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Canadians opting for shorter mortgage terms as they hope for declining interest rates

Published Tue, 25 Feb 2025 11:40:30 GMT

OTTAWA — With mortgage rates at their highest level in more than a decade, home owners and prospective buyers tend to focus on getting the best rate. While shopping around, however, experts say borrowers shouldn’t forget about term length.Samantha Brookes, founder and CEO of Mortgages of Canada, says that before the Bank of Canada started raising interest rates last year, a five-year term was the norm for most homebuyers, but that’s changed. People are now going shorter in hopes that interest rates will come back down in the coming years.“It makes sense because if the Bank of Canada starts decreasing rates, let’s say next year, and you’re in a three-year (term), you only have two years left,” she says.“You break your mortgage, you have a two-year penalty, but your interest rates are much lower and your payments are more affordable. So that’s why people are going for the shorter term mortgage right now.”The “term” of a...

Noah Kahan writes songs about New England. His vulnerability has far wider appeal

Published Tue, 25 Feb 2025 11:40:30 GMT

NEW YORK (AP) — Singer-songwriter Noah Kahan’s “Stick Season” is about New England — a topic the Vermont native says he could write about for the rest of his life — but it’s also largely about in-between spaces.When resentment lingers but forgiveness feels possible. When a broken friendship is just beginning to mend. When homesickness clashes with a desire to leave. Or, in the case of the album’s title track, when fall hasn’t yet turned to winter.Writing the folk-pop album, he told The Associated Press, felt “like breathing.”Kahan revisits those themes through a new lens on the recently released “Stick Season (We’ll All Be Here Forever),” a deluxe version of the album that adds six new tracks and an extended version of fan-favorite “The View Between Villages.” The additions also see Kahan reflect on the eight months between the original album’s release and now.“I’m speaking about the highs and the lows,” Kahan said of reconciling the version of home he’d written about wi...

Jesuits expel prominent priest after allegations of sexual, spiritual and psychological abuse

Published Tue, 25 Feb 2025 11:40:30 GMT

ROME (AP) — Pope Francis’ religious order said Thursday it has expelled a prominent Slovenian priest from the Jesuit community following allegations of sexual, spiritual and psychological abuses against adult women.A statement from the Jesuits, obtained by The Associated Press on Thursday, said the Rev. Marko Ivan Rupnik was dismissed from the Jesuit order by decree on June 9 “due to stubborn refusal to observe the vow of obedience.”Rupnik is one of the most celebrated religious artists in the Catholic Church, whose mosaics decorate churches and basilicas around the world, including at the Vatican. Late last year, the Jesuits acknowledged he had been accused by several women of sexual, spiritual and psychological abuses over a 30-year period. But he had largely escaped punishment, apparently thanks in part to his exalted status in the church and at the Vatican, where even Francis’ role in the case came into question.The Jesuit statement said Rupnik has 30 days to appeal the ex...

California water tunnel hangs over budget talks as legislators challenge Gov. Newsom’s plan

Published Tue, 25 Feb 2025 11:40:30 GMT

SACRAMENTO, Calif. (AP) — California Gov. Gavin Newsom is pushing the state Legislature to tackle what has long been one of the biggest gripes about government: Taking far too long to build things like roads and bridges.But Newsom’s plan to cut through red tape has slowed in the state Legislature, where some lawmakers fear his true motive is to favor a single project — the long-delayed and long-disputed plan to build a giant tunnel to re-route how the state moves water from north to south. The tunnel reflects the tension between arid Southern California, where most of the people live, and Northern California, the source of most of the state’s water.Newsom is seeking major changes to the state’s building and permitting process. He wants to make it easier and faster to build a slew of projects, from solar, wind and battery power storage to road maintenance and bridge repairs. His administration denies that the changes are aimed at expediting the tunnel. But as budget negot...

Japan emperor says ties with developing nations key to tackling global challenges

Published Tue, 25 Feb 2025 11:40:30 GMT

TOKYO (AP) — Cooperation with developing countries is key to dealing with climate change and other global challenges, Japanese Emperor Naruhito said Thursday ahead of a visit to Indonesia, his first official friendship trip abroad since ascending the Chrysanthemum Throne four years ago.Naruhito begins the weeklong trip on Saturday with his wife, Empress Masako, a former diplomat.“Cooperation with emerging and developing countries is becoming increasingly important in order to tackle global issues such as climate change, energy and food,” Naruhito said at a news conference at the Imperial Palace. “I hope our friendship and mutual understanding will further deepen through exchanges and cooperation between the peoples of the two countries.”The trip comes as Japan and the Association of Southeast Asian Nations mark 50 years of friendship this year, when Indonesia is serving as ASEAN’s chair. Japan is increasingly seeking to deepen its ties with developing nations in tackling regio...

