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Here’s when markets expect the Bank of Canada to start cutting interest rates

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The Bank of Canada will hold interest rates at the 15-year high 4.50 per cent until the end of 2023, before starting to cut rates at the start of next year, according to a median of market participants in the central bank’s survey released on Monday.

The bank’s survey of market participants, the second iteration of the poll first released in February, showed a median of the participants forecasting interest rates dropping to 3.0 per cent by the end of 2024.

Market participants in the first survey released in February had said rates would fall to 4.0 per cent by the end of the year.

A median of 26 participants predicted a 0.1 per cent contraction of gross domestic product at the end of 2023, compared with a 0.4 per cent decline forecast in the last survey.

The participants, surveyed from March 9 to 23, cited weaker housing market and tightening of financial conditions among top risks that could curtail Canadian growth.

The bank raised interest rates eight consecutive times through January in an effort to cool high inflation that peaked at a four decade high last year.

The bank has since kept rates steady at two meetings, in part because Governor Tiff Macklem has said the goal is to slow growth, but avoid a recession.

Annual inflation rate eased to 4.3 per cent in March, but is still more than double the bank’s two per cent target. The bank expects to hit its inflation target by the end of next year.

The median forecast for annual inflation is 2.7 per cent at the end of the year, compared with a previous estimate of 2.9 per cent.

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RCMP arrest second suspect in deadly shooting east of Calgary

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EDMONTON – RCMP say a second suspect has been arrested in the killing of an Alberta county worker.

Mounties say 28-year-old Elijah Strawberry was taken into custody Friday at a house on O’Chiese First Nation.

Colin Hough, a worker with Rocky View County, was shot and killed while on the job on a rural road east of Calgary on Aug. 6.

Another man who worked for Fortis Alberta was shot and wounded, and RCMP said the suspects fled in a Rocky View County work truck.

Police later arrested Arthur Wayne Penner, 35, and charged him with first-degree murder and attempted murder, and a warrant was issued for Strawberry’s arrest.

RCMP also said there was a $10,000 reward for information leading to the arrest of Strawberry, describing him as armed and dangerous.

Chief Supt. Roberta McKale, told a news conference in Edmonton that officers had received tips and information over the last few weeks.

“I don’t know of many members that when were stopped, fuelling up our vehicles, we weren’t keeping an eye out, looking for him,” she said.

But officers had been investigating other cases when they found Strawberry.

“Our investigators were in O’Chiese First Nation at a residence on another matter and the major crimes unit was there working another file and ended up locating him hiding in the residence,” McKale said.

While an investigation is still underway, RCMP say they’re confident both suspects in the case are in police custody.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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26-year-old son is accused of his father’s murder on B.C.’s Sunshine Coast

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RICHMOND, B.C. – The Integrated Homicide Investigation Team says the 26-year-old son of a man found dead on British Columbia’s Sunshine Coast has been charged with his murder.

Police say 58-year-old Henry Doyle was found badly injured on a forest service road in Egmont last September and died of his injuries.

The homicide team took over when the BC Coroners Service said the man’s death was suspicious.

It says in a statement that the BC Prosecution Service has approved one count of first-degree murder against the man’s son, Jackson Doyle.

Police say the accused will remain in custody until at least his next court appearance.

The homicide team says investigators remained committed to solving the case with the help of the community of Egmont, the RCMP on the Sunshine Coast and in Richmond, and the Vancouver Police Department.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.



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Metro Vancouver’s HandyDART strike continues after talks break with no deal

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VANCOUVER – Mediated talks between the union representing HandyDART workers in Metro Vancouver and its employer, Transdev, have broken off without an agreement following 15 hours of talks.

Joe McCann, president of Amalgamated Transit Union Local 1724, says they stayed at the bargaining table with help from a mediator until 2 a.m. Friday and made “some progress.”

However, he says the union negotiators didn’t get an offer that they could recommend to the membership.

McCann says that in some ways they are close to an agreement, but in other areas they are “miles apart.”

About 600 employees of the door-to-door transit service for people who can’t navigate the conventional transit system have been on strike since last week, pausing service for all but essential medical trips.

McCann asks HandyDART users to be “patient,” since they are trying to get not only a fair contract for workers but also a better service for customers.

He says it’s unclear when the talks will resume, but he hopes next week at the latest.

The employer, Transdev, didn’t reply to an interview request before publication.

This report by The Canadian Press was first published Sept. 13, 2024.

The Canadian Press. All rights reserved.

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