Despite lower rents, many tenants report spending less on food and taking on credit card debt to make ends meet

Even though rent prices in Toronto and across Canada have declined in recent months, they are still high enough that many renters are spending less on food and accumulating debt to make their monthly payments, a new report says.
According to the Royal LePage 2025 Canadian Renters Report, Canadian rent prices are 5.7 per cent higher than they were two years ago and 12.6 per cent higher than they were three years ago.

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National Observer

an hour ago

• National Observer

Quebec dials back emissions projections, blaming global uncertainty

The Quebec government is scaling back its projections for greenhouse gas emissions reductions due to the Trump administration. A report published Thursday by the province's Environment Department says the current US government has created a "challenging environment for advancing climate action." It points in particular to US President Donald Trump 's decision to impose tariffs, which it says have slowed down business investment, including in decarbonization. It also says the administration's attempts to challenge carbon pricing mechanisms in various US states were "exerting downward pressure on market prices." "The economic and political uncertainty caused by the new US federal administration ... does not allow the deployment of measures as quickly and effectively as planned," the report says. The government now estimates that measures being adopted in Quebec to reduce emissions will account for 65 per cent of the cuts needed to reach the province's 2030 emissions target, down from a projected 67 per cent last year. Quebec is aiming to reduce greenhouse gas emissions by 37.5 per cent compared to 1990 levels by 2030. That's a drop of about 30 million tonnes from projected emissions in the absence of climate policies. The new report is an annual update on the province's progress toward meeting that goal. It estimates that planned measures will cut emissions by 19.4 million tonnes in 2030, a slight drop from last year's projections. The document also says the Canadian government's decision to scrap the federal consumer carbon price in April could harm the competitiveness of Quebec businesses. "Uncertainty remains regarding the actions that will be taken by the federal government to combat climate change," it reads. Quebec has so far maintained its own cap-and-trade carbon pricing system, which is linked with California's system. The report says Quebec's carbon price is a major driver of emissions reductions in the province, and revenue from the carbon market is an important source of funding for other climate measures in the government's plan. The report highlights $10.1 billion in planned government spending over the next five years, much of it to reduce emissions from transportation, industry and housing. It says new initiatives under development could lead to further emissions cuts and could get the province to between 67 and 72 per cent of its 2030 target. Despite dialling back its projections, the government says greenhouse gas emissions dropped by 0.9 million tonnes in Quebec between 2022 and 2023, and have not returned to pre-pandemic levels. The report also says there was a record number of electric-vehicle sales in Quebec in 2024, with more than 125,000 new registrations. Zero-emission vehicle sales made up nearly 31 per cent of light-duty vehicle sales that year, it says, and there were 375,000 electric vehicles on the road in Quebec last December. This report by The Canadian Press was first published June 19, 2025.

