Chief Economist

15 Feb 2018

Canadian Home Sales Slide In January Led By Greater Golden Horseshoe

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

It is no surprise that housing activity slowed in January following a pulling-forward sales surge as homebuyers hurried to purchase before the mortgage rule changes in 2018. The January 1 implementation of the new OSFI B-20 regulations requires that uninsured mortgage borrowers be stress-tested at a mortgage rate 200 basis points above the contract rate Read More

9 Feb 2018

Jobs Decline In January Following Blockbuster Year

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Canada shed 88,000 jobs in January, the most significant drop in nine years, driven by a record 137,000 plunge in part-time work. Full-time employment was up 49,000 while the unemployment rate increased a tick to 5.9%–only slightly above the lowest jobless rate since 1976. January’s sharp decline brings to an end a stunning 17-month streak Read More

31 Jan 2018

Best Canadian GDP Growth in Six Months Led by Manufacturing Comeback

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Real Gross Domestic Product (GDP) increased 0.4% in November, bouncing back from a disappointingly flat economy in October. The improvement reflected a rebound in most factory sectors as goods-producing industries rose 0.8% after declining 0.5% in October. November’s gain was mainly due to increases in the manufacturing and mining, quarrying and oil and gas extraction Read More

17 Jan 2018

Bank of Canada Raises Rates Cautiously

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

As was widely expected, the Bank of Canada announced another quarter-point interest rate increase this morning, saying that more hikes are ahead. According to Governor Stephen Poloz, the “big cloud” over the Canadian economy is the uncertainty associated with NAFTA and he cautioned that it would be some time before interest rates return to normal Read More

15 Jan 2018

December Homes Sales Surged In Advance of New Mortgage Rules

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The January 1 implementation of the new OSFI B-20 regulations requires that uninsured mortgage borrowers be stress-tested at a mortgage rate 200 basis points above the contract rate at federally regulated financial institutions. It is no surprise that home sales rose in advance of the new ruling in November and December. Even so, activity remains Read More

5 Jan 2018

Robust Canadian Jobs Report for December Tops Off a Blockbuster Year

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The highly anticipated December Labour Force Survey, released this morning by Stats Canada, surpassed forecasts breaking multi-year records. Canada’s jobless rate fell to 5.7% in December, its lowest level in more than 40 years, raising the prospects for a Bank of Canada rate hike possibly as soon as this month. The number of jobs rose Read More

19 Dec 2017

Much Ado About Almost Nothing–Non-Resident Ownership of Housing

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Statistics Canada in conjunction with Canada Mortgage and Housing Corporation (CMHC) released their first report this morning from the Canadian Housing Statistics Program (CHSP), providing data regarding the non-resident ownership of Canadian housing. This program was mandated by the last federal budget, filling in a significant data gap in housing statistics. For years, many have Read More

15 Dec 2017

New Mortgage Rules Coming Jan 1 Boost November Home Sales

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

So here we are in the lead-up to the January 1 implementation of the new OSFI B-20 regulations requiring that uninsured borrowers be stress-tested at a mortgage rate 200 basis points above the contract rate at federally regulated financial institutions. It is no surprise that home sales rose in advance of the new ruling. Even Read More

6 Dec 2017

No Surprises from the Bank of Canada

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

Holds Steady–Will Raise Rates Only Cautiously The Bank of Canada held overnight interest rates at 1.0% once again, following the two consecutive rate hikes at the July and September meetings. It was widely expected that the Bank would retake a breather this round despite the much stronger than expected November employment report and the recent Read More

1 Dec 2017

Incredibly Strong Jobs Report in November, Q3 GDP Growth Slowed On Weak Exports and Housing

Posted by: Dr. Sherry Cooper

Chief Economist, Dominion Lending Centres

The highly anticipated November Labour Force Survey, released this morning by Stats Canada, surpassed all forecasts breaking multi-year records. Employers added a whopping 79,500 jobs last month, bringing the gains over the past 12 months to nearly 400,000. November’s data posted the most robust job market since the 2008-09 recession as the jobless rate plunged Read More

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