many times before, spending growth pales in comparison to the population surge," Kaushik said. "Consumers will need to see more rate cuts filter through the economy to see a more meaningful recovery."

TD Bank economist Maria Solovieva also detected the same downward trend in retail spending.

"A good start to the quarter is unlikely to sway the odds decisively on whether the Bank of Canada will cut rates by 50 basis points in October," she told investors in a note.

This report by The Canadian Press was first published Sept. 20, 2024.

In a speech today, Macklem says the central bank is approaching the issue cautiously to get a better understanding of how AI could affect its job of keeping inflation low and stable.

The governor says AI has the potential of increasing labour productivity, which would raise living standards and grow the economy without boosting inflation.

In the short-term, he says investment in AI is adding to demand and could be inflationary.

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However, Macklem also highlighted more pessimistic scenarios, where AI could displace more jobs than it creates or lead to less competition rather than more.

The governor called on academics and businesses to work together to shed more light on the potential effects of AI on the economy.

This report by The Canadian Press was first published Sept. 20, 2024.

In a speech in Sherbrooke, Que., explaining the bank's rate-setting process, Nicolas Vincent, the bank's external deputy governor and a professor at HEC Montreal, says communicating how it comes to its interest rate decisions is almost as important as the decision process itself.

He says when the bank cut its key interest rate in July, it said that downside risks to inflation were becoming increasingly important in the deliberations by the governing council, but the message was misunderstood.

Some interpreted it to mean that the bank believed downside risks had strengthened, but he says the bank intended to convey that with the two per cent target in sight, it gave increased consideration to the risk that inflation could fall below the mark.

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Vincent says the differences in interpretation can be very subtle, which makes choosing the right words all the more important.

The Bank of Canada cut its key interest rate earlier this month for the third time this year to bring it to 4.25 per cent.

This report by The Canadian Press was first published Sept. 19, 2024. 

David Macdonald, a senior economist with the Canadian Centre for Policy Alternatives, says the biggest affordability "pain points" remain housing costs and food.

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"At this point those costs are continuing to rise, but they're just not rising as quickly," Macdonald told 麻豆影视 Channel on Tuesday. "So the affordability crisis is going to remain as bad as it is now, but it's probably not going to get much worse."

With mortgage interest costs continuing to fall, Macdonald says we should also begin to see rent decreases by the end of 2024.

"Rent is still at an all-time high year-over-year," Macdonald explained. "But I really think we're going to benefit over the next three months in particular from the year-over-year [decreases] in mortgage interest costs."

While vital costs like housing and food remain high, some prices are already falling according to the .

"There are actually a lot of categories now where we're actually seeing deflation," Macdonald said. "This is the case if you're looking for furniture and appliances, if you're looking for clothing or footwear or jewelry."

Like many analysts, Macdonald expects the Bank of Canada to continue cutting interest rates as inflation cools. Most Canadians, however, will still face affordability challenges as the economy adjusts.

"It takes a year-and-a-half to two years for the full benefits of lower interest rates to be seen in the economy," he added. "And so even if we made these big rate drops tomorrow, we wouldn't see [the benefits] until 2026."

You can watch the full interview with Macdonald above.

With files from 麻豆影视 Channel

The (CPI) climbed two per cent year-over-year in August, Statistics Canada reported. It said it's the slowest pace of growth since February 2021.

The data shows what Canadians spent more or less money on in the last month.

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StatCan said mortgage interest cost and rent were still the main contributors behind the CPI's growth in August.

Conversely, some prices were cheaper, notably air transportation, gasoline, clothing and footwear, and travel tours.

Mortgage interest cost

For the 12th straight month, the mortgage interest cost index rose at a slower pace year-over-year in August at 18.8 per cent, according to StatCan. However, it has been the top inflation driver since December 2022.

• The latest on inflation in Canada

Groceries

Consumers paid 2.4 per cent more for from stores in August compared to the same period last year, up from a 2.1 per cent hike in July. Notably, prices rose for dairy products and fresh fruit. Tomatoes had among the steepest hikes, rising 8.7 per cent last month, or 5.3 per cent year-over-year. Grapes were 4.5 per cent pricier last month compared to July, or 7.6 per cent higher year-over-year. People paid 4.3 per cent more for sugar and syrup in August, or 2.1 per cent more year-over-year. Roasted or ground coffee was also up two per cent last month, or 0.9 per cent year-over-year.

Canadians paid 0.6 per cent more last month for fresh and frozen meat, excluding poultry. These pricier meat products cost 6.8 per cent more than they did in August 2023.

Even with the price increases, Canadians got some relief. Among the items that cost less last month were peppers, onions, carrots, cucumbers, frozen and dried vegetables, and ham and bacon.

Gasoline

It was also less painful at the pumps. declined 2.6 per cent last month compared to July, the third monthly dip in four months.

"The decline in August 2024 was mainly due to lower crude oil prices amid economic concerns in the United States and slowing demand in China," according to StatCan.

Clothing and footwear

cost less in August, despite what shoppers usually see in the back-to-school season.

Prices for these items fell 0.6 per cent last month compared to July.

