{"id":31894,"date":"2022-10-13T13:00:50","date_gmt":"2022-10-13T13:00:50","guid":{"rendered":"http:\/\/egrowonline.com\/?p=31894"},"modified":"2022-10-13T13:00:51","modified_gmt":"2022-10-13T13:00:51","slug":"posthaste-record-savings-rate-fuels-surge-in-bitcoin-ownership-among-canadians","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=31894","title":{"rendered":"Posthaste: Record savings rate fuels surge in bitcoin ownership among Canadians"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div id=\"\">\n<header aria-label=\"Beginning of Article\" class=\"article-header\">\n<nav aria-label=\"Breadcrumb\" class=\"breadcrumbs\" data-aqa=\"nav-breadcrumb\">\n<h2 class=\"visually-hidden\">Breadcrumb Trail Links<\/h2>\n<ol class=\"breadcrumbs__items list-unstyled\"> <\/ol>\n<\/nav>\n<div class=\"article-header__detail\">\n<div class=\"article-header__detail__texts\">\n<p class=\"article-subtitle\"> Demographics of new buyers starting to change, a Bank of Canada report shows <\/p>\n<div class=\"article-meta\">\n<div class=\"published-date\">\n<p>Publishing date:<\/p>\n<p> <span class=\"published-date__since\">Oct 13, 2022<\/span> \u00a0\u2022\u00a0 <span class=\"updated-date__since\">40\u00a0minutes ago<\/span> \u00a0\u2022\u00a0 <span class=\"published-date__word-count\">6 minute read<\/span> \u00a0\u2022\u00a0 <span> <a target=\"_blank\" class=\"article-meta-comment-count\" data-smooth-hash-scroll-component=\"\" href=\"#comments-area\" rel=\"noopener\"> <span class=\"comment-bubble\">    <\/span> <span class=\"article-meta-comment-count__text\"> Join the conversation <\/span> <\/a> <\/span> <\/div><\/div><\/div>\n<figure class=\"featured-image\" data-aqa=\"featured-image\">       <img loading=\"lazy\" decoding=\"async\" alt=\"Bitcoin ownership increased significantly from 2020 to 2021.\" class=\"featured-image__image type:primaryImage\" height=\"750\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/10\/bitcoin-investment-gs1012.png?quality=90&amp;strip=all&amp;w=288&amp;h=216\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/10\/bitcoin-investment-gs1012.png?quality=90&amp;strip=all&amp;w=288&amp;h=216,&#010;                    https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/10\/bitcoin-investment-gs1012.png?quality=90&amp;strip=all&amp;w=576&amp;h=432 2x\" width=\"1000\" \/><figcaption class=\"featured-image__caption image-caption\"> <span class=\"caption\">Bitcoin ownership increased significantly from 2020 to 2021.<\/span> <span class=\"credit\">Photo by DADO RUVIC<\/span> \/<span class=\"distributor\">Reuters<\/span> <\/figcaption><\/figure>\n<\/p><\/div>\n<\/header>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\">       <img decoding=\"async\" alt=\"\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/04\/posthaste-logo-v8-0422.png?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/04\/posthaste-logo-v8-0422.png?quality=90&amp;strip=all&amp;w=288,&#010;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/04\/posthaste-logo-v8-0422.png?quality=90&amp;strip=all&amp;w=576 2x\" height=\"320\" loading=\"lazy\" width=\"760\" \/>  <\/figure>\n<p>Good morning!<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment9465801523586856437721720111102485\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment9465801523586856437721720111102485\">Advertisement 2<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-2\">\n<div class=\"ad__inner__container\" data-ad=\"[[6,6],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"6x6\" data-ad-loc=\"2\" data-ad-mobile=\"[[6,6],[320,50],[300,50],[300,250],[300,600]]\" data-aqa=\"advertisement\" id=\"ad-2\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<\/section>\n<div class=\"article-content__widget-group article-content__widget-group--content-slot6 article-content__widget-group--newsletter-slot\">\n<section aria-labelledby=\"ReginaLeaderPostHeadlineNews6679685594890821132229989086021767\" class=\"newsletter-widget lp-headlinenews background--primary-light-gradient\" data-account-id=\"b9d3df2fccd108b5eff3c44f573b2cd6\" data-aqa=\"widget-newsletter\" data-newsletter=\"single\" data-newsletter-component=\"\" data-target-list=\"LP_HeadlineNews\" data-widget=\"newsletter\"> <img decoding=\"async\" alt=\"Regina Leader Post Headline News Banner\" class=\"newsletter-widget__banner\" height=\"60\" loading=\"lazy\" src=\"https:\/\/dcs-static.gprod.postmedia.digital\/12.0.2\/websites\/images\/newsletters\/LP_HeadlineNews.svg\" width=\"97\" \/> <\/p>\n<div class=\"newsletter-widget__body\">\n<h2 class=\"newsletter-widget__title\" id=\"ReginaLeaderPostHeadlineNews6679685594890821132229989086021767\">Regina Leader Post Headline News<\/h2>\n<p class=\"newsletter-widget__text\">Sign up to receive daily headline news from Regina Leader-Post, a division of Postmedia Network Inc.