Author: Dr. Sherry Cooper

16 Jul 2018

First Monthly Canadian Home Sales Gain This Year In June

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

National home sales rose by 4.1% in June compared to May, the first such rise this year. Even so, June’s sales activity remains well below the monthly pace of the past five years (see chart). The sales gains were led by the Greater Toronto Area (GTA) as 60% of all local housing markets reported increased Read More

11 Jul 2018

Poloz Opens The Door For More Rate Hikes

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

As expected, the Bank of Canada hiked its key overnight rate this morning by 25 basis points to 1.5%. What wasn’t expected was the hawkish tone of the press release which brushed aside the threat of greater protectionism, instead emphasizing the need for higher interest rates to keep inflation near its target. In today’s Monetary Read More

18 Jun 2018

The Spring Housing Market Continues To Be Weak

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

As we said last month, April is usually the start of a spring housing market ramp-up, but this year the new mortgage stress test and rising mortgage rates have continued to be a negative factor. Those expecting an early-stage pick-up marking an end to the payback for sales pulled forward into the fourth quarter of Read More

8 Jun 2018

Canada’s May Job Loss in Manufacturing and Construction

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Statistics Canada announced this morning that Canada’s employment was little changed in May, and the jobless rate remained at a low 5.8% for the fourth consecutive month. The headlines, however, highlighted the modest 7,500 job losses last month on the heels of a 1,100 job loss in April. The job declines are small in a Read More

1 Jun 2018

U.S. May Unemployment Rate Falls Again to 3.8%

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Today’s May employment report showed the jobless rate dropping unexpectedly even further to 3.8%–considerably below the level the Fed once considered to be full employment. It wasn’t long ago that the Fed estimated the long-run equilibrium jobless rate in the range of 4.3%-to-4.7%. Economic theory tells us that very tight labour markets can generate inflation Read More

31 May 2018

30 May 2018

Poloz Opens The Door For A Rate Hike In July

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

As expected, the Bank of Canada held rates steady at 1.25% for the third consecutive month but said that first-quarter growth was stronger than expected and that developments since April suggest that higher interest rates will be warranted. The first quarter GDP numbers are out tomorrow morning, and it’s clear the Q1 growth will be Read More

15 May 2018

The Spring Housing Market Is Off To A Slow Start

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

April is usually the start of a spring housing market ramp-up, but this year the new mortgage stress test and rising mortgage rates have continued to be a negative factor. Those expecting an early-stage pick-up marking an end to the payback for sales pulled forward into the fourth quarter of last year have been sorely Read More

11 May 2018

Jobless Rate Remains At 40-Year Low As Wage Growth Accelerates

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Statistics Canada announced this morning that employment was virtually unchanged in April (down 1,100) following a surge in March and the unemployment rate remained at 5.8%–its lowest level in four decades. Wages growth accelerated signalling tight labour markets. April’s stall was only the second time since mid-2016 that the job market did not grow. On Read More

2 May 2018

Rates Held Steady Now, But Gradual Hikes Signalled

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The Federal Open Market Committee (FOMC) met this week for the second time under the chairmanship of Jerome Powell. In a unanimous decision, the Committee left the target range for the federal funds rate unchanged at 1-1/2 to 1-3/4 percent. Unlike the Bank of Canada, which has a single objective of targeting inflation at roughly Read More

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