Canadian parents are grappling with increased back-to-school expenses this year, despite purchasing fewer items.
According to a recent survey conducted by NerdWallet Canada, the average projected spending for back-to-school shopping has surged to $743 per family, a significant increase from $524 in the previous year. This uptick comes even as 23% of parents report buying fewer items due to inflationary pressures.
The findings align with a separate study by the Retail Council of Canada, which indicates that 85.7% of Canadian consumers are either maintaining or increasing their back-to-school expenditures compared to last year. The NerdWallet survey further highlights that while 92% of parents will engage in back-to-school shopping, a concerning 18% may incur debt from these purchases.
Interestingly, Canada’s latest Consumer Price Index (CPI) data presents a nuanced picture. While prices in the recreation, education, and reading category have seen a slight year-over-year decrease of 0.2% for July, the clothing and footwear category has experienced a more substantial decline of 2.7% over the same period.
To mitigate rising costs, Canadian consumers are adopting various strategies. The NerdWallet survey reveals that 53% of respondents plan to take advantage of sales, 26% will use coupons, and 20% intend to purchase some secondhand items. Additionally, 65% of those surveyed plan to use credit cards for their purchases, potentially benefiting from cash back or other incentives. However, financial experts caution that this approach could lead to higher costs if the resulting bills are not paid in full or on time.
The Retail Council of Canada’s survey also sheds light on evolving shopping preferences. In a reversal of pandemic-era trends, 71.6% of respondents now prefer in-store shopping for back-to-school items. Furthermore, Canadian consumers appear to be planning their purchases earlier this year, with 40% intending to shop between two and four weeks before the school term begins – a 10% increase from the previous year.
This shift in consumer behaviour comes against the backdrop of Canada’s cooling inflation rate, which slowed to 2.5% in July – the lowest since March 2021. The moderation in shelter inflation, a key economic pressure point, has also contributed to this trend, with both rent and mortgage interest costs experiencing downward pressures.
Unified Commerce Group (UCG) is expanding its portfolio with the acquisition of substantially all assets of GREATS Inc., a digitally-native footwear brand specializing in premium sneakers for men and women, as well as a strategic investment in Utah-based womenswear retailer Böhme.
Unified Commerce Group was founded in 2019 as a platform to enable purpose-driven lifestyle brands to scale through shared services, anchored by data-driven customer insights and operational excellence. GREATS becomes the third brand in UCG’s portfolio, in addition to Canadian fashion brand Frank And Oak, and LA-based athleisure brand Spiritual Gangster.
GREATS Inc. was previously owned by Steven Madden, Ltd., the globally renowned leading designer and marketer of fashion-forward footwear, accessories and apparel. Unified Commerce Group will assume operational responsibility and, as part of the deal, Steven Madden, Ltd., through one of its subsidiaries, will become a shareholder of UCG.
Dustin Jones
“GREATS pioneered the direct-to-consumer model in footwear, and continues to delight its customers with high-quality, beautiful fashion sneakers” said Dustin Jones, CEO and Founder of Unified Commerce Group, “We have admired the brand for a long time, and the clear synergies with our existing apparel brands, along with its valuable customer base presents an excellent opportunity to leverage our operational expertise to drive further scale.”
Edward Rosenfeld, Chairman and CEO of Steven Madden, Ltd., said: “We have known Dustin and his team for a number of years, and are very confident that GREATS will find a strong strategic fit with the fast-growing portfolio of brands at UCG.”
With the recent acquisition of GREATS and investment in Böhme, the UCG shared services platform- UCG Hub- is now providing operational support, leadership and strategy to four brands, which each have growing direct-to-consumer eCommerce businesses, and a combined footprint of 30+ retail stores and 200+ wholesale partners.
Pokerrito started in Vancouver with a commitment to redefining the poke experience, now embracing a broader pan-Asian flair with additions like authentic Korean BBQ bowls and Bul-Dogs.
Today it has nine locations in British Columbia in the Greater Vancouver Area and is set to open more including in Mexico.
“The Pokerrito name originated like a Hawaiian and Pan-Asian fusion. Poke is where the Hawaiian part came in and rrito is like burrito, Mexican and Pan-Asian mix into it. It’s kind of a fusion where you can have an all mixture of your proteins like fish but also because of the Pan-Asian part we have marinated beef, pork and chicken and all these other mixes,” said Chun.
