Friday News Round Up: August 4, 2017

by RateHub.ca August 4, 2017 / No Comments

Here are some of the stories that caught our eye this week:

Census data sheds light on Canadians’ lifestyles

Remember when Canadians’ census-enthusiasm crashed the Statistics Canada website? Results from Canada’s first long-form census in a decade are trickling in, and shedding light on how Canadians choose to live and work.

According to the first release of census data, Canadians’ are forgoing starting families, choose to live with multiple generations under the same roof, and are staying single, longer. One-person households accounted for over 28% of Canadian households last year, outpacing all other household types for the first time ever. At the same time, the rise in multigenerational households was attributed to the country’s evolving ethnic makeup as it becomes a home to immigrants who traditionally live in multigenerational households.

Another notable trend: young Canadians are choosing stay in their parents’ home for longer in light of soaring home prices in and around urban centres. According to StatsCan, almost one in two Toronto young adults reside with parents.

Uber to launch a credit card

According to recent reports from the Associated Press, ride-sharing service Uber is set to launch a co-branded credit card with Barclays bank.

This isn’t the first time Uber has ventured into the credit card space: earlier this year Uber partnered with American Express to give Platinum Card customers a $200-a-year credit toward free Uber rides and automatic VIP status on Uber rides in select cities. Uber competitor Lyft has also explored similar opportunities – the company is partnered with Delta Airlines to offer Lyft credits as rewards for Delta travellers.

According to MarketWatch.com Uber’s credit card launch could help the company “lock in more customer relationships” as it faces growing competition in the U.S. from Lyft.

Toronto home prices are down – but don’t get used to it

Home prices in and around Toronto saw notable declines in July, and Vice News rounded up real estate and housing experts to make sense of it all.

Toronto-based real estate watchers suspect that the city’s housing market will likely mirror trends that emerged in Vancouver after the implementation of a 15% foreign buyer tax in August 2016. While home prices took a 4% hit in the immediate aftermath of the tax announcement, prices picked back up in early 2017. Experts believe the same is set to happen in Toronto as foreign buyers find workarounds for the Toronto tax that was implemented in April this year.

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