Latest news with #DarrylDyck
CTV News
an hour ago
- CTV News
SiRT charges Nova Scotia RCMP officer in sexual assault case
The RCMP logo is seen in Surrey, B.C., on Thursday, March 16, 2023. THE CANADIAN PRESS/Darryl Dyck
CTV News
2 hours ago
- General
- CTV News
Simcoe County to boost affordable child care options with new strategy
Crayons are seen on a table at a new child care facility operated by the YMCA on Thursday, July 3, 2025. THE CANADIAN PRESS/Darryl Dyck
CTV News
2 days ago
- Climate
- CTV News
Drying trend forecast to return after rain, cooler weather in parts of B.C.
The downtown Vancouver skyline is seen on Wednesday, Oct. 16, 2024. THE CANADIAN PRESS/Darryl Dyck British Columbia's wildfire service says much of the province is experiencing 'unsettled' weather conditions, with rain in some areas that have been hot spots for fire this season, but a drying pattern is forecast to settle in later in the week. The latest bulletin from the BC Wildfire Service says the southern half of the province will see showers and cooler temperatures along with some winds. It says the risk of thunderstorms extends to parts of the Coast Mountains, with most storms bringing rain. In northeastern B.C., a cold front was expected to arrive Sunday, delivering gusty winds and precipitation. The wildfire service says the thunderstorms and showers will extend into the early part of the week, but a return to drier conditions is expected to start on Wednesday or Thursday in the southern parts of the province. Environment Canada issued severe thunderstorm bulletins Sunday for parts of the southern Interior and northeast, spanning Fort Nelson and the Peace River area, as well as the Okanagan, South Thompson, Nicola and Boundary regions and northern parts of the Fraser Canyon, including Lillooet. The weather office says conditions were favourable for the development of severe storms that could bring strong winds and heavy rain. There are just over 70 active wildfires across B.C., with fewer than 10 of those blazes classified as burning out of control as of Sunday. Most of the active blazes are located in northeastern B.C., with clusters on Vancouver Island and in the southern Interior. This report by The Canadian Press was first published July 20, 2025.
CTV News
5 days ago
- Business
- CTV News
60 per cent of Canadians could face higher mortgage payments by 2026: Bank of Canada
Houses are seen in a neighbourhood on Burnaby Mountain, in Burnaby, B.C., on Monday, June 10, 2024. (THE CANADIAN PRESS/Darryl Dyck) Roughly 60 per cent of Canadian mortgage holders will face higher monthly payments when their loans come up for renewal in 2025 and 2026, according to a new Bank of Canada report. In the latest staff analytical note, the bank says that although mortgage interest rates are expected to gradually decline, most borrowers will still see payment increases relative to their current contracts — many of which were signed during periods of lower interest rates. The report estimates that in 2025, homeowners renewing their mortgages will see an average increase of 10 per cent in their monthly payments compared to December 2024 levels. In 2026, the increase is expected to moderate to around six per cent. The payment increases will vary depending on mortgage type. According to the bank, borrowers with fixed-rate mortgages, especially those with five-year terms, are likely to experience the steepest jumps in payments ranging between 15 and 20 per cent on average. These borrowers make up 40 per cent of all mortgages in Canada and are driving the overall upward pressure on renewal payments. While the majority of borrowers will see their payments rise, the bank's analysis shows that not all will be affected equally. For homeowners with variable-rate mortgages that adjust monthly, payments are projected to decrease by five to seven per cent. Meanwhile, those with variable-rate mortgages with fixed payments may see mixed outcomes: around 10 per cent of these borrowers are expected to face increases of more than 40 per cent in 2026, while 25 per cent may see decreases of at least seven per cent. Strain on households budgets Borrowers facing payment increases at renewal are expected to see a sharper rise in their mortgage debt service (MDS) ratio — the share of income spent on mortgage payments — compared to those with payment decreases, the Bank of Canada says. For those with rising payments, the median MDS ratio is projected to climb from 15.3 per cent in December 2024 to 18 per cent by the end of 2026. By contrast, borrowers with decreasing payments will see their median MDS ratio fall from 19.7 per cent to 18.6 per cent. These projections assume no change in income though the bank notes many borrowers likely experienced income growth since their last mortgage term — helping them better manage higher payments. Methodology The bank based its analysis on the assumption that borrowers maintain the same type of mortgage and amortization period at renewal. The amortization period is the process of gradually paying off a debt over a set period of time through regular payments. The bank also used market-implied expectations for interest rates as of June 17 to model future payment scenarios. Despite the anticipated financial pressure, the bank noted that some borrowers may not experience changes if they proactively renegotiate terms or adjust their amortization schedules.
CTV News
6 days ago
- Business
- CTV News
Annual pace of housing starts in June up 0.4% from May: CMHC
Single family houses billed as estate cottages are seen under construction, in Delta, B.C., on Monday, Aug. 12, 2024. THE CANADIAN PRESS/Darryl Dyck OTTAWA — Canada Mortgage and Housing Corp. says the annual pace of housing starts in June edged up 0.4 per cent compared to May. The national housing agency says the seasonally adjusted annual rate of housing starts amounted to 283,734 units in June, up from 282,705 in May. The reading came as the annual rate of starts in cities with a population of 10,000 or greater was 261,705 units in June compared with 260,947 in May. The annual pace of rural starts was estimated at 22,029 units. CMHC says actual housing starts in centres with a population of 10,000 or greater amounted to 23,282 units in June, up 14 per cent from 20,509 in June last year. The six-month moving average of the seasonally adjusted annual rate starts across Canada rose 3.6 per cent in June to 253,081. This report by The Canadian Press was first published July 16, 2025. The Canadian Press