"A drop in prices in the month of August has not been observed since 1971, as this month is typically associated with back-to-school clothes shopping, with stronger demand putting upward pressure on prices," StatCan said.

Grappling with slower demand last month, retailers tried to boost consumer spending with more and bigger discounts, StatCan wrote.

That was the picture recorded from April to June in Canada, according to Statistics Canada鈥檚 second-quarter report on job vacancies.

Vacancies have steadily fallen since the glut of nearly one million open posts in 2022. At the time, one in three businesses had trouble hiring staff due to a labour shortage. Two in five had issues finding skilled staff, and one in four would have to fight to keep them.

The agency says available , which may have been lower than what prospective employees were willing to accept at the time, could have limited hiring. Some businesses also said they were weathering a spike in retirements among boomer-aged workers.

Since then, . Unemployment has gained steadily to 6.6 per cent from the 4.8 recorded in the summer of 2022. Last quarter, there were just 580,000 available jobs in Canada -- a far cry from one million.

The drop in vacancies can be attributed in large part to few openings for jobs requiring high school education or less, according to StatCan. There were 30 per cent fewer vacancies than last year in those fields, accounting for 70 per cent of the overall decline.

The trades, transport and equipment operators and related occupations saw the largest losses in vacancies over the last year. By the end of the second quarter, open jobs in those fields were 30 per cent fewer than the year before.

The deepest losses were among transport trucking jobs, construction helpers and labourers, material handlers, and residential commercial installers and servicers.

How did we get here? Low wages and 'lousy' jobs

鈥淚t鈥檚 very hard to find a job in Canada today,鈥� said Jim Stanford, economist and director for the Centre for Future Work, a non-partisan policy think tank.

He called Canada鈥檚 job market 鈥渦nacceptably weak,鈥� arguing the government and the central bank overreacted to pandemic 鈥渟hock.鈥�

During the early pandemic years, Stanford recalled, the Canadian government largely halted immigration and the regular operations of several industries.

Vacancies skyrocketed once the government ended lockdowns and lifted restrictions, he said. However, Canada鈥檚 workforce changed.

鈥淐anadians did not give up on work,鈥� Stanford told CTVNews.ca. 鈥淲hen those jobs disappeared, they figured out what to do. 鈥� They went and got more training.鈥�

And when the jobs reappeared, many expected better wages, he says.

鈥淓mployers in those industries cried, saying people 鈥榙on鈥檛 want to work,鈥欌�� and demanded the government take measures to remedy the worker shortage, he continued. In response, the Liberal government eased rules on temporary foreign workers, among other measures.

The Temporary Foreign Workers Program allows businesses to hire foreign staff in the absence of Canadian labour.

Since then, the program has drawn the ire of international spectators. Notably, the United Nations called it a 鈥渂reeding ground for .鈥�&苍产蝉辫;

• The latest on inflation in Canada

To remedy the influx of foreign workers, the Liberals have since announced cuts to the program. Stanford said the Bank of Canada should continue to lower interest rates to reduce costs on Canadians and ease the strains of post-pandemic economic recovery.

And if the government is capable of reducing unemployment and increasing job vacancies, 鈥渆mployers will cry again,鈥� he said.

鈥淣ext time we hear that cry, we should ignore it.鈥�&苍产蝉辫;

With files from The Canadian Press

The agency has been using web-collected data on the advertised cost of plans based on a set of profiles designed to reflect how households use their devices.

However, Statistics Canada has now started using actual sales data from participating wireless companies to help build a picture of the changing cost of wireless plans.

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The price for cellular services in August was down 12.8 per cent compared with a year earlier, based on the agency's report Tuesday.

However, Statistics Canada has said caution should be used when interpreting the year-over-year move for the first 12 months following the change.

The cellular services price index is part of the household operations, furnishings and equipment index. It represents 1.22 per cent of the CPI basket based on 2023 expenditures.

This report by The Canadian Press was first published Sept. 17, 2024.

The consumer price index posted its smallest rate of increase since February 2021 and the closely watched core price measures also cooled to their lowest levels in 40 months, Statistics Canada said.

Consumer prices fell 0.2 per cent on a month-on-month basis, it said.

"We expect central bankers to slash their policy rate by 50 basis points next month in an effort to expedite the return to a more neutral setting," Royce Mendes, head of macro strategy at Desjardins Group, wrote in a report.

A neutral setting is when the policy rate is around the so-called neutral rate of interest, which is between 2.25 per cent and 3.25 per cent in Canada, a range where interest rates are neither restricting nor stimulating growth.

Analysts polled by Reuters had forecast the consumer price index (CPI) would cool to 2.1 per cent from 2.5 per cent in July on an annual basis, and expected it to be unchanged on a monthly basis.

At the Bank of Canada's monetary policy decision announcement earlier this month, Governor Tiff Macklem said the central bank had to increasingly guard against the risk that inflation could fall below its target as economic growth was weak.

Economic growth in Canada has been losing steam, with the gross domestic product in the third quarter likely to fall to half of the BoC's forecast. Unemployment has also fallen to a seven-year low barring the pandemic years of 2020 and 2021.

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"The gradual rise in the unemployment rate and slowing pace of economic growth ... suggest high interest rates are working to cool the economy. In fact, maybe they're working too well," said Randall Bartlett, senior director of Canadian economics at Desjardins.

