About Sherry

At the start of every New Year, pundits posit the forecast as everyone wonders what the year will bring. While no one has a crystal ball, here are some fundamentals at play this year: 1). Canada’s economy will continue to under perform the U.S. as growth slows to 1-3/4% in 2019 compared to just over…

Statistics Canada released its December Labour Force Survey this morning showing modest job gains and an unemployment rate that remains at a record-low 5.6%. The economy generated 9,300 net new jobs in December, a small increase following a record 94,100 jump in the prior month. However, December’s rise beat economists’ expectations of 5,500 jobs and…

Statistics released today by the Canadian Real Estate Association (CREA) show that national home sales dipped for the third consecutive month, down 2.3% from October to November and down a whopping 12.6% year-over-year. Transactions declined in just over half of all local markets, with lower activity in the Greater Toronto Area (GTA), the Greater Vancouver…

With so much bad news coming out about the economy, Statistics Canada this morning posted a blockbuster jobs report, mitigating worries about the health of the economy. Employment increased by a whopping 94,100 in November, led mostly by full-time jobs that were broadly based across industries. This was the largest monthly jobs gain in records…

As was universally expected, the Bank of Canada’s Governing Council held overnight interest rates steady at 1-3/4% as it heralded a weaker outlook for the Canadian economy. The dovish tone in today’s Bank of Canada statement is in direct contrast to its attitude when it last met on October 24. Since that time, the global…

This morning, Stats Canada released the third quarter GDP figures indicating an expected slowdown to 2.0% growth (all figures quoted in annual rates), compared to a 2.9% pace in Q2. Over the first three quarters of this year, quarterly growth has averaged 2.2% which is down from the 3.0% annual growth recorded in 2017. The…

Statistics released today by the Canadian Real Estate Association (CREA) show that national home sales declined for the second consecutive month in October, edging back by 1.6% month-over-month (m/m) and down 3.7% from year-ago levels. Year-over-year sales in October are now about in line with their 10-year monthly average (see chart below). Existing home sales…

Canada posted moderate employment gains as the unemployment rate dipped once again to historically low levels, which was the result of fewer people look for work. Despite very tight labour markets and rising job vacancy rates, wage growth weakened in October. Statistics Canada released data today that showed a moderate 11.2k gain in employment, but…

As was universally expected, the Bank of Canada’s Governing Council hiked overnight rates this morning by 25 basis points taking the benchmark yield to 1-3/4%. This marked the fifth rate increase since the current tightening phase began in July 2017 (see chart below). The central bank stated it would return the overnight rate to a…

Canadian home sales declined for the first time in five months led downward by weakening activity in Vancouver and Toronto. Statistics released today by The Canadian Real Estate Association (CREA) show national home sales fell by 0.4% from August to September. While housing activity has picked up since the first half of this year, it…