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Written by Jane Gerster Copy Editor, Digital News
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Good morning. It seems obvious by now that food inflation has hit our wallets hard. But perhaps less obvious is the impact it's having on health-care costs. We'll explain. Also, why an Ontario homeowner is speaking out about a "life-changing" insurance experience that one lawyer warns is becoming more common. Plus, how Canadian businesses are reacting to the federal counter-tariffs.
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(Niranjan Shrestha/The Associated Press)
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Nepal flash floods kill at least 8, leave hundreds missing
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Hundreds of people have been reported missing after an avalanche of ice and rock triggered massive flash floods in parts of Nepal on Wednesday.
What's happening: At least eight people have been killed, while nearby villages and infrastructure have sustained widespread damage. According to officials, 384 tourists have been reported missing, including many from India, the U.S., U.K. and Malaysia. More than 100 of those missing were from India.
More detail: The Bhotekoshi River flooded around 9 a.m. local time on Wednesday, destroying several villages as well as roads and hydropower projects, said officials, who issued warnings to residents in several of Nepal's districts and asked them to stay away from the banks of the Bhotekoshi, Trishuli and Narayani rivers. The Nepali government has asked both India and China to help with rescue efforts. Climate experts say an avalanche from a glacier likely caused the flash flood.
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FEATURED STORIES
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(Ben Nelms/CBC)
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Food and shelter have driven Canada's affordability crisis. Health care isn't far behind
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Food and rent may be in-your-face costs, but experts say the growing cost of staying healthy merits closer scrutiny.
What's happening: Consumer price index data shows the amount Canadians are spending on health-care services — eye exams, physiotherapy and basic dental care — is up 18.5 per cent since June 2022. That's only half a percentage point behind the rising cost of food, and it's above the 16 per cent increase in shelter costs. And, as a senior researcher with the Canadian Centre for Policy Alternatives (CCPA) says, that increase may get steeper still.
Why it matters: Experts say there are a few elements at play. First, there is the matter of Canada's aging population. Then, there is the difficulty of constraining costs for health services that are privately operated — not to mention the difficulty of reducing costs for services when a big expense is skilled labour. All this when governments are strapped for cash. Ultimately, as the CCPA expert warns, the added costs are likely to hit those least able to handle them.
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Insurance covered rebuilding her house after a fire. Why didn't the bank release the money on time?
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Homeowner Antonina Gladkova is warning others after a "life-changing" experience that's prompted her to file a complaint with the Financial Consumer Agency of Canada.
What's happening: A fire destroyed her semi-detached home in Georgetown, Ont., in 2024. Despite insurance covering the full cost of rebuilding, Gladkova says she's out tens of thousands of dollars because her mortgage provider, Simplii Financial, didn't dole out payments to match the contractor's invoices. That's because the bank's initial process was to release the funds after receiving invoices and confirmation of completed work.
Why it matters: A bank spokesperson says "wherever possible, we work with our clients to provide flexibility, and we did so in this case." But Gladkova says the system doesn't work. Even with Simplii's changes, she says she was left consistently short. "You cannot build without the money. So it's like a chicken-and-egg situation." A lawyer who specializes in home insurance claims says situations like this are increasingly common. He attributes the rise to lenders exerting tighter control over insurance payouts amid more total loss claims from fires and floods.
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