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August 2014 Canadian Economic Fundamentals
- Thread starter Ally
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All job growth in the past year is for part-time work
Ottawa - Overall employment was unchanged in July 2014, as gains in part-time work were offset by losses in full time, Statistics Canada reports in its latest Labour Force Survey. A decline in the number of people searching for work pushed the unemployment rate down 0.1 percentage points to 7.0%.
In the 12 months to July, employment increased by 115,000 or 0.7%, with all the growth in part-time work. The total hours worked were unchanged compared with July 2013.
Read the full article here.
Ottawa - Overall employment was unchanged in July 2014, as gains in part-time work were offset by losses in full time, Statistics Canada reports in its latest Labour Force Survey. A decline in the number of people searching for work pushed the unemployment rate down 0.1 percentage points to 7.0%.
In the 12 months to July, employment increased by 115,000 or 0.7%, with all the growth in part-time work. The total hours worked were unchanged compared with July 2013.
Read the full article here.
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Data to answer if June high was a dream for housing market
The Canadian Real Estate Association is set to release existing homes sales data for July on Friday and economists will be watching closely to see whether the momentum the market has shown in recent months will persist.
Opinions are mixed about whether the recent sales growth stems mostly from buyers who hibernated during the exceptionally cold weather earlier in the year, or whether it is sustainable.
Read the full article here.
The Canadian Real Estate Association is set to release existing homes sales data for July on Friday and economists will be watching closely to see whether the momentum the market has shown in recent months will persist.
Opinions are mixed about whether the recent sales growth stems mostly from buyers who hibernated during the exceptionally cold weather earlier in the year, or whether it is sustainable.
Read the full article here.
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Employment growth looking brighter for second half of 2014
A rebound in economic growth in the second quarter and expectations for solid growth bode well for employment prospects, according to BMO Economics. The outlook aligns with a BMO Bank of Montreal report released today showing the hiring intentions of Canadian business owners for 2014.
"Service-sector job growth has been much stronger than manufacturing sector job growth in the past year," said Robert Kavcic, Senior Economist, BMO Capital Markets. "Looking ahead, we expect manufacturing and export-related industries to pick up on the back of stronger U.S. demand and the lagged impact of the weaker loonie. Exports climbed 1.1 per cent in June and the upward trend can support an increase in Canadian employment levels."
Read the full article here.
A rebound in economic growth in the second quarter and expectations for solid growth bode well for employment prospects, according to BMO Economics. The outlook aligns with a BMO Bank of Montreal report released today showing the hiring intentions of Canadian business owners for 2014.
"Service-sector job growth has been much stronger than manufacturing sector job growth in the past year," said Robert Kavcic, Senior Economist, BMO Capital Markets. "Looking ahead, we expect manufacturing and export-related industries to pick up on the back of stronger U.S. demand and the lagged impact of the weaker loonie. Exports climbed 1.1 per cent in June and the upward trend can support an increase in Canadian employment levels."
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Canadian housing market surprises again with rising July housing starts
Canada`s housing starts beat economist predictions for a fourth straight month in July, led by the most single-family home projects in almost two years.
The pace of work on new homes rose 0.7 percent to a seasonally adjusted annual pace of 200,098 units, the fastest since October, from a revised 198,665 in June, Ottawa-based Canada Mortgage & Housing Corp. reported today. Economists forecast a decline to 193,000, according to the median of 18 responses in a Bloomberg News survey.
Read the full article here.
Canada`s housing starts beat economist predictions for a fourth straight month in July, led by the most single-family home projects in almost two years.
The pace of work on new homes rose 0.7 percent to a seasonally adjusted annual pace of 200,098 units, the fastest since October, from a revised 198,665 in June, Ottawa-based Canada Mortgage & Housing Corp. reported today. Economists forecast a decline to 193,000, according to the median of 18 responses in a Bloomberg News survey.
Read the full article here.
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Rise in asset values pushes up Canadians' wealth
Canadians saw their net worth climb by nearly 8 per cent last year as real estate and investment values soared, pushing average household wealth levels to a new high and offering a clear indication that many Canadians have put the recent recession far behind them.