The brand began in 2016.
Chun said the customer base is typically from the early 20s to late 50s.
“People are looking for quality but fast. QSR (quick service restaurant) made healthy,” he said.
Photo credit: Pokerrito
“I do see a trend going up in regards to new food. A lot of people want something quick for work or home but then don’t typically want something that’s not healthy and an alternative option would be us.”
Chun said the future includes expansion into Mexico.
“We’re talking to the real estate developers and realtors in regards to locations and we’ve already have a master franchisee that’s willing to open. So we’re currently allocating locations,” he said.
“Our project usually would be ready to start when we have a set location. That’s usually the most prolonging part of it. We’re currently sourcing all the suppliers. So hopefully in the near future, for example next year, (we’ll open in Mexico) but we don’t have a fixed date.”
Chun said the company is also looking to expand in Canada.
“We do have two locations that are currently in the process of building and then we have a few franchisees signed up for the British Columbia area. We are looking for prospects in Toronto as well.”
He said the United States is not in the company’s plans right now but it would be open to expansion there if there is a master franchisee that would show interest in the brand.
Chun said the average size of a location is about 1,000 square feet.
“I believe the best of our business model is that everything is pre-prepped from a central kitchen and sent to each location. It reduces staffing costs and also labour. The amount of work that each individual store needs to do. All they need to do is cut open a bag then put into slots and then serve.”
According the company: “Our evolution reflects a journey of flavour and innovation, grounded in the use of fresh, quality ingredients.
“Our ethos goes beyond the menu. We believe in strengthening community ties and living mindfully, with an approach that benefits both people and the planet. This philosophy is woven into our operations, aiming to foster connections, encourage healthier choices, and create a positive impact through our offerings. At Pokerrito, every bowl is an opportunity for creativity, connection, and making a difference.
“We believe in serving tasty yet healthy and sustainable foods to our communities. It has always been our priority to serve food that is sourced responsibly and sustainably. Which is why our continuous goal is to keep growing our responsibility to be conscious about protecting our people and our planet. The way we prepare and source our ingredients is just as important to us as the great taste.
Retail Insider is streamlining its Canadian retail news from around the web to include a handful of top news stories that can be viewed quickly during the day. Here are the top stories from the past 24 hours.
In a LinkedIn post, Paul Burns, CEO of SkipTheDishes, announced the company is letting go 100 of its Canadian market employees as well as 700 operations employees servicing the global Just Eat Takeaway.com organization based out of Canada.
Here’s the full post:
Executives most often use LinkedIn to share good news stories about their companies. Today, I’m sharing some difficult news: Following a comprehensive review, we are restructuring our business and reducing the size of our workforce. This move affects approximately 100 Canadian market employees, along with 700 operations employees servicing the global Just Eat Takeaway.com organization based out of Canada.
For a brand and business built around community and belonging, having to say goodbye to valued team members lays heavy. In the spirit of transparency and respect, I’d like to share more on why this decision was made.
Decisions that impact people’s jobs are never simple or easy, however the measures we took are necessary to ensure we have the right resources and organizational structure in place to drive sustainable growth. A more focused approach will also ensure we continue to provide an enhanced offering to customers and exceptional service to all our stakeholders.
I want to recognize the human impact of these business decisions. We have hard-working, talented people leaving Skip. These decisions were not made based on the quality of their work or the contributions they have made to our business, brand, and culture, but on how closely roles map to our future vision.
To those of you leaving Skip, I want to express my heartfelt gratitude to each of you for everything you’ve poured into this business. Thank you for sharing your talents with us – talents I have no doubt other companies will see tremendous value in. Whether you’ve been part of our journey from the start or recently joined our team, your contributions have mattered – to me, your colleagues, and to the business.
“Joining the Burlington South community is a significant step for us, and we look forward to bringing our fresh-market experience to this vibrant area. Our commitment remains to deliver fresh, high-quality products at excellent value, and unparalleled customer service, while fostering a strong connection with our new neighbours.”
The new store is located at 3230 Fairview Street. It features Farm Boy’s signature offerings, including a vibrant assortment of fresh produce, quality Canadian meats, local dairy, and a wide variety of popular Farm Boy exclusive private-label products. Complementing these offerings will be a selection of gluten-free, plant-based, vegan, and vegetarian options, catering to diverse dietary preferences.
