Business Update – 16 November 2023

11/16/2023 | Bizink

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Over 2 million mortgage holders will face ‘interest rate shock’ in next 2 years: CMHC

Canada’s housing agency is warning of a looming “shock” for borrowers renewing their mortgages as a new analysis shows the pain of higher interest rates is starting to put pressure on some homeowners. Canada Mortgage and Housing Corp. (CMHC) released its biannual report on the country’s residential mortgage market.

Freeland will give fall economic statement Nov. 21 amid affordability crunch

The federal government will give an update on the country’s finances later this month, with Finance Minister Chrystia Freeland set to deliver the fall economic statement as Canadians face difficulties amid high interest rates and ongoing cost of living concerns.

Getting used to higher interest rates

Senior Deputy Governor Carolyn Rogers talks about why interest rates could settle at a higher level than Canadians are used to and why preparing early for that possible outcome is important.

Experts discuss demonstrating the value of digital ID, acknowledging concerns, barriers to adoption, and more

The fact that people have privacy and security concerns around the idea of a digital government is valid and should be acknowledged, said industry heavyweights at the EXCITE fall summit. Public and private sector technologists should consider whether they are delivering the right message, notably about digital identity, and whether they are demonstrating all the benefits.

Business group wants extension of pandemic loan repayment deadline, saying downtowns in trouble

Kate Fenske, chair of the International Downtown Association Canada, said Federal action is needed to revive downtowns in Canada, and is calling on Ottawa to give businesses more time to pay back federally-backed pandemic loans.

Shifting shopping trends have e-commerce brands opening stores

With the pandemic-induced e-commerce boom subsiding slightly, some Canadian brands that grew substantially in an online-only world are now meeting customers where they shop: in-person.

Doesn’t make sense’: Business leaders say halted trade talks harm India and Canada

Business leaders continue to grapple with the economic uncertainty fostered by the rift between the Canadian and Indian governments, saying the suspension of free trade talks hurts both sides.

Canadian SMEs face innovation and productivity lag – Desjardins

Canadian small- and medium-sized enterprises (SMEs) are falling behind on innovation and productivity as they face multiple barriers to investing in new technologies, according to a new report by Desjardins Economics.

Manufacturers want bold action from Government to address new challenges

A national housing crisis, climate change policies, persistent labour and skills shortages, weak investment, sluggish productivity, and declining competitiveness have manufacturers across Canada raising alarm bells, according to a new report by Canadian Manufacturers & Exporters (CME).

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