News

8 Jul 2020

Fiscal Snapshot: Much Larger Deficit and Debt than Expected

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Astonishing Fiscal Red Ink Announced Today Finance Minister Bill Morneau presented his fiscal snapshot this afternoon. Most economists were expecting a budget deficit of roughly $260 billion. Instead, the government announced a deficit for the fiscal year 2020-21 of $343.2 billion–close to 16% of GDP. That compares to the $34.4 billion deficit projected before the Read More

6 Jul 2020

Bank of Canada Business Sentiment Lowest Since 2009

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Canadian Business Sentiment Is Negative  The Bank of Canada released its Summer Business Outlook Survey (BOS)* this morning, covering an interview period from mid-May to early June. In all provinces and all sectors, the sentiment was hugely negative owing to the impact of the pandemic and falling oil prices.  Since the previous survey, conducted before concerns about Read More

30 Jun 2020

Canadian GDP Plunges in April With Modest Uptick in May

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Canada’s Economy Plunged 11.6% in April The pandemic shutdown put every sector of the economy into a medically induced coma, so it was no surprise that the first full month of lockdown would be ugly. Indeed, consensus estimates were worse than the 11.6% drop in economic activity reported this morning by Statistics Canada (see chart below). Read More

26 Jun 2020

What to do if You’re Denied a HELOC

Posted by: Agostino Tuzi

HomeEquity Bank - National Partnership Director, Mortgage Brokers

The COVID-19 crisis has undoubtedly thrown a wrench into a lot of people’s finances. Many have seen a drop-in income because their investments have lost value, while others may need to supplement their cashflow in order to help out family or friends who have lost their jobs or taken a pay cut. Many are therefore Read More

22 Jun 2020

Governor Macklem Affirms No Negative Interest Rates

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

First Formal Remarks By Tiff Macklem, Bank of Canada Governor There were no surprises this morning from Governor Macklem’s virtual presentation to the Canadian Clubs of Canada. His opening written statement was quite brief and it was followed up with a Q and A. Here are the key points that he emphasized. Negative interest rates are Read More

18 Jun 2020

15 Jun 2020

Canadian Home Sales and New Listings Recover One-Third of Pandemic Loss in May

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Record Gains in Canadian Home Sales and Listings in May There was good news today on the housing front. Home sales surged by a record 56.9% in May from April’s unprecedented collapse. Data released this morning from the Canadian Real Estate Association (CREA) showed national home sales recovered roughly one-third of the COVID-induced loss between Read More

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

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