Farm Boy in Burlington Ontario
Highlights of what awaits Burlington South residents at Farm Boy:
Abundant high-quality farm-fresh produce, including local and organic products.
Hundreds of Ontario-sourced, fresh dairy, meat, and grocery products.
Hormone-free, organic beef, chicken, and pork.
Premium-quality, 100 per cent Canadian beef, pork, and chicken.
Hot bar and salad bar selections with a wide variety of quality grab-and-go items, catering to diverse tastes and busy schedules.
A curated collection of exclusive Farm Boy private-label products.
A diverse selection of local, international, and Canadian cheese.
Sustainable shopping options, including reusable bags.
Farm Boy has grown from a small produce stand starting in Cornwall in 1981 to 50 stores located across Ontario with further expansion plans underway.
The late Saul Korman in front of his store. Photo: Korry's
By Everly R Price
In the vibrant heart of Toronto’s Greektown, where cultures and traditions weave together, is 569 Danforth Ave—a beacon of high-quality menswear.
For decades, this iconic address has been more than just a location; it’s a symbol of mens style and community.
The story begins with “Korry’s Clothiers and Gentlemen”, a name that became synonymous with exceptional men’s fashion and personalized service.
Today, Carpe Diem Men continues the legacy, embracing the spirit of innovation and excellence that defines this iconic Toronto location.
And if you were ever curious to learn more about Korry’s story, then you are in the right place because Angelica Lianko, who now leads Carpe Diem Men, was Saul’s right-hand woman for over 14 years.
Let’s revisit the rich history and evolution of this legendary site, and see how Carpe Diem Men is writing the next chapter in the tradition of outstanding men’s designer wear and personalized styling services.
The Rise of Korry’s Clothiers
Korry’s was founded by Nathan and Saul Korman in the 1950s at the bustling corner of Danforth and Coxwell, before moving to the legendary 569 Danforth Ave. Saul Korman, affectionately known as the “Duke of the Danforth,” was the magnetic personality behind the store’s soaring popularity.
Saul’s engaging personality was a key factor in the store’s success. His radio commercials were a spectacle in themselves: he would use a stopwatch, talking about anything and everything under the sun—except the store, and in the last moments, he would enthusiastically pivot to remind listeners of the sales and the iconic Toronto address, 569 Danforth Ave.
“…And if you ever went into Temptation–and this is a great story–and order a martini, my wife yells, ‘Stop pouring it, stop pouring it! It’s too big!’ You have one martini, your teeth chatter. So as soon as I have the martini, Myrna drives the car back, back to the Maho Resort anyway. But in the meantime, wonderful food! […]. And you know what else? Beer–75 cents! And you walk with it. Hey, where else are you gonna get that? And great weather–I wear a tank top. But meantime–Last Call Sale at Korry’s! Everything’s been dropped more! Up to 75%! At five-six-nine Danforth Avenue.”
– Saul Korman
Saul’s unpredictable story-telling and energy drew listeners and etched the store’s address into the very fabric of the city’s cultural memory. Combined with Saul’s dedication to personalized service, this approach fostered a devoted clientele that stood the test of time.
Community Involvement and Legacy
Saul Korman was far more than a businessman, he was the heart and soul of the Danforth.
His contributions to the community were widely recognized, earning him accolades from the Retailers of Canada, the radio broadcasting industry, and even the Queen’s Golden Jubilee Medal. Mayor John Tory described Korman as the ambassador, the salesperson, the inspiration that helped make the whole of the Danforth what it is today: a destination.
Saul Korman once reflected on his decision to stay on the Danforth:
“Everybody told me to move. Bay and Queen was the place to be then for better men’s stores. But I believed in the Danforth and wanted to stick it out”.
-Saul Korman
The store’s closing may have signaled the end of an era, but Saul Korman’s influence continues to resonate in the community he helped shape.
Transition to Carpe Diem Men
With the closure of Korry’s, the iconic address at 569 Danforth Ave found a new steward in Carpe Diem Men.
This men’s designer clothing store in Toronto continues the tradition of offering high-quality menswear while catering to a discerning clientele of business owners and top executives in Toronto and the Greater Toronto Area (GTA).
Meet Angelica and Eddie
Carpe Diem Men is co-owned by Eddie Gabel and Angelica Lianko, both of whom bring a wealth of experience and passion for menswear to the store.
