Chief Economist

5 Jun 2020

Good News in May Jobs Report–10.6% Recovery in COVID Losses

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

More Green Shoots–Employment Rebounds 10.6% in May  The doomsayers have been proven wrong by this employment report and by the high-frequency data that have been pointing to the start of a rebound in Canada’s economic activity. We have been signalling green shoots in the economy for several weeks, and while these are early days, those Read More

4 Jun 2020

CMHC Makes It Harder To Qualify For An Insured Mortgage

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

CMHC Makes It Harder To Qualify For An Insured Mortgage Once again, the Canadian Mortgage and Housing Corporation (CMHC) is tightening the criteria to get a mortgage with less than a 20% down payment. Any potential home buyer with less than a 20% down payment must purchase default insurance on their loan and have a Read More

3 Jun 2020

Bank of Canada Holds Rates Steady

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Bank of Canada Takes A More Positive Tone On the heels of a devastating decline in the Canadian economy, the Bank of Canada suggested today that the worst of the pandemic’s negative impact on the global economy is behind us, conceding, however, that uncertainty remains high. The Bank today maintained its target overnight rate at 0.25%. Read More

29 May 2020

Lockdowns Hit Canadian Q1 GDP

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Near-Record Decline in Q1 GDP Better Than Flash Estimate The hand-wringing about the Q1 GDP data released today misses the point that the data were actually better than expected. The Canadian economy declined at an 8.2% annualized rate in the first quarter, less harsh than the earlier estimate by StatsCan of -10%. Of course, every sector of Read More

22 May 2020

Why does CMHC’s Evan Siddall think Canada is headed for a ‘deferral cliff’?

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

  In comments delivered to the Standing Committee on Finance on Tuesday, Canadian Mortgage and Housing Corporation CEO Evan Siddall laid out a potentially bleak scenario for the country’s homeowners. Siddall told parliamentarians that by September, if Canada’s economic recovery fails to generate enough momentum, 20 percent of mortgages could be in arrears. “A team is at Read More

15 May 2020

Canadian Home Sales and New Listings Plunge in April

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Record Declines in Canadian Home Sales and Listings in April The pandemic shutdown has put every sector of the economy into a medically induced coma, so, of course, the housing sector is no exception. Data released this morning from the Canadian Real Estate Association (CREA) showed national home sales fell a record 56.8% in April, compared Read More

8 May 2020

Historic Job Losses in April in Canada As the Economy Bottoms

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Pandemic Batters Canadian Jobs Market A Recession Like No Other The Canadian economy has been put in a medically induced coma. Never before in modern history have we seen a forced shutdown in the global economy so, not surprisingly, the incoming data for April is terrible. There is a good chance, however, that April will Read More

15 Apr 2020

Bank of Canada Puts The Economy on Life Support

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Bank of Canada Stands Ready To Do Whatever It Takes On the heels of a devastating decline in the Canadian economy, the Bank of Canada is taking unprecedented actions. With record job losses, plunging confidence and a shutdown of most businesses, this month’s newly released Monetary Policy Report (MPR) is a portrait of extreme financial stress Read More

15 Apr 2020

Home Sales and Listings Plunge in March as the Bank of Canada Steps Up Economic Support

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Housing Market Another Victim of the Virus   Data released this morning from the Canadian Real Estate Association (CREA) showed national home sales fell 14.3% on a month-over-month (m-o-m) basis in March, the first national indication of the early impact of social isolation. The economic disruption and massive layoffs caused both buyers and sellers to increasingly Read More

9 Apr 2020

Record Job Losses, Yet Loonie and Stock Market Rally

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Canada Loses Over a Million Jobs in March Employment in Canada collapsed in March, with over one million jobs lost, wiping away over three years of job creation in a single month and highlighting the economic pain the coronavirus pandemic has swiftly delivered. The decline in jobs in Canada, on a proportional basis, was steeper Read More

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