<\/p>\n<div class=\"js-replace-main\">  <small class=\"newsletter-widget__disclaimer text-size--micro\"> By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc. | 365 Bloor Street East, Toronto, Ontario, M4W 3L4 | 416-383-2300 <\/small> <\/div>\n<div class=\"js-submit-success\" id=\"submitSuccessLP_HeadlineNews\">\n<h3 class=\"newsletter__feedback--heading\">Thanks for signing up!<\/h3>\n<p class=\"newsletter-widget__text\">A welcome email is on its way. If you don&#8217;t see it, please check your junk folder.<\/p>\n<p class=\"newsletter-widget__text newsletter__feedback--last\">The next issue of Regina Leader Post Headline News will soon be in your inbox.<\/p>\n<\/p><\/div>\n<p class=\"newsletter-widget__text js-submit-error\" id=\"submitErrorLP_HeadlineNews\"> We encountered an issue signing you up. Please try again <\/p>\n<\/p><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>More Canadians have become enamoured of cryptocurrencies with bitcoin ownership rising so \u201csharply\u201d that its ownership demographics are starting to change, according to a commissioned report by the Bank of Canada released Wednesday.<\/p>\n<p data-async=\"\">The share of Canadians who owned bitcoin rose to 13 per cent in 2021 from five per cent in 2020, the central bank said in its <a target=\"_blank\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" href=\"https:\/\/www.bankofcanada.ca\/2022\/10\/five-things-we-learned-about-canadian-bitcoin-owners-in-2021\/\" rel=\"noopener noreferrer\">2021 Bitcoin Omnibus Survey<\/a>, an annual look at the digital currency that the central bank began tracking in 2016. <span dir=\"ltr\" role=\"presentation\">M<\/span><span dir=\"ltr\" role=\"presentation\">easurements of bitcoin ownership for 2020 came from the Bank of Canada<\/span><span dir=\"ltr\" role=\"presentation\">\u2019s Cash Alternative Survey.<\/span><\/p>\n<p>\u201cThis increase occurred following widespread increases in the savings and wealth of Canadians during the pandemic,\u201d the Bank of Canada\u2019s summary of the 2021 survey said.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment5331276391374749352042399943717649\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment5331276391374749352042399943717649\">Advertisement 3<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-3\">\n<div class=\"ad__inner__container\" data-ad=\"[[7,7],[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-interscroller=\"7x7\" data-ad-loc=\"3\" data-ad-mobile=\"[[7,7],[300,250],[320,50],[300,50]]\" data-aqa=\"advertisement\" id=\"ad-3\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\">Canadian households had a <a target=\"_blank\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" href=\"https:\/\/www150.statcan.gc.ca\/t1\/tbl1\/en\/tv.action?pid=3610011201&amp;pickMembers%5B0%5D=2.1&amp;cubeTimeFrame.startMonth=01&amp;cubeTimeFrame.startYear=2020&amp;cubeTimeFrame.endMonth=04&amp;cubeTimeFrame.endYear=2022&amp;referencePeriods=20200101%2C20220401\" rel=\"noopener\">savings rate of 27.2 per cent in the second quarter of 2020<\/a>, the height of COVID-19, Statistics Canada reported at the time. That figure has fallen over subsequent quarters and was 6.2 per cent in the second quarter of 2022, but that\u2019s still above the historical national average of approximately two per cent.<\/p>\n<p>All the extra money resulted in what the Bank of Canada report called \u201csignificant increases in Canadian investment in mutual funds and securities denominated in foreign currencies, as well as crypto assets.\u201d<\/p>\n<p data-async=\"\">The central bank said easier access to cryptocurrencies also led to more buying. For example, some fintech companies, such as <a target=\"_blank\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" href=\"https:\/\/www.wealthsimple.com\/en-ca\" rel=\"noopener noreferrer\">Wealthsimple Inc.<\/a>, began making bitcoin available alongside more traditional investment options. A small majority of bitcoin owners (53 per cent) did their purchasing via apps rather than web-based exchanges (47 per cent), mining (23 per cent) or visiting a Bitcoin ATM, the report said.