The Liberals aren't tabling a budget. How does that affect the economy?

Prime Minister Mark Carney's government is not planning to put out a budget this spring, opting for an economic statement in the fall as the next look into the country's finances. (Justin Tang/The Canadian Press)

The government isn't planning on releasing a budget this year, opting instead for an economic statement this fall. This could erode economic confidence, experts say, and delay the Liberals' ambitious agenda.

The typical schedule: Usually, a budget is tabled in March or April, and passed before the House rises in June. But, as you'll recall, Parliament was prorogued in January and the election campaign began in March. The House is set to return at the end of May, and is scheduled to rise for the summer before the end of June. That gives the Liberals little time to prepare a full budget.

What experts say: Though the Liberals have argued economic uncertainty makes it difficult to create a full budget, experts say not doing so could in fact worsen said uncertainty. For example, people will have less confidence in buying government bonds without a clear picture of the government's finances. One person said it would make sense to at least provide a fiscal snapshot this spring, then table a full budget in October. Currently, spending is accounted for until June through a special warrant. But after that, the Liberals will have to provide spending estimates to cover costs.

Leaked Canadian military report shows many new recruits are quickly leaving

The struggle to recruit new members has been a major preoccupation as the Canadian Armed Forces face a shortage of up to 14,000 qualified personnel. (Evan Mitsui/CBC)

The condo market is slowing down. Where are all the buyers?

Toronto's skyline has been transformed by condominiums in recent years. (John Badcock/CBC)

The condo market is melting down — particularly in Toronto and across southern Ontario. Sales in the Greater Toronto Area fell 30 per cent year over year in April, and the average price is down nearly 17 per cent since the market peak in 2022. What's going on?

Econ 101: In addition to a record wave of newly built condos, unsold units are piling up — in Toronto, there's seven months' worth of inventory, one real estate agent said. The surplus means buyers are shopping around and looking for deals, and in turn, sellers can no longer expect the prices of the overheated market of a few years ago.

Demand is falling: At the same time, buyers are disappearing. Condos mostly remain out of reach for would-be first-time homebuyers. Meanwhile, the sizes and layouts of many units, particularly in Toronto, leave much to be desired. This was once the easiest path for builders: crank out many small units so that investors can rent or flip them quickly. But the tables have turned on investors, who may be left holding the bag as downward demand, in turn, drives down their property values.

In case you missed it

• The Bloc Québécois is pushing for a byelection in the contested riding of Terrebonne, after Elections Canada reported issues with five more mail-in ballots.
   
• Canadian Tire will pay $30 million to take over Hudson's Bay's intellectual property, including its iconic stripes and logos.
   
• The two victims of the Lac du Bonnet wildfire in Manitoba have been identified as Sue and Richard Nowell.
   
• U.S. President Donald Trump's tariffs are hitting shoppers on both sides of the border. Prices are set to rise at Loblaws and, in the U.S., Walmart.

And, in today's good news...

This man will listen to you talk about anything, and he won't charge a dime

Paul Jenkinson, left, chats with Steve Skafte, author of This River was Once a Road, in Victoria Park in Truro, N.S. Jenkinson, a retired social worker, is on a cross-Canada listening tour. (Submitted by Paul Jenkinson)