Angelica Lianko, previously Saul Korman’s Executive Assistant for 14 years, now leads Carpe Diem Men with the same dedication and insight she acquired under Saul’s mentorship.
Her role at Korry’s was central to its operations, serving as Saul’s right hand and handling major projects with precision and commitment that earned his trust and confidence.
Angelica’s transition to co-owning Carpe Diem Men has been a natural progression, deeply influenced by Saul’s legacy. She has instilled the same “Hug Your Customers” philosophy at Carpe Diem Men, focusing on personalized service and exceeding customer expectations.
“There’s a book called “Hug You Customers” that Saul Korman swore by and said it to his staff everyday. We understood and knew the importance of it then. But as an owner, you realize that this is what the whole operation is all about. So just like Saul Korman as the owner swore by “Hug Your Customers” during his 70 year run, Carpe Diem Men’s everyday efforts are built around the same “Hug Your Customers” belief.”
-Angelica Lianko
Eddie Gabel complements Angelica’s expertise with his extensive background as a Wardrobe Consultant and Senior Buyer at esteemed retailers such as Korry’s Clothiers, Hugo Boss, Harry Rosen, and Holt Renfrew.
At Korry’s, Eddie was instrumental in driving significant sales and crafting an exceptional customer experience, earning him a position as one of the top salesmen at the store. His ability to remember personal details and engage clients with a genuine and humorous approach mirrors Saul’s own engaging style. Eddie’s skillful curation of fashion collections and his knack for remembering customer preferences continue to shape the store’s success.
Together, Angelica and Eddie have merged their unique strengths—Angelica’s operational acumen and Eddie’s personable approach—to ensure that Carpe Diem Men not only honors the rich legacy of Korry’s but also embraces a new era of men’s fashion.
With clients ranging from marketing professionals and investment bankers, to doctors and corporate lawyers in Toronto, Eddie and Angelica always make sure they are dressed their best.
Master Tailor Muna
A continued example of Carpe Diem Men’s commitment to quality is its in-house Master Tailor, Muna. Muna has spent over a decade with Korry’s Clothiers to Gentlemen and has been an integral part of Carpe Diem Men since its inception.
He began honing his exceptional tailoring skills at the age of 13, under the guidance of his uncle, who was also a Master Tailor.
At Carpe Diem Men, customers have the opportunity to watch Muna in action and appreciate the art of personalized tailoring. His exceptional skills in garment fitting and alterations ensure that every piece of clothing is tailored to perfection.
The New 569 Danforth Ave
The address 569 Danforth Ave epitomizes a legacy of unparalleled quality, community, and tradition.
From the golden days when Saul Korman’s memorable radio commercials established it as a hallmark of style, to today where Carpe Diem Men carries on this esteemed legacy, 569 Danforth Ave remains the quintessential destination for high-end men’s fashion in Greektown on The Danforth, and all of Toronto.
Angelica Lianko and Eddie Gabel continue to carry forward the values that defined Korry’s Clothiers – the importance of customer trust and consistently honoring promises.
At Carpe Diem Men, they focus on understanding and meeting each customer’s unique needs, ensuring a personalized service where the business adapts to the clients, not the other way around.
“I learned from Saul that when you’re confident you get more done, but only if you’re true to yourself. Don’t wear anything that doesn’t suit your personal taste – don’t do anything you don’t firmly believe in! Saul Korman always spoke his mind and he wore dress shirts with contrasting white collar and cuffs everyday at work! It was his style, he believed in it, it didn’t matter if it was out of style for a bit. He felt he looked good in it – he actually looked good in it. And guess what, its back in style again!”
-Angelica Lianko
Their experience at Korry’s has also shaped their approach to fashion, blending timeless pieces with a touch of fun to maximize the value of every clothing article.
Carpe Diem Men champions the idea of authenticity by encouraging individuals to remain true to themselves and embrace their unique tastes, drawing inspiration from Korman’s distinctive style and confidence. This commitment to genuine self-expression and personal style is at the heart of the experience that Carpe Diem Men offers today.
As retail marketers, we’re constantly juggling the latest trends, emerging technologies, and shifting consumer expectations. It can feel overwhelming, especially with the holiday season just around the corner. That’s why I’m really looking forward to Retail Council of Canada’s (RCC) Retail Marketing Conference on September 12, 2024, in downtown Toronto. It’s one of those rare chances to step back, recharge, and get inspired alongside others who get what it’s like to be in the trenches with you.
