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Canadian recession not happing in 2020

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TORONTO —
A recession is not expected in Canada this year despite a number of global uncertainties and trade tensions, according to a top Scotiabank economist, but growth will likely remain unexceptional.

Anxiety around global trade, the future of Brexit, and the U.S. elections later this year are all factors that will continue to keep the global economy in check, though some recent progress on trade talks between U.S. and China could help ease some of the uncertainty.

“Going into 2020, we think it’s going to be another year where the Canadian economy performs in kind of a ‘meh’ sort of way,” said Brett House, Vice President & Deputy Chief Economist at Scotiabank, predicting “mediocre” growth.

“On the other hand, it’s not going to be the long feared recession that a lot of headlines have pointed to either. We have a lot of uncertainty out there … but we also have a lot of fundamental strengths that should keep growth going.”

A healthy labour market and turnaround in the housing sector helped the Canadian economy grow at a moderate pace in 2019, the Bank of Canada said in its October Monetary Policy Report. The central bank has kept its overnight interest rate target unchanged at 1.75 per cent for more than a year, in contrast to its counterparts around the world who have eased their monetary policy and lowered their interest rates due to softness in the global economy. Canada’s unemployment rate stands at 5.9 per cent.

The housing market is expected to “remain fairly robust” this year, according to Scotiabank’s House, with Toronto experiencing one of the lowest supply-to-population ratios for housing in 20 years.

“Even though you see all the cranes up all over the place in Toronto and Vancouver, when you adjust the amount of supply that’s available to our populations in both cities, we still see a really, really tight inventory situation,” he told CTV’s Your Morning.

“There’s a lot of support to keep the housing market solid in both cities. And you’re seeing that spill over into smaller towns around them and into other cities like Montreal and Ottawa.”

Unlike the rest of the country, however, Alberta’s housing market is still recovering from the downturn in oil prices several years ago as well as some of the current weakness, with inventory still being absorbed, House said.

“We see that picking up this year, and some of that inventory being absorbed – as growth picks up in the province, as pipelines go ahead, and we see oil prices coming up at least in the short term and probably mildly over the longer term as well.”

The Conference Board of Canada forecast in December that Canada’s economy will grow by 1.8 per cent in 2020, a modest uptick from the 1.7 per cent growth seen last year.

Regionally, British Columbia and Quebec are expected to see the strongest economic growth, according to the Business Development Bank of Canada, with the prairie provinces recovering from a challenging year in 2019.

The World Economic League Table ranked Canada as the world’s 10th-largest economy in 2019 with an immigration-driven population growth helping to fuel the economy. The Centre for Economics and Business Research, which issues the ranking, forecast Canada to move up the league table over the next decade and beyond as a result.

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Detroit Lions coach Dan Campbell is selling his house to seek more privacy

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BLOOMFIELD HILLS, Mich. (AP) — Lions coach Dan Campbell is selling his suburban Detroit home to get more privacy.

“There’s plenty of space, it’s on two acres, the home is beautiful,” Campbell told Crain’s Detroit Business. “It’s just that people figured out where we lived when we lost.”

He didn’t elaborate.

Campbell and wife Holly listed the 7,800-square-foot house in Bloomfield Hills for $4.5 million this week. A deal was pending within 24 hours, Crain’s reported.

Campbell was hired by the Lions in 2021. After a 3-13-1 record that season, the team has become one of the best in the NFL, reaching the NFC championship game last January.

Campbell’s home was built in 2013 for Igor Larionov, a Hockey Hall of Fame member who played for the Detroit Red Wings.

The likely buyers are “huge” Lions fans, said Ashley Crain, who is representing Campbell and the buyers in the sale.

___

AP NFL:

The Canadian Press. All rights reserved.



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How to recoup costs when you travel to an event that gets cancelled

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Ariella Kimmel and Mandi Johnson were grabbing a bite to eat in Vienna, when their August trip to the Austrian capital was upended.

The Canadian duo had travelled to the city to see Taylor Swift in concert only to learn her shows would be cancelled because of two men plotting to launch an attack on fans outside the venue, Ernst Happel Stadium.

