News
Good afternoon. From the heart of Prince Edward County, I’m Will Pearson with your County FM News.
Our Brenda Little has more on the proposal for the intersection of County Road 1 and Highway 62.
Representatives from the Ministry of Transport were on hand yesterday to share information about the roundabout to be constructed at the intersection of County Road 1 and Hwy 62. Several design boards were set up at the Wellington Community Centre to demonstrate the plan for a single lane roundabout. Construction is expected to start early May of 2027 with completion by November, 2027. Landscaping will be included but if remedial work is necessary, that will take place spring, 2028. The proposed design and construction report will be published late fall followed by a 30-day period for public comments and then tendering will happen. The roundabout discussion began in 2020 with municipal officials collaborating with the MP and MPP at that time and following that approval, pieces of land were expropriated by the MTO to go forward with a plan.
The Bank of Canada made its sixth interest rate decision of the year this morning, and held its key interest rate at 2.25%. Most economists and financial markets favoured another rate hold from the central bank. The Bank of Canada has held its policy rate steady since late last year as the economy copes with U.S. tariff uncertainty and higher global energy prices from the war in Iran. Annual inflation rose to three per cent in July but the consumer price index has been volatile since the Middle East conflict sent gas prices soaring over the spring. The next rate announcement is scheduled for Oct. 28.
In housing news: Nearly half of Canadian home-owners report that their housing payment eats up at least 50 per cent of their household budget. In a recent survey by Leger of more than 1,500 Canadians, four in five homeowners also reported facing a rate increase during their renewal process, with most reporting an increase of between two and five per cent. Over the next 12 months, the last wave of pandemic-era 5-year fixed mortgages comes up for renewal, about twelve per cent of all outstanding mortgages in Canada. According to the Bank of Canada’s Households Financial Stability report, these home-owners should expect housing payments to increase by 15 per cent, on average. Given that Canadian home prices have fallen about five per cent over the past year and twenty per cent since their 2022 peak, homeowners will have significantly less equity to draw on for refinancing. As a result, Bank of Canada data suggests that about four per cent of borrowers renewing in 2027 might not qualify for a new mortgage at all. These numbers could grow from four to seven per cent of mortgage holders across Canada if housing prices fall another 10 per cent.
Finally, poverty rates in Ontario are up sharply and have been climbing more rapidly than the average rate in Canada. That most recent analysis from the Canadian Income Survey focuses on the period from 2020 to 2024. At particular risk are unattached individuals between 18 and 64, children in woman-led lone-parent families, racialized communities, and those with disabilities. The analysis shows that Ontario’s 2020-2025 Poverty Reduction Strategy has failed to reduce poverty.
Sports
In MLB last night, the Toronto Blue Jays started a nine-game road trip. In the opener of an important three-game series against the Cleveland Guardians, the Jays lost 6 – 1. They play again tonight and tomorrow afternoon. The Jays are still in last place in the AL East, three games below .500. And they’re now two and a half games behind Cleveland for the last wild card spot, with the Baltimore Orioles and Texas Rangers also ahead of them. The Jays have to win the series with Cleveland in order to close the gap.
In tennis, at the U.S. Open, Denis Shapovalov of Richmond Hill, Leylah Fernandez of Laval, Que., and fellow Canadian Felix Auger-Aliassime will all play second-round singles matches today.
In soccer news, CanMNT striker Jonathan David is joining Spain’s Atlético Madrid from Italian club Juventus on loan for one season, a deal that went down before the European men’s transfer window expired yesterday.
Finally, the Wellington Dukes start their regular season this Friday night, hosting the Lindsay Muskies. Like the Dukes, the Muskies were eliminated in four games in the first round of last season’s playoffs.
