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Sask. tourism bouncing back 5 years after beginning of pandemic

Sask. tourism bouncing back 5 years after beginning of pandemic

CBC28-01-2025
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Discover Saskatoon and Regina Tourism say business is booming, and they're hoping for a hot and profitable summer as they finally put the pandemic and its challenges behind them.
Discover Saskatoon CEO Steph Clovechok says the visitor economy in her city is booming. She said there was about $787 million in tourism spending in 2024, a seven per cent increase from the year before.
She also said more people are also coming to Saskatoon internationally and spending more, with an 18 per cent increase.
"Our occupancy rates here in Saskatoon are almost close to those pre pandemic rates of about 60 per cent annual occupancy," she said.
At the same time, some in the hospitality industry are still facing challenges.
"I would say that COVID has implicated our industry in ways that may not ever be recoverable," Clovechok said. "Restauranteurs and culinary experiences are bearing with the cost of inflation."
Regina Tourism's Jennifer Johnson said 2024 was a good year for the city, with tourism numbers surpassing pre-pandemic levels, based on overall spending, a rise in hotel occupancy levels and an increase in traffic at the airport.
"We actually host a lot of events, conferences, sporting events and trade shows. So that really brings people into the city and that is something we are known for. We are known for being very good event hosts here," she said.
Maygen Kardash is a travel and events blogger in Saskatoon.
She said the province is a great destination for tourism.
"Saskatchewan is a hidden gem. It's one of those places that until you experience it, you might think of it as just in the middle of nowhere. But our culinary scene is top-notch," she said.
"I'm comparing it to places I've been in the world. And our food is amazing. Especially Saskatoon has some of my favorite restaurants in the world. There's so much to do. The people are so warm and welcoming."
Some businesses still struggling
Not everyone is celebrating a return to pre-pandemic normalcy. Some restaurants, like the Streets Steakhouse and Bar in Moose Jaw, say they're not in the clear just yet.
Five years after the first cases of COVID-19 in Saskatchewan, the recovery has been turbulent. While challenges from the harsh economic conditions persist for some businesses, they've survived some of the most difficult times.
Ashlea Street, owner and operator of Streets Steakhouse and Bar in Moose Jaw, said supply chain issues and the high cost of goods that began during the pandemic are still presenting significant challenges.
"We try to make it so that our business can, essentially just pay the bills, and our staff can make their money and whatever the case may be until everything corrects itself. And so we're hoping that that happens," Street said.
She said U.S. President Donald Trump's threats to impose tariffs on all Canadian goods is adding to the pressure.
"It's definitely a concern because we already have all these things that are unaccounted for as a business, and so to have these extra things that are going to come, you don't even know what to expect," she said.
Street said the cost of meat she buys for the steakhouse has already doubled and the business has taken the majority of the brunt because they don't want to pass it on to the customers. She said there is no room for further rise in prices and will have to increase prices in other ways to make up.
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STARLIGHT WESTERN CANADA MULTI-FAMILY (NO. 2) FUND ANNOUNCES Q2-2025 OPERATING RESULTS INCLUDING YEAR-OVER-YEAR RENT GROWTH OF 3.7% Français English
STARLIGHT WESTERN CANADA MULTI-FAMILY (NO. 2) FUND ANNOUNCES Q2-2025 OPERATING RESULTS INCLUDING YEAR-OVER-YEAR RENT GROWTH OF 3.7% Français English

Cision Canada

time19 minutes ago

  • Cision Canada

STARLIGHT WESTERN CANADA MULTI-FAMILY (NO. 2) FUND ANNOUNCES Q2-2025 OPERATING RESULTS INCLUDING YEAR-OVER-YEAR RENT GROWTH OF 3.7% Français English

