Chief Economist

19 Mar 2019

Federal Budget 2019–Actions for Homebuyers

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

In its fourth fiscal plan, the Trudeau government spent its entire revenue windfall leaving the deficit projection little changed. In this election budget, Finance Minister Bill Morneau announced $22.8 billion over six years in new spending initiative mostly for homebuyers, students and seniors. Trudeau promised in his first budget to have eliminated all red ink Read More

15 Mar 2019

February Home Sales Weaken Sharply–Was It Weather or Stress Tests?

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 dropped sharply from January to February, plummeting 9.1% to its lowest level since November 2012. The month-over-month decline was the biggest since the B-20 stress test was introduced in January of last year. The number of existing home sales was Read More

8 Mar 2019

February Canadian Jobs Report Remains Strong, But Slump Continues

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The employment report is the lone bright spot in an economy that has slumped across the board. According to today’s jobs report from Statistics Canada, the economy added 55,900 net new jobs last month, all of them full-time positions. This is the second consecutive monthly job surge for an economy that has barely grown in Read More

6 Mar 2019

Bank of Canada Reduces Prospects of a Rate Hike

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

In a very dovish statement, the Bank of Canada acknowledged this morning that the slowdown in the Canadian economy has been deeper and more broadly based than it had expected earlier this year. The Bank had forecast weak exports and investment in the energy sector and a decline in consumer spending in the oil-producing provinces Read More

1 Mar 2019

Canadian Economy Hits a Major PotHole in Q4

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

This morning, Stats Canada released disappointing figures showing that the economy barely grew in the final quarter of last year. Weakness in the oil sector was expected, but the downturn went well beyond the energy sector and bodes ill for a return to healthy growth this year. The country’s economy grew by just 0.1% in Read More

15 Feb 2019

January Canadian Home Sales Improve

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 improved in January, climbing 3.6% from December ’18 to January ’19. Last year’s annual sales were the weakest since 2012. As the chart below shows, national monthly home sales remain below their 10-year moving average and are decidedly lower than Read More

8 Feb 2019

Canadian jobs surge in January as jobless rate rises to 5.8%.

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Housing News January Data From Local Real Estate Boards In separate releases, the local real estate boards in Canada’s largest housing markets released data this week showing home sales fell sharply in Vancouver, edged upward in Toronto and continued robust in Montreal. Overall, higher interest rates, the mortgage stress test and in the case of Read More

15 Jan 2019

December Canadian Home Sales Weaken Further

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 dipped for the fourth consecutive month, down 2.5% from November to December, capping the weakest annual sales since 2012. According to last week’s Bank of Canada Monetary Policy Report, housing activity in Canada has fallen by more than the Bank’s Read More

9 Jan 2019

Bank of Canada Remains on Hold, Revising Down Oil Market Outlook

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The Bank of Canada left the overnight benchmark policy rate at 1-3/4%, as expected. In another dovish statement, the Bank of Canada acknowledged a slowdown in global economic activity and highlighted that oil prices are roughly 25% lower than what they had assumed in the October Monetary Policy Report (MPR). The lower prices primarily reflected Read More

7 Jan 2019

What’s In Store For 2019?

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

At the start of every New Year, pundits posit the forecast as everyone wonders what the year will bring. While no one has a crystal ball, here are some fundamentals at play this year: 1). Canada’s economy will continue to under perform the U.S. as growth slows to 1-3/4% in 2019 compared to just over Read More

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