Hello,
Prime Minister Justin Trudeau says he’s hoping for a decline in interest rates at some point this year, pointing to inflation rate news as the basis for his optimism.
In Vancouver today, Trudeau noted “the good news” that the inflation rate has dropped below three per cent, which is a target that the Bank of Canada had set.
“So we are optimistic that the Bank of Canada will start bringing down interest rates some time this year, hopefully sooner rather than later,” Trudeau said as he appeared with B.C. Premier David Eby and Vancouver Mayor Ken Sim at a housing announcement.
“But that is their decision to make,” Trudeau said.
Eby, who last year wrote to Bank of Canada Governor Tiff Macklem asking him to consider the “human impact” of rate hikes, raised concerns about interest rates at the event with the Prime Minister.
“The Bank of Canada continues to hit us with high interest rates, driving inflation up, driving up the cost of housing,” Eby said.
“My concern with current interest rates and British Columbia is that the biggest driver of costs for families here is when they go to renew their mortgage, and they amount they used to pay is now doubling, or in any event, dramatically increasing beyond what their budgets can afford.”
Economics Reporter Matt Lundy reports here that the headline inflation rate has fallen back within the Bank of Canada’s target range of 1 per cent to 3 per cent, only the second time that’s happened since consumer prices began to flare up in 2021.
At today’s Vancouver announcement, the Prime Minister and B.C. Premier announced that Ottawa is providing $2-billion in loans to spur B.C. construction of more than 8,000 rental units.
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TODAY'S HEADLINES
Second diaspora group boycotts foreign-interference inquiry: The human-rights group Canadian Friends of Hong Kong has followed an organization representing Uyghur Canadians in declining to participate in Canada’s public inquiry into foreign interference.
Quebec calls out Ottawa for ‘inaction’ on asylum seekers, demands $1-billion compensation: Three provincial ministers held a news conference today demanding the federal government stop the arrival of would-be refugees in Quebec, transfer those already in the province more equally across Canada, and reimburse the province for settling refugee claimants.
Canada should join non-nuclear part of AUKUS defence pact, say former British and Australian PMs: Former British prime ministers Boris Johnson and Elizabeth Truss and former Australian prime minister Tony Abbott are all quoted in an article by the London-based Legatum Institute encouraging the possible entry of Canada into the security pact between Australia, Britain and the United States to counter China’s rising military might in the Indo-Pacific region. Story here.
Canadian parts found in weapons used by Russian military in attacks on Ukraine: The parts were located in three Iranian-made combat drones, the National Agency on Corruption Prevention’s War and Sanctions database shows.
Newfoundland seeks answers after ‘shocking’ spending on temporary nurses: Tom Osborne, the province’s Health Minister, has asked the health authority to look into what happened to $1.6-million in meal allowances paid to a Toronto-based nursing agency after a Globe and Mail investigation of Canada’s burgeoning for-profit health worker industry. Story here.
Former Ontario nuclear plant operator employee charged in secretive leak case: In a case unfolding in a courtroom east of Toronto, Global News reports James Mousaly faces a rare charge under the Security of Information Act.
Senators receive panic buttons in response to rising concerns about security on Parliament Hill: CBC reports that the Senate and the Parliamentary Protective Service have refused to say what prompted the decision to offer senators panic buttons, or how much the measure is costing.
Catching up with Ottawa’s former mayor: Jim Watson, the longest-serving mayor for Canada’s capital, provides an update to the Ottawa Citizen on how life has been going since he left office in 2022, including his thoughts on the city’s troubled LRT system.
Liberal MP eyeing bid to become Halifax mayor: Andy Filmore tells Global News he is “thinking very seriously” about trying to replace Mike Savage, who is standing down after a dozen years in the job.
Duclos makes the case for renovation of the Supreme Court: “It has never been refurbished, and what we are going to do in the next years will have a value that will extend over decades and decades to come,” Jean-Yves Duclos said in an interview in the lobby of the building where cases were first heard in 1946.
TODAY’S POLITICAL QUOTES
“We’ll stand in the rain. We’ll stand in the snow if you give us another $3-billion....I am not kidding about standing in the snow” – Vancouver Mayor Ken Sim, commenting on the rain at a housing announcement with Prime Minister Justin Trudeau and Premier David Eby.
“Confusion between the Public Health Agency of Canada and the Canada Border Services Agency about their respective roles and responsibilities for the application led to an accountability void that persisted for close to a year and a half.” – Auditor-General Karen Hogan, appearing before the Commons public accounts committee, on her report on the ArriveCan application.
“There continue to be ongoing investigations both external and otherwise into the contracting process. It is obvious the contracting process rules were not followed in this case and we need to make sure there is accountability and transparency around that.” – Prime Minister Justin Trudeau, at a news conference in Vancouver, responding to a question about the ArriveCan controversy.
THIS AND THAT
Commons and Senate on a break: Both the House of Commons and the Senate are on breaks until Feb. 26.
Deputy Prime Minister’s day: Private meetings in Quebec City. Chrystia Freeland also held roundtable discussions with clean-energy leaders and as part of pre-budget consultations and \delivered remarks and participated in a fireside conversation at the 2024 symposium of the Quebec Association for Renewable Energy Production.
