October 24, 2018

Category: About Sherry Articles Media Reporting on Sherry

Poloz Rate Hike Had A Hawkish Tone

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…

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October 15, 2018

Category: About Sherry Articles Media Reporting on Sherry

Four-Month Home Sales Gain Ends in September

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…

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September 17, 2018

Category: About Sherry Articles Media Reporting on Sherry

Four-Month Home Sales Gain Despite Weak B.C. Markets

The Canadian housing market showed continued signs of stabilizing last month with sales edging upward and prices easing a bit. National home sales increased 0.9% in August, the fourth consecutive monthly gain. Sales in Toronto advanced 2.2% while they rose 2.9% in Vancouver. Nevertheless, the pace of sales activity remains below levels in most other…

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September 7, 2018

Category: About Sherry Articles Media Reporting on Sherry

Canadian Jobs Plunge in August As Unemployment Rises

In a real shocker, Statistics Canada announced this morning that employment dropped by 51,600, retracing most of the 54,100 gain in July. Economists had been expecting a much stronger number, but the Labour Force Survey is notoriously volatile, and job gains continue to average 14,000 per month over the past year. Full-time employment growth has…

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September 5, 2018

Category: About Sherry Articles Media Reporting on Sherry

Poloz Holds The Line On Rates

As expected, the Bank of Canada held its key overnight rate this morning at 1.5%, asserting that July’s surprising spike in CPI inflation to 3% was in large part because of a jump in airfares. The Bank expects inflation to move back towards 2% in early 2019, as the effects of past increases in gasoline…

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August 30, 2018

Category: About Sherry Articles Media Reporting on Sherry

Q2 Canadian Growth Rebounded to 2.9%

This morning, Stats Canada released the second quarter GDP figures indicating a sharp rebound in growth to its most robust pace in a year. Real gross domestic product growth accelerated to 2.9% (all figures quoted in annual rates), up sharply from the 1.4% pace in Q1. The Q2 result is only slightly above the Bank…

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August 10, 2018

Category: About Sherry Articles Media Reporting on Sherry

Canada’s Jobless Rate Returned to a Four-Decade Low in July

Statistics Canada announced this morning that employment increased in July and the jobless rate fell .2 percentage points to 5.8%–returning to its lowest level since the 1970s posted earlier this year. The economy added a stronger-than-expected 54,100 net new jobs last month–its most significant advance this year. This gain, however, was driven by increases in…

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August 3, 2018

Category: About Sherry Articles Media Reporting on Sherry

Vancouver Housing Activity Weakens as Toronto Rebounds in July

Metro Vancouver The Real Estate Board of Greater Vancouver (REBGV) reported this week that July’s residential housing sales in Metro Vancouver* skidded to their lowest level for that month in 18 years. Residential property sales in the region totalled 2,070 last month, a 30.1% decline from the record level posted in July 2017, and a…

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July 16, 2018

Category: About Sherry Articles Media Reporting on Sherry

First Monthly Canadian Home Sales Gain This Year In June

National home sales rose by 4.1% in June compared to May, the first such rise this year. Even so, June’s sales activity remains well below the monthly pace of the past five years (see chart). The sales gains were led by the Greater Toronto Area (GTA) as 60% of all local housing markets reported increased…

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July 11, 2018

Category: About Sherry Articles Media Reporting on Sherry

Poloz Opens The Door For More Rate Hikes

As expected, the Bank of Canada hiked its key overnight rate this morning by 25 basis points to 1.5%. What wasn’t expected was the hawkish tone of the press release which brushed aside the threat of greater protectionism, instead emphasizing the need for higher interest rates to keep inflation near its target. In today’s Monetary…

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