Vancouver Sun

an hour ago

• Vancouver Sun

Lululemon layoffs hint at tougher landscape for retail

Layoffs and reduced expectations at Vancouver apparel retailer Lululemon Athletica could be an indicator of tougher times generally for the entire sector at a time when consumers are becoming more pessimistic, according to one retail analyst. On Wednesday, Lululemon said it is laying off 150 employees at store support centres as it also reduced forecasts for profits for the year due to the challenging tariff environment imposed by U.S. President Donald Trump's global tariff war. The company is still expecting per-share profits of $14.58 US and $14.78 US per year, but if it is expecting sales to stagnate, it is likely Lululemon will want to show that it is taking control of what it can, said retail analyst David Ian Gray of the firm Dig360. Stay on top of the latest real estate news and home design trends. By signing up you consent to receive the above newsletter from Postmedia Network Inc. A welcome email is on its way. If you don't see it, please check your junk folder. The next issue of Westcoast Homes will soon be in your inbox. Please try again Interested in more newsletters? Browse here. 'What you can do in a stagnant growth mode or a declining growth mode is work on your efficiencies, work on the cost side of the business and kind of maintain your bottom line,' Gray said. Generally, Canadian retailers have seen sales hold up in recent months, with Statistics Canada reporting retail sales of $70 billion in March, 5.6 per cent higher than in the same month a year ago. B.C. accounted for $9.4 billion of those March sales, which was a 4.7 per cent increase from a year ago. Greg Wilson, director of government relations for B.C. at the Retail Council of Canada, said results have been mixed. January and February were slow, but March results were good and the council expects April will be good as well, based on what they're hearing from members. 'Now, that said, B.C., they'd all say it was good, not remarkable by any means, just good,' Wilson said. 'But in the context of a tough economy, good is a pretty nice place to be.' Lululemon, however, has started to see lower in-store traffic, particularly in the U.S., company CEO Calvin McDonald said on the firm's latest conference call. The Conference Board of Canada's consumer confidence index has bounced back from an all-time low of 44.2 in March to 52.9 per cent in May, signalling a perception that uncertainties posed by global economic conditions have stabilized. Confidence, however, remains below the average rating and Gray said a lack of confidence lines up with consumers becoming 'budget conscious,' sticking to needs and foregoing wants, or at least substituting lower-cost items for premium brands. 'Even in terms of job stability and things like that, there are a lot of concerns,' Gray said. In its financial results earlier this month, the company said it planned strategic price increases as it deals with U.S. tariffs — passing along some of the costs to its customers. The price increases on products are expected to be modest and only apply to a few Lululemon products, but they reflect the lengths the business is having to go to shield itself from Trump's trade war and the pressure it's putting consumer spending, Meghan Frank, the company's chief financial officer, told analysts on a June 5 call. depenner@ With files from The Canadian Press

Cision Canada

an hour ago

• Cision Canada

NFP Welcomes Darrin De Stephanis, Expanding Commercial Surety Practice in Canada Français

Addition strengthens NFP's construction surety advisory and solution services across North America TORONTO, June 20, 2025 /CNW/ -- NFP, an Aon company and leading property and casualty (P&C) broker, benefits consultant, wealth manager and retirement plan advisor, has appointed Darrin De Stephanis as senior vice president, Capital Solutions and Commercial Surety Growth Leader. De Stephanis, based in Vancouver, will report to Adrian Pellen, co-leader of NFP's Construction and Infrastructure (C&I) Group. "I'm excited to welcome Darrin to NFP as we continue to expand our cross-border C&I business," said Pellen. "With his impressive background across the surety industry, Darrin is in a great position to help grow our commercial surety business and advise clients on effective capital structures. This addition supports our goal of providing surety solutions that align with our clients' needs while elevating NFP's role as a top risk manager and leading broker in the space." De Stephanis has over a decade of experience in the surety industry, most recently as a manager of a national commercial surety portfolio at Intact. He began his career as a surety and subcontractor default insurance broker at Aon. De Stephanis is a chartered financial analyst (CFA) and sits on the social committee of CFA Society Vancouver. NFP's construction surety risk practice is part of its C&I Group, which covers the U.S. and Canada. The group is driven by a collaborative team of experts, which includes John Hyland, co-leader of NFP's C&I Group, and Thomas Henn, Head of Surety for NFP, and is focused on delivering a holistic approach to risk advisory that addresses the complex needs of North American clients. "I'm looking forward to being a part of a global team committed to providing an exceptional client experience in construction surety," said De Stephanis. "The construction industry, especially across the U.S.-Canadian border, is facing new challenges, and clients need a partner they can trust to understand this complex moment and help them navigate the uncertainty. I'm excited to build on NFP's excellent reputation and knowledge base to create new opportunities to engage and build confidence with clients." About NFP NFP, an Aon company, is an organization of consultative advisors and problem solvers helping companies and individuals address their most significant risk, workforce, wealth management and retirement challenges. With colleagues across the U.S., Puerto Rico, Canada, UK and Ireland, we serve a diversity of clients, industries and communities. Our global capabilities, specialized expertise and customized solutions span business and personal insurance, group benefits, retirement and individual solutions. Together, we put people first, prioritize partnerships and continuously advance a culture we're proud of. Visit to learn more.