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment566335082219227283621905891968453\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment566335082219227283621905891968453\">Advertisement 4<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-4\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"4\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-4\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>The Bank of Canada\u2019s survey, conducted in December 2021 by pollster Ipsos, also found the demographics of bitcoin owners is changing.<\/p>\n<p>Bitcoin owners are still more likely to be \u201crelatively young\u201d men, who are well educated with a good income. But 68 per cent of bitcoin owners aged 55 and older were recent buyers, even though this age group still only accounts for 11 per cent of recent owners and 4.6 per cent of long-term owners.<\/p>\n<p>\u201cBy contrast, both men and young Canadians (aged 18 to 34) appear to be slowing down their participation in the bitcoin market,\u201d the report said.<\/p>\n<p>The 34-to-54 age group seems to be picking up the slack, with that cohort\u2019s ownership rising to 15 per cent in 2021 from about six per cent in 2020.<\/p>\n<p>More women also showed up as recent buyers (33 per cent) than in the long-term owner category (24 per cent), but that could be because men tend to \u201cskew\u201d toward the longer-term owner category, the report cautioned.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment7015007692902713923210448736592905\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment7015007692902713923210448736592905\">Advertisement 5<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-5\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"5\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-5\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p><span>Owners\u2019 education profiles are broadening to include more individuals with a variety of levels of educational attainment including college\/CEGEP (in Quebec), the trades and high school.<\/span><\/p>\n<p>The motivations of new buyers were found to have differed from those of long-term owners, with the former more likely to make a purchase for investment reasons than for payment purposes, unlike the latter.<\/p>\n<p>If investment was a motivator, it was also the top source of buyers\u2019 woes in 2021. Twenty-five per cent of survey respondents reported experiencing \u201cprice crashes\u201d last year, up from 18 per cent in 2019, and no surprise given the value of bitcoin fell 35 per cent in 2021. The price of bitcoin so far this year is down 60 per cent.<\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment7317841238318245511722114038373751\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment7317841238318245511722114038373751\">Advertisement 6<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-6\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"6\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-6\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p>Crime was another worry of bitcoin owners.<\/p>\n<p>\u201cOwners also reported experiencing a variety of other incidents, such as losing access to their wallets (11 per cent), initial coin offering scams (seven per cent), stolen funds (seven per cent), and data breaches (six per cent),\u201d the report said.<\/p>\n<p><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif\">_____________________________________________________________<\/span><\/p>\n<p data-async=\"\"><em><strong>Was this newsletter forwarded to you?\u00a0<a target=\"_blank\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" href=\"https:\/\/view.ceros.com\/postmedia-network\/posthaste-newsletter-signup\/p\/1\" rel=\"noopener noreferrer\">Sign up here<\/a>\u00a0to get it delivered to your inbox.<\/strong><\/em><br \/>_____________________________________________________________<\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\">       <img decoding=\"async\" alt=\"\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/10\/rbc-climate-gs1012.png?