TORONTO, Aug. 14, 2025 /CNW/ - Starlight Western Canada Multi-Family (No. 2) Fund (the "Fund") announced today its results of operations and financial condition for the three months ended June 30, 2025 ("Q2-2025") and six months ended June 30, 2025 ("YTD-2025"). Certain comparative figures are included for the Fund's financial and operational performance as at December 31, 2024, for the three months ended June 30, 2024 ("Q2-2024") and for the six months ended June 30, 2024 ("YTD-2024"). All amounts in this press release are in thousands of Canadian dollars except for average monthly rent ("AMR") 1, or unless otherwise stated. "We are pleased to announce another quarter of strong operating results with the Starlight Western Canada Multi-Family (No. 2) Fund achieving year-over-year average monthly rent growth of 3.7%," commented Neil Fischler, Executive Vice President. "Management continues to focus on increasing net operating income at its properties." Q2-2025 HIGHLIGHTS The Fund achieved AMR growth of approximately 3.7% between Q2-2024 and Q2-2025, continuing to be driven by sustained demand for multi-family suites due to continuing economic strength and overall immigration levels in Canada and in particular, Vancouver Island and the mainland of the Province of British Columbia ("BC") (collectively, the "Primary Markets") The Fund reported physical occupancy 1 of 98.4% for the nine multi-family properties owned (the "Properties") as at June 30, 2025. Revenue from property operations and net operating income ("NOI") 1 for Q2-2025 were $5,452 and $3,802 (Q2-2024 - $5,374 and $3,760), respectively, representing an increase of 1.5% in revenue and an increase of 1.1% in NOI relative to Q2-2024, primarily due to higher AMR. The Fund reported a net income and comprehensive income attributable to the unitholders of the Fund (the "Unitholders') for Q2-2025 of $177 (Q2-2024 - income of $1,692). The net income and comprehensive income in Q2-2024 was primarily attributable to fair value adjustment on investment properties. The Fund had approximately $5,003 of available liquidity as at June 30, 2025, including $3,400 of availability under the Fund's credit facility. As at August 13, 2025, the Fund had collected approximately 99.4% of rents for Q2-2025, with further amounts expected to be collected in future periods, demonstrating the Fund's high quality resident base and operating performance. Adjusted funds from operations ("AFFO") 1 for Q2-2025 was $964 (Q2-2024 - $591), representing an increase of $373 or 63.1% relative to Q2-2024 primarily due to an increase in NOI as well as lower finance costs and fund and trust expenses. 1 This metric is a non-IFRS measure. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS (see "Non-IFRS Financial Measures and Reconciliations"). YTD-2025 HIGHLIGHTS Revenue from property operations and NOI for YTD-2025 were $10,912 and $7,599 (YTD-2024 - $10,625 and $7,405), respectively, representing an increase of 2.7% and 2.6% relative to YTD-2024. These increases were primarily due to higher AMR. The Fund reported a net income and comprehensive income attributable to Unitholders for YTD-2025 of $68 (YTD-2024 - $8,360). The higher net income and comprehensive income in YTD-2024 was primarily attributable to fair value adjustment on investment properties and incremental interest on historical balances received from the Fund's corporate banking provider. AFFO for YTD-2025 was $1,943 (YTD-2024 - $999), representing an increase of $944 or 94.5% relative to YTD-2024 primarily due to an increase in NOI as well as lower finance costs and fund and trust expenses. FINANCIAL CONDITION AND OPERATING RESULTS Highlights of the financial and operating performance of the Fund as at June 30, 2025, for Q2-2025 and YTD-2025, including a comparison to December 31, 2024, Q2-2024 and YTD-2024, as applicable, are provided below: June 30, 2025 December 31, 2024 Key multi-family operational information Number of multi-family properties owned 9 9 Total multi-family suites 944 944 Economic occupancy (1)(2) 89.7 % 91.3 % Physical occupancy (1) 98.4 % 94.9 % AMR (in actual dollars) $ 2,039 $ 2,000 AMR per square foot (in actual dollars) $ 2.60 $ 2.56 Selected financial information Gross book value (2) $ 414,830 $ 414,480 Indebtedness (2) $ 268,117 $ 269,546 Indebtedness to gross book value (2) 64.6 % 65.0 % Weighted average interest rate - as at period end (3) 3.25 % 3.28 % Weighted average loan term to maturity 4.59 years 5.09 years Q2-2025 Q2-2024 YTD-2025 YTD-2024 Summarized income statement Revenue from property operations $ 5,452 $ 5,374 $ 10,912 $ 10,625 Property operating costs (1,158) (1,128) (2,401) (2,379) Property taxes (492) (486) (912) (841) Adjusted Income from Operations / NOI 