Author: Sherry Cooper

In a surprise move, British Columbia introduced a new 15 percent property transfer tax on foreign real estate buyers in Vancouver on Monday, action intended to calm soaring prices. The new tax would apply to buyers who are neither Canadian citizens, nor permanent residents. The definition of foreign buyer appears to include international students and…

The decision by British voters to leave the European Union (EU) has shocked markets and will no doubt lead to continued uncertainty for an extended period. Stock markets around the world are reeling, the British pound has taken an unprecedented nosedive, commodity prices with the exception of gold are plunging and interest rates are falling…

No one expected the Federal Reserve to raise rates today even though they have been criticized by some for lacking credibility. When the target overnight fed funds rate was first hiked late last year, the Federal Open Market Committee (FOMC) forecast four rate hikes this year. Now, most Committee members believe there will be only…

From Business News Network (BNN): The hottest real estate markets in Canada continue to defy gravity with home sales in Toronto last month reaching a record level and prices jumping 16 per cent. Sherry Cooper, Chief Economist, Dominion Lending Centres, has not used the word “bubble” to describe conditions in Toronto or Vancouver, but says…

First on the U.S. Jobs Front The May employment report was released this morning in the US and it was shockingly weak–indeed, the weakest number in almost 6 years. Nonfarm payroll employment was up only 38,000, well below the market expectation of 160,000. Not only was May incredibly weak, but the March and April job…

Why Are People Taking So Much Money Out of China? China is experiencing the largest episode of capital flight in history, encouraged by the slowdown in economic activity, the plunge in the stock market and the surprise devaluation of the currency–the Chinese yuan (also called the renminbi) last August. Chinese businesses and consumers are moving money…

In a short but not-so-sweet missive, the Bank of Canada left its target overnight rate unchanged at 1/2 percent as expected. The Bank, however, sharply reduced its forecast for second quarter Canadian growth owing to the devastating wildfires in Alberta. The Bank’s economists estimate that the fire-related damage and shutdown of oil production will reduce…

From Business News Network (BNN): Sherry Cooper, Chief Economist at Dominion Lending Centres joins BNN to break down the April jobs numbers for Canada and the U.S.