An analysis of wealth by Environics Analytics shows the average household in Canada had total assets of $564,834 at the end of 2013 and average debt of $122,705, for average net worth of $442,130. Average wealth was up 7.7 per cent from the end of 2012 and 28 per cent from the end of 2007 before the recession began.
Read the full article here.
Canadians saw their net worth climb by nearly 8 per cent last year as real estate and investment values soared, pushing average household wealth levels to a new high and offering a clear indication that many Canadians have put the recent recession far behind them.
An analysis of wealth by Environics Analytics shows the average household in Canada had total assets of $564,834 at the end of 2013 and average debt of $122,705, for average net worth of $442,130. Average wealth was up 7.7 per cent from the end of 2012 and 28 per cent from the end of 2007 before the recession began.
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Canadians' net worth up 8%, rebounding from downturn
TORONTO ` Canadians` fortunes appear to be in good shape, with their net worth up nearly eight per cent on higher real estate and investment values.
That`s according to data from Environics Analytics, which found that the average net worth per household last year grew by 7.7 per cent to $442,130.
Read the full article here.
TORONTO ` Canadians` fortunes appear to be in good shape, with their net worth up nearly eight per cent on higher real estate and investment values.
That`s according to data from Environics Analytics, which found that the average net worth per household last year grew by 7.7 per cent to $442,130.
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Canadian salary forecasts for 2014
(Toronto, August 19, 2013) ` Canadian employees can expect an average salary increase of 2.6% in 2014, according to a national survey of public and private sector employers conducted by Hay Group.
The projected increase is lower than the projection for 2013 (at 2.9 %) and continues to be relatively close to projected increases of 2.8% for American employees. U.S. average projections are also lower for 2014 than they were a year ago.
Read the full article here.
(Toronto, August 19, 2013) ` Canadian employees can expect an average salary increase of 2.6% in 2014, according to a national survey of public and private sector employers conducted by Hay Group.
The projected increase is lower than the projection for 2013 (at 2.9 %) and continues to be relatively close to projected increases of 2.8% for American employees. U.S. average projections are also lower for 2014 than they were a year ago.
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Canadian housing starts rise in July, bucking forecasts
TORONTO (Reuters) - Canadian housing starts bucked forecasts and rose in July, data on Monday showed, but analysts said the recent resumption of the housing market's upward drive is likely to falter if mortgage rates rise as expected heading into 2015.
Canada Mortgage and Housing Corp said the seasonally adjusted annualized rate of housing starts rose to 200,098 last month from a upwardly revised 198,665 units in June.
Read the full article here.
TORONTO (Reuters) - Canadian housing starts bucked forecasts and rose in July, data on Monday showed, but analysts said the recent resumption of the housing market's upward drive is likely to falter if mortgage rates rise as expected heading into 2015.
Canada Mortgage and Housing Corp said the seasonally adjusted annualized rate of housing starts rose to 200,098 last month from a upwardly revised 198,665 units in June.
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Fast-paced builds worry economists
OTTAWA ` Some economists warn that the surge in the number of new homes being built in Canada is unsustainable and could approach `worrying` levels if interest rates remain at the current level.
Canada Mortgage and Housing Corp. reported Monday that housing starts increased to a seasonally adjusted annual pace of 200,098 in July, a slight increase from 198,665 in June
Read the full article here.
OTTAWA ` Some economists warn that the surge in the number of new homes being built in Canada is unsustainable and could approach `worrying` levels if interest rates remain at the current level.
Canada Mortgage and Housing Corp. reported Monday that housing starts increased to a seasonally adjusted annual pace of 200,098 in July, a slight increase from 198,665 in June
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StatsCan casts doubt on July job numbers
OTTAWA - A cloud of doubt settled over Canada's dismal July jobs numbers Tuesday as Statistics Canada announced that it made an error in formulating the figures.
Corrected data will be released Friday, one week after the agency reported a measly 200 positions were created in July ` a number that fell woefully short of expectations and left the Conservative government reeling.
Read the full article here.
OTTAWA - A cloud of doubt settled over Canada's dismal July jobs numbers Tuesday as Statistics Canada announced that it made an error in formulating the figures.
Corrected data will be released Friday, one week after the agency reported a measly 200 positions were created in July ` a number that fell woefully short of expectations and left the Conservative government reeling.
