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    • Bank CEOs say higher rates starting to dampen growth despite economic buffers

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    TORONTO -

    The heads of Canada's biggest banks say rising interest rates are starting to have their intended effect of slowing demand but that for now they continue to notch growth.

    Speaking at an investment conference in Toronto on Wednesday, just as the Bank of Canada was announcing a three-quarters of a percentage point rate increase, RBC chief executive Dave McKay said that while commercial credit remains strong there are signs of weakness in some areas.

    "The bigger impact from these higher rates is it's dislocated some demand in some markets. You're seeing certainly mortgage markets react to the higher rates, and therefore you're seeing slower growth in mortgage markets," McKay said.

    The bank is also seeing a slowing in credit card purchases as people become more conservative after a stretch of strong growth in the area, while there is also slowing demand elsewhere at the bank.

    "Senior markets to commercial markets to residential mortgage markets to credit card markets, you're starting to see the impact. And that's what the Bank of Canada wants, right. It wants a slowing of activity."

    McKay said, however, that people and companies are still holding elevated amounts of cash, and other forms of liquidity, and unemployment remains around record lows, to provide a shock absorber to any hard landing for the economy and help lead to a quicker recovery.

    In raising its key interest rate target to 3.25 per cent, the Bank of Canada said Wednesday it expects it will have to raise rates further given the outlook on inflation.

    BMO chief executive Darryl White told the conference that while he expects a slowing on the commercial loan side next year, for now there continues to be loan growth as companies successfully pass on prices increases to consumers and demand remains high.

    He said however that at some point the combination of rising input costs, labour costs, energy costs and debt servicing costs, all at the same time, are going to hit commercial lending demand.

    "There will be a day where the commercial borrower writ large will be saying, you know, I gotta figure out how to pull back"

    Meanwhile, CIBC chief executive Victor Dodig told the meeting that heightened liquidity has helped keep the economy ticking, but that rising Bank of Canada rates, which have climbed from 0.25 per cent at the beginning of the year to 3.25 per cent today, will take that excess out of the system.

    "I think the rate increases are having their intended effect on house prices. I think they'll have their intended effect on wage inflation. I think they'll have their intended effect on price stability. So let's see how that plays itself out. But I believe that the central banks are doing everything they could possibly do to take the steam off of inflation, and get things to a better place," he said.

    This report by The Canadian Press was first published Sept. 7, 2022.

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    The province's public security minister said he was "shocked" Thursday amid reports that a body believed to be that of a 14-year-old boy was found this week near a Hells Angels hideout near Quebec City.

    Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

    The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

    For the last seven-and-half months, Toronto resident Heather McArthur has been living out what she describes as her 'worst nightmare.' On Feb. 7, her then three-year-old son Jacob along with his father Loc Phu 'Jay' Le departed for what was supposed to be a week-long visit to Vietnam to celebrate the Lunar New Year with family, McArthur says.

    Canada

    • Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    • The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

    • In the middle of the small crowd — near the tents, the lineup of kids awaiting face painting, the snack table — stood a jubilant Chiara Padovani. 'When I say 'tenant, you say 'power,'' she commanded to several dozen tenants, who chanted back with gusto. What looked like a summer block party in front of two north-end Toronto apartment buildings last month was a celebration of what renters who withheld payments for months called a 'huge victory.'

    • For the last seven-and-half months, Toronto resident Heather McArthur has been living out what she describes as her 'worst nightmare.' On Feb. 7, her then three-year-old son Jacob along with his father Loc Phu 'Jay' Le departed for what was supposed to be a week-long visit to Vietnam to celebrate the Lunar New Year with family, McArthur says.

    • The head of a committee monitoring the government's response to the inquiry into the 2020 Nova Scotia mass killing says she's pleased with progress made so far.

    • The University of Ottawa's special advisor on antisemitism says he has resigned following posts he made on social media celebrating the pager explosions in Lebanon this week.

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    Entertainment

    • Lawyers representing the producers of 'Russians at War' say they may pursue legal action against Ontario's public broadcaster for pulling support for the controversial documentary amid outcry from the Ukrainian community and some Canadian politicians.

