The Bank of Canada (BoC) official who put the productivity “crisis” in the spotlight, returned this week with a familiar fix: invest in artificial intelligence (AI). Deputy Governor Carolyn Rogers urged businesses to adopt AI, comparing its productivity potential to the adoption of the internet. BMO chief economist Douglas Porter dumped cold water on those […]
Canada’s central bank just told business leaders to prepare for economic pain that will outlast most of them. Bank of Canada (BoC) Governor Tiff Macklem declared the country’s old economy dead last Wednesday in Toronto, warning of “painful” and permanent restructuring that will take decades. He’s advocating for big gambles he admits may not work, […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Bank of Canada Explains Toronto Condos, Describes A Ponzi Scheme Canada’s central bank tried to explain Toronto’s condo market, and accidentally described a Ponzi. New home sales fell to just 1,599 units, the weakest since the early 1990s real estate crash. Meanwhile, […]
Mortgage delinquencies are rising across Canada, but nowhere quite like Ontario. Canadian Bankers Association (CBA) data shows mortgage arrears continued to rise in November. Ontario has seen its rate more than quadruple in just over three years, hitting the highest level since 2012. Ontario Mortgage Delinquencies Soar To 13-Year High Ontario mortgage arrears rate: Mortgages […]
Canada’s largest real estate market runs on speculation, not housing demand. That’s the core message from the Bank of Canada’s (BoC) latest report, outlining the mechanics of a Ponzi scheme, without dropping the P-bomb. They warn that falling investor returns, driven by higher interest rates, now threaten builder models, suggesting these homes aren’t viable as […]
Time for your cheat sheet on this week’s top stories. Canadian Real Estate Canadian GDP Growth 23% Smaller Than BoC Forecast Just 2 Days Ago Canada’s economy is shrinking, according to the latest data from Statistics Canada. Real GDP was flat in November, following a 0.3% drop in October. As a result, the agency expects […]
Canada’s economy stumbled in November, with Statistics Canada (StatCan) data showing flat growth. Not much of a drag, but enough that it shaves nearly a quarter of the growth the Bank of Canada forecast just a few days ago. For national data, that’s not noise—it’s a massive gap, and the most likely explanation raises more […]
The Canadian economy is doing better than expected, and things will slow but be fine. That’s the takeaway one gets reading the summary of the Bank of Canada’s (BoC) January Monetary Policy Report (MPR). However, a dive into the full 44-page report reveals that narrative is a statistical mirage, supported by contradictory data points the […]
Canadian household debt isn’t just a risk to overindebted borrowers, but a growing risk for financial stability. That’s one of the key takeaways from the IMF’s latest report on Canada, which finds the financial system resilient overall. However, the agency flags elevated household debt as a vulnerability to the broad economy that risks amplifying future […]
Canadian real estate developers are sitting on a record pile of unsold new homes. CMHC data shows completed and unsold new homes hit a record in December, a rare sight in a country where most units are sold pre-construction. Even more surprising is that half of these vacant new homes are in Toronto and Vancouver, […]
