Sep 30, 2022
Home Economics: Update your insurer if driving more; home ownership costs at record levels
, BNN Bloomberg
Canadian homeowners pushed to financial limits amid inflation: Survey
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Driving into work more? Give your insurer a heads up
About one-in-four Canadians (26 per cent) are commuting into work more frequently than they were six months ago. A survey conducted on behalf of BNN Bloomberg and RATESDOTCA found only 44 per cent of respondents who are driving into work more have actually told their insurance company. RATESDOTCA Managing Editor John Shmuel said Canadians should make sure they update their insurer of any changes to their driving habits, since any misrepresentation could potentially be grounds for cancelling a policy and could lead to higher rates.
Canada’s housing market has never been more unaffordable: RBC
If you’ve been frustrated with trying to find the perfect home within your budget, you’re definitely not alone. RBC Economics’ Robert Hogue is calling Canada’s housing market the most unaffordable ever with the average Canadian household spending 60 per cent of their income on ownership costs. In a report to clients, Hogue said the Bank of Canada’s aggressive interest rate strategy paired with a jump in property values during the pandemic, has driven ownership costs to record-high levels.
Canada Post expands loan offerings
Canadians have another option for their loan provider: Canada Post. The Crown corporation said it's expanding the Canada Post MyMoney Loan service that it offers with TD Bank. Individuals can take out variable or fixed loans ranging from $1,000 to $30,000. BNN Bloomberg’s Hilary Punchard breaks down the details.
Gas prices climb as hurricanes impact supply
Gas prices jumped about 10 cents in many cities this week, as Hurricane Fiona and Ian weigh on supply. But there could be another gas price jump on the horizon. Alberta’s temporary gas tax relief, which was introduced earlier this year, will be ending on Oct. 1. The province will reintroduce a tax of 4.5 cents per litre, lower than the previous tax of 13 cents per litre.TIP JAR
About one-in-four Canadians (26 per cent) are commuting into work more frequently than they were six months ago. A survey conducted on behalf of BNN Bloomberg and RATESDOTCA found only 44 per cent of respondents who are driving into work more have actually told their insurance company. RATESDOTCA Managing Editor John Shmuel said Canadians should make sure they update their insurer of any changes to their driving habits, since any misrepresentation could potentially be grounds for cancelling a policy and could lead to higher rates.
Canada’s housing market has never been more unaffordable: RBC
If you’ve been frustrated with trying to find the perfect home within your budget, you’re definitely not alone. RBC Economics’ Robert Hogue is calling Canada’s housing market the most unaffordable ever with the average Canadian household spending 60 per cent of their income on ownership costs. In a report to clients, Hogue said the Bank of Canada’s aggressive interest rate strategy paired with a jump in property values during the pandemic, has driven ownership costs to record-high levels.
Canada Post expands loan offerings
Canadians have another option for their loan provider: Canada Post. The Crown corporation said it's expanding the Canada Post MyMoney Loan service that it offers with TD Bank. Individuals can take out variable or fixed loans ranging from $1,000 to $30,000. BNN Bloomberg’s Hilary Punchard breaks down the details.
Gas prices climb as hurricanes impact supply
Gas prices jumped about 10 cents in many cities this week, as Hurricane Fiona and Ian weigh on supply. But there could be another gas price jump on the horizon. Alberta’s temporary gas tax relief, which was introduced earlier this year, will be ending on Oct. 1. The province will reintroduce a tax of 4.5 cents per litre, lower than the previous tax of 13 cents per litre.
TIP JAR
73,000
- That’s how many Canadians retired in the year ending in Aug. 2022 compared to a year earlier, an increase of 32 per cent, according to the Canadian Centre for Policy Alternatives. The organization noted there could be a fresh wave of retirements driven by workers in high-pressure sectors, as more Canadians are retiring before they hit 65.
