Chief Economist

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

4 Dec 2019

Bank of Canada Holds Steady Amid Continued Trade Uncertainty

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The Bank of Canada maintained its target for the overnight rate at 1.75% for the ninth consecutive policy announcement, keeping the key interest rate stable for all of 2019. Today’s decision was widely expected as members of the Governing Council have signalled that the Bank is satisfied with the performance of the Canadian economy. The Read More

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

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