    • Viewers of Jeopardy got a chance to test their knowledge of trivia about B.C.'s biggest city Wednesday night.

    Business

    Lifestyle

    • They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

    Sports

    • Vancouver Canucks goalie Thatcher Demko says he's been working his way back from a rare lower-body muscle injury since being sidelined in last season's playoffs.

    • Toronto Blue Jays shortstop Bo Bichette returned to the 10-day injured list Thursday due to a right middle finger fracture.

    Autos

    • An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

    • Video of a brazen daylight auto theft which shows a suspect running over a victim in a stolen luxury SUV has been released by police west of Toronto.

    • The plant was expected to produce batteries for a million electric vehicles a year. Once up and running, it was supposed to create hundreds of permanent jobs in a small southeastern Ontario municipality. But two years later, spending on the construction of the Umicore plant has been delayed in what the company calls a "significant worsening of the EV market context."

    Local Spotlight

    They say a dog is a man’s best friend. In the case of Darren Cropper, from Bonfield, Ont., his three-year-old Siberian husky and golden retriever mix named Bear literally saved his life.

    A growing group of brides and wedding photographers from across the province say they have been taken for tens of thousands of dollars by a Barrie, Ont. wedding photographer.

    Paleontologists from the Royal B.C. Museum have uncovered "a trove of extraordinary fossils" high in the mountains of northern B.C., the museum announced Thursday.

    The search for a missing ancient 28-year-old chocolate donkey ended with a tragic discovery Wednesday.

    The Royal Canadian Mounted Police is celebrating an important milestone in the organization's history: 50 years since the first women joined the force.

    It's been a whirlwind of joyful events for a northern Ontario couple who just welcomed a baby into their family and won the $70 million Lotto Max jackpot last month.

    A Good Samaritan in New Brunswick has replaced a man's stolen bottle cart so he can continue to collect cans and bottles in his Moncton neighbourhood.

    David Krumholtz, known for roles like Bernard the Elf in The Santa Clause and physicist Isidor Rabi in Oppenheimer, has spent the latter part of his summer filming horror flick Altar in Winnipeg. He says Winnipeg is the most movie-savvy town he's ever been in.

    Edmontonians can count themselves lucky to ever see one tiger salamander, let alone the thousands one local woman says recently descended on her childhood home.

    • B.C.'s police watchdog is investigating the death of a woman who was shot by the RCMP after allegedly barricading herself in a room with a toddler early Thursday morning.

    • Since she was a young girl growing up in Vancouver, Ginny Lam says her mom Yat Hei Law made it very clear she favoured her son William, because he was her male heir.

    • The 'Namgis First Nation says a fish farm it owns near Port McNeill shows the potential of land-based aquaculture in B.C.

    • For the last seven-and-half months, Toronto resident Heather McArthur has been living out what she describes as her 'worst nightmare.' On Feb. 7, her then three-year-old son Jacob along with his father Loc Phu 'Jay' Le departed for what was supposed to be a week-long visit to Vietnam to celebrate the Lunar New Year with family, McArthur says.

    • An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

    • In the middle of the small crowd — near the tents, the lineup of kids awaiting face painting, the snack table — stood a jubilant Chiara Padovani. 'When I say 'tenant, you say 'power,'' she commanded to several dozen tenants, who chanted back with gusto. What looked like a summer block party in front of two north-end Toronto apartment buildings last month was a celebration of what renters who withheld payments for months called a 'huge victory.'

    • Defence counsel for accused murderer John-Christopher Arrizza argues he was in an “altered state of mind†due to days of drug and alcohol use, sleep deprivation and not eating, when he fatally stabbed a man at a Banff nightclub in 2022.

    • The Parole Board of Canada says a man who assaulted a young pregnant woman and left her for dead remains too dangerous to be released into the community.

    • Five bison are dead at Elk Island National Park east of Edmonton following an early Thursday morning collision.

    • BREAKING NEWS

      BREAKING NEWS

      A man has been taken to hospital in life-threatening condition following a stabbing incident that happened on Baseline Road in the early hours of Friday morning, according to the Ottawa Paramedic Service.