"We think the BoC is likely to cut the policy rate by 50 basis points at its October announcement," he added.

The BoC has reduced its key policy rate three times in a row, cutting it by a cumulative 75 basis points to 4.25 per cent.

Money markets are fully pricing in 25-basis-point rate cuts at each of the last two monetary policy meetings of 2024. Expectations of a 50-basis-point cut next month rose to 47.5 per cent from 46 per cent before the data on Tuesday were released.

Lower gasoline prices

The easing of price pressures was primarily helped by a drop in the prices of gasoline, telephone services and clothing and footwear, while shelter costs - mortgage and rents - continued to cool at a tepid pace as rents maintained their relentless rise.

The Canadian dollar edged lower to C$1.3589 to the U.S. dollar, or 73.59 U.S. cents.

The BoC had predicted annual inflation to be at 2.6 per cent this year and fall to 2.4 per cent next year before coming down to its mid-point of the target range of 1-3 per cent in 2026.

CPI-median - or the price change located in the middle of the CPI basket - slowed to 2.3 per cent in August from 2.4 per cent in July annually. CPI-trim - which excludes the most and the least volatile price items - cooled to 2.4 per cent from 2.7 per cent.

Gasoline prices, which contributed the most to the fall in inflation, fell by 5.1 per cent and those for clothing and footwear fell by 4.4 per cent.

Shelter costs, which account for close to 30 per cent of the CPI basket, rose 5.2 per cent in August, from 5.7 per cent in July, primarily led by mortgage interest costs and rents.

Mortgage interest costs slowed to 18.8 per cent in August from 21 per cent in July, while rents rose 8.9 per cent from 8.5 per cent. Mortgage interest costs and rent remained the largest contributors to the increase in the CPI in August, StatCan said.

(Additional reporting by David Ljunggren in Ottawa; Editing by Dale Smith, William Maclean and Paul Simao)

"It is going to put the dream of home ownership in reach for more young Canadians," Freeland told reporters Monday, announcing changes she said will come into force in December.

The price cap for insured mortgages will be boosted for the first time since 2012, moving to $1.5 million from $1 million, to allow more people to qualify for a mortgage with less than a 20 per cent down payment.

"That is going to have a real impact for thousands, even millions of Canadians," Freeland said.

The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.

On Aug. 1 eligibility for the 30-year amortization was changed to include first-time buyers purchasing a newly built home. Freeland said this change better reflects the housing market while "giving first-time homebuyers a leg-up."

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She pushed back on suggestions that the measures will only further inflate housing prices. She said boosting the price cap for insured mortgages reflects how Canada's gross domestic product has grown over years.

"It needs to keep up with the increase in the size of the Canadian economy," Freeland said. "That's just a recognition of economic reality."

Justice Minister Arif Virani is also releasing drafts for a bill of rights for renters as well as one for homebuyers, both of which the government promised in its budget five months ago.

Virani says the government intends to work with provinces to prevent practices like renovictions, where landowners evict tenants and make minimal renovations and then seek higher rents.

Ottawa also wants to boost transparency by making sales price history available on title searches, and protect potential buyers from blind-bidding.

"What we find is important is ensuring that there's a level playing field when you're trying to rent a place to live, or to actually get to the stage of buying a home," Virani said.

The government is touting the measures it announced Monday as the "boldest mortgage reforms in decades," and it comes after a year of criticism over high housing costs.

The Liberals have been slumping in the polls for months, including among younger adults who say not being able to afford a house is one of their key concerns.

Freeland says she plans to table a Fall Economic Statement but would not say when. Such a move may lead to a confidence vote in the Commons, following the NDP ending a formal agreement to prop up the minority Liberal government in such votes.

She also said the government is "absolutely not" considering a home-equity tax on primary residences above a certain value, when asked about government engagement with a group that promotes such a policy.

This report by The Canadian Press was first published Sept. 16, 2024.

Ahead of Statistics Canada's consumer price index set to be released on Tuesday, economists polled by Reuters are expecting the report to show prices rose 2.1 per cent from a year ago, down from a 2.5 per cent annual gain in July. The forecasters also anticipate inflation remained flat on a month-over-month basis.

"Unless there's something lurking out there that we're not aware of, it looks like we're headed for a pretty favourable reading," said BMO chief economist Douglas Porter.

RBC economists Nathan Janzen and Claire Fan said in a report last week that those expectations would put the headline inflation rate just a hair over the Bank of Canada's two per cent inflation target.

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"Most of that August slowing is expected from a pullback in gasoline prices, but the (Bank of Canada's) preferred core CPI measures are also expected to trend lower, with the closely-watched three-month annualized growth rate easing from an average of 2.6 per cent in July," the RBC economists said.

The continued progress on slowing inflation comes as the central bank has signalled a willingness to speed up cuts to its key lending rate if circumstances warrant.

The Bank of Canada reduced its key lending rate by a quarter-percentage point earlier this month 鈥� the third consecutive cut 鈥� to 4.25 per cent. Governor Tiff Macklem said the decision was motivated by falling inflation, noting if the CPI moving forward "was significantly weaker than we expected ... it could be appropriate to take a bigger step, something bigger than 25 basis points."