3,802 3,760 7,599 7,405 Fund and trust expenses (550) (591) (1,076) (1,189) Finance costs (4) (2,575) (2,915) (5,150) (5,783) Other income and expense (5) (854) 1,438 (1,305) 7,927 Net (loss) income and comprehensive (loss) income - attributable to Unitholders $ (177) $ 1,692 $ 68 $ 8,360 Other selected financial information Funds from operations ("FFO") (2) $ 677 $ 254 $ 1,373 $ 433 FFO per Unit - basic and diluted 0.05 0.02 0.11 0.03 AFFO 964 591 1,943 999 AFFO per Unit - basic and diluted 0.07 0.05 0.15 0.08 Weighted average interest rate - average during period 3.25 % 3.44 % 3.26 % 3.44 % Interest coverage ratio (2) 1.51 x 1.38 x 1.51 x 1.30 x Indebtedness coverage ratio (2) 1.03 x 0.99 x 1.03 x 0.94 x Distributions to Unitholders $ 1,132 $ 1,089 $ 2,264 $ 2,086 Weighted average Units outstanding - basic and diluted (000s) 12,932 12,970 12,937 12,973 (1) Economic Occupancy for Q2-2025 and Q4-2024 and Physical Occupancy as at the end of each applicable reporting period. The Fund's Economic Occupancy for Q2-2025 was 89.7% including the impact of any concessions to residents. Physical occupancy at the end of the period was 98.4% as the Fund focused on increasing the Physical Occupancy at the Properties. (2) This metric is a non-IFRS measure. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS (see "Non-IFRS Financial Measures and Reconciliations"). (3) The weighted average interest rate on loans payable is presented as at June 30, 2025 and December 31, 2024, respectively. (4) Finance costs include interest expense on loans payable as well as non-cash amortization of deferred financing costs and other financing costs. (5) Includes distributions to Unitholders, fair value adjustment of investment properties, provision for carried interest and one time interest income. NON-IFRS FINANCIAL MEASURES AND RECONCILIATIONS The Fund's condensed consolidated interim financial statements are prepared in accordance with IFRS Accounting Standards ("IFRS"). Certain terms that may be used in this press release such as AFFO, AMR, adjusted net income and comprehensive income, cash provided by operating activities including interest costs, economic occupancy, physical occupancy, FFO, gross book value, indebtedness, indebtedness coverage ratio, indebtedness to gross book value, interest coverage ratio and NOI (collectively, the "Non-IFRS Measures") as well as other measures discussed elsewhere in this press release, are not measures defined under IFRS as prescribed by the International Accounting Standards Board, do not have standardized meanings prescribed by IFRS and are, therefore, unlikely to be comparable to similar measures as reported by other issuers. The Fund uses these measures to better assess its underlying performance and provides these additional measures so that investors may do the same. Information on the most directly comparable IFRS measures, composition of the Non-IFRS Measures, a description of how the Fund uses these measures, and an explanation of how these Non-IFRS Measures provide useful information to the investors are set out in the Fund's management's discussion and analysis ("MD&A") in the "Non-IFRS Financial Measures" section for Q2-2025 and are available on the Fund's profile on SEDAR+ at which is incorporated by reference into this press release. A reconciliation of the Fund's interest coverage ratio and indebtedness coverage ratio are provided below: (1) Non-cash or one-time items consist of amortization of deferred financing costs, fair value adjustment on investment properties, interest income and provision for carried interest. (2) This metric is a non-IFRS measure. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS (see "Non-IFRS Financial Measures and Reconciliations"). (3) Interest coverage ratio is calculated as adjusted net income and comprehensive income plus interest expense, divided by interest expense. (4) Indebtedness coverage ratio is calculated as adjusted net income and comprehensive income plus interest expense, divided by interest expense and mandatory principal payments on the Fund's loans payable for a specific reporting period. For Q2-2025, the interest coverage ratio and the indebtedness coverage ratio were 1.51x and 1.03x (Q2-2024 - 1.38x and 0.99x), respectively. The increase in both ratios during Q2-2025 relative to Q2-2024 was primarily due to higher NOI and lower finance costs. CASH PROVIDED BY OPERATING ACTIVITIES RECONCILIATION TO FFO and AFFO The Fund was formed as a "closed-end" fund with an initial term of three years, a targeted yield of 3.0% to 4.0% and a targeted minimum 12% pre-tax total investor internal rate of return across all Units. Basic and diluted AFFO and AFFO per unit for Q2-2025 were $964 and $0.07 (Q2-2024 - $591 