Victoria Wells

Advertisement 1 Share this Story : Posthaste: Housing crisis prompts some buyers to get creative so they can afford a home Posthaste: Housing crisis prompts some buyers to get creative so they can afford a home Alternative routes to home ownership picking up steam as people try to enter housing market Author of the article: Join the conversation Article content Posthaste: Housing crisis prompts some buyers to get creative so they can afford a home Back to video Canadians anxious to get into the housing market amid an affordability crisis appear to be getting creative to make their home ownership dreams come true. Advertisement 2 Article content Article content Potential homebuyers are looking past tradition and considering co-buying with friends or family, renting to own or buying houses with rental potential to bring in extra money to pay the mortgage bill, according a recent Re/Max Canada survey conducted by Leger Marketing Inc. One-third of Canadians are currently considering such alternative routes to home ownership, while another 48 per cent would consider doing so in the future, the survey said. Of those non-traditional methods, 21 per cent would choose renting to own, 21 per cent like the idea of co-ownership and 17 per cent would be willing to rent out a portion of their space. Some have already pulled the trigger on foregoing tradition so they can afford a home. Among those who already own, 13 per cent said they took a non-traditional route to purchase their property. In addition, Re/Max said 71 per cent of the regions it surveyed across Canada recorded a small increase in the practice. Advertisement 3 Article content The emerging trend comes as a supply shortage and high interest rates spark an affordability crisis that's made it more challenging for many to enter the housing market. Inflation and an overall higher cost of living have added to the financial squeeze, making it more difficult for couples or individuals to come up with a five to 20 per cent down payment on their own. Despite those challenges, home ownership remains a goal many aren't willing to give up. Almost three-quarters consider buying a house the top investment they can make, Re/Max said. “Canadians from coast to coast are grappling with affordability challenges, but at the same time, their desire to achieve home ownership remains strong,” Christopher Alexander, president of Re/Max Canada, said. “This is prompting many to seriously consider alternative ways to get their foot in the door.” Advertisement 4 Article content Now could be a good time for some people to jump into the housing market, said Benjamin Tal, deputy chief economist at Canadian Imperial Bank of Commerce. Many potential homebuyers have been waiting on the sidelines for the Bank of Canada to cut interest rates, which some economists expect to happen by June. But while rates are set to ease, affordability challenges won't follow suit, he said. “Despite some interest rate reprieve in 2024, Canada is still dealing with an affordability crisis due to a lack of inventory and increasing demand, which will persist until the country addresses the problem adequately,” Tal said. “Considering this, creative solutions like co-ownership may be an option for many Canadian homebuyers looking to achieve the dream of home ownership.” Advertisement 5 Article content Sign up here to get Posthaste delivered straight to your inbox. Consumer prices in the United States rose again in February in a sign that inflation remains a persistent challenge for the U.S. Federal Reserve. Prices rose 0.4 per cent from January to February, higher than 0.3 per cent the month before, the Labor Department said Tuesday. Compared with a year earlier, consumer prices rose 3.2 per cent last month, faster than January's 3.1 per cent annual pace. Despite February's elevated figures, most economists expect inflation to continue slowly declining this year. At the same time, the uptick last month may underscore the Fed's cautious approach toward interest rate cuts. Most economists expect the first cut to arrive in June, though May is also a possibility. Advertisement 6 Advertisement 7 Article content Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you wondering how to make ends meet? Drop us a line at [email protected] with your contact info and the general gist of your problem and we'll try to find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course). If you have a simpler question, the crack team at FP Answers led by Julie Cazzin or one of our columnists can give it a shot. McLister on mortgages Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Read them here. Today's Posthaste was written by Victoria Wells , with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at [email protected] Bookmark our website and support our journalism: Don't miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Article content Share this article in your social network Share this Story : Posthaste: Housing crisis prompts some buyers to get creative so they can afford a home Comments Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Comments may take up to an hour for moderation before appearing on the site. We ask you to keep your comments relevant and respectful. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Visit our Community Guidelines for more information and details on how to adjust your email settings Loading... Latest National Stories News Near Elliot Lake This Week in Flyers

Workers experiencing a wave of malaise following a spate of layoffs and continued financial uncertainty are secretly eyeing the exits, which could spell trouble for employers down the line.

