Chief Economist

18 Apr 2017

Strength in Housing Led By GTA–Policy Actions Coming

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

This morning, the Canadian Real Estate Association (CREA) released its March national real estate statistics showing home sales rose 1.1% from February to March, exceeding the previous monthly sales record set in April 2016. This strength in sales was boosted by a rebound in the Lower Mainland of British Columbia, London and St. Thomas (Ontario) Read More

12 Apr 2017

Bank of Canada Upgrades Forecast, But Keeps Rates Unchanged

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

For years now, the Governor Stephen Poloz and his Bank of Canada colleagues have held the key overnight rate unchanged at 1/2 percent, while at the Federal Reserve has hiked rates several times with more to come. The jobless rate is at a mere 4.5 percent in the US, clearly at or near full employment Read More

7 Apr 2017

Canadian Jobs Beat Expectation in March, But Wage Growth Is Sluggish

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Canada’s economy continue to generate job growth in March, extending an employment rally that is the strongest in years, but with increasingly sluggish wage increases. Canadian employment grew by 19,400 in March–exceeding economists’ expectation for the fourth consecutive month–while the unemployment rate increased 0.1 percentage points to 6.7% as more people searched for work. This Read More

22 Mar 2017

Budget 2017 – A Step Towards Stronger Potential Growth

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Budget 2017 continues the government’s commitment to support the middle class by enhancing Canada’s long-term growth potential. Investments to foster innovation, skills and the ability to attract top talent from around the world are included. An important and growing competitive advantage is Canada’s openness to trade and immigration, having a broader range of free trade Read More

15 Feb 2017

New Mortgage Regulations Weigh On Home Sales

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

This morning, the Canadian Real Estate Association (CREA) released its January national real estate statistics showing home sales declined 1.3% month-over-month in the first month of this year. This down draft put resales at their second lowest monthly level since the fall of 2015 and only  a bit above levels recorded last November when new Read More

10 Feb 2017

China’s Global Homebuyers Could Be Suddenly Cash Poor

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Property prices around the world have benefited from the demand of foreign buyers, a.k.a. China’s capital outflows. China has issued unexpected rules on exchanging yuan for international currency. This could impact real estate around the world. Some argue it already has. China’s Clamp Down on Outflows As capital flight intensified, China’s reserves have plunged, causing Read More

10 Feb 2017

Canadian Job Surge in January

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

January’s payroll gain was a huge 48,300 Statistics Canada said on Friday in Ottawa, well above economists’ forecast of a loss of 10,000 jobs. This follows a gain of a whopping 46,100 in December. The unemployment rate fell by 0.1 percentage points to 6.8%. Employment growth has been strong since August. Canada posted the best Read More

3 Feb 2017

US Employment Strong In January, But Wages Lag

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Job growth in the US in January was better than expected, rising 227,000–up from 157,000 in December–according to the Labor Department report on Friday in Washington. While payrolls have been strong, however, wage increases remain disappointingly muted. The unemployment rate rose a tick to 4.8 percent, and average hourly earnings grew 2.5 percent year-over-year, the Read More

1 Feb 2017

Fed Points To Rising Confidence Leaving Rates Unchanged

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The Federal Open Market Committee (FOMC) reiterated in their press release today that the labor market is strengthening and the economy continues to expand at a moderate pace. The consumer is doing most of the heavy lifting as business investment remains soft, but both business and consumer confidence is rising. Inflation has ticked up, but Read More

18 Jan 2017

Bank of Canada On Hold As Expected

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

It is no surprise that the Bank of Canada maintained its target overnight rate at 1/2 percent today, reaffirming its view that the Canadian economy is still operating with considerable slack despite strong employment growth and inflation remains below the 2 percent target. The policy statement highlighted that that “uncertainty about the global outlook is Read More

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