June 15, 2017

GTA Sales Down Sharply as New Listings Surge In May

This morning’s release of the Canadian Real Estate Association (CREA) data for May confirmed earlier data from the Toronto Real Estate Board (TREB) pointing to a marked slowdown in housing activity in the Greater Toronto Area (GTA) since the late April announcement of the 15% foreign tax credit and the sixteen point program to enhance…

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June 9, 2017

May’s employment growth builds on gains since July 2016

Another Sign Of A Economic Strength Statistics Canada just released the Labour Force Survey for May, adding to the stream of positive economic indicators. While the jobless rate edged up 6.6% from a cycle-low 6.5%, it was the result of more optimism about job prospects as more people participated in the labour market. The jobless…

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May 24, 2017

Bank of Canada Maintains Current Policy Stance

The Bank of Canada has once again held the overnight rate steady at 0.50 per cent pointing to continued low inflation and subdued wage growth, which the Bank judges to be consistent with continuing excess capacity in the economy. In a very terse press release, the Bank suggests that the U.S. and global economies will…

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May 15, 2017

New Listings in Toronto Surge 36% As Sales Decline

Since last month’s release of CREA housing data, the Ontario government has introduced a similar 15% tax on foreign purchases in the Greater Golden Horseshoe (GGH), which is Canada’s largest urbanized area centred on the City of Toronto, where house prices have risen very sharply over the past decade and spiked in 2016 (see map…

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May 5, 2017

Canadian Unemployment Rate in April at 6.5%–Lowest Rate Since October 2008 –But Annual Wage Gains fell to Another Record Low

Canada’s economy generated virtually no net new job growth in April, on the heels of a  multi-month employment rally that was the strongest in years. Employment has now increased in 15 of the last 17 months with growth over the last year averaging a solid 23,000 per month. The details of the monthly report for…

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April 21, 2017

Ontario’s Premier Jump-Starts Housing Cool Down Before the Budget

Premier Kathleen Wynne surprised the market yesterday by announcing sweeping measures aimed at cooling the red-hot housing market a full week before Ontario Budget Day. The sixteen-measure package is largely intended to do three things: Cool demand; boost supply; and limit the increases in rents.  No one doubts that something needed to be done to…

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April 18, 2017

Strength in Housing Led By GTA–Policy Actions Coming

This morning, the Canadian Real Estate Association (CREA) released its March national real estate statistics showing home sales rose 1.1% from February to March, exceeding the previous monthly sales record set in April 2016. This strength in sales was boosted by a rebound in the Lower Mainland of British Columbia, London and St. Thomas (Ontario)…

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April 7, 2017

Canadian Jobs Beat Expectation in March, But Wage Growth Is Sluggish

Canada’s economy continue to generate job growth in March, extending an employment rally that is the strongest in years, but with increasingly sluggish wage increases. Canadian employment grew by 19,400 in March–exceeding economists’ expectation for the fourth consecutive month–while the unemployment rate increased 0.1 percentage points to 6.7% as more people searched for work. This…

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March 22, 2017

Budget 2017 – A Step Towards Stronger Potential Growth

Budget 2017 continues the government’s commitment to support the middle class by enhancing Canada’s long-term growth potential. Investments to foster innovation, skills and the ability to attract top talent from around the world are included. An important and growing competitive advantage is Canada’s openness to trade and immigration, having a broader range of free trade…

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February 15, 2017

New Mortgage Regulations Weigh On Home Sales

This morning, the Canadian Real Estate Association (CREA) released its January national real estate statistics showing home sales declined 1.3% month-over-month in the first month of this year. This down draft put resales at their second lowest monthly level since the fall of 2015 and only  a bit above levels recorded last November when new…

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