and $0.05), respectively, representing an increase in AFFO of $373 or 63.1%, primarily due to an increase in NOI as well as lower finance costs and fund and trust expenses. A reconciliation of the Fund's cash provided by operating activities determined in accordance with IFRS to FFO and AFFO for Q2-2025, Q2-2024, YTD-2025 and YTD-2024 is provided below: Q2-2025 Q2-2024 YTD-2025 YTD-2024 Cash provided by operating activities $ 3,336 $ 4,135 $ 6,437 $ 6,507 Less: interest and finance costs (2,241) (2,531) (4,486) (5,123) Cash provided by operating activities - including interest costs (1) 1,095 1,604 1,951 1,384 Add / (deduct): Change in non-cash operating working capital (122) (980) 84 (315) Change in restricted cash 38 14 2 24 Amortization of financing costs (334) (384) (664) (660) FFO 677 254 1,373 433 Add / (deduct): Amortization of financing costs 334 384 664 660 Sustaining capital expenditures and suite renovation reserves (47) (47) (94) (94) AFFO $ 964 $ 591 $ 1,943 $ 999 (1) This metric is a non-IFRS measure. Non-IFRS financial measures do not have standardized meanings prescribed by IFRS (see "Non-IFRS Financial Measures and Reconciliations"). The Fund's cash provided by operating activities, including interest and finance costs for Q2-2025 was $1,095 (Q2-2024 - $1,604), which was lower than distributions declared to Unitholders by $37 (Q2-2024 - higher than distributions declared to Unitholders by - $515).The Fund covers any shortfall between Cash Provided by Operating Activities Including Interest Costs and distributions using cash generated from operating activities of the Fund in certain periods where applicable, or through cash on hand, including any proceeds from financing activities as applicable or availability on the Fund's credit facilities. FUTURE OUTLOOK Since 2022, concerns over rising inflation contributed to a significant increase in interest rates with the Bank of Canada raising its target interest rate from 0.25% in early 2022 to 5.0% as of Q1-2024. Increases in target interest rates typically lead to increases in borrowing costs. Inflation in Canada has declined from its peak in June 2022 of 8.1% to 1.9% in June 2025 with improvements in global supply chains and the effects of higher interest rates moving through the economy. As a result, the Bank of Canada has reduced its target interest rate by a total of 225 basis points since June 2024, bringing it down to 2.75% as of August 14, 2025. The Fund benefits from the availability of Canada Mortgage and Housing Corporation insured financing to the Canadian residential sector, which provided a stable, competitively priced source of financing. Operating fundamentals continue to be favorable as evidenced by the operating results achieved by the Fund and the Fund has made steady progress in mitigating the significant increases in interest rates by increasing the amount of fixed rate debt to 94.0% of its total debt as at June 30, 2025. Given the Fund was formed as a "closed-end" fund with an initial term of three years, it is the Fund's intention to maintain its targeted annual yield of 3.0% to 4.0% across all classes of Units despite elevated interest rates. The Fund continues to actively monitor the current interest rate environment and any associated impact this may have on the Fund's financial performance and ability to pay distributions. According to Statistics Canada, the June 2025 unemployment rate in Canada was 6.5%, as compared to an unemployment rate of 5.5% in BC, including Vancouver Island and the Coast Region. BC gained approximately 49,900 jobs between June 2024 and June 2025, demonstrating the economic strength of the Primary Markets. Each year, the Federal Department of Immigration, Refugees and Citizenship Canada ("IRCC") releases a new Immigration Levels Plan to guide its operations. In 2024, IRCC welcomed a record of 464,000 immigrants to Canada with a target of 395,000 immigrants for 2025. Canada's initial target was to welcome 500,000 new permanent residents each year, however, subsequent to September 2024, these targets were adjusted to 395,000 and 380,000 for the years of 2025 and 2026, respectively, with a further reduction to 365,000 for 2027. In early 2025, the United States announced certain tariffs on steel, aluminum and other imported components, with further tariffs enacted and continuing to be in effect between Canada and the U.S. and the U.S. and various other jurisdictions. These tariffs may result in increased construction or renovation costs for multi-family projects in Canada and the Primary Markets. While recent interest rate cuts have improved borrower sentiment and affordability, further reductions by the Bank of Canada are uncertain due to relatively strong employment