Month: July 2019
July 31, 2019
Category: About Sherry Articles Media Reporting on Sherry
The Fed’s Quarter-Point Rate Cut Not the Start of Something Big
The Federal Open Market Committee (FOMC) cut the overnight target rate by 25 basis points as expected today. Chairman Jerome Powell, however, said it was designed to “insure against downside risks” rather than to signal the start of multiple rate cuts. President Trump called for “large” rate cuts on Twitter and has for months pressured…
July 19, 2019
Category: About Sherry Articles Media Reporting on Sherry
Qualifying Mortgage Rate Falls For First Time Since B-20 Intro
The interest rate used by the federally regulated banks in mortgage stress tests has declined for the first time since 2016, making it a bit easier to get a mortgage. This is particularly important for first-time homeowners who have been struggling to pass the B-20 stress test. The benchmark posted 5-year fixed rate has fallen…
July 15, 2019
Category: About Sherry Articles Media Reporting on Sherry
June Home Sales Stopped Deteriorating in Three Western Provinces
Statistics released late last week by the Canadian Real Estate Association (CREA) show that national home sales were little changed in June following gains in the prior three months. Housing activity remains well below levels recorded over much of 2015-2017–the boom years. As the chart below shows, national sales have moved up to close to…
July 10, 2019
Category: About Sherry Articles Media Reporting on Sherry
Bank of Canada Maintains Overnight Rate and Raises 2019 Forecast
The Bank of Canada held the target overnight rate at 1.75% for the sixth consecutive decision and showed little willingness to ease monetary policy, as stronger domestic growth offsets the risk of mounting global trade tensions. There has been ongoing speculation that the Bank of Canada would be pushed into cutting interest rates by the…
July 5, 2019
Category: About Sherry Articles Media Reporting on Sherry
Following Months of Booming Jobs Growth, Gains Stall in June
After a long stretch of stronger-than-expected Canadian jobs growth, it is not surprising that this notoriously volatile data series took a breather. There was little change in the number of employees in both the public and private sectors in June. The Canadian economy shed 2,200 jobs last month as self-employment fell 1.4% and other employment…