High inflation, interest rates keeping more people from buying or leasing a car this year

Advertisement 1 Share this Story : Pay transparency on the rise in Canada, but exact salaries harder to find Pay transparency on the rise in Canada, but exact salaries harder to find Job listings containing salary information have more than doubled over past 5 years Author of the article: Article content People looking for new work are starting to see more information about the pay in job postings, but progress remains slow in certain sectors and exact salary figures are still few and far between. Advertisement 2 Article content Pay transparency on the rise in Canada, but exact salaries harder to find Back to video Listings that offer some kind of pay transparency have more than doubled over the past five years on job postings site Indeed, according to a report by senior economist Brendon Bernard. As of February 2024, 49 per cent of postings on the Canadian website offered salary information compared to just 22 per cent in 2019. Article content Some of that growth may have been sparked by new salary expectations from job seekers in a tight pandemic labour market, which was marked by record vacancies and an uptick in resignations. During that time, hiring managers discovered that providing salary details won them more applicants while also cutting down on negotiating time, thereby allowing them to fill roles faster. It also helped them retain the employees they already had, with research showing transparency around wages builds trust, fuels engagement and can address pay equity. Advertisement 3 Article content But a wave of salary transparency legislation over the past few years has also worked to juice the numbers of such postings. For example, British Columbia in May 2023 passed legislation requiring that job postings include pay details. Employers responded, and listings featuring such info rose to 76 per cent in February from 49 per cent in the third quarter last year. Ontario could be next since the provincial government signalled its intention to pass transparency legislation in November 2023. “At a time when many companies are posting record profits, it is only fair they communicate transparently about how they pay workers,” Labour Minister David Piccini said in an announcement at the time. Still, employers may not be providing salary information in the way politicians had expected. Pay ranges, not exact salaries, are becoming the norm in postings across the country, including B.C., Indeed said. Only 21 per cent of Canadian job ads at the start of this year offered precise pay numbers, down from 40 per cent in 2019. What's more, higher-paying, white-collar industries, such as finance, engineering and project management, are even less likely to post exact salary amounts. In some industries, the posted salary range between the low and top ends can be quite high, which doesn't come off as very transparent. For example, it's 65 per cent in the real estate sector, but posted ranges are on the rise in all industries, hitting 25 per cent from 21 per cent in 2019. Advertisement 4 Article content Overall, professional sectors that compensate employees with an annual salary are less likely to provide precise paycheque amounts than fields that offer lower, hourly wages, such as nursing, education and cleaning. “It appears there's something about annual salaries (or the types of jobs that pay them) that make employers reticent to share pay info,” Bernard said in a posting on X, formerly known as Twitter. One reason for that could be because employers are trying to avoid unnecessary rifts in the workplace. Managers have historically been hesitant to provide pay details for fear their current employees will discover they're not getting as much money as colleagues, leading to uncomfortable silences and resentful workers . “Regardless of what (employers') surface concerns are, it almost always comes back to the fact that someone eternally is being underpaid or overpaid,” Amanda Hudson, founder of Canadian HR consultancy group A Modern Way to Work, said when transparency laws came into effect in New York City in 2022. “Were these numbers known, if you know that someone who works half as hard as you makes twice what you do for the same job, you're not gonna be happy.” Advertisement 5 Article content That scenario seems to be playing out across offices in the United States. Business leaders there say salary transparency laws have caused 11 per cent of their employees to discover they're getting paid less to do the same job as co-workers, according to research from Payscale. It's also driving some to quit , with executives saying 14 per cent of their staffers have resigned for jobs that advertised higher salaries. Business leaders who pay yearly salaries may also be keeping amounts close to their chests in an attempt to save some money. “Employers might be more wary of posting pay in annual, rather than hourly, terms, as the latter still provides some flexibility in determining overall labour costs,” Bernard said in the Indeed report. Advertisement 6 Article content Regardless, pay transparency legislation can help get more information about money into the hands of employees, as seen in B.C. Sectors that previously shied away from talking about money in job listings, such as tech, finance and management, have experienced the biggest growth in such postings with gains as high as 35 percentage points. Of course, the bigger question is whether this means B.C. workers can now expect wage hikes when they start a new job, since they'll have a better idea of what others are getting paid. The answer, at least at this point, might come as a disappointment. “So far, there's little indication of a substantial change,” Bernard said in the report. • Email: [email protected] A version of this story was first published in the FP Work newsletter, a curated look at the changing world of work. Sign up to receive it in your inbox every Tuesday. Bookmark our website and support our journalism: Don't miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Article content Share this article in your social network Share this Story : Pay transparency on the rise in Canada, but exact salaries harder to find Comments Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. 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Many Canadians already squeezed by a high cost of living think the federal government's carbon tax is making their lives even more expensive.