market and the potential impacts of any new U.S. tariffs. The Fund does not expect any significant impact to the Fund's operating results from changes in immigration, tariffs or interest rates, as the core fundamentals of the economy remain robust. The Fund continues to closely monitor these ongoing developments. The above factors as well as the lack of housing supply and affordability, have made it more challenging for existing residents of multi-family properties to buy homes. In addition, the construction slowdown of new homes due to elevated interest rates has also continued to result in increased demand for multi-family suites and an expected reduction in new supply. The Primary Markets, including Langford, Nanaimo, Vernon and Langley, possess attractive qualities such as some of the fastest growing populations in BC with strong demographics of highly educated young professionals and families, diverse local job sectors, desirable dwelling locations with waterfront and mountain views, as well as significant economic growth creating an environment for continued demand which drives occupancy and rent growth given the limited supply of multi-family suites. The Fund believes it is well positioned to take advantage of sustained levels of immigration and favourable market conditions that are expected to continue to persist in future periods. Further disclosure surrounding the Future Outlook is included in the Fund's MD&A in the "Future Outlook" section for Q2-2025 under the Fund's profile, which is available on FORWARD-LOOKING STATEMENTS Certain statements contained in this press release constitute forward-looking information within the meaning of Canadian securities laws and which reflect the Fund's current expectations regarding future events, including the overall financial performance of the Fund and the Properties, the impact of elevated levels of inflation and interest rates and uncertainty surrounding U.S. tariffs. Forward-looking information is provided for the purposes of assisting the reader in understanding the Fund's financial performance, financial position and cash flows as at and for the periods ended on certain dates and to present information about management's current expectations and plans relating to the future and readers are cautioned that such statements may not be appropriate for other purposes. Forward-looking information may relate to future results, the impact of inflation levels and interest rates, acquisitions, financing, performance, achievements, events, prospects or opportunities for the Fund or the real estate industry and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, occupancy levels, AMR, taxes, and plans and objectives of or involving the Fund. Particularly, matters described in "Future Outlook" are forward-looking information. In some cases, forward-looking information can be identified by terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "seek", "aim", "estimate", "target", "goal", "project", "predict", "forecast", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts. Forward-looking statements involve known and unknown risks and uncertainties, which may be general or specific and which give rise to the possibility that expectations, forecasts, predictions, projections or conclusions will not prove to be accurate, that assumptions may not be correct, and that objectives, strategic goals and priorities may not be achieved. Those risks and uncertainties include: the extent and sustainability of potential higher levels of inflation and the potential impact on the Fund's operating costs; the impact of any tariffs and retaliatory tariffs on the economy; changes in government legislation or tax laws which would impact any potential income taxes or other taxes rendered or payable with respect to the Properties or the Fund's legal entities; the impact of elevated interest rates and inflation; the extent to which favorable operating conditions achieved during historical periods may continue in future periods; the applicability of any government regulation concerning the Fund's residents or rents; the realization of property value appreciation and the timing thereof; the extent and pace at which any changes in interest rates that impact the Fund's weighted average interest rate may occur; and the availability of debt financing. A variety of factors, many of which are beyond the Fund's control, affect the operations, performance and results of the Fund and its business, and could cause actual results to differ materially from current expectations of estimated or anticipated events or results. There are numerous risks and uncertainties which include, but are not limited to, risks related to the Units, risks related to the Fund and its business including inflation and changes in interest rates. