In the news today: Rent inflation to slow, Desjardins predicts

Here is a roundup of stories from The Canadian Press designed to bring you up to speed…

Rent inflation to slow, Desjardins predicts

The rate at which Canadian rental prices are increasing should slow in the coming years as the government’s plan to cut back immigration numbers takes hold, a new report from Desjardins says.

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• Rent inflation to slow in the next few years, Desjardins predicts
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• Monthly food bank use soars to new record, due to cost of groceries, housing

“Our outlook is for a slowdown in the pace of rent inflation over the next few years, in line with a rising unemployment rate and weaker population growth,” it predicted.

Rents have been rising fast and rent inflation is “much higher” than increases in the price of owned homes, it said. Inflation of rented accommodation was 8.3 per cent in the third quarter of this year, “the fastest pace since the early 1980s.”

Last month, the federal government announced plans to slash Canada’s immigration targets by 20 per cent as the government faced increased pressure to address the cost and availability of housing.

The Desjardins report noted that non-permanent residents “are more likely to rent than purchase a home due to the temporary or uncertain nature of their stay in Canada.” Many permanent residents also rent once they arrive in Canada, it noted.

Here’s what else we’re watching…

Leaders to face off in first N.S. election debate

The leaders of Nova Scotia’s three major political parties are facing off tonight in a televised election debate.

Tim Houston, leader of the Progressive Conservative Party, Liberal Leader Zach Churchill and NDP Leader Claudia Chender are scheduled to participate in the 90-minute encounter that will be broadcast on local CBC television and streamed online.

The debate comes 12 days before the Nov. 26 election, with the Progressive Conservatives holding a significant lead in recent polls.

Polling numbers from Abacus Data released Wednesday show the Progressive Conservatives with support of 47 per cent of respondents, the Liberals 25 per cent and the NDP 23 per cent among the 600 voters surveyed between Nov. 7 and 10.

The debate is set to occur from 6 p.m. until 7:30 p.m. local time.

Trudeau off to Peru, G20 as peers brace for Trump

Prime Minister Justin Trudeau is set to leave this afternoon for the APEC summit in Lima, Peru, followed by the G20 summit in Rio de Janeiro, Brazil.

Both summits aim to improve the multilateral institutions that have drawn skepticism from U.S. president-elect Donald Trump.

In Peru, Trudeau will take part in meetings of the Asia-Pacific Economic Cooperation group, which largely involve resolving barriers to trade and forming better links across the Pacific Rim.

On Saturday, the prime minister will leave for Brazil for the G20 summit, for discussions ranging from the war in Ukraine to artificial intelligence and ending hunger.

Both summits will involve meeting with other heads of government in formal meetings as well as side conversations.

Analysts say it will be key for Canada to try to retain strong ties with numerous countries, as the looming Trump administration plans to raise tariffs and could disrupt global trade flows.

Experts say Trump tariffs unlikely to include oil

President-elect Donald Trump’s promise to slap an across-the-board tariff of at least 10 per cent on all imports including from Canada is unlikely to apply to Canadian oil, energy experts are predicting.

The threat of the tariff is causing a lot of concern north of the border, where the Canadian Chamber of Commerce said such a tariff could take a $30-billion bite out of the Canadian economy.

Rory Johnston, a Toronto-based oil market researcher and founder of Commodity Context, said he believes there’s a very small probability that Trump’s fees would apply to Canadian oil, but it is “quite a potentially damaging one.”

More than 77 per cent of Canadian exports go to the U.S. and trade comprises 60 per cent of Canada’s gross domestic product. A significant proportion of that comes from oil and gas.

Canada is also the largest source of U.S. energy imports, and almost all Canadian crude oil exports went to its neighbour in 2023. Most of that makes its way through pipelines to the Midwest, where the key battleground states flipped for Trump on promises of making life more affordable.

How to detect if a Black Friday deal is a bargain

Black Friday and Cyber Monday may still be weeks away, but retail experts say now is the time to build a game plan for the big shopping days.

With many stores already heavily advertising which items will star in sales campaigns on or around Nov. 29, deal hunters and professors specializing in marketing say shoppers already have most of what they need to spot a true bargain.

Canadians estimate they will spend $972 across the holiday season with 40 per cent planning to shop on Black Friday and 36 per cent during “Cyber Week,” a Retail Council of Canada and Leger survey of 2,510 consumers found. Those consumers reported they’d spend about 31 per cent of their holiday budget on Black Friday and 30 per cent on Cyber Monday.

Even when the discount is being accurately portrayed, it might not be the deepest markdown of the year.

In 2021, consumer advocacy publication Which conducted an analysis of 213 Black Friday promotions offered in the U.K. and found about 98 per cent of deals were cheaper or the same price at other times of the year.

About 85 per cent were cheaper or the same price in the six months leading up to the big shopping period, while 46 per cent were more affordable at other times of the year compared with Black Friday, the analysis found.

This report by The Canadian Press was first published Nov. 14, 2024.

The Canadian Press