Economy

OTTAWA – The Bank of Canada is cutting its overnight rate target by half a percentage point to 0.75 per cent in response to COVID-19.The central bank said Friday the unscheduled rate decision was due to the pandemic and its impact on…

OTTAWA – The Bank of Canada is cutting its key interest rate target by half a percentage point, dropping it to 1.25 per cent in response to the economic shock from the novel coronavirus outbreak.The central bank said Wednesday that it…

The Financial Accountability Office of Ontario’s (FAO) Fall 2019 Economic and Budget Outlook report projects Ontario’s budget deficit will increase to $8.5 billion in 2019-20, up from $7.4 billion last year.This marks the third…

MONTRÉAL — Québec Economy Minister Pierre Fitzgibbon said Wednesday the province will not offer financial help to SNC-Lavalin Group Inc. in spite of the construction giant's gathering financial, legal and political storm.“Despite the…

CALGARY – Encouraging data points are forcing economists to consider upgrading their expectations for weak 2019 economic growth in Alberta as the province continues to recover from the effects of extreme heavy oil price weakness late last…

OTTAWA – Bank of Canada governor Stephen Poloz is holding firm on his key interest rate and showing no urgency to make a policy change, positions that come with the U.S. Federal Reserve poised to cut its rate.The Bank of Canada's…

WASHINGTON – Spending on U.S. construction projects fell in May, the first drop in six months, as home building fell for a fifth straight month.The Commerce Department reported Monday that spending fell 0.8% in May, the first decline…

OTTAWA – The Bank of Canada has set aside discussion of interest rate hikes, at least until the economy re-emerges from what it predicts will only be a temporary slowdown.The central bank kept its key interest rate unchanged…

CALGARY – Four years after an oil price crash that's been blamed for more than 40,000 oilpatch job cuts in Western Canada, stability is returning to the residential rental market.Apartment owners including Boardwalk REIT and Mainstreet…

OTTAWA – The Trudeau government will take steps in Tuesday's federal budget to make home-buying more affordable with changes affecting supply, demand and regulation, The Canadian Press has learned.Finance Minister Bill Morneau has…