On the other hand, Macklem said if inflation is stronger than expected, the bank could slow the pace of rate cuts.

Inflation has remained below three per cent since January and fears of price growth reaccelerating have diminished as the economy has weakened.

Porter said despite progress on the inflation rate, it's still "not in a place where it's a compelling argument that the bank has to go even faster."

He forecasts the central bank will cut its key lending rate by a quarter-percentage point at every meeting until July 2025, bringing it down to 2.5 per cent by that time. That prediction also comes after data released last week that showed Canada's unemployment rate rose to 6.6 per cent in August from 6.4 per cent in July.

However, Porter said it's possible the bank could speed up its rate cutting cycle if inflation continues easing.

"If we're going to be wrong, it's that we're going to get to 2.5 per cent even more quickly and possibly lower than that," said Porter.

"There is a case to be made that if the economy were to weaken further, there's little reason for the bank to keep rates in what they consider to be the neutral zone. They could go below that."

Shelter costs have remained the main driver of inflation as Canadians face high rents and mortgage payments. Porter noted that when factoring out housing costs, inflation in both Canada and U.S. is hovering slightly above one per cent.

"So really, the only thing keeping Canadian inflation above two per cent is shelter and it does look like shelter costs are probably going to fade," he said.

"It looks as if rents are starting to moderate. They're not necessarily falling, but not rising as quickly. And of course with interest rates coming down, ultimately the big kahuna here, mortgage interest costs, will recede as well."

With the U.S. Federal Reserve set to meet on Wednesday, Janzen and Fan said they expect the American central bank to announce its first rate cut in four years.

"Gradual but persistent labour market softening and slowing inflation make it clear that current high interest rates are no longer needed," they wrote.

"We think governor (Jerome) Powell鈥檚 comments will likely stay on the cautious side 鈥� hinting at future rate cuts without committing to a pre-determined path to allow for more flexibility in future decisions."

With files from Nojoud Al Mallees in Ottawa

This report by The Canadian Press was first published Sept. 15, 2024. 

In filings in an Ontario court as part of one of the class action cases, Canada Bread alleges Maple Leaf broke the law and breached its management agreements.

Maple Leaf was the controlling shareholder of Canada Bread up until Grupo Bimbo bought the company in 2014.

Canada Bread is so far the only company to be fined by the Competition Bureau in relation to the alleged scheme, taking a $50-million hit in 2023 after pleading guilty to four counts of price-fixing bread products under the Competition Act.

Canada Bread admitted to arranging with Weston Foods, then a George Weston subsidiary, to increase prices on a variety of packaged bread products, resulting in two price increases.

Canada Bread has previously denied participating in a "lengthy, wide-ranging conspiracy" to fix the price of bread, and instead said any anticompetitive behaviour it participated in was at the direction and to the benefit of Maple Leaf Foods.

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At the time, Maple Leaf Foods said allegations of improper pricing conduct at Canada Bread while under Maple Leaf's control were "totally unfounded."

Now, Canada Bread alleges Maple Leaf is liable for any damages it has sustained or will sustain from the Competition Bureau investigation and the lawsuits.

Maple Leaf senior vice-president and general counsel Suzanne Hathaway said the company rejects all of Canada Bread's claims.

"Maple Leaf Foods acted appropriately at all times, including with respect to making full, plain and true disclosure to Grupo Bimbo at the time of its acquisition of Canada Bread," Hathaway said in a statement.

"We will continue to vigorously defend ourselves against these unfounded claims."

In 2021, the court certified the class-action lawsuit but did not certify it against Maple Leaf Foods, Hathaway noted in her statement.

The plaintiffs in the lawsuit are currently seeking to add Maple Leaf to the list of defendants in the case, arguing Canada Bread's guilty plea and filings in the class action implicate its former owner. Maple Leaf is contesting the plaintiffs' request.

In its amended statement of defence and crossclaim filed Thursday, Canada Bread said Maple Leaf selected and appointed the members of Canada Bread's board, installed one of its senior officers to run the company, and agreed to provide legal and compliance services. Therefore, Canada Bread argued that Maple Leaf knew or ought to have known of any anticompetitive conduct, making it "vicariously and contractually liable."

In June 2023, Maple Leaf told The Canadian Press that it was not aware of any wrongdoing by Canada Bread or its senior leadership during the time it was a shareholder.

"We have acted ethically and lawfully at all times. We are not aware of and have never engaged in inappropriate or anticompetitive activity, and we will defend ourselves vigorously against any allegation to the contrary," Maple Leaf said at the time.

In July, Loblaw Cos. Ltd. and George Weston Ltd. said they had agreed to pay $500 million to settle the two class-action lawsuits -- in Ontario and Quebec -- regarding the alleged bread price-fixing scheme.

The Ontario class action lawsuit is on behalf of all Canadian residents who bought bread after Nov. 1, 2001, except for Quebec residents. It was brought against a group of companies that includes Loblaw and George Weston, Metro, Walmart Canada, Giant Tiger and Sobeys and its owner Empire Co. Ltd.

