Home Economics: B.C. floods could worsen product shortages; a muted ‘great resignation’ in Canada

Advice on how to stop avoiding your finances and regain control, Canadians are discovering the art rental market and a new report says the so-called 'great resignation' has been less pronounced in Canada

Stop fearing your finances and regain control   Avoiding your finances won’t make your debts go away, but it could lead to long-term consequences like not achieving your life goals or other downsides like paying unnecessary high fees or overdrawing your account. Experts give some advice on how to get yourself into the habit of regularly checking your finances and how to build a plan to climb out of debt.   Enjoy changing up your home décor? Discover the art rental market   There’s nothing like being stuck inside for months during a pandemic to think about sprucing up your home. Art rental companies are looking to capitalize on the pandemic-induced home renovation boom and allow homeowners to try some new wall décor before they buy it. It'll also show Canadians that art rentals aren’t just for the wealthy.  The great resignation… but not so much in Canada   Businesses are struggling to find workers and wages are increasing but CIBC Capital Markets said the so-called “great resignation” emerging out of the pandemic appears to be more of the U.S. phenomenon than a Canadian one. CIBC points to a meaningful increase in the number of American workers quitting their jobs to find new ones, whereas a similar Canadian indicator is essentially flat compared to pre-COVID times.   B.C. floods likely to worsen product shortages, lead to price increases   The catastrophic flooding in British Columbia is the latest disruption hampering supply chains. Some experts believe the floods could lead to empty shelves and higher prices for products in the coming months. With the Port of Vancouver – Canada’s largest port – essentially cut off from major transport routes, products ranging from food to clothing to electronics will be impacted just as the busy holiday shopping season starts to ramp up.   More government spending = more inflation, Scotiabank warns   If the federal government unveils more big-ticket spending programs this fall, one Scotiabank economist warns it could add more fuel to the inflationary fire. Scotiabank's Rebekah Young said issues like inflation and labour shortages have only worsened since the September election and could be further exacerbated if Ottawa heaps more stimulus spending onto this already-hot inflationary environment. Consumer prices jumped by 4.7 per cent annually in October.    

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Statistics Canada estimates retail sales rose one per cent in October, offsetting a 0.6 per cent decline for September.