For small businesses, it's a prediction that brings concern.
Jennifer Devitt (right) wraps flowers at her store, Devitt House, in Waterloo on March 26, 2023. (Hannah Schmidt/CTV Kitchener)
Waterloo gift shop owner Jennifer Devitt is once again making some changes.
“I think I’ve really had to adjust to what people might buy from us versus what they were buying from us before,” said Devitt, owner of Devitt House. “Some of those things have changed as accessibility has opened up.”
After navigating pandemic lockdowns and dealing with rising inflation, Devitt is now thinking about how her Waterloo-based gift shop will weather a possible recession.
“I see businesses that have chosen to close or that have moved or that have made other decisions and moved onto different options and I certainly would like to be here for a good long time, so I would certainly hope that that’s possible,” she said.
Devitt says she's had to adjust to people's changing buying habits. (Hannah Schmidt/CTV Kitchener)
In an interview airing Sunday, Poloz told CTV’s Question Period host Vassy Kapelos the Bank of Canada and federal government’s efforts to reign in inflation are working, but the chances of a hard landing remain.
“So, we can literally have growth and more jobs being created while inflation is decelerating,” he said. “That combination is unusual but only happens when the supply side is doing the work…we can get lucky here and have a nice soft landing but it’s going to take some luck at this stage.”
Economic forecaster Ted Mallett says there is hope for Waterloo region. He predicts the local economy could stave off the worst effects of a possible recession and be a growth leader.
“Our K-W-C [Kitchener-Waterloo-Cambridge] is really one of the economies in the metro areas where we expect growth to be the fastest,” Mallet said. “We put it in the top five in the country over the next four years, so the prospects for growth in the region are very good.”
Some economic forecasters predict governments will be pressured by banks and economists to limit spending, suggesting that they be cautious with upcoming budgets.
At Devitt House, there’s still hope the business can thrive even in a recession.
“I hope we can just continue to offer things that add to people’s quality of life,” explained Devitt. “I don’t think people realize just by that little bit of thought, by checking locally first, what a difference it can make. It’s just a huge difference so that’s what I think we need to maintain that model.”
As bystanders screamed for help, a man with a knife stabbed four young children at a lakeside park in the French Alps on Thursday, assaulting at least one in a stroller repeatedly. The children between 22 months and 3 years old suffered life-threatening injuries, and two adults also were wounded, authorities said.
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Norwegian officials said the smoke from Canadian wildfires that has enveloped parts of the U.S. and Canada in a thick haze is expected to pour into Norway on Thursday.
New Brunswick students under the age of 16 who identify as trans and non-binary won't be able to officially change their names or pronouns in school without parental consent.
Pat Robertson, a religious broadcaster who turned a tiny Virginia station into the global Christian Broadcasting Network, tried a run for president and helped make religion central to Republican Party politics in America through his Christian Coalition, has died.
An official recommendation to wear a mask to protect yourself from wildfire smoke is being echoed by health experts as plumes of smoke make their way across parts of Canada, causing poor air quality.
Just before 8 a.m. on Tuesday, police say a man entered a business on Dundas Street near Adelaide Street and once inside, tried to steal things and made threats towards employees while holding a knife.
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Romance scams have always been around, but they got worse during the pandemic, and fraudsters continue to use social media and dating sites to find victims.
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The Ottawa Real Estate Board says home sales were up six per cent in May 2023 compared to a year prior, marking the first year-over-year unit sales volume increase since early last year.
An Ontario man has been charged with first-degree murder in the death of Claudia Iacono, the daughter-in-law of Mafia associate Moreno Gallo, after she was gunned down at the wheel of her car in Montreal last month.
The hot, dry conditions that are fuelling wildfires countrywide are just the beginning of what summer could look like in Canada this year, according to Environment Canada senior climatologist Dave Phillips.
The man in the spotlight during the first two years of the COVID-19 pandemic in Quebec, Dr. Horacio Arruda, has been appointed assistant deputy minister at the Ministry of Health and Social Services.
New Brunswick students under the age of 16 who identify as trans and non-binary won't be able to officially change their names or pronouns in school without parental consent.
The Halifax Regional Municipality says it will announce Thursday when more residents can return to their homes in communities impacted by the Tantallon wildfires.
Irving Oil says it’s undertaking a “strategic review” with an eye to its future. In a release Wednesday, the company says it’s looking at a number of options, including the sale of its assets.
The hot, dry conditions that are fuelling wildfires countrywide are just the beginning of what summer could look like in Canada this year, according to Environment Canada senior climatologist Dave Phillips.
Manitoban and Vegas Golden Knight defenceman Zach Whitecloud is getting plenty of support from his hometown community while he competes for the Stanley Cup.
Calgary city council has reconsidered its decision to vote against recommendations made by an expert panel to address the city’s housing affordability crisis.
Police say a man on a mobility scooter has life-altering injuries after he was struck by a vehicle in a northeast Calgary intersection on Wednesday evening.
Drivers are being asked to find another way or prepare for delays on the Henday this weekend, because crews need to close a bridge over the North Saskatchewan River.
The Archdiocese of Edmonton will spend $3.2 million on reconciliation initiatives with First Nations, Métis and Inuit people in the Alberta capital region.
The nondescript parking lot at the centre of debate about the future of Vancouver's historic Chinatown is unchanged in the six years since plans to build a condo tower there were shot down by the city's development permit board.
British Columbia’s beer game continues to pack a punch on the national stage, as breweries from across the province took home nearly four dozen awards at the Canadian Brewing Awards.
An official recommendation to wear a mask to protect yourself from wildfire smoke is being echoed by health experts as plumes of smoke make their way across parts of Canada, causing poor air quality.
Jennifer Devitt (right) wraps flowers at her store, Devitt House, in Waterloo on March 26, 2023. (Hannah Schmidt/CTV Kitchener)
Devitt says she's had to adjust to people's changing buying habits. (Hannah Schmidt/CTV Kitchener)
(CTV Kitchener/Hannah Schmidt)