Metro has denied being involved in bread price-fixing, accusing Loblaw and George Weston of conspiring to spread the blame across the industry, something Loblaw has denied.

Sobeys and Giant Tiger have also said they were falsely implicated. Walmart Canada has also denied participating in the alleged conspiracy.

The Competition Bureau began investigating alleged bread price-fixing in 2016 after Weston Foods and Loblaw, subsidiaries of George Weston at the time, admitted they participated in an "industry-wide price-fixing arrangement" and received immunity from prosecution in exchange for co-operation.

This report by The Canadian Press was first published Sept. 12, 2024. 

Rather than enrolling in a formal program, the Toronto woman joined together with a group of neighbours who pooled funds to hire a private instructor at a recreation centre.

Sharma figured swimming and soccer, which her four-year-old also recently picked up, would be "the two cheap programs" compared with other youth sports options like hockey. She has quickly learned how expensive any program can be.

As Canadians cope with rising costs in all corners of their lives, experts say kids' athletic programs are no exception, making it more difficult for families to keep their children active at an affordable price.

"When you look at the rising costs, all these things add up very quickly 鈥� 'Oh, it's only $50 for this or $100 for this.' And then you're looking at thousands, which is shocking to me; thousands of dollars on an annual basis," Sharma said.

She estimated a final price tag ranging from $700 to $1,000 to keep a young child in soccer for a full year, including annual expenses for equipment such as new shoes.

But costs at the beginner level pale in comparison to what awaits parents as their kids get older, especially if they want to play at more advanced levels of a particular sport.

Chris Scheele, an Edmonton-based financial planner at Align Wealth, said fees can quickly snowball to amounts "that families are not prepared for."

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"I think a lot of people are feeling like it's harder and harder to afford," said Scheele, who has spent much of his career advising parents on how to budget for their kids' high-level sports journeys.

"They really want their kids to have that experience, but the cost is one thing that's preventing it in some cases."

More competitive leagues may entail travel tournaments with hotel stays, more ice or field rental fees, and even higher quality equipment. That's on top of the greater time commitment, with practices and games not necessarily confined to the weekend or evenings.

"I think the often-underestimated piece is the cost escalation over the years," Scheele said.

"If you decide to go to a competitive strain of soccer, the cost difference for a 14-year-old versus an eight-year-old is probably pretty extreme. The further you progress into it, the older you are, the more time commitment, so the more costs for coaching fees or facility bookings or team travel."

If it seems a child has the potential to pursue their favourite sport at a competitive level over the long term, Scheele recommends families start preparing early for the financial burden. Just like planning for retirement, he said it's important to have a plan in place that accounts for both known and unknown costs associated with their child's athletic path.

He also noted there are many assistance programs in Canada that aim to provide financial support for families in need with kids in sport.

One of those, KidSport Canada, helped more than 40,200 kids participate in athletic programs last year by paying a portion of their registration fees 鈥� an amount that usually falls between $300 and $400 per child, said its CEO Greg Ingalls.

"We're seeing that the cost of sport is rising as is the cost of living, and with that, obviously, there's going to be a larger percentage of families that can't afford to get their kids into sport or are choosing to spend their dollars in other places," Ingalls said.

Sharma, a personal finance expert who is chief revenue officer of Fig Financial, said parents are increasingly facing difficult decisions about prioritizing and limiting after-school activities in order to make ends meet.

Compounding the problem is the expectation that children start early in a given sport 鈥� both to confirm they are actually interested in continuing, as well as to avoid falling behind their peers if they pick it up late.

"You can't wait until they're 12, 13 to enroll them in some of these programs because by then it's too late," she said.

"So there is a tremendous amount of parental guilt attached with this. Every parent wants to do their best by their kids."

She said one of the major consequences to the rising cost of athletic programs is that "it pushes out kids that are not superstars."

"If you're a superstar and you're in a sport, you feel like the investment is 'worth it,' there's a (return on investment) there. But when you're so young, the biggest part of being in a sporting activity is to have fun. It is to grow," she said.

"It really is creating a divide between the haves and have-nots, because people are being forced to make these decisions."

For families that can afford to play, or qualify for assistance, Ingalls said there are few substitutes for the value that a child's sporting experience can give them for years to come.

"Sport teaches the life skills that they'll carry with them the rest of their life, how to be a good teammate, how to work hard toward things, rules and consequences for breaking rules," he said.

"And while we see the cost of sport increasing, it's still an excellent investment in children's future."

This report by The Canadian Press was first published Sept. 12, 2024.

"It's just one small part of our store," Neil Rossy told analysts on a Wednesday call, where he was questioned about the company's food merchandise and rivals playing in the same space.

"We will keep an eye on all retailers 鈥� like all retailers keep an eye on us 鈥� to make sure that we're competitive and we understand what's out there."

Over the last decade and as consumers have more recently sought deals, Dollarama's food merchandise has expanded to include bread and pantry staples like cereal, rice and pasta sold at prices on par or below supermarkets.

However, the competition in the discount segment of the market Dollarama operates in intensified recently when the country's biggest grocery chain began piloting a new ultra-discount store.

