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Canadians are dispirited, cutting back on costs amid inflation highs: study – CBC News

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With inflation at a 39-year high — and banks hiking interest rates to avoid economic recession — many Canadians are said to be distressed and dispirited as they cut back to manage the rising cost of living.

A new study from the polling non-profit Angus Reid Institute shows that 45 per cent of Canadians believe they are worse off now than they were at this time last year. Inflation is now at 7.7 per cent, the highest it has been since 1983.

With grocery and gas prices skyrocketing, Canadians are trying to spend less as their personal costs go up. Almost half say they are now seeking out alternative modes of transport to avoid filling up their gas tanks.

“A lot of people are concerned,” said David Chilton, author of financial self-help book The Wealthy Barber, in an interview with CBC News Network.

Chilton noted that low-income people are particularly impacted by the price hikes because they spend a disproportionate percentage on essentials like food and gas.

According to the study, half of Canadians say it’s been challenging to afford their typical grocery bills.

“I would argue the inflation numbers, as high as they are being reported today, are probably higher, frankly,” Chilton said.

“Anybody that goes to the grocery store I think would agree with that.”

‘They will raise rates until they break something’

The Bank of Canada has been aggressively raising interest rates in efforts to calm inflation, with a hike in March to 0.5 per cent (the first since 2018) followed by another in April to one per cent. 

In June, the bank raised its benchmark interest rate a third time this year to 1.5 per cent and indicated that several more hikes are coming. The increases are meant to encourage saving and discourage borrowing in an overheated economy.

WATCH | 45% of Canadians say they’re worse off financially than last year: study

45% of Canadians say they’re worse off financially than last year: study

2 days ago

Duration 3:26

A study from the Angus Reid Institute suggests nearly half of Canadians say they’re worse off financially now than a year ago, and 34 per cent think they’ll be worse off next year.

As a result, 22 per cent of Canadians with a mortgage say their payments have increased; more than half say that they fully expect theirs to go up, according to the report.

An increase of $150 per month would be difficult for over a third of homeowners — but raising that number to $300 would be downright unaffordable, 66 per cent said, forcing them to seriously consider a change of plans.

Renters are also feeling stretched thin, with over half saying that affording monthly rent is difficult.

WATCH | The Wealthy Barber author discusses how rising inflation is impacting Canadians:

The Wealthy Barber author talks inflation, recession fears and more

2 days ago

Duration 8:26

David Chilton, author of The Wealthy Barber, looks at how high gas prices and grocery bills amid stagnant wages have hit low-income Canadians the hardest.

“I think that you are going to see central banks throughout the world continue to raise rates” to contain inflation, Chilton said.

“It’s impacting people and I think they will raise rates until they break something.”

When it comes to placing their trust in the Bank of Canada, Canadians are split: just under half (46 per cent) say that they believe the bank adequately fulfils its mandate, while slightly fewer (41 per cent) say they believe otherwise.

Three quarters of Canadians are dissatisfied with the way that provinces have handled rising inflation.

The study, conducted online, surveyed 5,032 Canadian adults who are members of the Angus Reid Forum, between June 7 and 13. For comparison purposes, a probability sample of this size carries a margin of error of +/- 2 percentage points, the non-profit said.

In April, while announcing a rate hike, Bank of Canada governor Tiff Macklem told reporters that the bank is trying to anchor inflation expectations.

“The longer inflation remains well above our target, the greater is the risk that Canadians begin to think that this higher inflation is going to persist, and that becomes embedded in their inflation expectations.”

“The need to make sure that inflation expectations remain moored on our two per cent target was reflected in our decision today.”

About two in five Canadians have credit card debt, as well, with that number increasing to 62 per cent among those who qualified as “struggling” on the Angus Reid Institute’s economic stress index. 

Within this group, about 58 per cent say it will take over a year to pay off those debts.

It’s a very “unusual time,” Chilton says.

“I think everybody has to approach it from their individual perspective … I always believe you’ve got to watch your costs, but that’s more true now than ever.”

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Ageism: Does it Exist or Is It a Form of ‘I’m a Victim!’ Mentality? [ Part 4 ]

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How you think is everything.

This is the fourth and final column of a 4-part series dealing with ageism while job hunting.

The standard advice given by “experts” to overcome ageism revolves contorting yourself to “fit in,” “be accepted,” and “be invited.” Essentially, their advice is to conceal your age and hope the employer throughout the hiring process won’t figure it out and hire you.

It takes a lot of time and energy to be accepted into places where you aren’t welcome, and it can be heartbreaking.

Finding an employer who accepts you for who you are, regardless of age, gender, race, or whatever, is the key to happy employment. There’s no better feeling than the feeling you’re welcomed. Therefore, my advice to job seekers is: Be your best self and let the chips fall where they may. Doing your best and accepting the outcome will give you a Zen-like sense of freedom.

An attempt to infer someone’s biases based on their actions is usually just an assumption based on what you want to believe. If it benefits you to think someone is practicing ageism (e.g., a convenient excuse), then you’ll believe you’re the victim of ageism.