What’s in It for Us
Let’s be honest — conferences can sometimes feel like just another thing on our already packed schedules. But this one? It’s different. It’s not just about sitting through sessions; it’s about sparking new ideas and finding real, actionable insights that we can take back to our teams. Plus, it’s a chance to connect with other marketers who are facing the same challenges and opportunities. There’s something incredibly valuable about those hallway conversations and the moments when you realize you’re not alone in trying to figure all of this out.
Here are some sessions I’m particularly excited about this year:
Harnessing AI: The Future of Personalized Marketing and Creativity: Neil Patel from NP Digital is diving into how AI is not just a buzzword but a real tool we can use to make our campaigns smarter and more personalized. I’m eager to see how we can apply this in a way that’s both creative and effective.
Understanding How Gen Z Will Shape, Influence, and Impact the Future of Retail: Nikolas Lopez at Leger will be sharing insights into Gen Z, and let’s face it—they’re not just a new generation; they’re a whole new mindset. And if Gen Z is shaking things up, what’s next with Gen Alpha?
Mastering Brand Identity in a Value, and Values-Based, Retail Environment: With Amar Singh from Kantar and Ivano Pirro from Bell Virgin Plus & Best Buy Express, I’m looking forward to digging into how we can keep our brands relevant in a world where consumers care as much about values as they do about value.
Crafting Compelling Campaigns for Canada’s Multicultural Market: Bobby Sahni from Ethnicity Matters will be tackling how we can create campaigns that truly resonate across Canada’s diverse communities.
The Future of Physical Retail with Doug Stephens: Finally, Doug Stephens, the Retail Prophet, will help us rethink our physical spaces. How do we make our stores more than just places to shop but destinations that people actually want to visit?
Let’s Meet There
So, if you’re like me and could use some fresh ideas and a bit of a reset before the holiday rush, I think you’ll find a lot of value at this year’s RCC Retail Marketing Conference. It’s not just about what we learn in the sessions; it’s about the connections we make and the conversations we have. Hope to see you there.
For over 25 years, I’ve been passionate about pushing the boundaries of eCommerce in Canada, always looking for innovative ways to create seamless Omni-channel experiences. My journey has been about finding that sweet spot where digital and physical retail meet, and I’m excited to keep exploring what’s next.
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Partner content. To work with Retail Insider, email Craig Patterson at craig@retail-insider.com
Uniqlo Signage at CF Chinook Centre (Image: Mario Toneguzzi)
Market conditions continue to push Canadian retail rental rates up across the board and no single format type is being left behind amid insatiable demand and a race for space, according to a report by real estate firm CBRE.
The marketplace is in a supply-deprived environment, with new construction activity at historically low levels in several cities, according to CBRE’s H1 2024 Retail Rent Survey, a snapshot of retail trends and rents for 11 Canadian markets.
Molly Westbrook
“Retailers are being strategic, but are also having to move fast,” said CBRE Managing Director Molly Westbrook, who heads the National Retail Group. “If limited retail vacancy wasn’t motivating enough, higher rental rates are expected in the months ahead.”
The report said high construction costs in recent years coupled with high interest rates over the last few years have played a significant role in reducing supply, effectively shelving projects that were not already under construction. These costs are starting to show signs of stabilization, however, which could open the development pipeline once again. Until then and despite this, retailer demand remains high and has been supported by considerable population growth.
“Our Retail Rent Survey shows that luxury and other high-profile domestic brands are expanding cross-country and opening first-to-market flagships. The health and wellness sector has also been in demand, along with grocery, and discount. All have been in expansion mode over the last six months, with inflation in particular driving growth to discount retailers,” added the report.
Some key findings:
Retail rent appreciation continues, with 40 of the 120 areas included in this survey experiencing rent increases in H1, more than in any prior editions of this report. Only two reductions on benchmark rent prices were noted;
Cities with the greatest number of retail rental rate increases have shifted to the east, with Toronto and Ottawa each reporting rising rents across seven formats/key urban areas;
Power centres experienced escalating rents in seven of 11 markets, the most of any retail format. Cities with increases in this format saw ranges raise by an average of 10 per cent from year-end 2023;
Six markets saw retail rent increases across one or more key urban areas; and
Cost of construction continues to be a limiting factor across many markets, which will keep vacancy tight and rents elevated for the time to come.