The No Name stores being tested by Loblaw Cos. Ltd. in Windsor, St. Catharines and Brockville, Ont., are billed as 20 per cent cheaper than discount retail competitors including No Frills. The grocery giant is able to offer such cost savings by relying on a smaller store footprint, fewer chilled products and a hearty range of No Name merchandise.

Though Rossy brushed off notions that his company is a supermarket challenger, grocers aren't off his radar.

"All retailers in Canada are realistic about the fact that everyone is everyone's competition on any given item or category," he said.

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Rossy declined to reveal how much of the chain's sales would overlap with Loblaw or the food category, arguing the vast variety of items Dollarama sells is its strength rather than its grocery products alone.

"What makes Dollarama Dollarama is a very wide assortment of different departments that somewhat represent the old five-and-dime local convenience store," he said.

The breadth of Dollarama's offerings helped carry the company to a second-quarter profit of $285.9 million, up from $245.8 million in the same quarter last year as its sales rose 7.4 per cent.

The retailer said Wednesday the profit amounted to $1.02 per diluted share for the 13-week period ended July 28, up from 86 cents per diluted share a year earlier.

The period the quarter covers includes the start of summer, when Rossy said the weather was "terrible."

"The weather got slightly better towards the end of the summer and our sales certainly increased, but not enough to make up for the season's horrible start," he said.

Sales totalled $1.56 billion for the quarter, up from $1.46 billion in the same quarter last year.

Comparable store sales, a key metric for retailers, increased 4.7 per cent, while the average transaction was down 2.2 per cent and traffic was up seven per cent, RBC analyst Irene Nattel pointed out.

She told investors in a note that the numbers reflect "solid demand as cautious consumers focus on core consumables and everyday essentials."

Analysts have attributed such behaviour to interest rates that have been slow to drop and high prices of key consumer goods, which are weighing on household budgets.

To cope, many Canadians have spent more time seeking deals, trading down to more affordable brands and forgoing small luxuries they would treat themselves to in better economic times.

"When people feel squeezed, they tend to shy away from discretionary, focus on the basics," Rossy said. "When people are feeling good about their wallet, they tend to be more lax about the basics and more willing to spend on discretionary."

The current economic situation has drawn in not just the average Canadian looking to save a buck or two, but also wealthier consumers.

"When the entire economy is feeling slightly squeezed, we get more consumers who might not have to or want to shop at a Dollarama generally or who enjoy shopping at a Dollarama but have the luxury of not having to worry about the price in some other store that they happen to be standing in that has those goods," Rossy said.

"Well, when times are tougher, they'll consider the extra five minutes to go to the store next door."

This report by The Canadian Press was first published Sept. 11, 2024.

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While tipping at sit-down restaurants is generally seen as appropriate, the majority of people don鈥檛 want to be asked to chip in any extra money when it comes to takeout food.

The survey, , asked more than 1,200 people what businesses they felt it was appropriate to be asked for a tip.

Overall, 77 per cent of Canadians were fine with tipping at a sit-down restaurant. The majority of people were also fine with tipping at salons, while nearly half of people thought hotel housekeeping, taxi services and food delivery deserved extra cash on top of the cost.

At the bottom of the list were retail stores, where only seven per cent of people said a tip could be appropriate. And for fast-food places, restaurant takeout and grocery picking, around four out of five people said they wouldn鈥檛 want to tip.

How much to tip?

According to a 2023 Angus Reid survey, . Despite this "tip-flation", most people feel a tip of 15 per cent is still the appropriate amount to voluntarily tack onto their bills.

When asked about tipping at a sit-down restaurant, nearly half of all respondents said a 15 per cent tip was the way to go. Six per cent responded with no tip, and only two per cent wanted to tip 25 per cent or above.

The response of 15 per cent for tips was especially stark in Quebec, where two-thirds of respondents said that number was the way to go.

For a hair salon or barber shop, 15 per cent won out again, but people said they tend to tip a bit less.

The survey was conducted between Aug. 9 and 10, 2024. In total, 1,230 people responded to the online survey. Results were geographically weighted proportionately to 2016 Census demographic results. Narrative Research said the non-probability sampling represented a 鈥済ood cross-section of Canadian residents鈥� based on age, income, employment status, ethnicity and education levels.

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The report from Rentals.ca and Urbanation finds the average Vancouver rental rate was down six per cent from last year to $3,116 for the ninth straight month of declines, while Toronto rents fell seven per cent to $2,697 for the seventh month of retreat. 

Rents were also down slightly in Ottawa, Montreal, and for the first time since February 2021 in Calgary. 

In contrast, numerous other cities have seen double-digit increases, including a 22 per cent jump in Quebec City to $1,705, an 18 per cent jump in Regina to $1,418 and a 15 per cent increase in Gatineau, Que., to $2,054.

The increases left all provinces outside of Ontario and British Columbia with rising rates.

Overall, rising rents in smaller markets outweighed the reductions in the biggest cities to leave asking rents in August up 3.3 per cent from last year to $2,187.

However, the increase was the slowest annual pace in almost three years, decreasing sharply from growth of seven per cent in June and 9.3 per cent in May, the report said.

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"The moderation in rent increases can be attributed to apartment completions this year reaching their highest total in decades, as well as a recent slowdown in population growth and a softening labour market."

