Our Jordan Bateman gives you the heads-up on interest rate predictions, Justin Trudeau’s spending, and Calgary’s construction labour shortage. For links to sources, visit www.icbaindependent.ca.
💰 Yesterday’s news that inflation came in under expectation has economists hopeful that the Bank of Canada will hold interest rates next week – and some are even suggesting a cut. CIBC, BMO, TD, RBC all think rates will hold.
💸 The independent Parliamentary Budget Officer says the Canadian economy is stagnating – but the federal deficit is soaring, as the chickens of the Trudeau Government’s spending decisions come home to roost. The Fraser Institute points out a parallel universe where the federal government exercised spending restraint starting in 2015 — and could’ve run a $23.3 billion surplus this year. With that kind of money, the “middle-class tax rate” could have been chopped from 22 per cent to 15 per cent. Alas, that world does not exist, and instead we have high taxes, high debt, and inflation.
🏠 Procore surveyed construction company leaders in Alberta, and 55% of homebuilders there expect to build fewer housing units in 2023 than they did in 2022. Worse, the Calgary Construction Association says there are 4,000 more workers needed in the industry.
