Home prices could be hit by 15% due to rising rates: Desjardins

The Canadian housing market is feeling the brunt of rising interest rates and slowing activity, but a report from Desjardins’ economics team says the burden won’t be heavy enough to break the market’s back. The report predicted that prices could fall 15% from their peak in February 2022 by the end of next year. However, house prices would still remain above pre-pandemic levels.

Potential trouble ahead for those betting on their home to fund their retirement

Speaking of falling home prices, this could spell trouble for homeowners who are banking on their property to fund their retirement, writing personal finance columnist Dale Jackson. While it’s no surprise that house prices can go either way, Jackson says it’s a reminder that a broader, well-diversified investment portfolio is key to ensuring you have a strong retirement fund. .

Preparing your finances for a possible recession

While there is still some debate over whether or not Canada is headed for a recession, it won’t hurt to start “protecting” your finances now, especially for young Canadians. Experts say the Canadian Press that could include broadening your professional skills, reconsidering spending habits that are hurting your bank account, and assessing your abilities before embarking on stock investing.

New startup is changing the game for driver education

For any new driver hoping to qualify for lower car insurance rates, the cost of traditional driver training can add up. A digital startup aims to reduce these expenses. Toronto-based Kruzee is leveraging technology to keep education prices reasonable, helping Canadians minimize driving costs.

CIBC raises minimum wage to $20 an hour

With tight labor markets forcing the big banks into fierce competition for workers, CIBC is raise your minimum wage and committing to push it even higher in the years to come. According to a statement from the bank’s CEO, the lender’s minimum wage will increase to $20 an hour in Canada starting next July, and that number will increase to $25 by the end of 2025.

TIP JAR

$530,000

– This is the new record for global wealth that was achieved in 2021, an increase of 10.6% over the previous year, according to information from Bloomberg News.

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