Ministers on the road: With the Commons on a week-long break, ministers are fanning out across Canada. Treasury Board President Anita Anand, in Oakville, Ont., and acting on behalf of Energy Minister Jonathan Wilkinson, participated in a ribbon-cutting ceremony for electric-vehicle infrastructure. Crown-Indigenous Relations Minister Gary Anandasangaree, in Powell River, B.C., made an infrastructure announcement with Chief John Hackett Hegus of the Tla’amin Nation. National Revenue Minister Marie-Claude Bibeau, in Sherbrooke, Que., announced federal support for the pork sector. Industry Minister François-Philippe Champagne, in the Quebec city of Rouyn-Noranda, participated in discussions with representatives of the mining and critical minerals sector and held a news conference. Indigenous Services Minister Patty Hajdu, also responsible for the Federal Economic Development Agency for Northern Ontario, announced the agency will invest $1.7-million to help small- and medium-sized businesses. Rural Economic Development Minister Gudie Hutchings, in Corner Brook, Newfoundland and Labrador, announced the federal government will be contributing to a $4.3-million project to improve shoreline and erosion controls involving Ottawa, the province and municipalities. Foreign Affairs Minister Mélanie Joly is in the Brazilian city of Belem as part of a visit that includes travelling to Rio de Janeiro on Wednesday and Thursday to participate in the G20 Foreign Ministers’ Meeting. Northern Affairs Minister Dan Vandal, in Winnipeg, made an infrastructure announcement at the Manitoba Theatre for Young People. Justice Minister Arif Virani, in Toronto, made a funding announcement to support access to legal services and advice for Ukrainian nationals seeking refuge in Canada.
Italy’s Prime Minister is visiting: Giorgia Meloni will visit Toronto on March 2, Justin Trudeau’s office has announced. It will be her first official visit to Canada since she was elected to the office in 2022.
New diplomats: Diplomats from six new countries are presenting their credentials to Governor-General Mary Simon today. They are designated ambassadors from Bosnia and Herzegovina, Jordan, Greece, Algeria, Tunisia and Iraq.
PRIME MINISTER'S DAY
Justin Trudeau, in Vancouver, made a housing announcement with B.C. Premier David Eby and Vancouver Mayor Ken Sim. Later, Trudeau participated in an event with local high-school students and visited a local community centre to meet with seniors.
LEADERS
Bloc Québécois Leader Yves-François Blanchet is on a trip to the Quebec city of La Malbaie that began Monday and continues through to Wednesday. Commitments today include meetings with representatives of the Quebec fishing community, and a news conference.
Green Party Leader Elizabeth May, with deputy leader Jonathan Pedneault, visited the Ontario legislature, for the first sitting day of newly elected Green member Aislinn Clancy, representing Kitchener Centre. In the evening, they attended the annual general meeting of the Greens University-Rosedale Association.
NDP Leader Jagmeet Singh has no public events scheduled today.
No schedule released for Conservative Leader Pierre Poilievre.
THE DECIBEL
Marie-Josée Houle, Canada’s first federal housing advocate, joins The Globe and Mail podcast today to explain the full findings of her first-ever formal review last week. The Decibel is here.
PUBLIC OPINION
Nenshi would be exciting to Alberta New Democrats: One in three Albertans who say they are likely to buy a provincial NDP membership also say they would be “excited” if former Calgary mayor Naheed Nenshi becomes party leader, according to a new Pollara survey.
OPINION
Canada needs a clear path to a robust defence
“Conservative Leader Pierre Poilievre has at least one thing right about Canada’s continuing failure to meet its defence-spending commitments as a member of the North Atlantic Treaty Organization: It undermines Canadian sovereignty by inviting the United States to step into the resulting vacuum.” – The Globe and Mail Editorial Board
Pointe-Claire demonstrates the nonsense in Poilievre’s housing formula
“Pierre Poilievre held a press event in a shopping-mall parking lot in Montréal’s West Island railing about big-city bureaucrats blocking the development of housing. The mall is near a soon-to-be-built station on a new REM train line partially funded by the federal government, and the Conservative Leader showed up last Thursday morning to complain that bureaucracy is blocking plans to build apartments near the station.” – Campbell Clark
Former Alberta premier Don Getty’s personal story behind the first Family Day
“If you have any time to take a break, you can go back to the story of Family Day, with former Progressive Conservative premier Don Getty taking a leading role. In promoting the new holiday – which was probably his most memorable achievement – Mr. Getty often implored Albertans to take the time to “reflect” on family. It’s always been hard to separate that plea from some of the darkest days in his own family’s story.” – Kelly Cryderman
The federal Liberals and Ontario Tories are fighting again – and it won’t end well for Trudeau
“Prime Minister Justin Trudeau and Ontario Premier Doug Ford depend on the same voters to stay in power. They used to fight each other for those voters’ support. Then they learned that co-operation worked better. Now it seems they’re fighting again. It’s a fight that Mr. Trudeau is likely to lose.” – John Ibbitson
Why is Quebec the only province to give impaired drivers such a long leash?
“Earlier this month, Élizabeth Rivera and Antoine Bittar, a Quebec couple whose daughter died in a drunk-driving crash, testified at a legislative committee that they were told that, in order to meet the province’s Transport Minister, Geneviève Guilbault, they would have to pay $100 each to attend a cocktail-party fundraiser. The passing comment landed like a bombshell, because it suggested that anyone looking to influence government policy needed to “pay to play.” – André Picard
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