Weekly Digest – 18 October 2023

Weekly Digest – 18 October 2023

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

Canada is in for a cooler winter in real estate as sales slow: CREA

Home sales in Canada were down again in September as listings rose, the Canadian Real Estate Association (CREA) said Friday, also lowering its sales and price forecast.

Record number of Canadians sour on state of economy as financial woes spread: poll

More Canadians have soured on the state of the economy as pressure builds from a growing set of financial challenges, according to the latest reading from an ongoing poll tracking household sentiment.

Bank of Canada designates additional prominent payment systems

Bank of Canada Governor Tiff Macklem has designated Visa Inc.’s VisaNet, Mastercard International Inc.’s Global Clearing Management System and Single Message System, and Interac Corp.’s Inter-Member Network as prominent payment systems under the Payment Clearing and Settlement Act. Designation brings these systems under formal Bank oversight and requires them to adhere to the Bank’s risk management standards.

The engine of Canada’s economy is losing power

Small business is often called the engine of Canada’s economy, and there’s a reason for that. Small and medium-sized businesses made up 98 per cent of all employer businesses in Canada last year, according to Statistics Canada. They employed 10.7 million people which is almost 63 per cent of the country’s workforce. Yet that engine may be losing power because the ranks of Canadian entrepreneurs are shrinking, says a recent report by RBC Economics.

No one suspected the man in a FedEx uniform

“It took a long time for them to figure out they’d been hit,” she said. “The crooks got a lot of money just because of one man dressed in a FedEx uniform.”  Lynne Pace, CFO and VP of finance at Danson Construction tells a story which shows how physical security is as vital as IT security in any organization. Pace told the story to reporters as part of a panel arranged by Sage Group for the release of its online cybersecurity survey of 2,100 owners of small and medium-sized businesses in eight countries.

Power grids ‘miles away’ from ready, as clock ticks on Canada’s net-zero goals

Canada’s power grids are “miles away” from being ready for enough electric vehicles (EVs) to meet the federal government’s net-zero goals. It’s a challenge compounded by labour and copper shortages, as well as uncertainty about where to invest. That warning is courtesy of Jerome Leroy, vice-president of the Canadian business unit of global cable supplier Nexans.

Canada bank watchdog flags risk of higher borrowing costs

Canada’s main banking regulator flagged elevated borrowing costs as a growing risk to the country’s financial system, as housing and commercial real estate remain top vulnerabilities.

Supreme Court majority rules against federal impact assessment law

The Supreme Court of Canada ruled against federal legislation on the environmental effects of major developments, with five out of seven judges finding most of it unconstitutional because its language could be used to regulate activities within provincial jurisdiction.

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