The report outlines the most active retailers and growing segments for 2024:
Luxury & Apparel: First to market brands continue to push into top nodes while the major luxury houses of LVMH, Richemont and Kering continue to compete for space in a race for top position. It has been refreshing to see growth of contemporary, athleisure and fast fashion brands, including homegrown retailers Arc’teryx, Lululemon and Reigning Champ, which recently opened new flagships;
Grocery: A variety of grocery banners are thriving and expanding. Discount, including No Frills, FreshCo and Food Basics, are among the most active, along with ethnic stores. The competition for real estate and market share is ultimately driving up rents on larger boxes with no grocery restrictions. Grocers are evaluating their market strategy in urban and suburban locations prone to redevelopment;
Food & Beverage: Top line sales are increasing in this segment, however there are concerns over the cost of labour, goods and capital expenditures. Domestic restaurant brands and concepts are flourishing and account for much of the growth while QSR brands are migrating from the U.S. and testing Canadian waters, notably Shake Shack, which opened its first location in Toronto; and
Service/Medical: The sector has seen an explosion due to government funding for private MRI/CT facilities as well as international medical/pharma. Further growth is expected from the consolidation of providers, startups, and the privatization of medical services tied to hospital networks. Hearing, optical and plastic surgical suites have been active, with additional demand coming from nuclear medicine spaces, outpatient services for addiction, mental health and fertility boosted by government funding.
CBRE highlighted notable retail trends to watch for in markets across Canada:
In Toronto, quality retail space is in short supply and rents continue to appreciate. In response, tenants are starting to widen their search area to include nodes farther outside traditional core markets to sites with higher levels of intensification. There is a bifurcation of tenants at opposing ends of the value spectrum, with luxury and discount doing extremely well and rising above the vanishing middle segment;
Victoria’s downtown market continues to experience softening demand with long-standing retailers shutting down on Johnson Street and restaurants closing. This has provided an opportunistic market for Quick Service Restaurants (QSR), which are largely unaffected by foot traffic thanks to delivery services;
Record-setting migration into Alberta (202,000 people in 2023 alone) has driven demand in Calgary from retailers and service providers for suburban-style shopping centres in the city, but there is a scarcity of options for them. As such, rents have continued to increase;
Saskatoon’s retail is thriving, buoyed by robust potash, uranium, and agriculture industries. New jobs and population growth related to these industries is creating tailwinds for the retail sector across the province; and
New supply has been limited recently in Winnipeg, but retail developments under construction include Shindico’s Align Winnipeg, Private Pension Partners’ The Zu, and Whiteland’s Polaris Place. Qualico Properties began development on Sage Creek Village East.
The Consumer Price Index (CPI) rose 2.5% on a year-over-year basis in July, increasing at the slowest pace since March 2021 and down from a 2.7% gain in June 2024, according to a report released Tuesday by Statistics Canada.
“Deceleration in headline inflation was broad-based, stemming from lower prices for travel tours, passenger vehicles and electricity. On a monthly basis, the CPI rose 0.4 per cent in July, after falling 0.1 per cent in June. Gasoline prices increased month over month in July (+2.4 per cent), putting upward pressure on the monthly CPI figure. On a seasonally adjusted monthly basis, the CPI rose 0.3 per cent in July,” said the federal agency.
StatsCan said that year over year, gasoline prices rose at a faster pace in July (+1.9 per cent) compared with June (+0.4 per cent). Prices accelerated the most in the Prairie provinces, partially attributable to reduced supply amid a refinery shutdown in the Midwestern United States.
Year over year, prices for shelter rose at a slower rate in July (+5.7 per cent) compared with June (+6.2 per cent), with downward pressure coming from the electricity; mortgage interest cost; rent; and fuel oil and other fuels indexes, it said.
“Core measures of inflation were fairly subdued in July, with ex-food/energy prices up only 0.2 per cent on a seasonally adjusted basis (even with mortgage interest costs still advancing) and CPI-trim and CPI-median both advancing by a slight 0.1 per cent m/m. With inflationary pressures fading away but concerns about the weakening labour market growing, we continue to forecast three further 25 (basis point) cuts by the Bank of Canada at the remaining meetings this year.”
