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The Bank of Canada will not raise rates again and will start cutting a little later than previously anticipated, according to a survey of market participants released by the central bank on Monday.

The BoC’s second-quarter survey, conducted from June 8 to 19, showed a median of the participants, which include senior economists or strategists involved in Canadian financial markets, expect the bank to hold interest rates at a 22-year high of 5.00 per cent until the end of 2023, before starting to cut rates in March.

In the previous survey released in April, when the BoC’s key policy rate was at 4.50 per cent, median expectation was for a rate cut in January. Money markets still see a chance for another rate hike this year.

A median of 25 participants now also predict a 0.7 per cent gross domestic product growth at the end of 2023, instead of a 0.1 per cent contraction forecast in the last survey.

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Whether you have a small patio or large yard, maximizing your outdoor space can create a welcoming and enjoyable environment, while also extending your living space. Here are some tips to help make the most of your outdoor space:

  • Incorporate plants, flowers, and greenery to add natural beauty to
    your outdoor space. Choose low maintenance plants suitable for
    your climate and consider container gardening if you have limited space. Create visual interest with different heights, textures, and colors.

  • Invest in comfortable outdoor seating options such as lounge chairs, sofas, hammocks, or dining sets. Choose durable, weather-resistant materials and add cushions or pillows for added comfort. Ensure there’s enough seating for your family and guests!

  • Enhance your outdoor space with proper lighting to extend its
    usability into the evening. Use a combination of ambient lighting,
    such as string lights or lanterns, and task lighting, such as spotlights or pathway lights. Consider solar-powered or energy-efficient options to minimize electricity usage.

  • Provide shade options to protect yourself from the sun. Use umbrellas, awnings, pergolas, or shade sails to create shaded areas.

Consider natural shade from trees or install retractable canopies for versatility. Sun protection allows you to enjoy your outdoor space even during hot summer days. 


Adding a secondary suite at any point in your homeownership journey can be a great way to diversify your revenue stream, support your  mortgage payments, and make use of any potentially unused space you may have in your home.

Here are a few things to consider:

  1. Does your secondary suite meet all the legal and regulatory requirements? It is important to familiarize yourself with the local laws including zoning bylaws, and regulations regarding secondary suites.

  2. Does your secondary suite meet all safety and building code requirements? Consider fire safety, electrical, plumbing, and ventilation requirements.

  3. Does your secondary suite impact your utilities and services? Assess if any modifications or upgrades are required to accommodate the increased demand on your water, electricity, heating, and waste management.

Keep in mind that it is crucial to consult with professionals such as architects, contractors, and local authorities to ensure compliance with regulations and to get expert advice throughout the process of adding a secondary suite to your property.

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