The average rental rate is also down slightly from July when it hit $2,201, but overall rates have seen little change month-to-month recently. 

Rates are up sharply from pandemic lows when they averaged below $1,700, while pre-pandemic, rates were under $1,900. 

The federal government has been rolling out some measures to try and tamp down on rent increases, including a cap on international student enrolments and aiming to overall reduce the number of temporary residents, while also rolling out more funding to build more rental supply. 

Construction of new rental options however have been hampered by high interest rates and rising construction costs.

This report by The Canadian Press was first published Sept. 10, 2024

In a speech to the Canada-UK Chamber of Commerce in London on Tuesday, he said international trade is being rewired, recast and redirected.

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"We need to be effective at the international table to influence how trade is recast and redirected," Macklem said in prepared remarks.

Macklem noted the Bank of Canada doesn鈥檛 set trade policy, but it needs to understand the shifts because of how they drive costs and inflation.

"Going forward, with globalization slowing, the cost of global goods may not decline to the same degree. All things equal, this could put more upward pressure on inflation," he said.

"Trade disruptions may also increase the variability of inflation."

The governor's speech comes after the central bank, which aims to keep inflation within a target range of one to three per cent, cut its key interest rate target last week by a quarter of a percentage point to 4.25 per cent. 

Macklem repeated comments made last week that if the economy continues to evolve as the central bank is expecting, it is reasonable to expect further interest rate cuts. 

Globe trade growth has slowed in recent years, while public and political support for open trade has lessened. Geopolitical tensions have changed key trading relationships.

China has become a key exporter of high-tech electronics and built the world's largest electric vehicle industry, while concerns about national and economic security has prompted the United States to ban the use of some Chinese products. 

The U.S. and Canada have also moved to impose tariffs on Chinese EVs 鈥� which are much cheaper 鈥� as both countries invest in building domestic EV supply chains.

Macklem noted the Canada-U.S. trade relationship is very valuable to both countries.

"I think continuing that strong relationship is going to be very important for Canada," he said.

The nature of what is being traded is also changing as trade in services has increased.

The governor said Canada needs to invest in trade infrastructure and reduce trade barriers as shifting supply chains represent risks as well as opportunities for Canadian business.

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Canada needs to invest in the electricity grid and transportation infrastructure, while businesses need to invest in new equipment and innovation to remain competitive, he says.

Macklem said global trade has slowed and the growth that is happening is shifting from goods to services, while China鈥檚 role is also changing.

鈥淲e need to build better relationships, produce the products people want to buy, build and maintain the infrastructure to get those products to market, and boost our productivity to compete globally,鈥� he said.

This report by The Canadian Press was first published Sept. 10, 2024.

According to Gas Wizard, a website that tracks gas prices in Canada, the national average for a litre of gas on Sept. 6 was $1.49, compared with $1.71 on the same day last year.

Dan McTeague, president of Canadians for Affordable Energy and the site operator for Gas Wizard, says several factors are contributing to the price drop at the pump.

A typical 191-litre barrel of crude oil typically produces about 90 litres of motor gasoline. "So, that $20 is pretty significant," said McTeague.

There also haven鈥檛 been any geopolitical or weather events severe enough to impact supply, he notes, and energy markets are not convinced there is a surge in demand, nor are they concerned about the supply.

鈥淐hina and the United States haven鈥檛 been really looking at fundamentals like supply, which is tightening, and demand, which is remaining robust. Instead, they are concerned about things like interest rates, and concerned there may be another slowdown economically around the corner,鈥� said McTeague.

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鈥淎nd it鈥檚 really that that鈥檚 keeping prices in check, if you will.鈥�

Ian Lee, an associate professor of business at Carleton University in Ottawa, says any time the price of crude is low, the energy industry will be 鈥渨atching with heightened scrutiny鈥�.

As well, governments have taken in the variability of the price of crude into their budgetary planning.

鈥淚t鈥檚 not going to have an immediate impact on the economy,鈥� he said. 鈥淚t鈥檚 not that the corporations are going to suddenly say, 'Okay, that鈥檚 it: We鈥檙e slashing our workforce.'鈥�

Moshe Lander, an economics professor at Concordia University in Montreal, says drivers may enjoy savings now, but they may be short-lived.

鈥淚n Atlantic Canada, where they're using heating oil, and in Alberta, where we're using natural gas to fuel a lot of our homes, this is the type of thing that whatever reprieve you're getting now might very easily be clawed back in an early winter,鈥� said Lander.

Experts say the price of gas will drop another six cents across the country when the summer blend of gas is replaced with the winter blend.

The economy added a net 22,100 jobs in August, fully driven by part-time employment, Statistics Canada said.

Analysts polled by Reuters had forecast a jobless rate of 6.5 per cent and net job additions of 25,000 in August.

The Canadian dollar strengthened to C$1.3467 to the U.S. dollar, or 74.26 U.S. cents, up 0.3 per cent on the day.

Canada's economy had been losing steam under the pressure of high interest rates, and most of the growth seen earlier in the year was primarily led by increase in population.

But as GDP growth has lagged population growth, unemployment has crawled up, stoking fears of a recession.

