Chief Economist

18 Oct 2017

Canadian Housing Activity Stabilizes Well Below Peak Levels

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

According to the Canadian Real Estate Association (CREA), national home sales in September rose modestly from the previous month but remained below levels recorded one year ago. Resale activity was 12% below the record set in March, before the April announcement of a 15% foreign buyers’ tax and a sixteen-point program to enhance housing affordability Read More

6 Oct 2017

Wages Growth Accelerates as Canada Adds Jobs For the 10th Straight Month

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

While the headline net jobs gain was a disappointing 10,000–well below the average monthly increase in the past year–the underlying data in this morning’s StatsCanada release were quite robust. The jobless rate remained unchanged at 6.2 per cent as the acceleration in wage gains suggests that the economy is close to full employment. Average hourly Read More

29 Sep 2017

Booming Growth In Canada Takes A Breather

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Canada’s second-quarter gross domestic product (GDP) growth of 4.5 per cent triggered two back-to-back rate hikes by the Bank of Canada. But today, Statistics Canada released data showing a slowdown in the monthly industry data for July. Canadian GDP held steady in July ending an eight-month streak of cosmic expansion. This slowing is consistent with Read More

20 Sep 2017

15 Sep 2017

Canadian Housing Activity Still Well Below the Peak

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

This morning’s release of the Canadian Real Estate Association (CREA) data for August posted a modest uptick in sales last month, ending a string of four consecutive monthly declines. However, activity remained 13.8% below the record set in March, prior to the April announcement of a 15% foreign buyers’ tax and a sixteen-point program to Read More

8 Sep 2017

Canadian Unemployment Rate in August Falls to 6.2%

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The Bank of Canada told us just this week that they would be closely monitoring the employment data to assess the need for further tightening in monetary policy. The August jobs report confirmed that the Canadian labour market remains strong, moving closer to full employment. The country added 22,200 jobs in August, the ninth consecutive Read More

6 Sep 2017

Bank of Canada Takes Action

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The Bank of Canada raised the target overnight rate another 25 basis points to 1.0% making it two hikes in a row following seven years of increasing monetary stimulus. The outsized 4.5% growth in GDP in the second quarter precipitated this action, despite two offsetting factors: the recent surge in the Canadian dollar, up more Read More

6 Sep 2017

Booming Growth In Canada

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The Canadian economy grew at a blockbuster pace in the second quarter at an annualized rate of 4.5% on the heels of the first quarter’s robust pace of 3.7%. The cumulative growth in the first half of this year was the strongest since 2002. The Canadian economy has now grown at more than double the Read More

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

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