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking statements as there can be no assurance actual results will be consistent with such forward-looking statements. Although the Fund believes the expectations reflected in such forward-looking information are reasonable and represent the Fund's projections, expectations and beliefs at this time, such information involves known and unknown risks and uncertainties which may cause the Fund's actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking information. Important factors that could cause actual results to differ materially from the Fund's expectations include, among other things, the impact of inflation, the availability of mortgage financing and the interest rates for such financing, and general economic and market factors, including interest rates, business competition and changes in government regulations or in tax laws. The reader is cautioned to consider these and other factors, uncertainties and potential events carefully and not to put undue reliance on forward-looking information, as there can be no assurance that actual results will be consistent with such forward-looking information. Information contained in forward-looking information is based upon certain material assumptions that were applied in drawing a conclusion or making a forecast or projection, including management's perceptions of historical trends, current conditions and expected future developments, as well as other considerations that are believed to be appropriate in the circumstances, including the following: the applicability of any government regulation concerning the Fund's residents or rents; the realization of property value appreciation and the timing thereof; the inventory of residential real estate properties; the ability of the Fund to benefit from any asset management initiatives at certain Properties; the price at which the Properties may be disposed and the timing thereof; closing and other transaction costs in connection with the disposition of the Properties; availability of mortgage financing and current rates and market expectations for future interest rates; the capital structure of the Fund; the extent of competition for residential properties; the growth in NOI generated from asset management initiatives; the population of residential real estate market participants; assumptions about the markets in which the Fund operates; expenditures and fees in connection with the maintenance, operation and administration of the Properties; the ability of Starlight Investments CDN AM Group LP (the "Manager") to manage and operate the Properties; the global and Canadian economic environment; the impact, if any, of inflation on the Fund's operating costs; and governmental regulations or tax laws. There can be no assurance regarding: (a) inflation or changes in interest rates on the Fund's business, operations or performance; (b) the Fund's ability to mitigate such impacts; (c) credit, market, operational, and liquidity risks generally; (d) that the Manager or any of its affiliates, will continue its involvement as asset manager of the Fund in accordance with its current asset management agreement; and (e) other risks inherent to the Fund's business and/or factors beyond its control which could have a material adverse effect on the Fund. The forward-looking information included in this press release relates only to events or information as of the date on which the statements are made in this press release. Except as specifically required by applicable Canadian securities law, the Fund undertakes no obligation to update or revise publicly any forward-looking information, whether because of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events. ABOUT STARLIGHT WESTERN CANADA MULTI-FAMILY (NO. 2) FUND The Fund is a trust formed under the laws of Ontario for the primary purpose of indirectly acquiring, owning and operating a portfolio of income producing multi-family rental properties located in BC. The Fund has interests in and operates a portfolio comprising interests in 944 income producing multi-family suites located in the Primary Markets. For the Fund's complete condensed consolidated interim financial statements and MD&A for the three and six months ended June 30, 2025 and any other information related to the Fund, please visit Further details regarding the Fund's unit performance and distributions, market conditions where the Fund's properties are located, performance by the Fund's properties and a capital investment update are also available in the Fund's August 2025 Newsletter which is available on the Fund's profile at SOURCE Starlight Western Canada Multi-Family (No. 2) Fund

