CPA Canada’s chief economist is calling for the Bank of Canada to deliver a substantial rate cut on Dec. 11 to support the economy amid looming tariff threats and rising unemployment.
David-Alexandre Brassard
“A 50-basis-point rate cut would lift the constraints on the economy and set us up for the economic challenges of the coming winter,” said David-Alexandre Brassard, CPA Canada’s chief economist, in a news release.
“High interest rates have been a drag on spending. Despite strong population growth, the labour market has deteriorated, with unemployment climbing from five per cent to 6.5 per cent in just 18 months. After six consecutive quarters of declining GDP per capita, decisive action will be critical to spur growth.”
Ninety-four per cent of Canadians expect to be financially stressed this holiday season, according to a recent survey by CPA Canada and BDO Debt Solutions. And the rate cut is not expected to immediately reduce the cost of living, said Li Zhang, CPA Canada’s financial literacy leader.
“While the expected rate cut will ease debt repayment burdens—particularly for mortgage holders—it won’t reverse price hikes. As the holiday season approaches, Canadians should create budgets and stick to them, resisting the urge to overspend.”
Mario Toneguzzi
Mario Toneguzzi is Managing Editor of Canada’s Podcast. He has more than 40 years of experience as a daily newspaper writer, columnist, and editor. He was named in 2021 as one of the Top 10 Business Journalists in the World by PR News – the only Canadian to make the list. He was also named by RETHINK to its global list of Top Retail Experts 2024.
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