    • Police say a man who was taken to hospital in critical condition after being shot Thursday night has died.

    • Higher than average temperatures are in the forecast for Ottawa this Friday.

    • The Montreal couple from Mexico and their three children facing deportation have received a temporary residence permit.

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    • Premier François Legault's approval rating continued to rise this summer, according to the Angus Reid Institute. After reaching a low at the end of 2023, his support rose by three percentage points over the summer to 39 per cent.

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    • Gas prices increased in all three Maritime provinces for the first time in more than a month.

    • A Nova Scotia woman has applied for a medically assisted death, saying after years of battling to receive out-of-country surgery for an illness that causes "indescribable" pain, she struggles to maintain the will to live.

    • A section of Herring Cove Road in the Spryfield area of Halifax is closed to traffic in both directions following a single-vehicle collision Friday morning.

    • Manitobans are continuing to mop up after a deluge of rain hit southern Manitoba earlier in the week.

    • Shamattawa RCMP are searching for a missing six-year-old boy who hasn’t been seen since Wednesday morning.

    • A Winnipeg pet rescue is putting out a warning to dog owners across the city about a possible parvovirus in the province.

    • A social media post of purple apples “growing†in Saskatchewan has sparked a lot of attention. However, garden experts say there's no such thing.

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    • Thomas Hamp says he believed secret police were out to kidnap, torture, and kill him when he fatally stabbed his girlfriend Emily Sanche in February of 2022.

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    • As northern Ontario gets ready to welcome autumn this weekend, it’s still feeling a lot like summer as provincial forest fire crews continue to battle blazes.

    • An Ontario man says it is 'unfair' to pay a $1,500 insurance surcharge because his four-year-old SUV is at a higher risk of being stolen.

    • James Bay Ontario Provincial Police have charged four commercial vehicle drivers with impaired, including one who was hauling 36,000 kilograms of ammonia hydrate.

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    • Police were focusing their attention on the northeast corner of Richmond and Horton, with members of the emergency response unit taking up positions at the scene.

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    • Ontario Provincial Police executed a search warrant in Walkerton.

    • On Thursday, just after 9:30 a.m., a man was found and taken to police headquarters, where he was released with conditions and a future court date.

    • Standing up, speaking out, and showing solidarity — survivors and supporters gathered in the core to take back the night in Windsor. The city is just one of a growing list of communities that have declared intimate partner violence (IPV) an epidemic.

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    • In a rare move, the Greater Victoria School District Board of Education has been slapped with a ministerial order from the province requiring it to update a student safety plan – drawing concern around political posturing leading up to an election.

    • The Union of B.C. Municipalities is asking the provincial government to make transit free for teenagers.

    • To appreciate why Mimi Vandermolen is so pleased to notice one particular vehicle she’s walking past, you need to know that seeing this many cars in one place would have been unimaginable when she was growing-up in the post-war Netherlands.

    • A pair of runaway pigs are in the custody of an animal sanctuary in the Okanagan after evading police and volunteers for hours earlier this week.

    • The Red Bridge, a historic landmark in Kamloops, B.C., was completely destroyed by fire early Thursday morning.

    • Animal protection officers in British Columbia have rescued three pit bulls – including one that gave birth to 10 puppies – from a rat-infested home in Kelowna.

    • A Vulcan, Alta., man has been charged with a Lethbridge woman's murder after her body was found in the Oyen area.

    • A Lethbridge couple got a good reminder as to why you should keep your vehicle doors locked at all times.

    • Lethbridge residents who live near the police range can expect to hear plenty of shots fired Wednesday and Thursday.

    • A new community health profile in the Algoma District shows the area is significantly below provincial averages in a number of health metrics.

    • North Bay Police Service says one person has died following an industrial accident at the Ontario Northland Transportation Commission Rail Yard on Tuesday.

    • Three northern Ontario residents are charged with drug trafficking after the vehicle they were in got stuck along a bush road off Highway 17 on Monday.

    N.L.

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