Advertisement 1 Share this Story : Posthaste: Carbon tax making life more expensive, Canadians say Posthaste: Carbon tax making life more expensive, Canadians say 40% of Canadians want to abolish the carbon tax, poll says Author of the article: Article content Posthaste: Carbon tax making life more expensive, Canadians say Back to video Many Canadians already squeezed by a high cost of living think the federal government's carbon tax is making their lives even more expensive. Advertisement 2 Article content Article content Two-thirds cite the carbon tax as an added financial burden they can't really afford, with 40 per cent saying it's costing them “a lot” while 26 per cent say it costs “a little,” according to a poll from the non-profit Angus Reid Institute. That comes as inflation and high interest rates pressure household budgets, putting affordability concerns front and centre. Half believe the government should focus on tackling the high cost of living over climate change, the poll said. Another 32 per cent think environmental policies should come first. Yet most think the carbon tax is a flawed policy when it comes to meeting Canada's climate goals. Sixty-eight per cent don't think the carbon tax helps reduce greenhouse gas emissions at all, while just 23 per cent think it's effective. Advertisement 3 Article content The poll comes as the federal Liberal government faces backlash over the tax, which is set to rise on April 1. Conservative Leader Pierre Poilievre has been leading the charge to abolish the levy with an “axe the tax” campaign, with the party trying to force an election last week over the issue. The Liberals survived the non-confidence vote. But though the tax remains deeply unpopular with many voters — 40 per cent want it gone completely — some Canadians are warming up to the planned increase, the poll found. The number of people who support raising the carbon price as planned on April 1 has grown by seven points since November, rising to 22 per cent from 15 per cent. Part of that increased support could be due to a boost in awareness over the federal government's carbon rebate program, Angus Reid said. More Canadians know they get a deposit in their bank accounts each quarter via the Canada Carbon Rebate, formerly known as the Climate Action Incentive Payment, with half saying they've seen the payment. That's up from 43 per cent in November. Advertisement 4 Article content Ottawa says the rebates more than cover the carbon tax paid by four in five households, but a lot of Canadians aren't convinced. Forty-five per cent believe they pay more in tax than they get back. Still, that's an increase from 54 per cent in November. The uptick in support for the carbon tax might not make much difference come voting time, however. The Conservative party leads voting intentions by almost two to one over the Liberals, and among Conservative voters, 75 per cent would get rid of the carbon tax, Angus Reid said. “The Liberal government's efforts to better brand and communicate the program may be helping, but is it too little, too late?” the report said. Sign up here to get Posthaste delivered straight to your inbox. Advertisement 5 Article content Fires from last year's record-breaking wildfire season are still smouldering under the snow in British Columbia and Alberta. The so-called “zombie fires” are a sign of a grim new normal that's wreaking havoc even in far northern countries like Canada: a fire season that almost never ends. B.C. had 90 zombie blazes still burning as of mid-March, while Alberta started the year with 64 fires carried over from 2023 — more than 10 times the five-year average. As spring temperatures melt snow and uncover land parched by drought, those fires and new ones are poised to flare up, posing a fresh threat to Canada's forests, not to mention the world's atmosphere. It's bad news for Canada's oil industry, too, which shut production equivalent to about 300,000 barrels of oil a day last year from the fires. This year, oil and gas producers are being warned to plan accordingly as drought conditions persist. Advertisement 6 Article content Canada Mortgage and Housing Corp. will release its bi-annual Housing Supply Report. Prime Minister Justin Trudeau will make a housing announcement in advance of the 2024 Federal Budget in Vancouver. The Rick Hansen Foundation presents the Accessibility Professional Network conference. March 27-28. This two-day conference provides attendees with an opportunity to learn about the latest initiatives advancing accessibility through engagement with industry leaders from Canada and abroad. Earnings: Carnival Corp., Endeavour Mining PLC Advertisement 7 Article content There are many good things in taxation policy that have been eliminated over the years, including income averaging, tax expert Kim Moody says. He explains why it might be time to revisit the old lessons learned from income averaging provisions and make them new again. Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you wondering how to make ends meet? Drop us a line at [email protected] with your contact info and the general gist of your problem and we'll try to find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course). If you have a simpler question, the crack team at FP Answers led by Julie Cazzin or one of our columnists can give it a shot. Advertisement 8 Article content McLister on mortgages Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Read them here. Today's Posthaste was written by Victoria Wells , with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at [email protected] Bookmark our website and support our journalism: Don't miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Article content Share this article in your social network Share this Story : Posthaste: Carbon tax making life more expensive, Canadians say Comments Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Latest National Stories News Near Elliot Lake This Week in Flyers

