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Business | Canada | Local | North | Real Estate | statistics
National housing market in holding pattern as buyers patient for lower rates: CREA
Posted September 16, 2024 6:54 am. The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down. The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year. On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July. CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.” The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier. The number of newly listed properties was up 1.1 per cent month-over-month.
Income | income tax | North
How much income tax Canadians will pay next year based on their bracket
Canadians will be paying more federal income tax next year, according to the Canada Revenue Agency (CRA). The CRA revealed the federal tax brackets for 2025, adjusted for inflation. While federal tax rates are the same, the income thresholds for each bracket have shifted. In 2025, the indexation increase will be 2.7%, which is lower than the 4.7% in 2024, according to the agency. This is how much income tax you’ll have to pay next year based on your bracket: Less than or up to $57,375 — 15% Between $57,375 and $114,750 — 20.5% Between $114,750 and $177,882 — 26% Between $177,882 and $253,414 — 29% $253,414 and over — 33% This comes after the federal government implemented the capital gains tax in June, which increased the inclusion rate from one-half to two-thirds for any Canadian or corporation that makes over $250,000 per year in capital gains. The tax hike only impacts a small portion (0.13%) of the wealthy population. “An increased Lifetime Capital Gains Exemption would ensure most middle-class entrepreneurs won’t pay more tax because of these changes, and the new Canadian Entrepreneurs’ Incentive would encourage entrepreneurs to invest in capital-intensive and high-growth sectors,” Canada’s Department of Finance stated. When it was first announced, Canadians ripped on the wealthy upset by the capital gains tax hike, and certain industries like the medical field said the hike could push doctors to quit. You can find more information on your income tax bracket here.
It gets harder to predict next BoC rate decision
Economists react to the latest consumer price index print The Bank of Canada has made it clear that any changes in interest rates will be data dependent, but how is the latest consumer price index data likely to influence its decision? With the CPI print from Statistics Canada released Tuesday showing an uptick in the pace of…
The second coldest place on Earth today is in Canada and it’s bone-chilling
Northern Canada is facing some extreme cold this week, and one spot just became the second coldest place on Earth this morning. A new weather report from WX-Now, which tracks the world’s most extreme weather, revealed that none other than the Albertan town of High Level reached a bone-chilling -31ºC in the early hours of the morning. Alberta is no stranger to extreme winter weather. Snowfall warnings are currently in effect for the south of the province, and up to 35 cm of snow is predicted over the weekend. WX-Now Other places in Canada also cracked the top 10 coldest spots on Earth today with some wildly cold temperatures. On the list was Fort Nelson, BC, at -28ºC; Hay River, Northwest Territories, at -25ºC; and Chetwynd Airport, BC, at -24ºC. The only spot in the world to out-cold Canada today was Antarctica, which had a jaw-dropping -37ºC overcast with ice crystals at -51ºC. The full list of the world’s chilliest spots can be found here.
Rising costs may keep Canadians from dental care
Posted October 24, 2024 4:25 pm. Last Updated October 24, 2024 5:04 pm. A new report from Statistics Canada shows that almost one in four adults experience persistent pain in their mouth, and a Vancouver dentist’s office says inflation may be the cause. Statistics Canada published a report on self-reported oral health problems Wednesday. It says adults aged 18 and older were more than twice as likely as children and youth aged 0 to 17 to report mouth problems – either in the form of having oral pain or avoiding certain foods. Among Canadian adults, 24 per cent reported persistent pain in their mouths, with lower-income families disproportionately affected. The executive director of the Strathcona Community Dental Clinic, Erin Riddell, says people have been putting dental care on the back burner by spacing out their appointments or only coming when absolutely necessary. “In past years, [we] have found that [patients] would come for a cleaning twice a year… but then they’re finding that they need to adjust their finances and budget,” said Riddell, adding that those patients often reduced their visits to once a year. “Others also would even shy away from paying for the cost of cleanings completely, and they would only come if they have major tooth pain.” Riddell says the clinic follows the BC Dental Association Fee Guide and only charges their patients what’s needed for the treatment. On average, she explained, a cleaning and check-up can cost around $250 at a private clinic; meanwhile, at Strathcona, the cost goes down to about $150 for someone without dental insurance or a care plan. Unfortunately, Riddell says inflation has also hit the dental industry. She says the clinic has seen its largest increase in fees from the BC Dental Association, due to cost of materials and supply chain issues. “The fees have truly doubled in the last ten years.” Riddell says dental problems can increase in severity if not treated properly. She says a small cavity with a neglected filling can turn into a larger matter that needs a root canal. But even those initial costs for the simpler treatment can be too costly for some. “Just the fear alone of what it would cost may even stop somebody of low income from even going to get a simple exam.”