From the Bank of Canada's steady hand to a surge in housing starts and Ottawa's new financial crime-fighting agency — here are the five money stories every Canadian should have on their radar this morning. 1 Bank of Canada Rate Holds at 2.25% — Next Decision June 10 The Bank of Canada kept its overnight rate at 2.25% on April 29 and has signalled it intends to stay put for now. Governing Council is keeping a close eye on Middle East conflict spillover into energy prices, ongoing U.S. tariff uncertainty, and whether inflation — currently hovering just above the 2% target — becomes entrenched. Bond markets are currently pricing in roughly an 18% chance of a 25-basis-point cut by the July 15 announcement, making a move at the June 10 meeting unlikely. 💡 What it means for you: Variable-rate mortgage and HELOC holders can exhale — no surprise hikes on the horizon. But don't expect big rate relief either; the "lower-for-longer" window appears to be closing. 2 Mortgage...
Severe Storm Triggers Flooding and Transit Disruptions in Toronto
A powerful storm system has unleashed heavy rainfall across the Greater Toronto Area (GTA), leading to widespread flooding on roadways and affecting transit services. Environment Canada issued a rainfall warning for the city, with a risk of thunderstorms throughout Tuesday afternoon and evening. Here are the key details:
Rainfall Warning: Up to 110 millimeters of rain is expected to fall on Tuesday, with rates of 40 mm/h possible at certain points. The intense downpours can cause flash floods and water pooling on roads. Localized flooding in low-lying areas is also possible. Residents are advised to watch for washouts near rivers, creeks, and culverts.
Flood Warning: The Toronto and Region Conservation Authority (TRCA) issued a flood warning due to hazardous conditions near bodies of water. Slippery and unstable river banks pose risks, and all shorelines, rivers, and streams in the GTA should be considered dangerous. Erosion and rapidly changing water levels are expected.
Transit Disruptions: The Toronto Transit Commission (TTC) and GO Transit have been impacted. TTC Line 1 trains are not stopping at St. Patrick, Lawrence, and Union stations, while Line 2 trains are bypassing Pape station. GO Transit’s Kitchener line will start and end at Malton GO. Peel police also warned drivers about manhole covers lifting due to downpours.
As the city grapples with the deluge, Mayor Olivia Chow is addressing the media, emphasizing caution around water bodies and urging travelers to plan their routes carefully. Union Station’s Bay Concourse Hall has already experienced flooding, and some roads are closed due to high water levels. Toronto Pearson Airport, however, remains operational with no flight disruptions.
Stay informed, stay safe, and be prepared for further updates as the storm continues to impact the GTA.
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