U.S.-made items with maple leaf symbols perplex pro-Canadian shopper
Want to 'Buy Canadian' at the supermarket? It might be more complicated than you think - as Windsor resident Jim Kreski found out on a recent trip to a local FreshCo store. Dalson Chen reports.
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Global News
2 hours ago
- Global News
Buying a house got costlier in May. What should your household income be?
Signs of a rebound may be emerging in Canada's real estate market after months of declining home prices. While buyer-friendly conditions persist in some markets, many Canadians will have to shell out more for their monthly mortgage payments, a new report shows. The monthly home affordability report by looked at home prices and mortgage rates from 13 Canadian cities. In eight of those cities, mortgage affordability got worse in May. Penelope Graham, mortgage expert at said the buyer-friendly market conditions are unlikely to last for very long. 'While buyers have enjoyed attractive housing affordability conditions throughout the spring, those days may be numbered. The latest May national housing data reveals sales are firming up over the short term,' she said. While mortgage rates remained largely unchanged, rising home prices mean you'd have to spend more money on your monthly mortgage payments, depending on where you live. For most Canadian cities, the annual household income you'd need to get approved for a mortgage has also gone up. Story continues below advertisement In May, the price of the average Canadian home was $691,299. While that is still down 1.8 per cent compared with this time last year, it is an increase of 1.9 per cent compared with April this year. A Royal Bank of Canada report said buyers are expected to dive back into the market as the uncertainty around U.S. tariffs becomes clearer. 'We expect housing market confidence to gradually rebuild as tariff de-escalation lifts some of the uncertainty that hindered activity earlier this year,' RBC economist Robert Hogue said in the report. 1:54 Business Matters: Canada's housing market in holding pattern, CREA data shows Costlier mortgages The data from Ratehub's report is based on a 10 per cent down payment with a 25-year amortization. The city that saw the highest increase in monthly mortgage payments was St. John's, N.L., where someone locking down their mortgage in May would have to pay $45 more and would need an annual household income of $86,450. Story continues below advertisement 'St. John's saw the most significant increase, with $1,690 in additional income required to purchase the average home. This is due to home prices rising ($8,900), the biggest increase of all the cities,' Graham said. Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Halifax also saw affordability worsen, with the average resident paying an additional $38 a month for their mortgage. They would need a household income of $122,830 (an increase of $1,430) to buy a house. Regina (increase of $27) and Montreal (increase of $26) both saw monthly mortgage costs go up. In Regina, you would need an annual household income of $79,350 (an increase of $1,020 since April) and in Montreal, you'd need $124,620 (an increase of $980 since April). After a drop in home prices in April, the price for an average home in Toronto rose $3,400 to $1,012,800 in May. A Torontonian would have to spend $17 more ($5,139 a month) and need an annual household income of $206,500 to be able to afford a home. Winnipeg saw monthly mortgage costs rise by $13 a month to $1,968 and the average Winnipegger would need $88,250 annually to be able to buy a house. Edmonton ($7) and Fredericton ($5) both saw minor increases in monthly mortgage costs. In Edmonton, you'd need an annual household income of $96,670, while in Fredericton, you'd need $78,200. The only city that saw no change in affordability was Calgary. The average home price in the city remained the same as in April ($583,000), as did the monthly mortgage cost ($2,958) and annual income needed to buy a house ($125,170). Story continues below advertisement 2:21 Business Matters: May 'another sleepy month' for homebuyers. Will a rate cut wake them up? Where did affordability improve? 'While the majority of the cities saw affordability worsen, the biggest change was actually in Hamilton, where affordability saw a massive improvement, with $3,480 less income required to purchase the average home,' Graham said. The average home price in Hamilton was $183,100 — a drop of $7,500 since May. Story continues below advertisement A Hamilton homebuyer would need an annual income of $163,020 to be able to buy a house. With a 10 per cent down payment and a 25-year amortization, their monthly mortgage rate came down to $3,973 a month. This means that a Hamilton mortgage buyer who locked down their rate in May would save $93 a month compared with someone who locked it down in April. The decline in home prices comes amid the U.S. trade war and President Donald Trump's 50 per cent tariffs on foreign steel and aluminum. Hamilton is home to major Canadian steel producers and faces growing concerns about the potential for layoffs and plant closures as a result of the tariffs. While Vancouver saw the second biggest decline in home prices, with a decline of $7,500, it remains Canada's most expensive housing market by far, with an average home in May costing $1,177,100. Vancouverites also need the highest annual income of any city in Canada at $237,550 a year. They would also have to pay the highest monthly mortgage of $5,973 with a 10 per cent down payment, although it dropped $38 from April. In May, Victoria came in as the third most expensive housing market in Canada after Vancouver and Toronto, though average home prices dropped to $892,700, with the average homebuyer needing an annual salary of $183,750. Monthly mortgage costs dropped $38 to $4,530 a month. Story continues below advertisement Affordability also improved in the nation's capital, with the average Ottawa home price dropping to $629,800. An Ottawa resident would save $7 on their mortgage payment if they bought in May ($3,196 a month) and would need an annual household income of $134,020 to be able to buy a house.
