Bank of Canada Holds Rate at 2.25% for Fifth Straight Time — Next Move Could Go Either Way

The Bank of Canada held its policy rate at 2.25% on June 10, the fifth consecutive hold. Governor Tiff Macklem said the bank is now juggling two opposite risks: a potential rate cut if Trump's tariffs escalate and hit the Canadian economy harder, or a potential hike if Middle East oil-driven inflation gets entrenched. Notably, Macklem pushed back on the recession label, saying the economy is "weak but not clearly in recession" — directly contradicting the StatCan data that triggered recession headlines two weeks ago. Next decision: July 15.

$59M Burnaby Townhouse Project Heads to Creditor Protection

KingSett Mortgage Corp petitioned the BC Supreme Court on June 1 for creditor protection over Symphony Homes' Moonlight Sonata townhouse project in Burnaby, claiming it has "lost confidence in management" and that the project needs immediate oversight. KingSett is offering up to $27.9 million in interim financing to keep the project alive while KSV Restructuring monitors operations. The BC development crisis just expanded from condo towers to townhouses, signalling that no part of the new-construction pipeline is safe.

BC's Most Wanted Mortgage Broker Arrested in Georgia (the country)

Greg Martel, the BC mortgage broker behind the alleged $317 million Ponzi scheme that collapsed in 2023, has been arrested in the country of Georgia, where he had been hiding for nearly three years. Martel ran My Mortgage Auction Corp out of Victoria, promised investors 8.5% to 18% returns on short-term "bridge financing" loans, and disappeared after the scheme imploded. Roughly 1,200 investors are owed hundreds of millions. Canadian authorities are now working on extradition.