Canada's unemployment rate has risen by 1.6 percentage points since January 2023, which some economists have called alarming and pressed for deeper rate cuts to prop up growth.

The rise in unemployment was largest amongst the youth aged 15 to 24 on a year over year basis and the rate of joblessness this summer amongst them was highest in eight years.

The Bank of Canada this week trimmed its key policy rate by 25 basis points to 4.25 per cent, its third such move in a row and Governor Tiff Macklem said that deeper rate cuts could be implemented if the economy needed support.

Slow employment growth was one of the reasons that could temper robust GDP growth projections for the third quarter, he said during his remarks.

Financial markets trimmed their expectations of a rate cut in October to 93 per cent from 98 per cent before Friday's announcement. Traders are fully pricing in two 25 basis point rates cut by December. 0#BOCWATCH

The employment rate, or the number of people with jobs out of the total working age population of 15 years and older, has been steadily falling and hit 60.8 per cent in August, Statscan said. It has fallen in 10 out of the last 11 months.

The average hourly wage growth of permanent employees slowed to an annual rate of 4.9 per cent in August from 5.2 per cent in July, the statistics agency said. The wage growth figure, which has been partly responsible for keeping inflation high, is closely watched by the BoC.

(Reporting by Promit Mukherjee. Editing by Dale Smith, David Ljunggren, Philippa Fletcher)

France's CAC 40 slipped 0.3 per cent in early trading to 7,407.73, while Germany's DAX shed 0.6 per cent to 18,467.13. Britain's FTSE 100 dropped 0.5 per cent to 8,203.63. U.S. shares were set to drift lower with Dow futures down 0.3 per cent at 40,691.00. S&P 500 futures fell nearly 0.7 per cent to 5,476.25.

Trading was cautious in Asia amid lingering worries about a possible recession in the U.S. The job market report, set for release later in the day, is key, possibly dictating how big of a cut to interest rates the Federal Reserve will deliver at its next meeting later this month.

After keeping its main interest rate at a two-decade high to stifle inflation, the Fed has hinted it鈥檚 about to begin cutting rates to keep the economy from sliding into a recession.

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Japan鈥檚 benchmark Nikkei 225 fell 0.7 per cent to finish at 36,391.47. Australia鈥檚 S&P/ASX 200 rose 0.4 per cent to 8,013.40, while South Korea鈥檚 Kospi slipped 1.2 per cent to 2,544.28. The Shanghai Composite shed 0.8 per cent to 2,765.81. Trading was halted in Hong Kong because of a typhoon.

In the U.S., one report suggested companies slowed their hiring last month, falling short of forecasts, while another found fewer workers filed for unemployment benefits last week than expected.

A separate report said growth for businesses in the finance, health care and other services industries was stronger last month than expected.

In energy trading, benchmark U.S. crude fell three U.S. cents to US$69.12 a barrel. Brent crude, the international standard, added 4 cents to US$72.73 a barrel.

In currency trading, the U.S. dollar edged down to 142.75 Japanese yen from 143.40 yen, The euro cost US$1.1111, little changed from US$1.1112.

AP Writer Stan Choe contributed.

"It's only going to get better over time," said Paul Shelestowsky, a senior investment adviser at Meridian from Niagara-on-the-Lake, Ont.

Lower interest rates tend to result in lower borrowing rates, he said, expecting relief for those with credit card debt, home equity line of credit, variable rate loans or any loans tied to the Bank of Canada's key interest rate.

The central bank reduced its rate to 4.25 per cent on Wednesday, the first time it has slashed the rate for a third straight time since the 2009 global financial crisis.

"It almost feels like for the last couple of years, there's been so much pressure on our dollars from the inflation that now ... we can actually get some breathing room into our personal finances," Shelestowsky said in a video interview with CTVNews.ca on Thursday.

"I think we're really just seeing the beginning of the relief, but over the next six to 18 months, Canadians should expect to continue to see more relief coming in terms of what they're borrowing and more ability to save and pay down debt."

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In the wake of the Bank of Canada's latest rate cut, he advises people to watch their budgets and think about where they want to deploy their extra cash.

Do you want to use it to pay down debt, refinance it to get a lower rate, or put funds toward savings or long-term investments?

"Everybody's situation is different, but definitely use this time to take advantage of revisiting your budget, revisiting your income versus your expenses, paying down some debt that's at a higher rate," Shelestowsky said.

"So there's certainly a need to refocus on your finances in a falling interest rate environment, (whereas) in a rising interest rate environment people are just trying to keep their head above water."

Savings rates

Meanwhile, the BoC's rate cuts don't tend to boost savings rates, such as for savings accounts and Guaranteed Investment Certificates (GICs), he said.

"For the people that are saving, they're also going to feel quite a bit of pain because the savings rates have been coming down pretty steadily," Shelestowsky said.

Under the falling interest rate environment, he recommends bonds.

"It's a great way to keep your investments going without taking on much more risk."

While falling interest rates are meant to reignite the economy, it hasn't reignited the housing market yet, Shelestowsky said.

"It's not a seller's market yet," he said. "It's still a buyer's market, but as interest rates come down, that means more people can qualify for a mortgage which will bring up demand for housing."

As a result, he expects housing prices to rise along with the demand.