Canada’s housing crisis keeps getting worse. The latest Housing Supply Report by the Canada Mortgage and Housing Corporation concluded that the level of new construction is too low to address the long-term housing supply gap. The housing supply grew by only 1% in the first half of this year, ... READ MORE >
Bank of Canada
Canada’s job market remains resilient, adding 64,000 jobs
The Canadian economy remained resilient in September, adding 64,000 jobs as the unemployment rate was unchanged at 5.5%, according to data released Friday by Statistics Canada. There were two reasons that the unemployment rate stayed the same despite the job gains: population growth and a slowdown in ... READ MORE >
Canada’s economy was unchanged in July
Canada’s gross domestic product in July remained unchanged, adding to the prospect that the economy can achieve a soft landing and avoid a recession. The data released by Statistics Canada on Friday offered a picture of an economy holding its own even as it cools. Services-producing industries grew by ... READ MORE >
Canada inflation surges 4%, exceeding forecasts
Inflation in Canada spiked far more than forecast in August, raising the prospect of another interest rate increase by the Bank of Canada. Even though inflation was expected to increase because of rising gas prices, higher rents and comparisons to the moderate levels of a year ago, the 4% ... READ MORE >
Soft landing likely as Canada added 40,000 jobs in August
A look at August’s job report reveals clear signs of a soft landing. Canada added 40,000 jobs, smashing expectations, and offset the modest loss in July many times over. The unemployment rate was unchanged at 5.5%, according to data released on Friday by Statistics Canada. Immigration has played a ... READ MORE >
Bank of Canada holds rates steady amid a cooling economy
The Bank of Canada kept its policy rate at 5% on Wednesday as the unexpected contraction of the economy in the second quarter gave a clear message of a cooling economy. The central bank’s decision to keep rates steady also suggested that its campaign of rate increases might be over, rendering a rate ... READ MORE >
Canada’s economy contracts as higher interest rates take a toll
The picture of an economic slowdown is coming into focus as the Canadian economy contracted in the second quarter because of declining housing investments and household spending. Gross domestic product fell by 0.2% in the second quarter, according to data released by Statistics Canada on Friday. On ... READ MORE >
Canada retail sales edge higher, bolstered by car purchases
Retail sales in Canada climbed by 0.1% to $65.9 billion in June, according to data released by Statistics Canada on Wednesday. Despite the slight increase, the new data offers evidence of cooling consumer demand. The increase was entirely driven by the sales of motor vehicles and parts. Excluding motor ... READ MORE >
Canadian inflation ticks up but underlying data may bode well for interest rates
Canada’s July inflation figures are a somber reminder that the road back to 2% will take time and patience. The headline inflation rate stands at 3.3%, above the 1-3% target range after months of sharp decline, according to data Statistics Canada released Tuesday. A 3.3% inflation rate is clearly ... READ MORE >
Canada’s job market slows as unemployment rate hits 5.5%
Even though the number of jobs overall in Canada was little changed as the economy lost 6,000 positions in July, the labour market is showing signs of losing momentum. Canada’s unemployment rate rose to 5.5%, the third consecutive increase for the first time since March 2020, the onset of the ... READ MORE >