Author: Dr. Sherry Cooper

15 Nov 2019

October Data Confirm That Housing Is in Full Rebound

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Statistics released today by the Canadian Real Estate Association (CREA) show that national home sales rose for the eighth consecutive month. Activity held steady in October at the relatively robust September pace following a string of monthly increases that began in March. Existing home sales are now almost 20% above the six-year low reached in Read More

8 Nov 2019

Disappointing Decline in Jobs in October, But Wage Growth Surges

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

One month does not a trend make. Statistics Canada announced this morning that the country lost 1,800 jobs in October following two months of blockbuster employment gains. October marks the first month of job losses since July, but as the chart below shows, the employment data are notoriously volatile. The Canadian dollar sold off on Read More

30 Oct 2019

Bank of Canada Holds Policy Rate Steady Amid Global Uncertainty

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

It is rare for the Bank of Canada and the US Federal Reserve to announce rate decisions on the same day, but today’s announcements highlight the stark differences in policy in the two countries. The Bank this morning announced they would maintain their target for the overnight rate at 1.75% for the eighth straight meeting. Read More

16 Oct 2019

September Data Confirm That Housing Is in Full Rebound

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Statistics released today by the Canadian Real Estate Association (CREA) show that national home sales rose for the seventh consecutive month. Activity rose another 0.6% month-over-month in September to 512,000 units (seasonally-adjusted and annualized). This was the highest level in 21 months and 6.6% above the 10-year average shown in the chart below. Existing home Read More

11 Oct 2019

Robust Canadian Jobs Report in September

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The Canadian jobs market continued to surprise on the high-side–on track for one of its best years on record. This provides further confirmation to the Bank of Canada that additional easing in monetary policy is not necessary. The economy added 53,700 jobs in September, well above expectation, taking the year-to-date jobs gain to just over Read More

16 Sep 2019

August Data Confirm That Housing Has Turned the Corner

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Statistics released today by the Canadian Real Estate Association (CREA) show that national home sales rose for the sixth consecutive month. Transactions are now running almost 17% above the six-year low reached in February 2019, but remain about 10% below highs reached in 2016 and 2017. Toronto, Montreal and Vancouver all saw sales and prices Read More

6 Sep 2019

Canadian Jobs Surge Following a Three-Month Slowdown

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The Bank of Canada’s reticence to signal coming rate cuts has been vindicated by the rebounding jobs report released today for August. Following a strong posting for real GDP growth in the second quarter, Canadian job growth surprised on the upside with a gain of 81,100 in August. The August job gains were one of Read More

4 Sep 2019

Bank of Canada Holds Overnight Rate Steady Amid Uncertainty

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The Bank of Canada held the target overnight rate at steady at 1.75% for the seventh consecutive decision date but will monitor closely the impact of the US-China trade war on economic activity around the world and in Canada. The second-quarter growth–posted at 3.7%–exceeded the Bank’s forecast in the July Monetary Policy Report (MPR), but Read More

9 Aug 2019

Jobs Stall for Second Month In A Row, But Wage Growth Surges

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The booming labour market in Canada seems to have vanished, at least for now, as employment declined and the unemployment rate rose again in July. Whether it is the summer doldrums, a trained worker shortage or the beginning of a slower second-half economy is yet to be seen. But the news is troubling in the Read More

31 Jul 2019

The Fed’s Quarter-Point Rate Cut Not the Start of Something Big

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The Federal Open Market Committee (FOMC) cut the overnight target rate by 25 basis points as expected today. Chairman Jerome Powell, however, said it was designed to “insure against downside risks” rather than to signal the start of multiple rate cuts. President Trump called for “large” rate cuts on Twitter and has for months pressured Read More

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