Canada is now in a technical recession | Your Bottom Line

Added: 2026-06-03

[00:00:00]Hey everyone, Penelope Graham here from Ratehub.ca  with this week's edition of Your Bottom Line, personal finance headlines that you may want to  pay attention to. First up are fresh numbers from StatCan on GDP and the data is a little  bit alarming. The numbers show that GDP has now contracted for two consecutive quarters  which means that our economy can now be defined as being in a technical recession. While not  quite the same as a full and formal recession, this will likely add another layer of anxiety  onto what Canadians are already feeling. It might also lead to a tighter job market as businesses  are less likely to invest and hire. Number two, is the mortgage renewal wave coming to an end?  The latest financial systems review out from the Bank of Canada this week finds that many mortgage  borrowers have had to renew their mortgages at much higher rates, mainly because they first took  them out in 2021 when rates were at rock bottom.

[00:00:52]The good news is that most borrowers have been  able to absorb this increase without too much financial stress. The Bank of Canada also says  that most of these renewing borrowers will be wrapping up their deals by the end of 2027,  officially putting an end to the systemic risk.

[00:01:07]Finally, what happens if you've made plans to  travel to a concert and it gets cancelled or rescheduled? That was the case for thousands  of Bruno Mars fans last weekend as his first Toronto show was postponed due to heavy rain.  That show has since been rescheduled to May 31st, but it raises the question, what are your  options if the same should happen to you?

[00:01:26]We break this all down on our latest issue on  the Ratehub.ca blog. Check out our link in bio.