Metro CEO says 20% of grocer's suppliers raising prices due to tariffs
Metro CEO says 20% of grocer's suppliers raising prices due to tariffs

Global News

timean hour ago

  • Global News

Metro CEO says 20% of grocer's suppliers raising prices due to tariffs

Metro says about a fifth of its grocery store suppliers have begun raising prices as a direct result of tariffs and counter-tariff measures from the trade war sparked by United States President Donald Trump. The company said that although it is working to keep prices relatively stable, customers may still start to see sticker prices rise. 'The introduced tariffs and counter-tariffs are a contributing factor to food inflation as we continue to receive price increase requests from our vendor partners,' CEO Eric R. La Flèche at Metro Inc. said Wednesday on an investor conference call. 'Teams continue to negotiate to minimize the impact on consumers, and for now, the effects remain manageable.' The trade war means there are tariffs imposed by the United States on some food and drug products imported from Canada, and there are also counter-tariffs in place that would make prices for some U.S. goods higher once they cross the border into Canada. Story continues below advertisement This means some suppliers are now starting to increase the prices they charge to outlets like Metro Inc. before their products are sold directly to customers. These price increases, however, do not apply to goods that fall under the terms of the current free trade agreement, known as the Canada-United States-Mexico Agreement (CUSMA). 3:42 Tariff impacts on Canadian food exporters Prime Minister Mark Carney is still working on a more permanent trade deal with the United States that removes or minimizes the impacts from tariffs, and Carney has said he will only accept a deal that is 'good for Canada.' Get breaking National news For news impacting Canada and around the world, sign up for breaking news alerts delivered directly to you when they happen. Sign up for breaking National newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy To maintain customer loyalty without having to raise prices, many Canadian business owners have been 'absorbing' these tariff increases, which may sacrifice profits. This may not be sustainable long-term as businesses need to remain profitable to thrive, and so increases for customers could happen the longer the trade war goes on. Story continues below advertisement 'We (Metro) negotiate as best we can (with suppliers) to minimize the impact on our customers in this environment where everybody's searching for value and everybody's more price-sensitive,' La Flèche said. La Flèche also told investors on the conference call that in its latest fiscal quarter, or three-month period, Metro did see price increases that were in line with the May food inflation reading of 3.1 per cent from Statistics Canada. This suggests that price increases in the past few months have been under normal economic circumstances — not directly tied to tariffs. Still, Metro did not rule out price increases for customers now that the company has confirmed suppliers are already raising prices. A Global News request sent to Metro Inc. asking exactly how the company plans on keeping costs stable for customers as tariffs create more pressure to raise prices did not receive a response by publication time. 5:45 Tariffs set to push grocery prices higher Meanwhile, Metro says the 'Buy Canadian' movement remains strong as customers look to support Canadian businesses in the face of the trade war and a soured sentiment about the United States. Story continues below advertisement 'Customers are responding well. Sales of Canadian products are outpacing total sales and the gap has accelerated over the past few weeks,' said La Flèche, who adds that Metro continues to seek alternative suppliers to the U.S., where possible, in order to minimize tariff impacts. Meanwhile, customers may still be prioritizing value and lower prices as inflationary pressures and affordability concerns continue to weigh on household budgets. La Flèche said in the earnings call to analysts that sales growth at the company's discount-branded stores like Food Basics continues to outpace that of its flagship Metro stores, and that the trend has been consistent 'for the past few years.' In its latest reporting quarter, Metro says its sales totalled almost $5 billion, which was an increase of 5.5 per cent compared with a year prior. The company saw a net profit of $220 million in its second fiscal quarter compared with $187.1 million in 2024. La Flèche said these latest numbers are 'solid results.'

Canadians are holding more cash in their wallets, Bank of Canada finds
Canadians are holding more cash in their wallets, Bank of Canada finds

Toronto Sun

time2 hours ago

  • Toronto Sun

Canadians are holding more cash in their wallets, Bank of Canada finds

Published Aug 14, 2025 • 1 minute read A magnifying glass enlarges the holographic image of Parliament Hill's Peace Tower on a 20 dollar bill issued by the Bank of Canada, shown in a display case at the Bank of Canada Museum in Ottawa, on Wednesday, Sept. 4, 2024. The Bank of Canada says Canadians were keeping more cash on hand in 2024. Photo by Justin Tang / The Canadian Press OTTAWA — A new survey from the Bank of Canada shows Canadians are keeping more cash in their wallets in an increasingly digital world. This advertisement has not loaded yet, but your article continues below. THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLY Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. SUBSCRIBE TO UNLOCK MORE ARTICLES Subscribe now to read the latest news in your city and across Canada. Unlimited online access to articles from across Canada with one account. Get exclusive access to the Toronto Sun ePaper, an electronic replica of the print edition that you can share, download and comment on. Enjoy insights and behind-the-scenes analysis from our award-winning journalists. Support local journalists and the next generation of journalists. Daily puzzles including the New York Times Crossword. REGISTER / SIGN IN TO UNLOCK MORE ARTICLES Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account. Share your thoughts and join the conversation in the comments. Enjoy additional articles per month. Get email updates from your favourite authors. THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK. Create an account or sign in to continue with your reading experience. Access articles from across Canada with one account Share your thoughts and join the conversation in the comments Enjoy additional articles per month Get email updates from your favourite authors Don't have an account? Create Account The central bank says its 2024 survey on payment methods show Canadians kept an average of $156 in cash on hand, $16 more than in 2023. The survey done in partnership with Ipsos shows customers are using ATMs and bank branches more often and also taking more cash out per withdrawal. Those surveyed suggest around 20 per cent of their purchases were made via cash. While the use of cash was on a steady decline heading into the COVID-19 pandemic, the Bank of Canada says those figures have been resilient over recent years. Mobile payments are meanwhile gaining traction, accounting for almost five per cent of purchases in 2024, up a couple of percentage points from a year earlier. Sunshine Girls Toronto & GTA Sunshine Girls World Columnists

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