Chief Economist

15 Aug 2017

Housing Market Weakens Further in July, But Drag From GTA Dissipates

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

This morning’s release of the Canadian Real Estate Association (CREA) data for July confirmed that key housing markets in Canada continued to slow, led by the Greater Golden Horseshoe (GGH) region surrounding Toronto. This region’s marked slowdown began in late April with the announcement of a 15% foreign tax credit and a sixteen-point program to Read More

4 Aug 2017

Canadian Unemployment Rate in July Falls to 6.3 percent–Lowest in Nearly Eight Years

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Canada’s red-hot jobs market took a breather in July, posting employment gains of 10,900, up just 0.1 percent following much stronger job gains since late last year. As the labour force participation rate edged downward, the jobless rate fell 0.2 percentage points to 6.3 percent, its best reading in almost nine years. Canada’s economy remains Read More

12 Jul 2017

Bank of Canada Turns the Tide

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

For the first time in seven years, the Bank of Canada announced today that it was hiking its key overnight rate by a quarter percentage point (25 basis points) bringing it to 0.75 percent as the economy has staged a broadly based economic expansion this year. In a break from tradition, the Bank has taken Read More

7 Jul 2017

Continued Strength in Canadian Employment Report For June

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The June jobs data blew past expectations, all but insuring that the Bank of Canada will hike interest rates by a quarter point next week–the first rate hike in seven years. Market rates have already risen in expectation and the Royal Bank has boosted interest rates on its two-year, three-year and five-year fixed-term mortgage rates Read More

15 Jun 2017

GTA Sales Down Sharply as New Listings Surge In May

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

This morning’s release of the Canadian Real Estate Association (CREA) data for May confirmed earlier data from the Toronto Real Estate Board (TREB) pointing to a marked slowdown in housing activity in the Greater Toronto Area (GTA) since the late April announcement of the 15% foreign tax credit and the sixteen point program to enhance Read More

9 Jun 2017

May’s employment growth builds on gains since July 2016

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Another Sign Of A Economic Strength Statistics Canada just released the Labour Force Survey for May, adding to the stream of positive economic indicators. While the jobless rate edged up 6.6% from a cycle-low 6.5%, it was the result of more optimism about job prospects as more people participated in the labour market. The jobless Read More

24 May 2017

Bank of Canada Maintains Current Policy Stance

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The Bank of Canada has once again held the overnight rate steady at 0.50 per cent pointing to continued low inflation and subdued wage growth, which the Bank judges to be consistent with continuing excess capacity in the economy. In a very terse press release, the Bank suggests that the U.S. and global economies will Read More

15 May 2017

New Listings in Toronto Surge 36% As Sales Decline

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Since last month’s release of CREA housing data, the Ontario government has introduced a similar 15% tax on foreign purchases in the Greater Golden Horseshoe (GGH), which is Canada’s largest urbanized area centred on the City of Toronto, where house prices have risen very sharply over the past decade and spiked in 2016 (see map Read More

5 May 2017

Canadian Unemployment Rate in April at 6.5%–Lowest Rate Since October 2008 –But Annual Wage Gains fell to Another Record Low

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Canada’s economy generated virtually no net new job growth in April, on the heels of a  multi-month employment rally that was the strongest in years. Employment has now increased in 15 of the last 17 months with growth over the last year averaging a solid 23,000 per month. The details of the monthly report for Read More

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

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