News of the day: TD and Scotiabank join spending spree, inflation rate stays steady, economists’ reaction, too many apartments, stagflation risks and more

In addition to the financial commitment, the Bank of Nova Scotia has launched an institute to guide policymakers, business leaders and markets in making decisions about Canada's long-term competitiveness. Photo by Gary Hershorn/Getty Images

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It’s Monday, Sept. 14. Here are the top stories we’re following today.

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Toronto-Dominion Bank and Bank of Nova Scotia have committed to deploy billions of dollars over five years to accelerate growth in sectors they deem critical for the future of Canada’s economy, following similar steps taken by the other big Canadian lenders ahead of Prime Minister Mark Carney’s investment summit.

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Grocery price growth fell below the overall inflation rate for the first time since July 2024. Photo by Postmedia

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Canada’s annual inflation rate remained steady at three per cent in August as gasoline and grocery prices rose at a slower pace, but economists say the elevated print is not enough to compel the Bank of Canada to hike interest rates later this year.

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Cooler core inflation will give the Bank of Canada some breathing space for rates that other central banks don’t have, said one economist. Photo by HYUNGCHEOL PARK/Postmedia

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Canada’s annual rate of inflation in August may have remained at three per cent, but some economists say the odds of a December rate hike by the Bank of Canada have increased due to surging global oil prices. Here’s what economists had to say about inflation and what’s next for the Bank of Canada and interest rates.

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A large residential apartment block being built by Drewlo just off of Bradley Avenue, east of Highbury in London, Ont., on Nov. 21, 2025. Photo by Mike Hensen/The London Free Press files

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Times have changed since the national purpose-built rental vacancy rate dipped to 1.5 per cent in 2023. In fact, a panel of real estate executives at the Canadian Apartment Investment Conference this week debated whether Canada is building almost too many units now.

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A man walks past the U.S. Federal Reserve building in Washington, D.C. Photo by Andrew Harrer/Bloomberg files

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The problem many investors are missing today is that the inflation we’re seeing isn’t being driven by excessive consumer demand, an overheated housing market or a wage-price spiral. In fact, the wage data suggest the exact opposite.

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