Ottawa Citizen
3 hours ago
- Ottawa Citizen
Canada Day tourism season looks strong as bookings climb in Ottawa
Article content 'There's so much to do for everyone's tastes in Ottawa,' he said. Article content Article content As the director of public affairs for Ottawa Tourism, Miousse knows that Canada Day typically brings in an influx of tourists from across the country. Leading up to this year's festivities, he says he's expecting 'a lot of traction.' Article content Article content 'It should be a very good one,' he said. 'We're looking forward to it. Especially with the current context, there's a lot of Canadian pride.' Article content Article content Canadian residents returned from 2.7 million trips to the United States in March — a 24 per cent decrease from the previous year, according to Statistics Canada. Flights to the U.S. were also down by 5.5 per cent. This decrease in travel comes amidst an ongoing U.S. tariff war. Article content It's unclear whether tourism numbers will exceed record years in 2019 and Canada's 150th birthday in 2017, Miousse says, but he's optimistic so far. Article content 'We're already seeing more hotel bookings than last year,' he said, adding that Ottawa has seen 10 million tourists in the last year alone, who have generated an estimated $2.6 billion for the local economy. Article content 'It's igniting a sense of your civic pride, right, to want to visit your capital city to celebrate the national day of your country.' Article content Article content Article content Miousse says 90 per cent of Ottawa's tourists are Canadian, accounting for a 'niche market' that Ottawa tends to attract. Along with a heightened sense of Canadian pride, he cited initiatives like the Canada Strong Pass as incentives that make this year's Canada Day special. Article content Article content 'We've all seen what's happened in the world and in Canada these past few months,' he said. 'It's all about making the most of these trends, and that's our advantage here in Ottawa.' Article content 'Obviously, Canada Day is an uptick to that.'
Global News
3 hours ago
- Global News
EV interest is stalling over cost concerns. Could a consumer rebate help?
