Annual inflation cooled sharply to two per cent in August, according to Statistics Canada, marking a major milestone in the Bank of Canada’s efforts to tame price pressures. That’s half a percentage point lower than the 2.5 per cent annual rate recorded in July and continues a general cooling trend through 2024. Inflation remains unthreatening and the Bank of Canada should now focus on trying to stimulate the economy and halting the upward climb in the unemployment rate.The Bank of Canada’s sets its benchmark interest rate in an effort to achieve two per cent inflation, according to its

The Bloc Québécois has won the Montreal Liberal stronghold riding of LaSalle—Émard—Verdun after an extremely tight three-way race with the NDP. The resounding celebrations are another blow to Prime Minister Justin Trudeau, who faced calls to resign after losing another longtime Liberal seat in Toronto to the Conservatives in June. Elections Canada reported all 187 polls showing the Bloc won the seat 248 votes ahead of the Liberals. Further west in Winnipeg, the NDP maintained its stronghold in the riding of Elmwood — Transcona in a tight byelection race with the Conservatives. Electio

The municipality of Jasper in Alberta's Rocky Mountains is taking the next step this weekend as it recovers from a July wildfire that destroyed a third of its buildings. Jasper Mayor Richard Ireland says the state of emergency will formally end on Sunday. Ireland says the move means Jasper is transitioning from a short-term recovery perspective to a long-term view. He also says removing the state of emergency order will help the tourist town's much needed visitor economy return. The wildfire destroyed more than 350 of the town's buildings, including 800 housing units. The town estimates 2,

Finance Minister Chrystia Freeland says the government is making some changes to mortgage rules to help more Canadians to purchase their first home. She says the changes will come into force in December and better reflect the housing market. The price cap for insured mortgages will be boosted for the first time since 2012, moving to $1.5 million from $1 million, to allow more people to qualify for a mortgage with less than a 20 per cent down payment. The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody bu

The Canadian Parliament begins today and during this session, Conservative Leader Pierre Poilievre can introduce a no-confidence motion against PM Justin Trudeau's minority Liberal government at any time. The special thing is that although NDP president Jagmeet Singh has broken the agreement with the Liberals, the party has not shown any interest in elections in the near future, but Poilievre is putting full pressure to topple the government. He has also challenged the Bloc Quebecois to face the Liberals. Poilievre also alleged that Jagmeet Singh is making voters wait for a change of governm

Air Canada says some operations will start to be affected today as time is running out before a potential shutdown because of a labour dispute with its pilots The airline on Thursday called for the government to be ready to intervene to avoid major disruptions a shutdown would cause for its more than 110,000 travellers a day. It says some services like cargo and vacation packages will start to be affected today, while a full shutdown could happen on Sept. 18. The airline and pilots will be in a position starting Sunday to issue 72-hour notice of a strike or lockout. The airline has said the n

NDP Leader Jagmeet Singh won't say whether he would keep the consumer carbon price if his party forms government at the next election. Singh told reporters in Montreal today that he wants to see big polluters pay, but rejected the idea that workers should shoulder the cost of fighting climate change. The NDP leader says his party will release its climate plan in the coming months, but wouldn't say whether it would include a consumer carbon price. Conservative Leader Pierre Poilievre has promised to end the carbon tax brought in by the Liberal government, blaming it for the rising cost of livin

Alberta Premier Danielle Smith says she's committed to Calgary's multibillion-dollar Green Line light-rail transit project, but as it was originally envisioned. Smith declined to say how much her government is now willing to fund, but says she is concerned the line is getting shorter while its budget has ballooned from the original price tag of $4.5 billion. Smith calls the Green Line ``the incredible shrinking project,'' and says it needs to be more cost-effective and have its route rethought. Smith was making her first public comments on the Green Line since her transportation minister ann

Premier Danielle Smith is defending making a string of policy announcements at private United Conservative Party events, saying Albertans shouldn't be surprised by her agenda. When asked why she's not offering the details to all Albertans, Smith says she regularly talks with them on her call-in radio show and says it's no secret she takes guidance from party members. She says Albertans shouldn't be caught off guard by any of the laws her government plans to introduce when the legislature convenes in the fall. Last month, Smith told a UCP town hall she could transfer the operation of some Albe