Housing affordability gets a rare boost in Canada’s expensive cities.
Canada has been struggling with a severe shortage of affordable housing, but a new report shows that the number of rental apartments being built is finally picking up pace. The number of new rental units under construction has increased by 24% over the past year, with Toronto and Vancouver seeing particularly significant gains. However, despite this increase, the country still faces a massive shortage of affordable housing options.
Canada’s economy feels the pinch as the dollar drops
The Canadian dollar has hit a new low, falling to around 72 cents US as investors become increasingly nervous about the country’s economic outlook. With interest rates high and inflation still a major concern, many economists are predicting a recession in the near future. As the dollar drops, Canadians traveling abroad will see a significant increase in the cost of goods and services.
Canada’s identity crisis deepens
A recent survey has found that Canadians are more divided than ever when it comes to their national identity. Only 37% of Canadians say they are proud to be Canadian, with the remaining 63% expressing a variety of differing opinions. This growing divide is reflected in politics, with the country’s two main parties taking increasingly opposing stances on issues like immigration and language laws.
Nuvei buys Payoneer in $5 billion deal
In other news, Canadian fintech company Nuvei has agreed to buy US-based Payoneer for $5 billion. The deal will create one of the world’s largest fintech companies, with operations in over 200 countries. The acquisition is seen as a major boost for Nuvei, which will gain a significant presence in the US market.
Alberta data centres see major investment
The province of Alberta is set to become a major hub for data centres, with several major companies investing in new facilities. The data centres will provide critical infrastructure for the growing number of cloud-based businesses, and are expected to create hundreds of new jobs in the province.