S&P/TSX composite creeps higher in late-morning trading, U.S. stock markets up

Published Tue, 25 Feb 2025 11:40:30 GMT

TORONTO — Canada’s main stock index crept higher in late-morning trading, boosted by strength in the energy and base metal stocks, while U.S. stock markets also climbed higher.The S&P/TSX composite index was up 4.90 points at 20,019.99.In New York, the Dow Jones industrial average was up 350.58 points at 34,329.91. The S&P 500 index was up 31.36 points at 4,403.95, while the Nasdaq composite was up 72.27 points at 13,698.75.The Canadian dollar traded for 75.51 cents US compared with 75.20 cents US on Wednesday.The August crude contract was up US$1.59 at US$70.05 per barrel and the July natural gas contract was up 20 cents at US$2.54 per mmBTU.The August gold contract was down US$4.20 at US$1,964.70 an ounce and the July copper contract was up two cents at US$3.89 a pound.This report by The Canadian Press was first published June 15, 2023.Companies in this story: (TSX:GSPTSE, TSX:CADUSD=X)The Canadian Press

Weekend need-to-know: Taste of Little Italy, another full weekend of Pride events

Published Tue, 25 Feb 2025 11:40:30 GMT

Another weekend full of festivals, charity walks and Pride events are set to take over the City of Toronto with lots of places to celebrate your dad this Father’s Day.Taste of Little ItalyTaste of Little Italy will be taking over College Street to celebrate all things Italian this weekend. College will be shut down from Bathurst to Shaw Streets from Friday evening to Monday morning.It’s the first time the annual festival will happen since the COVID-19 pandemic, with live music on multiple street corners and on the main stage, extended patios, multicultural vendors, amazing food, and carnival rides. and new this year, a learn-to-skate park.Under Armour 10KThe annual Under Armour 10K will be happening this Saturday as runners take to the streets to support KidSport. The national not-for-profit charitable organization helps remove financial barriers that prevent kids from playing sport.For more on road closure details, scroll to the bottom of this page.Pride Weekend #3 even...

Doug Ford shoots down Scarpitti plan to consolidate York Region into one

Published Tue, 25 Feb 2025 11:40:30 GMT

Ontario Premier Doug Ford has roundly rebuffed calls from the mayor of Markham to consolidate the 10 municipal governments of York Region into one city.Mayor Frank Scarpitti has argued that the move would bring significant savings and streamline governance.Scarpitti notes that the province recently passed a law to break up the upper-tier municipality of Peel Region, so he says there is no rationale to maintain the status quo in York Region.Ford shot down those suggestions, saying Scarpitti is the only one of the York Region mayors who wants that to happen.“It’s not about one mayor to go out there and want to build your empire, this is about all the seven different cities,” Ford said during an unrelated announcement in Whitby on Thursday. “We listen to the people, we listen to all the mayors so we aren’t doing it.”The province is appointing facilitators to assess several regional governments, including York Region, and look at the best mix of roles...

Thursday's Illinois Lotto jackpot the biggest so far this year at $17.5M

Published Tue, 25 Feb 2025 11:40:30 GMT

Feeling lucky? You could kick off the summer with a cool, several million in your pocket if you win the next Illinois Lotto jackpot.Thursday night's drawing is now at a record $17.4 million, the biggest jackpot so far this year.Lotto is an Illinois-only game that is played three times a week on Monday, Thursday and Saturday. More: Recent news and headlines about the Illinois Lottery Lotto can be played for $2 per line, and tickets can be purchased in-store, online, or on the Illinois Lottery’s app.Good luck!

Jury awards $25.6 million to Starbucks manager fired after the arrests of 2 men

Published Tue, 25 Feb 2025 11:40:30 GMT

CAMDEN, N.J. (AP) — Jurors in federal court have awarded $25.6 million to a former Starbucks regional manager who alleged that she and other white employees were unfairly punished after the high-profile arrests of two Black men at a Philadelphia location in 2018.Shannon Phillips won $600,000 in compensatory damages and $25 million in punitive damages on Monday after a jury in New Jersey found that race was a determinative factor in Phillips' firing, in violation of federal and state anti-discrimination.In April 2018, a Philadelphia store manager called police on two Black men who were sitting in the coffee shop without ordering anything. Phillips, then regional manager of operations in Philadelphia, southern New Jersey, and elsewhere, was not involved with arrests. However, she said she was ordered to put a white manager who also wasn't involved on administrative leave for reasons she knew were false, according to her lawsuit.Phillips said she was fired less than a month later after...