COVID-19 pandemic pushes Canadian interest rates to near historic lows

The pandemic that caused enormous unemployment rates around the world also caused the interest rates in Canada to fall to the lowest it has been recorded. The co-founder of RateHub.ca, a company that monitors the rates for multiple lenders, James Laird said that the five-year fixed rate at 1.99% is the lowest in the history of the country. In March, the Bank of Canada reduced the key interest rates three times. However, the mortgage rates went up. Now they dropped near the lowest point. RateHub.ca reported that the HSBC was offering the rate at 1.99 % and on a five-year variable at 1.75%. This is a great opportunity for people who are looking to purchase a house. People who already own a house could also refinance their debts. There is a division among the experts on the subject of the rates dropping further. Some think that they might drop further and some think that the historic low is not a chance you should miss.

Digital economy of Canada still in safe hands?

The branch of the economy that is still standing strong is the digital world. Digital economy is booming in Canada and has more and more support from the government. In 2019 Navdeep Bains became the Minister of Innovation, Science and Industry and shortly afterward published Canada’s Digital Charter, a set of principles that the country will follow on its way to the development of a digital economy. The main idea of the charter is to create a secure and equal space for individuals and businesses and to provide access to the digital world for everyone. The country is actively supporting tech start-ups and the transitions of traditional economies to the digital world. A great example of such a transition is the gaming and casino industry. The iGaming platform is a growing branch of digital economy. The platforms offer all the services that the conventional casinos and betting sites can provide. Traditional games such as slots, poker tables and tournaments were transformed into the online world and now players can enjoy, for instance roulette and online casino slots Canada, on local iGaming platforms. Along with these, the websites offer tournaments and competitions in video games. An additional factor that contributed to the growth of the iGaming industry was the use of cryptocurrencies. Digital currencies such as Bitcoin, Ethereum, Ripple and more are accepted by the iGaming platforms. The use of cryptocurrencies turned out to be a big attraction for international users. People from across the globe are involved in the Canadian iGaming industry because the digital currencies made platforms easily accessible for everyone. The transactions with traditional money take days while cryptocurrency transactions can be done in under an hour. The time-consuming process of money transactions is no longer an issue for users. The iGaming platforms work on increasing security measures by implementing technologies such as facial recognition technology. While the technology itself remains controversial in Canada as well as throughout the world, the users of iGaming feel safer because their accounts and money are secure.

Reopen economy fully, and soon – business leaders tell Ball in hard-hitting letter

50 high-profile members of Newfoundland and Labrador’s business community wrote a letter to the Premier Dwight Ball and ask for the immediate reopening of the businesses and return the elected officials to the government of their provinces. The letter is also asking for a business recovery plan and states that the provinces are on the brink of irreparable damage. It is stated that the consequences will be irreparable if the actions are not taken right away. The businesspersons who signed the letter believe that the pandemic is affecting the provinces in dramatic ways and at this point is a threat not only to the public health. They feel the conversation needs to be shifted to the economic side of the effects a bit more. The issues that can emerge from the drastic measures that stay in place in the provinces will have a social character and they need to be considered as well. The letter was signed by businesspersons such as Zita Cobb, Mark Dobbin, Frank Coleman, and Rob Crosbie, among dozens of others.