While Kimmel and Johnson were disappointed they weren’t going to be able to see Swift perform, they made the most of the remainder of their trip. However, the experience serves as a buyer’s beware for Canadians considering jet setting to see their favourite artists or teams.

“If you’re travelling to these concerts, it’s really hard to protect yourself,” said Kimmel, a Toronto-based vice-president at a public affairs firm who had previously travelled with Johnson to see Swift in Las Vegas, Nashville and Stockholm.

Such trips can make lifelong memories when they go off without a hitch, but cancellations and rescheduled events are common because of artist illnesses, poor ticket sales, security threats, unruly weather and natural disasters.

In the last year alone, Jennifer Lopez and the Black Keys scuttled touring plans after tickets had been sold, while Bruce Springsteen, Usher and Pink had to tell fans they couldn’t take the stage mere hoursbefore show time.

Between airfares, hotels, travel expenses and tickets, last-minute cancellations can leave globe-trotting eventgoers out hundreds, if not thousands, of dollars.

“Regrettably, unpredictability has always been a reality of the industry but it’s increasingly common that there might be things that are going to interrupt your plans, especially plans that you’re really excited about,” said Jenny Kost, the Calgary-based global director of strategic sales initiatives at Corporate Traveller Canada.

“It’s a tricky one because the airline or hotel understands the reason behind your travel but its likelihood of happening or not happening is a little bit outside of their purview.”

Because Swift is known to power through shows even when sick, Kimmel never imagined a concert she was headed to would ever be cancelled, but she always booked plane tickets and hotels that could be rescheduled or refunded — a move she recommends to others travelling for events.

“It’s like common sense, you never know what’s going to happen,” Kimmel said.

However, making use of the rescheduling and refund options her hotel booking and airline tickets had weren’t an option for Kimmel this time because she had already been in Austria for a few days and had very little of her stay left when Swift cancelled.

Had the show been nixed before Kimmel left home, the flexibility baked into the bookings would have been useful, though Kost said such arrangements aren’t cheap.

“There is a cost associated with that that’s not insignificant,” she warned, estimating these kinds of bookings can add hundreds of dollars to your bill and have lots of quirks in the fine print.

The better bet is travel insurance, Kost said. It’s often cheaper than flexible fares and hotel bookings and can reimburse customers for accommodations and flights they have to drop or swap when an event gets cancel or an emergency strikes.

Kost opted for such insurance when she journeyed to Paris to see Swift over the summer and bought it again in a cab on her way to Mexico for a wedding. The insurance cost her about $150 for a week, but when she had to extend her stay because she fell ill, it covered the cost of all of her accommodations.

She doesn’t encourage people to wait until the last minute to buy the insurance like she did because buying it early can provide some reprieve when an event you’re travelling to is cancelled well in advance.

Travel costs aside, people heading out-of-town for events that wind up cancelled also have to consider whether they will get the money they spent on entry fees and tickets back.

In Kimmel and Johnson’s case, they paid Ticketmaster about $300 per seat. They learned just after the cancellation that they would be refunded — but not for an $85 transaction fee they were charged when purchasing the tickets.

“We paid $85 to not see her but I guess that in the grand scheme of what we were going to pay, it’s not a lot at all,” Kimmel said.

They did not opt to buy insurance on their tickets, which Ticketmaster offers through Allianz Global Assistance for $8, plus tax. Allianz’s vice-president of marketing and insights Dan Keon said the insurance offers coverage up to $1,000 per ticket.

In addition to offering refunds if an event is cancelled by a venue or promoter, the coverage can provide a reimbursement for a variety of situations. Those include if you are facing a serious medical issue or death, have a family member in life-threatening condition, are summoned by the military or are delayed in arriving at the venue because of a common transportation carrier.

If you’re going to opt into the insurance, Keon said review the terms ahead of time, so you understand exactly what scenarios you will be covered in.

The insurance, for example, can’t be used in the event of a pandemic, war or natural disaster.

This report by The Canadian Press was first published Sept. 19, 2024.



