Chief Economist

18 Feb 2020

Morneau Eases Stress Test On Insured Mortgages

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Minister Morneau Announces New Benchmark Rate for Qualifying For Insured Mortgages The new qualifying rate will be the mortgage contract rate or a newly created benchmark very close to it plus 200 basis points, in either case. The News Release from the Department of Finance Canada states, “the Government of Canada has introduced measures to Read More

17 Feb 2020

January Home Sales Slow Mostly Owing To a Dearth of New Listings

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Home Sales Slip A Bit In January As Supply Tightens Pushing Up Prices Statistics released today by the Canadian Real Estate Association (CREA) show that national existing-home sales dipped between December and January owing to a dearth of new listings, especially in the GTA. As the CREA chart below shows, the pace of monthly home Read More

7 Feb 2020

Another Strong Canadian Employment Report In January

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

January Starts 2020 With Strong Canadian Job Growth January follows December in erasing the weak November job numbers providing good news for the Canadian economy. Manufacturing led the way as the jobless rate fell, and wage growth accelerated meaningfully. The robust labour market, coupled with consumer confidence holding firm in January at about historical averages, Read More

4 Feb 2020

TD Lowers Qualifying Mortgage Rate 35 bps To 4.99%

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

TD lowers Posted Mortgage Rate to 4.99% Market interest rates have fallen sharply since the coronavirus-led investor flight to the safety of government bonds. The 5-year government bond yield–a harbinger of conventional mortgage rates–now stands at 1.34%, down sharply from the 1.60+% range it was trading in before the virus became global news (see chart Read More

29 Jan 2020

Interest Rates Plunge on Coronavirus News; BoC Buys 10-year CMBs; FTHBI Plan Flops

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Canadian 5-year Yield Fell To Lowest Level Since October Global investors are selling stocks and piling into the safety of bonds in response to fears that the Wuhan coronavirus could disrupt global economic activity. Gold prices, another haven, have also risen. The Government of Canada 5-year bond yield traded this morning at roughly 1.35%, well below Read More

22 Jan 2020

Bank of Canada Holds Overnight Rate As Expected, but appears to be less confident in the strength of the economic outlook.

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Bank of Canada Holds Steady Despite Economic Slowdown In a more dovish statement, the Bank of Canada maintained its target for the overnight rate at 1.75% for the tenth consecutive time. Today’s decision was widely expected as members of the Governing Council have signalled that the Bank still believes that the Canadian economy is resilient, Read More

15 Jan 2020

Weak New Listings Slow Canadian Home Sales as Prices Continue to Rise.

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Sellers Housing Market  Now in the Greater Toronto Area (GTA) Statistics released today by the Canadian Real Estate Association (CREA) show that national existing-home sales dipped between November and December owing to a dearth of new listings, especially in the GTA. National home sales edged down 0.9% in the final month of 2019, ending a Read More

10 Jan 2020

Sigh of Relief as December Jobs Report Rebounds

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Welcome Rebound in Labour Markets in December For this notoriously volatile data series, it is particularly true that ‘one month does not a trend make.’ Following last month’s dismal employment report, job growth rebounded in December, erasing almost half of the earlier decline (even more if you exclude transitory factors in November). As well, the Read More

16 Dec 2019

November Data Confirm Canadian Housing 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 ninth consecutive month and now stands a full 20% above the six-year low reached in February 2019. While the chart below shows that monthly home sales are now well above their 10-year average, they remain 6%-to7% below Read More

6 Dec 2019

Huge Decline in Jobs in November As Jobless Rate 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 71,200 jobs in November, the worst performance in a decade. What’s more, the details of the jobs report are no better than the headline. Full-time employment was down 38.4k, and the private sector shed 50.2k. The jobless rate also Read More

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