20 Jun

Canadian Labour Market Is Much Too Tight–Adds To Inflation Pressure

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Posted by: Michael Cheung

Today’s Labour Market Survey for May 2022 showed that hiring continued at a rapid pace last month in an increasingly tight labour market, driving the jobless rate to another record low and fueling a sharp acceleration in wage gains. The economy added 39,000 jobs in May, surpassing expectations. The unemployment rate fell to 5.1%, far […]

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15 Dec

Canadian Economic and Fiscal Update

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Posted by: Michael Cheung

Federal Fiscal Update: Canada Has Weathered The Pandemic Storm Relatively Well Finance Minister Chrystia Freeland extolled the performance of the Canadian economy in response to the extraordinary support provided by the federal fiscal authorities and the Bank of Canada in the past 21 months. The economic recovery has been the second strongest in the g-7, […]

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8 Oct

Great News On The Canadian Job Front

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Posted by: Michael Cheung

Blockbuster September Jobs Report–Further Fuel For Rising Interest Rates Statistics Canada released the September Labour Force Survey this morning, providing some unmitigated good news on the jobs front. Employment rose by 157,000 (+0.8%) in September, the fourth consecutive monthly increase. The unemployment rate fell by 0.2 percentage points to 6.9%. Employment gains in September were […]

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16 Aug

Canadian Home Sales Slow for Fourth Consecutive Month

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Posted by: Michael Cheung

The Slowdown In Canadian Housing Continued in July Today the Canadian Real Estate Association (CREA) released statistics showing national existing home sales fell 3.5% nationally from June to July 2021–the fourth consecutive monthly decline. Over the same period, the number of newly listed properties dropped 8.8%, and the MLS Home Price Index rose 0.6% and […]

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8 Aug

Canada’s Jobs Recovery Continued in July

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Posted by: Michael Cheung

Canadian Job Growth Continued in July As Unemployment Rate Fell to 7.5% Canada’s labour market continued its recovery in July as health restrictions were lifted, but the gains were shy of expectations. The report signals the economic rebound is intact and shows companies are finding workers as pandemic restrictions vanish. The smaller-than-expected increase, though, could […]

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15 Jun

Canadian Housing Continues to Moderate in May

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Posted by: Michael Cheung

The Slowdown In Canadian Housing Continued in May Today, the Canadian Real Estate Association (CREA) released statistics showing national existing home sales fell 7.4% nationally from April to May 2021, building on the 11% decline in April. Over the same period, the number of newly listed properties fell 6.4%, and the MLS Home Price Index […]

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2 Jun

Housing Drove the Economic Expansion in Q1

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Posted by: Michael Cheung

Yesterday’s Stats Canada release showed that the economy grew at a 5.6% annualized rate in the first quarter, after a revised 9.3% pace in the final quarter of last year. That was somewhat below economists’ expectations. Housing investment grew at an annualized 43% pace, by far the biggest impetus of the expansion. Residential investment now […]

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20 Apr

Budget 2021 — The other shoe hasn’t dropped … yet

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Posted by: Michael Cheung

Finance Minister Chrystia Freeland tabled the 2021 Federal Budget on April 19, 2021. It has been a long time coming with the hiatus last year due to the COVID-19 pandemic. The budget deficit is pegged at $354 billion. There has been much speculation about what kinds of revenue-raising measures would be implemented to pay for […]

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8 Apr

OSFI Considers Setting a Minimum Qualifying Rate of 5.25% For Uninsured Mortgages

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Posted by: Michael Cheung

Banking Regulator Aims To Make It Tougher To Get An Uninsured Mortgage With several Big-Five bank CEOs calling for regulatory action to slow the red-hot housing market, it didn’t take long for the Office of the Superintendent of Financial Institutions (OSFI), the governor of federally regulated financial institutions, to respond. In a news release issued […]

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