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/10\/rbc-climate-gs1012.png?quality=90&amp;strip=all&amp;w=288,&#010;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/10\/rbc-climate-gs1012.png?quality=90&amp;strip=all&amp;w=576 2x\" height=\"750\" loading=\"lazy\" width=\"1000\" \/>  <\/figure>\n<p data-async=\"\"><span><a target=\"_blank\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" href=\"https:\/\/financialpost.com\/fp-finance\/banking\/competition-bureau-opens-investigation-into-rbc-over-climate-claims\" rel=\"noopener noreferrer\"><strong>RBC PROBE<\/strong><\/a> The Competition Bureau has opened an inquiry into Royal Bank of Canada\u2019s environmental representations and marketing following a complaint last summer that the bank\u2019s claims to be a climate leader were misleading because of its continued financing of fossil fuel projects. RBC said it \u201cstrongly disagrees with the allegations in the complaint.\u201d It was lodged by six individuals with support from various environmental groups including Ecojustice and Stand.earth, writes the Financial Post\u2019s Barbara Shecter.\u00a0<em>Photo by Dave Sidaway\/Montreal Gazette\/Postmedia<\/em><\/span><\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment3321017542644807359221674991037109\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment3321017542644807359221674991037109\">Advertisement 7<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-7\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"7\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-7\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p><em \/><strong style=\"text-align: center;font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif\"><em>___________________________________________________<\/em><\/strong><\/p>\n<p><a target=\"_blank\" href=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2019\/02\/subhead_breaking.png\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-1758643\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2019\/02\/subhead_breaking.png\" width=\"838\" \/><\/a><\/p>\n<div>\n<ul>\n<li>Darren Fisher, Liberal MP for Dartmouth\u2014Cole Harbour; and Shannon Harding, director of education and engagement, Clean Foundation, will make a clean energy funding announcement<\/li>\n<li>Pablo Rodriguez, minister of Canadian heritage and Quebec lieutenant, will announce federal funding to support the growth of SOPREMA, a manufacturing company that specializes in the production of waterproofing, insulation, soundproofing and vegetated solutions for the roofing, building envelope and civil engineering sectors<\/li>\n<li>The Saguenay-Le Fjord Chamber of Commerce hosts a \u201clunch and learn\u201d with Pascale St-Onge, minister of sport and minister responsible for CED. The topic will be the green transition<\/li>\n<li>The parliamentary budget officer will post a new report entitled \u201cEconomic and Fiscal Outlook \u2014 October 2022\u201d on the website at pbo-dpb.ca<\/li>\n<li>Canada Mortgage and Housing Corporation releases report called \u201cThe Road Ahead for the Economy and Housing \u2014 Fall 2022 Update\u201d<\/li>\n<li>Valerie Bradford, Liberal MP for Kitchener South\u2014Hespeler, will make an announcement in support of a Cambridge-based aerospace manufacturer<\/li>\n<li>The Future Borders Coalition hosts the 2022 Transportation Border Summit. A bilateral summit on better borders for travel and trade<\/li>\n<li>Gov. Gen. Mary Simon will deliver a keynote address in Reykjavik, Iceland, on global Arctic collaboration followed by an armchair discussion with Olafur Ragnar Grimsson, founder and chair of the ACA, on Arctic issues and on Canada\u2019s role and leadership in the Arctic<\/li>\n<li>Meeting of G20 finance ministers and central bankers in Washington, D.C., ends<\/li>\n<li><span><span><strong>Today\u2019s data: <\/strong>U.S. inflation, U.S. initial jobless claims for week of Oct. 8<strong><br \/><\/strong><\/span><\/span><\/li>\n<li><strong><span>Earnings: <\/span><\/strong>BlackRock Inc., Delta Air Lines Inc., Domino\u2019s Pizza Inc.