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Posted by: Kim Stenberg
The Bank of Canada held its benchmark interest rate unchanged at 2.75% at today’s meeting, as expected by half of the market, to mark the first hold following 225 basis points of cuts in seven consecutive decisions. The governing council noted that the unpredictability of the magnitude and duration of tariffs posed downside risks to growth […]
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The BoC slashed the overnight rate by 50 bps this morning, bringing the policy rate down to 3.25%. The market had priced in nearly 90% odds of a 50 bp move, where consensus coalesced. The combined slower-than-expected GDP growth and a sharp rise in the Canadian unemployment rate to 6.8% triggered the Bank’s second consecutive jumbo rate […]
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Today, the Bank of Canada cut the overnight policy rate by another 25 basis points to 4.25%. This is the third consecutive decrease since June. The Bank’s decision reflects two main developments. First, headline and core inflation have continued to ease as expected. Second, as inflation gets closer to the target, the central bank wants […]
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More Good News on the Canadian Inflation Front Inflation in Canada decelerated once again in July to its slowest pace in three years, assuring the central bank will cut rates for the third consecutive meeting on September 4. The US is also widely expected to begin easing monetary policy at its September confab. The annual […]
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Bank of Canada has cut its policy interest rate Exciting news for Canadians, as the Bank of Canada cuts rates again! The Bank of Canada reduced it policy rate in June — making Canada the first G7 country to do so — and the Bank was at it again yesterday. Its decision to further reduce the rate […]
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The Consumer Price Index (CPI) rose 2.7% year-over-year (y/y) in April, down from 2.9% in March. This marks the fourth consecutive decline in core inflation. Food prices, services, and durable goods led to the broad-based deceleration in the headline CPI. The deceleration in the CPI was moderated by gasoline prices, which rose faster in April (+6.1%) than […]
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The Canadian Real Estate Association (CREA) announced today that national home sales dipped in April 2024 from its prior month, as the number of properties available for sale rose sharply to kick off the spring housing market. Home sales activity recorded over Canadian MLS® Systems fell 1.7% between March and April 2024, a little below […]
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Today’s StatsCanada Labour Force Survey for April blindsided economists by coming in much more robust than expected. Employment in Canada rose a whopping 90,400 in April, the most in 15 months, following a decline in March, surpassing forecasts by a large margin. Substantial job gains were posted in both full-time and part-time work. After four […]
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I’d give this budget a C-. That’s generous. It squanders what could have been a reduction in the budget deficit for a host of inconsequential spending measures. Worse still, it increases capital gains taxes, which might play well for millennials and Gen Xers, who need help understanding the unintended consequences. Higher taxes will reduce investment […]
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Ho Hum Housing Data in March Provides Hints of Coming Strength in Spring The Canadian Real Estate Association (CREA) announced today that national home sales for March were roughly flat, while new listings fell and prices stagnated. CREA analysts are confident that recent activity will harken stronger housing markets for the rest of this year. There […]
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