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Canada’s Probate Laws: What You Need to Know about Estate Planning in 2024

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Losing a loved one is never easy, and the legal steps that follow can add even more stress to an already difficult time.

For years, families in Vancouver (and Canada in general) have struggled with a complex probate process—filled with paperwork and legal challenges.

Thankfully, recent changes to Canada’s probate laws aim to make this process simpler and easier to navigate.

Let’s unearth how these updates can simplify the process for you and your family.

What is probate?

Probate might sound complicated, but it’s simply the legal process of settling someone’s estate after death.

Here’s how it works.

  • Validating the will. The court checks if the will is legal and valid.
  • Appointing an executor. If named in the will, the executor manages the estate. If not, the court appoints someone.
  • Settling debts and taxes. The executor (and you) pays debts and taxes before anything can be given.
  • Distributing the estate. Once everything is settled, the executor distributes the remaining assets according to the will or legal rules.

Probate ensures everything is done by the book, giving you peace of mind during a difficult time.

Recent Changes in Canadian Probate Laws

Several updates to probate law in the country are making the process smoother for you and your family.

Here’s a closer look at the fundamental changes that are making a real difference.

1) Virtual witnessing of wills

Now permanent in many provinces, including British Columbia, wills can be signed and witnessed remotely through video calls.

Such a change makes estate planning more accessible, especially for those in remote areas or with limited mobility.

2) Simplified process for small estates

Smaller estates, like those under 25,000 CAD in BC, now have a faster, simplified probate process.

Fewer forms and legal steps mean less hassle for families handling modest estates.

3) Substantial compliance for wills

Courts can now approve wills with minor errors if they reflect the person’s true intentions.

This update prevents unnecessary legal challenges and ensures the deceased’s wishes are respected.

These changes help make probate less stressful and more efficient for you and other families across Canada.

The Probate Process and You: The Role of a Probate Lawyer

 

(Image: Freepik.com)

Working with a probate lawyer in Vancouver can significantly simplify the probate process, especially given the city’s complex legal landscape.

Here’s how they can help.

Navigating the legal process

Probate lawyers ensure all legal steps are followed, preventing costly mistakes and ensuring the estate is managed properly.

Handling paperwork and deadlines

They manage all the paperwork and court deadlines, taking the burden off of you during this difficult time.

Resolving disputes

If conflicts arise, probate lawyers resolve them, avoiding legal battles.

Providing you peace of mind

With a probate lawyer’s expertise, you can trust that the estate is being handled efficiently and according to the law.

With a skilled probate lawyer, you can ensure the entire process is smooth and stress-free.

Why These Changes Matter

The updates to probate law make a big difference for Canadian families. Here’s why.

  • Less stress for you. Simplified processes mean you can focus on grieving, not paperwork.
  • Faster estate settlements. Estates are settled more quickly, so beneficiaries don’t face long delays.
  • Fewer disputes. Courts can now honor will with minor errors, reducing family conflicts.
  • Accessible for everyone. Virtual witnessing and easier rules for small estates make probate more accessible for everyone, no matter where you live.

With these changes, probate becomes smoother and more manageable for you and your family.

How to Prepare for the Probate Process

Even with the recent changes, being prepared makes probate smoother. Here are a few steps to help you prepare.

  1. Create a will. Ensure a valid will is in place to avoid complications.
  2. Choose an executor. Pick someone responsible for managing the estate and discuss their role with them.
  3. Organize documents. Keep key financial and legal documents in one place for easy access.
  4. Talk to your family. Have open conversations with your family to prevent future misunderstandings.
  5. Get legal advice. Consult with a probate lawyer to ensure everything is legally sound and up-to-date.

These simple steps make the probate process easier for everyone involved.

Wrapping Up: Making Probate Easier in Vancouver

Recent updates in probate law are simplifying the process for families, from virtual witnessing to easier estate rules. These reforms are designed to ease the burden, helping you focus on what matters—grieving and respecting your dead loved ones’ final wishes.

Despite these changes, it’s best to consult a probate lawyer to ensure you can manage everything properly. Remember, they’re here to help you during this difficult time.

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