Demand for electric vehicles around the world appears to be on the decline, according to a recent survey from Shell that says cost and affordability are key concerns for buyers. At the same time, the Canadian government confirmed this week that it is exploring a new consumer rebate for electric vehicles. Statistics Canada reported that in the first quarter, or three months, of this year, 37,299 new zero-emission vehicles (ZEVs) were registered, making up 8.7 per cent of all new motor vehicle registrations, down more than 23 per cent compared with one year prior. For the month of April, the latest update from Statistics Canada, EV sales accounted for just over 7.5 per cent of all vehicles sold in Canada. Why are consumers less interested in electric vehicles? New data shows that overall, consumers who haven't bought an EV already say it's primarily due to the costs of purchasing and owning one for the long term. Story continues below advertisement Shell Global released the results of a survey on Tuesday showing falling demand for electric vehicles, especially in Europe and the United States, with affordability the main reason cited, along with charging network reliability. Meanwhile, the report shows that more than two-thirds of current electric vehicle owners reported feeling less worried about charging concerns than a year prior, and nearly three-quarters say the options and availability of public charging points have improved. Although the Shell Global survey did not poll Canadians, there are consistent findings in other recent reports that did. An AutoTrader survey conducted in 2024 found that non-owners in Canada are hesitant to purchase an electric vehicle due to 'limited travel range/distance, inadequate availability of charging stations, higher purchasing costs, and the belief that EVs are unsuitable for cold weather.' 'Overall, while almost half of non-EV owners are open to buying an EV for their next vehicle, interest in EVs has declined for the second year in a row,' Tiffany Ding, director of Insights and Intelligence at AutoTrader, said last year. Get daily National news Get the day's top news, political, economic, and current affairs headlines, delivered to your inbox once a day. Sign up for daily National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy AutoTrader also confirmed at the time that there was a direct correlation between lower gas prices and lower demand for electric vehicles, and vice versa. 2:01 With Trump administration incoming, what will happen to Canada's EV plan? In early 2022, demand for electric vehicles peaked worldwide as the price of traditional gasoline spiked and consumers sought alternatives. Story continues below advertisement This was in addition to strained supply chains, which made traditional gas-powered vehicles more expensive along with other products, and a lack of preparedness for the change in consumer demands made it harder for car companies to keep up. By the end of 2022, things changed direction as supply chains caught up with demand, and affordability started to take a toll on households amid high inflation and rising interest rates. The AutoTrader survey found that drivers instead were looking more and more to hybrid options, including plug-in hybrids, which offer the benefits of both a gas engine and electric by not relying as much or at all on a charging network and consuming less traditional gasoline overall. 6:01 Where does Canada's EV industry currently stand? Prices have also been gradually declining for some electric vehicles, so it is possible car companies are taking note of a drop in demand and cost concerns. Story continues below advertisement In some cases, this has also meant delaying plans for expanding EV production. According to the average price for a new EV in Canada as of December 2024 was $70,682, which is down 7.8 per cent from a year earlier, while used options averaged $42,045, a drop of 18.4 per cent from 2024. Canadians can currently purchase some of the cheaper electric vehicle options brand new, starting at roughly $40,000. There is also the cost of charging, which may include the purchase and installation of a home charger, vehicle maintenance specific to electric vehicles, as well as depreciation over time, which differs compared with some gas-powered versions. AutoTrader's price index for the first quarter of 2025 pinned the national average price for a new vehicle at $65,564 — down almost three per cent year over year — and the national average price for a used vehicle at $36,823, a drop of 2.2 per cent year over year. Could a rebate help? Responding to reporters on Tuesday outside the House of Commons, Environment Minister Julie Dabrusin said 'there will be a consumer rebate,' with few other details given for now. Story continues below advertisement 'Will it be named, iZEV? That I can't tell you,' Dabrusin said when asked by reporters earlier this week about a future rebate program for EVs. This followed a meeting in which the Opposition Conservatives called for current electric vehicle mandates to be scrapped, including the Trudeau government's goal to have all new consumer passenger vehicles and light trucks sold in Canada be zero-emission by 2035, citing concerns about the Canadian auto sector and U.S. President Donald Trump's tariff policies. As of now, Canada and the United States have imposed on each other a 25 per cent tariff on all automotive imports that do not comply with the current North American trade deal known as the Canada-United States-Mexico Agreement (CUSMA). Canadian auto makers and other industry leaders also support ending these mandates, suggesting that the lack of consumer rebates or other incentives makes these goals unrealistic and a 'policy failure.' 2:32 BIV: Province pausing electric vehicle rebate program The iZev, or Incentives for Zero-Emission Vehicles, program was launched by the federal government in 2019 but ran out of funding by January of this year. Dabrusin's comments suggest it will be replaced with a new strategy aimed at making EVs more affordable for some Canadians. Story continues below advertisement The iZev was intended to act in addition to provincial electric vehicle rebates where available. Previously, the iZEV program offered up to $5,000 off the cost of a new electric vehicle, and over the nearly six-year life span, it cost the federal government nearly $3 billion.
