The Canadian housing market is feeling the brunt 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 that prices could fall 15% from their peak in February 2022 by the end of next year. However, house prices would still remain above pre-pandemic levels.
Potential trouble ahead for those betting on their home to fund their retirement
Speaking of falling home prices, this could spell trouble for homeowners who are banking on their property to fund their retirement, writing personal finance columnist Dale Jackson. While it’s no surprise that house prices can go either way, Jackson says it’s a reminder that a broader, well-diversified investment portfolio is key to ensuring you have a strong retirement fund. .
Preparing your finances for a possible recession
While there is still some debate over whether or not Canada is headed for a recession, it won’t hurt to start “protecting” your finances now, especially for young Canadians. Experts say the Canadian Press that could include broadening your professional skills, reconsidering spending habits that are hurting your bank account, and assessing your abilities before embarking on stock investing.
A new startup is changing the game for driver education
For any new driver hoping to qualify for lower car insurance rates, the cost of traditional driver training can add up. A digital startup aims to reduce these expenses. Toronto-based Kruzee is leveraging technology to keep education prices reasonable, helping Canadians minimize driving costs.
CIBC raises minimum wage to $20 an hour
With tight labor markets forcing the big banks into fierce competition for workers, CIBC is raise your minimum wage and committing to push it even higher in the years to come. According to a statement from the bank’s CEO, the lender’s minimum wage will increase to $20 an hour in Canada starting in July, and that number will rise to $25 by the end of 2025.
TIP JAR
$530,000
– It’s the new one record for global wealth that was achieved in 2021, an increase of 10.6% over the previous year, according to information from Bloomberg News.
Sign up for BNN Bloomberg’s new weekly newsletter, Home Economics, which aims to help Canadians manage their personal finances in the age of social distancing and beyond. Have it delivered to your mailbox every Friday by subscribing to https://www.bnnbloomberg.ca/subscribe
