Let’s keep the momentum going!   Canadian Economy Recovers Almost Half Its COVID-Induced Loss in May and June The Canadian economy bounced back sharply in May and June as Canadian provinces eased lockdown measures. GDP expanded 4.5% in May, and activity in June was even more robust at an estimated 5% rise. Cumulatively, GDP rose […]

Certainly some positives and some momentum building.  See below for a summary of today’s Bank of Canada economic forecast.     The Bank of Canada under the new governor, Tiff Macklem, wants to be “unusually clear” that interest rates will remain low for a very long time. To do that, they are using “forward guidance”–indicating that […]

  Some more positive news!     Robust Jobs Report in June, Much Better Than Expected The June Labour Force Survey, released this morning by Statistics Canada, reflects labour market conditions as of the week of June 14 to June 20. By that time, public health restrictions had been eased in most parts of the country. […]

A great summary and breakdown of Canada’s Finance Minister’s announcement today!     Astonishing Fiscal Red Ink Announced Today Finance Minister Bill Morneau presented his fiscal snapshot this afternoon. Most economists were expecting a budget deficit of roughly $260 billion. Instead, the government announced a deficit for the fiscal year 2020-21 of $343.2 billion–close to 16% of GDP. That […]

Hot off the Press after Bank of Canada meeting! First Formal Remarks By Tiff Macklem, Bank of Canada Governor There were no surprises this morning from Governor Macklem’s virtual presentation to the Canadian Clubs of Canada. His opening written statement was quite brief and it was followed up with a Q and A. Here are the key […]

Excellent perspective Dr Cooper!   Opening Statement Before the House of Commons Standing Committee on Finance None of us has any experience in dealing with a medical emergency that has become an economic crisis, and none of us knows how long this will last or how the end game will play out. I think we all […]

Some more GOOD NEWS!  Thank you Dr Cooper 🙂   CANADIAN HOME SALES AND NEW LISTINGS RECOVER ONE-THIRD OF PANDEMIC LOSS IN MAY Record Gains in Canadian Home Sales and Listings in May There was good news today on the housing front. Home sales surged by a record 56.9% in May from April’s unprecedented collapse. […]

This is a relief!   Last week – CMHC announced changes to their approval criteria that reduced a Home Buyers buying power by 12-15%. Other changes eliminated some buyers all together … as the minimum credit score requirement increased.   Today – Genworth (an alternative to CMHC) announced it WILL NOT make any changes to […]

I LOVE positive information!  Thank you Dr Cooper 🙂   More Green Shoots–Employment Rebounds 10.6% in May  The doomsayers have been proven wrong by this employment report and by the high-frequency data that have been pointing to the start of a rebound in Canada’s economic activity. We have been signalling green shoots in the economy […]

RULE UPDATE   HUGE CHANGE COMING FOR BUYERS ….. CMHC has made the below change effective July 1, 2020 .. if you or someone you know is buying with less than 20% down … this will reduce the amount you can borrow.  The average impact will be a 14-15% REDUCTION in maximum purchase price!   […]