News of the day: Macklem rolls the dice, losing faith in housing, credit rating help, Joly threatens steel lawsuit, small business exits and more

Catch up on the stories we’re following today

Bank of Canada governor Tiff Macklem takes part in an event in Ottawa on Sept. 3, 2026. Photo by Blair Gable/Postmedia files

It’s Thursday, Oct. 22. Here are the top stories we’re following today.

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Bank of Canada governor Tiff Macklem is worried that headline inflation has been around three per cent and that the longer this is sustained, the greater the risks.

A miniature real estate agent figurine standing next to a FOR SALE sign — Canadian Real Estate Association said there were 450,000 annualized sales in the third quarter across the country; that’s barely more than half the annualized sales of 775,000 in the first quarter of 2021, at the market’s peak. Photo by Caspar Benson/Getty Images

The real estate industry seems to be bracing for the possibility that our relationship with homeownership may be on the rocks for good, writes Garry Marr.

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credit card and scissors — Credit bureaus treat a cancelled card’s remaining balance as a maxed-out account rather than a small increase in the share of available credit you are using. Photo by Peter Dazeley/Getty Images

FP Answers: Closing an account to new purchases does not cancel the balance you owe but you can create a repayment plan.

Minister of Industry and Minister responsible for Canada Economic Development for Quebec Regions Mélanie Joly speaks to journalists during a media scrum at SpaceBound 2026 event organized by Space Canada at the Canadian Museum of History in Gatineau on Tuesday, Oct. 20, 2026. — Mélanie Joly has given the steel company 15 days to remedy the situation or else she said her office may take legal action. Photo by HYUNGCHEOL PARK/Postmedia

Industry Minister Mélanie Joly has escalated her threats to take legal action against United States-based Cleveland Cliffs Inc., the parent company of Hamilton-based Stelco Holdings, which last month laid off hundreds of steelworkers.

Thirteen per cent of small business owners expect to close their doors over the next decade. Photo by iStockphoto

Over 60 per cent of small business owners plan to leave their business in the next decade, leaving over $2 trillion in business assets at risk, said the Canadian Federation of Independent Business Thursday.

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