Another Month, Another Dip in Housing Statistics released today by the Canadian Real Estate Association (CREA) show home sales edged down in November. National home sales fell 3.3% between October and November, continuing the moderating sales trend that began last February on the precipice of unprecedented monetary policy tightening. Sales are down a whopping 39% from a year ago. The […]
The Office of the Superintendent of Financial Institutions raised the capital buffer financial institutions must hold to three per cent, citing increased risked from high household indebtedness and the rapid rise in interest rates. The financial watchdog also increased the capital buffer’s range, or the policy tool to keep the country’s financial stability in check, to between zero and four […]
Sherry Cooper, chief economist with Dominion Lending Centres, joins BNN Bloomberg for reaction to the Bank of Canada’s 50bps hike. She says the central bank will need to see the labour market cool and that it will likely not pivot to rate cuts until 2024. Click here to watch the video now!
The Bank of Canada Hiked Rates The Full 50 bps The Governing Council of the Bank of Canada raised its target for the overnight policy rate by 50 basis points today to 4.25% and signalled that the Council would “consider whether the policy interest rate needs to rise further to bring supply and demand back into balance and return inflation to […]
Today’s Labour Force Survey for November will do little to assuage the Bank of Canada’s concern about inflation. While employment growth slowed to 10,100 net new jobs–down sharply from October’s reading–the report’s underlying details point to excess labour demand and rising wages. This is compounded by Monday’s data release showing that the Canadian economy grew by 2.9%, double the rate […]