Canada’s tax holiday ran for two months but it probably felt much shorter, and with good reason. Statistics Canada (Stat Can) data shows the Consumer Price Index (CPI) accelerated in January. The central bank’s preferred inflation measures are now approaching the upper bound, and will bust through it like the Kool-Aid Man once the temporary […]
Canadian real estate prices are climbing despite an eroding economic and population outlook. Canadian Real Estate Association (CREA) data shows prices climbed sharply in January. It wasn’t due to a tightening market, as the growth rate of new listings was 8x that of home sales. Rising prices were almost certainly due to exuberance and policymakers […]
Canada’s largest city is commonly known as the country’s economic capital, but that may change soon. Statistics Canada (Stat Can) data shows the Toronto CMA region added tens of thousands of jobs in January, but added even more unemployed people. Nearly 1 in 11 of the region’s workers are now actively unemployed and seeking work—a […]
Canadians are paying a lot more for a lot less, even when it comes to construction investment. Statistics Canada (Stat Can) data shows that investment in building construction ended the year much higher in December. Before getting too excited, a quick dive past the headlines into the agency’s data in real (inflation-adjusted) terms tells a […]
Canada has some of the most highly indebted households in the world, and they may be approaching their breaking point. Office of the Superintendent of Bankruptcy (OSB) data shows December was one of the busiest in years for consumer insolvencies. The year ended with the most filings since 2009, growing at a pace similar to […]
Canada’s largest mortgage lenders are in an unusually long-lasting rut. Canadian Bankers Association (CBA) data shows its members are seeing more mortgages fall into arrears in November. The arrears rate is now moving at one of the fastest paces ever recorded, rising from record lows to a 3-year high in a matter of months. At […]
Greater Toronto real estate prices are back, and it appears it’s being driven entirely by exuberance. TRREB data shows that home sales fell in January, while inventory surged. The demand balance showed some of the weakest sales on record, traditionally applying downward pressure on prices. However, the optimism over mortgage rules changing gave a handful […]
Canada’s central bank slashed its key interest rate, as widely expected—but went even further. Earlier today, the Bank of Canada (BoC) announced it would slash the overnight rate by 25 basis points (bps), as well as end its quantitative tightening (QT) program pre-maturely. The central bank has been amongst the fastest easing in the world, […]
One of Canada’s largest banks warns the central bank’s rate decision won’t be easy this week. BMO economists wrote to investors to outline the difficulty the Bank of Canada (BoC) will have sifting through the noise. Following historical revisions, the Labor Force Survey (LFS) data shows employment is much stronger than previously believed. However, the […]
Canadian real estate isn’t getting much of a boost despite lower rates and billions in stimulus. Canadian Real Estate Association (CREA) data shows the price of a typical home (composite benchmark) slipped lower in December. Despite plunging rates, most provinces saw prices grind lower and all but one remained lower than the record high. Meanwhile, […]