The fact is you don’t know what the hiring manager’s behind the scene looks like. The entire company’s leadership team judges their hiring decisions. Your fit with current employees needs to be considered. Budget constraints exist. Let’s not forget the biggest hiring influencer, and their past hiring mistakes, which they don’t want to repeat.

While reviewing resumes for a senior accounting position, the hiring manager thinks, “The Centennial College graduates I’ve hired didn’t last six months. While Bob has plenty of experience, he’s a Centennial College alumnus. Hiring another six months quitter won’t look good on me.” “Karen has worked for FrobozzCo International. If I recall, the company reportedly funneled money into offshore accounts to avoid paying taxes. I wonder if Karen was involved.”

Association experiences contribute to most biases. You know the saying, “If it looks like a duck, swims like a duck, and quacks like a duck, then it probably is a duck.” If you met five rude redheads in a row, the next one will also be rude, right? The human brain is wired to look for patterns and predict future behavior based on those patterns. Call it a survival skill. When we first meet someone, we try to predict what behavior to expect from them using past experiences.

This quick assessment is why hiring managers decide, within as little as two minutes, whether a candidate is worth their time. While it’s important to try and make a good first impression (READ: image), you have no control over how others interpret it.

Bottom-line: You can’t control another person’s biases.

Based on how I hire, and conversations with hiring managers, I believe the following to be true. An employer is more interested in the results you can deliver for them than your age or whatever “ism” you believe is against you.

Can employers afford to pass up qualified candidates who could contribute to their bottom line? Of course not! (Okay, it’s “unlikely.”) You’ll be in demand if you can demonstrate a track record of adding value to your employers.

Having the belief that your age prevents you from finding the employment you want is a paralyzing belief. Ageism exists for all ages, which I think many people use as a crutch.

“They said I was overqualified. That’s ageism!”

“They hired someone younger than me. That’s ageism!”

“They said I wasn’t experienced enough. That’s ageism!”

Get over yourself!

Employers can hire whomever they deem to be the best fit for their business. It’s self-righteous to judge someone else’s biases (READ: preferences), especially when their biases don’t serve your interests. Let’s say, for example, you’re 52 years old, and the hiring manager prefers candidates between 45 and 55 (Yes, I know such hiring managers), and they hire you. Would you call out the hiring manager’s bias that worked in your favor?

If you believe your age is an obstacle, here’s my advice: Break the fourth wall. If you sense your age is the elephant in the room, put your age on the table and see what happens. When interviewing, I always mention, early in, that I’ve been managing call centers since 1996. I then let my interviewer do the mental math and wrestle with any age bias they may have. As I mentioned in my last column, the employer most likely Googled you and has a good idea of your age. Therefore, since you were vetted to determine if you were interview-worthy, tell yourself that your age is irrelevant.

When interviewing, don’t focus on “isms.” Doing so makes them your reality. Instead, focus on the problems the position you’re interviewing for is meant to solve.

______________________________________________________________

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers advice on searching for a job. You can send Nick your questions at artoffindingwork@gmail.com

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CMHC reports annual pace of housing starts up 1.1 per cent in July – CP24

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The Canadian Press


Published Tuesday, August 16, 2022 9:02AM EDT


Last Updated Tuesday, August 16, 2022 9:02AM EDT

Canada Mortgage and Housing Corp. says the annual pace of housing starts in July edged higher compared with June despite a slowdown in urban starts.

The housing agency says the seasonally adjusted annual rate of housing starts in July was 275,329 units, an increase of 1.1 per cent from June.

The annual rate of urban starts was down 0.8 per cent at 254,371 units in July, while multi-unit urban starts fell 0.3 per cent to 195,987 units.

The pace of single-detached urban starts dropped 2.3 per cent to 58,384 units.

Meanwhile, rural starts were estimated at a seasonally adjusted annual rate of 20,958 units.

The six-month moving average of the monthly seasonally adjusted annual rates was 264,426 units in July, up from 257,862 in June.

This report by The Canadian Press was first published Aug. 16, 2022.

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Recall: Baby rocker, swing recalled over strangulation risks – CTV News

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Two infant products, manufactured by baby gear company 4moms, are being recalled due to strangulation hazards, according to a consumer product notice issued by Health Canada.

Health Canada says the recall involves certain MamaRoo baby swings and the RockaRoo baby rockers.

Those products impacted by the recall include MamaRoo infant swing set models that use a 3-point harness including models 4M-005, 1026 and 1037, according to the recall notice.

The MamaRoo model that uses a 5-point harness is not included in the recall, according to Health Canada.

The affected RockaRoo baby rocker’s model number is 4M-012. The model numbers can be found on the bottom of the products.

Both products have restraint straps that can dangle below the seat, and infants who are not seated can become “entangled in the straps, posing a strangulation hazard,” Health Canada said in the recall notice.

“This issue does not present a hazard to infants placed in the seat of either product,” the agency noted.

According to the recall, there have been no reports of strangulation or injury submitted to the company as of Aug. 9.

“Consumers with infants who can crawl should immediately stop using the recalled products and place them in an area where crawling infants cannot access,” reads the statement.

Consumers who have purchased one of the recalled products can register on the 4moms recall registration website or by phone at 877-870-7390. After doing this, 4moms will send a strap fastener to consumers with instructions on how to install.

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