Since its founding in 1978, Ben & Jerry’s is a brand that has been known for its activist stance on a wide range of social causes.

Most meetings are useless and waste so much time that people say they need to work extra hours to get things done

Many don't understand how to maximize tax refunds, fail to ensure deductions on paycheques are accurate

Advertisement 1 Share this Story : Posthaste: Why many taxpayers owed money by the CRA aren't collecting all of it Posthaste: Why many taxpayers owed money by the CRA aren't collecting all of it Many don't understand how to maximize tax refunds, fail to ensure deductions on paycheques are accurate Author of the article: Article content Posthaste: Why many taxpayers owed money by the CRA aren't collecting all of it Back to video A large number of people could be losing out on money owed to them by the Canada Revenue Agency because they don't understand how to maximize their tax refunds Advertisement 2 Article content Article content Close to half of Canadian taxpayers say they don't feel confident in how to claim tax credits and benefits to get the biggest refund possible, according to a new survey from tax preparer H&R Block Canada Inc. Half are also clueless about whether they'll be getting money back in the first place, with only a third putting funds aside in case they owe. At the same time, many have come to rely on their tax refunds to help make ends meet, especially as a higher cost of living has come home to roost this year. Almost half are counting on a refund to give them some much-needed extra cash and the top ways people plan to deploy the funds include paying down debt, tackling bills and buying day-to-day necessities. Canadians have good reason to be confused about their tax refunds, given the sheer number of credits and benefits available to them, H&R Block said. Advertisement 3 Article content “With more than 400 available tax credits and benefits — and new and evolving credits and benefits every year — it's not surprising that the majority of Canadians don't feel confident they're able to maximize their tax refunds,” Tannick Lemay, tax expert at H&R Block Canada, said in a news release. That lack of confidence also stretches into a failure to understand the basics of how tax season works. Some admit to not even knowing the start date for when the CRA accepts income tax forms or the deadline to file. Many also admit to being clueless about how tax deductions work on their paycheques. One in three Canadians don't know how much tax should be taken off their pay and 35 per cent wouldn't know if their employer made a mistake. Overall, less than a third review their pay stubs regularly to ensure there are no errors. Advertisement 4 Article content T4 slips also get little love from taxpayers, H&R Block said. Just 48 per cent say they look the form over to catch potential mistakes on tax deductions, insurance and pension contributions. Canadians' lack of tax knowledge is leading to a sense of “tax anxiety” among many, H&R Block said, with 16 per cent worrying throughout the year that they're destined for a surprise bill from the CRA because not enough tax has been taken off their paycheques. The antidote to such anxiety is knowledge and H&R Block is calling on taxpayers to take steps to learn about paycheque deductions and how their taxes are calculated. “It's empowering to have the right conversations with the right people to better understand your pay and tax situation,” Lemay said. Advertisement 5 Article content Sign up here to get Posthaste delivered straight to your inbox. Tesla Inc. delivered just 386,810 vehicles in the first three months of the year, it said on Tuesday, missing Bloomberg's average estimate by the biggest margin ever in data going back seven years. A myriad of red flags went up throughout the quarter. First, Tesla warned its rate of growth will be “notably lower” this year, blaming interest-rate hikes that have kept its cars out of reach for many consumers even as it slashed