<strong><span><br \/><\/span><\/strong><\/li>\n<\/ul>\n<\/div>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment162388093732749707662409037694211\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment162388093732749707662409037694211\">Advertisement 8<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-8\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"8\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-8\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p><em>___________________________________________________<\/em><\/p>\n<p><strong><a target=\"_blank\" href=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/subhead_marketsam.jpeg\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-3080180\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/subhead_marketsam.jpeg\" width=\"838\" \/><\/a><\/strong><\/p>\n<p><a target=\"_blank\" href=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/10\/stock-chart-vw1013.png\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-3181402\" height=\"415\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/10\/stock-chart-vw1013.png\" width=\"1000\" \/><\/a><\/p>\n<p><strong><em>_______________________________________________________<br \/><\/em><\/strong><\/p>\n<p><strong><a target=\"_blank\" href=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/subhead_reads.jpeg\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-3080181\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/07\/subhead_reads.jpeg\" width=\"838\" \/><\/a><\/strong><\/p>\n<p><strong><em>_____________________________________________<\/em><\/strong><\/p>\n<p><strong><a target=\"_blank\" href=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2019\/02\/subhead_leading.png\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-1758646\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2019\/02\/subhead_leading.png\" width=\"838\" \/><\/a><\/strong><\/p>\n<p><span>A recession will take hold in Canada in the first quarter of 2023, sooner than initially predicted, economists at Canada\u2019s largest bank said Wednesday.<\/span><\/p>\n<\/section>\n<div class=\"ad__section-border article-content__ad-group\">\n<section aria-describedby=\"advertisment8418114890512840646676288488753743\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment8418114890512840646676288488753743\">Advertisement 9<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner\" id=\"ad__inner-9\">\n<div class=\"ad__inner__container\" data-ad=\"[[1200,250],[1200,90],[970,90],[970,250],[728,90],[300,250]]\" data-ad-loc=\"9\" data-ad-mobile=\"[[320,50],[300,50],[300,250]]\" data-aqa=\"advertisement\" id=\"ad-9\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section><\/div>\n<section class=\"article-content__content-group\">\n<h2 class=\"visually-hidden\">Article content<\/h2>\n<p data-async=\"\"><span>Royal Bank of Canada made waves in July when its economics shop became <a target=\"_blank\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" href=\"https:\/\/financialpost.com\/news\/economy\/canada-moderate-recession-2023-rbc-economists\" rel=\"noopener noreferrer\">the first on Bay Street to forecast a recession<\/a>. Claire Fan and Nathan Janzen originally predicted the downturn would come in the second quarter, but in a new report they said various factors will \u201chasten the arrival of a recession in Canada,\u201d including rising interest rates.<\/span><\/p>\n<p><span>\u201cCracks are forming in Canada\u2019s economy,\u201d Fan and Janzen wrote.<\/span><\/p>\n<p data-async=\"\"><span>Read the full story <a target=\"_blank\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" href=\"https:\/\/financialpost.com\/news\/economy\/a-recession-in-canada-will-likely-strike-sooner-than-predicted-royal-bank-says\" rel=\"noopener noreferrer\">here<\/a>.<\/span><\/p>\n<figure class=\"embedded-image\" data-aqa=\"embed-image\">       <img decoding=\"async\" alt=\"\" class=\"embedded-image__image lazyload\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/10\/rbc-jobless-rate-increases-1.png?quality=90&amp;strip=all&amp;w=288\" srcset=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/10\/rbc-jobless-rate-increases-1.png?quality=90&amp;strip=all&amp;w=288,&#010;                https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2022\/10\/rbc-jobless-rate-increases-1.png?quality=90&amp;strip=all&amp;w=576 2x\" height=\"896\" loading=\"lazy\" width=\"1000\" \/>  <\/figure>\n<p><strong>____________________________________________________<\/strong><\/p>\n<p><a target=\"_blank\" href=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/04\/subhead_personal_finance_2.png\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" alt=\"\" class=\"aligncenter size-full wp-image-2059284\" height=\"114\" src=\"https:\/\/smartcdn.gprod.postmedia.digital\/financialpost\/wp-content\/uploads\/2020\/04\/subhead_personal_finance_2.png\" width=\"838\" \/><\/a><span \/><\/p>\n<p