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Liberal Ranks Grow as Michael Ma Joins Carney’s Team

                      Markham-Unionville MP Michael Ma crossed the floor to join the Liberals on Thursday. In a dramatic political shift on Parliament Hill, Michael Ma, the Member of Parliament for Markham–Unionville, announced on December 11, 2025, that he is leaving the Conservative caucus to sit with the Liberals . His decision follows weeks of consultation with constituents and family, and comes on the heels of Nova Scotia MP Chris d’Entremont’s defection last month. Ma explained that his move was motivated by a desire for “unity and decisive action for Canada’s future.” He praised Prime Minister Mark Carney’s leadership, describing it as a steady and practical approach to tackling pressing issues such as affordability, economic growth, community safety, and opportunities for young families. The floor-crossing is politically significant: the Liberals now hold 171 seats, just one short of a majority in the House of...
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Deloitte Canada predicts rate cuts by Bank of Canada in 2024

 

The Bank of Canada may soon begin to lower its benchmark interest rate, according to a new report by Deloitte Canada.

The consulting firm expects the central bank to start easing rates in the second quarter of 2024, as inflation pressures subside and the economy faces headwinds from higher borrowing costs.

Deloitte Canada forecasts that the overnight target rate will drop to 4.25 per cent by the end of the year, from the current level of 5 per cent.

However, the firm cautions that the Bank of Canada will not return to the ultra-low rates that prevailed before the pandemic, and that interest rates will still have a negative impact on spending and investment decisions in 2024.

The Bank of Canada has raised its key rate five times since the start of the pandemic, in response to surging inflation that reached 7.1 per cent in November 2023.

The central bank has signaled that it is done with hiking rates for now, and that it will monitor the evolution of inflation and economic activity.

Some market participants and economists expect the Bank of Canada to cut rates more aggressively than Deloitte Canada, with some predicting a 150-basis-point reduction by the end of 2024.

Deloitte Canada chief economist Dawn Desjardins said that the Bank of Canada will act cautiously and only cut rates when it is confident that inflation will return to its 2 per cent target.

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