prices. The company dealt with multiple disruptions at its plant outside Berlin. Musk engaged in inflammatory posting on X, turning off prospective buyers, and China's EV market grew even more cutthroat. Despite all those evident headwinds, most still expected Tesla to sell more vehicles than a year ago. Instead, deliveries ended up dropping 8.5 per cent. Advertisement 6 Article content “Anyway you put it, it was ugly,” said Gene Munster, managing partner of Deepwater Asset Management. “Demand is soft. Interest rates are still high. Is Elon's brand damaging Tesla sales in the U.S.? It's directionally a negative.” The Ontario Provincial Police, the Canadian Border Services Agency, and policing partners in Ontario and Quebec will announce the results of an interprovincial auto theft investigation in Montreal. Prime Minister Justin Trudeau is set to make a housing announcement in Toronto ahead of the 2024 federal budget. Canadian Club Toronto hosts the event: “An Engine for Growth: How Canadian Tire Corporation's World-Class Capabilities Fuel its Future Success.” Canadian Tire CEO Greg Hicks will discuss the company's Triangle Rewards loyalty program, emerging technology and accessing new revenue streams. Federal NDP Leader Jagmeet Singh will speak about the NDP's push to make big grocer CEOs “pay their fair share.” Manitoba Finance Minister Adrien Sala speaks to the Manitoba Chambers of Commerce. Northvolt AB will provide details about work building its Quebec battery plant over the last six months. The Economic Club of Canada will host an event titled, “Sustainably Financing Canada's Energy.” The event will explore the role the financial services can play in lowering carbon emissions to help Canada meet its net-zero targets by 2050. Desjardins CEO Guy Cormier gives a keynote speech. Today's data: Canadian and U.S. S&P global services PMI, U.S. ADP national employment report, U.S. ISM services PMI Earnings: BlackBerry Ltd. Advertisement 7 Article content Investors always have questions, so much so that Financial Post columnist Peter Hodson's research company has answered more than 168,000 of them during its 12-year existence. Here, he looks at five of the most popular question topics in recent months. Are you worried about having enough for retirement? Do you need to adjust your portfolio? Are you wondering how to make ends meet? Drop us a line at [email protected] with your contact info and the general gist of your problem and we'll try to find some experts to help you out while writing a Family Finance story about it (we'll keep your name out of it, of course). If you have a simpler question, the crack team at FP Answers led by Julie Cazzin or one of our columnists can give it a shot. Advertisement 8 Article content McLister on mortgages Want to learn more about mortgages? Mortgage strategist Robert McLister's Financial Post column can help navigate the complex sector, from the latest trends to financing opportunities you won't want to miss. Read them here. Today's Posthaste was written by Victoria Wells , with additional reporting from Financial Post staff, The Canadian Press and Bloomberg. Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at [email protected] Bookmark our website and support our journalism: Don't miss the business news you need to know — add financialpost.com to your bookmarks and sign up for our newsletters here Article content Share this article in your social network Share this Story : Posthaste: Why many taxpayers owed money by the CRA aren't collecting all of it Comments Join the Conversation Postmedia is committed to maintaining a lively but civil forum for discussion. Please keep comments relevant and respectful. Comments may take up to an hour to appear on the site. You will receive an email if there is a reply to your comment, an update to a thread you follow or if a user you follow comments. Visit our Community Guidelines for more information. Loading... Latest National Stories News Near Elliot Lake This Week in Flyers