data-async=\"\"><span> It\u2019s a fact that environmental disasters such as flooding causes expensive damage to Canadian homes every year. Part of the issue is that many homeowners don\u2019t understand the risks that come with the areas where they live, such as flooding. Flooding alone costs approximately $1.5 billion in damages annually, and 75 per cent of the uninsured losses impact residential property owners. Our content partner <a target=\"_blank\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" href=\"https:\/\/financialpost.com\/moneywise-pro\/5-ways-to-protect-your-home-from-the-expensive-effects-of-climate-change\" rel=\"noopener noreferrer\">MoneyWise<\/a> explores ways to protect your home and budget against devastating loss.<\/span><\/p>\n<p><strong><em>____________________________________________________<\/em><\/strong><\/p>\n<p data-async=\"\"><em>Today\u2019s Posthaste was written by <a target=\"_blank\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" href=\"https:\/\/leaderpost.com\/executive\/executive-summary\/mailto:gmvsuhanic@postmedia.com\" rel=\"noopener\">Gigi Suhanic<\/a> (<a target=\"_blank\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" href=\"https:\/\/twitter.com\/vwells80\" rel=\"noopener noreferrer\">@gsuhanic<\/a>), with additional reporting from The Canadian Press, Thomson Reuters and Bloomberg.<\/em><\/p>\n<p data-async=\"\">Have a story idea, pitch, embargoed report, or a suggestion for this newsletter? Email us at\u00a0<a target=\"_blank\" data-evt=\"click\" data-evt-typ=\"click\" data-evt-val=\"{\" href=\"https:\/\/leaderpost.com\/executive\/executive-summary\/mailto:posthaste@postmedia.com\" rel=\"noopener\">posthaste@postmedia.com<\/a>, or hit reply to send us a note.<\/p>\n<p>Listen to Down to Business for in-depth discussions and insights into the latest in Canadian business,\u00a0available wherever you get your podcasts. Check out the latest episode below:<\/p>\n<\/p>\n<\/section>\n<section class=\"article-content__share-group article-delimiter\" data-evt=\"beforeunload\" data-evt-typ=\"page_scroll\" data-evt-val=\"{\">\n<h2 class=\"visually-hidden\">Share this article in your social network<\/h2>\n<\/section>\n<div class=\"widget article-content__widget-group article-content__widget-group--footer-slot1\">\n<section aria-labelledby=\"LatestNationalStories7469604500522043449136293043765068\" class=\"list-widget list\" data-aqa=\"widget-list\" data-async=\"\" data-category-colour=\"default\">\n<ol class=\"list-widget__content list-unstyled list--loading\" data-content-id=\"9ed74903-35be-41dc-989f-2823b097132c\" data-list-component=\"\" data-list-id=\"750b25a8-e919-4c89-97b7-38feb92870d9\" data-list-max=\"5\" data-list-min=\"3\" data-list-name=\"latest-national-stories\" data-list-native_ad_enabled=\"True\" data-list-native_ad_position=\"2\" data-list-pos=\"\" data-list-render=\"widget\" data-list-type=\"wcm-dynamic-list\" data-remove-duplication=\"\" data-template-name=\"feed-card-list\" id=\"9ed74903-35be-41dc-989f-2823b097132c\"> <\/ol>\n<div class=\"visually-hidden js-9ed74903-35be-41dc-989f-2823b097132c-native\">\n<article class=\"ad__native\" data-list-position=\"2\" data-native=\"\">\n<section aria-describedby=\"advertisment4433589834794417561836215942674050\" class=\"ad\">\n<h2 class=\"visually-hidden\" id=\"advertisment4433589834794417561836215942674050\">Advertisement 1<\/h2>\n<div class=\"ad__container\">\n<div class=\"ad__inner ad__inner--native\" id=\"ad__inner-native-1\">\n<div class=\"ad__inner__container\" data-ad=\"[[5,5]]\" data-ad-light-ineligible=\"\" data-ad-loc=\"1\" data-ad-mobile=\"[[5,5]]\" data-ad-ref=\"off\" data-aqa=\"advertisement\" id=\"ad-native-1\">\n<div aria-hidden=\"true\" class=\"ad__placeholder\">\n<p> This advertisement has not loaded yet, but your article continues below. <\/p>\n<\/p><\/div><\/div><\/div><\/div>\n<\/section>\n<\/article><\/div>\n<\/section><\/div>\n<footer aria-label=\"Article Comments\" class=\"article-footer\">\n<section class=\"comments__section\" data-aqa=\"viafoura-comments\" id=\"comments\">\n<h3 class=\"widget-title comments-anchor\" id=\"comments-area\">Comments<\/h3>\n<p class=\"comments__section-disclaimer\"> Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. 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Photo by DADO RUVIC \/Reuters Article content Good morning! 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