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Canada's changing commercial real estate market
Canada`s office market has softened in the past year, as office workers` changing needs are transforming the spaces they work in, says a report by Avison Young.
Country-wide, the vacancy rate rose from 8% to 9.2% in the last 12 months. There are now more than 500-million square feet of free space.
Read the full article here.
Canada`s office market has softened in the past year, as office workers` changing needs are transforming the spaces they work in, says a report by Avison Young.
Country-wide, the vacancy rate rose from 8% to 9.2% in the last 12 months. There are now more than 500-million square feet of free space.
Read the full article here.
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Canada's housing market surprises again, led by robust single-family home starts
Canada`s housing starts beat economist predictions for a fourth straight month in July, led by the most single-family-home projects in almost two years.
The pace of work on new homes rose 0.7 per cent to a seasonally adjusted annual pace of 200,098 units, the fastest since October, from a revised 198,665 in June, Ottawa-based Canada Mortgage & Housing Corp. reported Monday.
Read the full article here.
Canada`s housing starts beat economist predictions for a fourth straight month in July, led by the most single-family-home projects in almost two years.
The pace of work on new homes rose 0.7 per cent to a seasonally adjusted annual pace of 200,098 units, the fastest since October, from a revised 198,665 in June, Ottawa-based Canada Mortgage & Housing Corp. reported Monday.
Read the full article here.
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Why Ottawa lacks a good grasp of the housing price surge
At the July, 2014, Monetary Policy Report (MPR) press conference, Bank of Canada Governor Stephen Poloz announced that the bank would be keeping its policy rate in `neutral` for the foreseeable future. While introducing a new catchphrase ` `serial disappointment` ` the MPR report and the Governor`s comments gave short shrift to the overheated Canadian housing market, which continues to be fuelled by historically low interest rates. Despite conceding `particularly strong` price growth over the past year and `near record-high house prices and debt levels,` the bank insists that housing is in for a `soft landing.`
Read the full article here.
At the July, 2014, Monetary Policy Report (MPR) press conference, Bank of Canada Governor Stephen Poloz announced that the bank would be keeping its policy rate in `neutral` for the foreseeable future. While introducing a new catchphrase ` `serial disappointment` ` the MPR report and the Governor`s comments gave short shrift to the overheated Canadian housing market, which continues to be fuelled by historically low interest rates. Despite conceding `particularly strong` price growth over the past year and `near record-high house prices and debt levels,` the bank insists that housing is in for a `soft landing.`
Read the full article here.
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Canada's big banks posting stagnant growth in insured mortgages
Canada`s largest banks, as a whole, have seen almost no growth in their insured mortgage portfolios recently, Macquarie Capital Markets analyst Asim Imran discovered.
He found this out by digging through some data that the banking regulator ` the Office of the Superintendent of Financial Institutions ` gathers.
Read the full article here.
Canada`s largest banks, as a whole, have seen almost no growth in their insured mortgage portfolios recently, Macquarie Capital Markets analyst Asim Imran discovered.
He found this out by digging through some data that the banking regulator ` the Office of the Superintendent of Financial Institutions ` gathers.
Read the full article here.
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Canadian consumer tax index, 2014
The Canadian Consumer Tax Index tracks the total tax bill of the average Canadian family from 1961 to 2013. Including all types of taxes, that bill has increased by 1,832 percent since 1961. Taxes have grown much more rapidly than any other single expenditure for the average Canadian family: expenditures on shelter increased by 1,375 percent, clothing by 620 percent, and food by 546 percent from 1961 to 2013.
The 1,832 percent increase in the tax bill has also greatly outpaced the increase in the Consumer Price Index (682 percent), which measures the average price that consumers pay for food, shelter, clothing, transportation, health and personal care, education, and other items. In fact, the average Canadian family now spends more of its income on taxes than it does on basic necessities such as food, shelter, and clothing. In 2013, 41.8 percent of the average family`s income went to pay taxes while in 1961, only 33.5 percent of the family`s income went to taxes.
Read the full article here.
The Canadian Consumer Tax Index tracks the total tax bill of the average Canadian family from 1961 to 2013. Including all types of taxes, that bill has increased by 1,832 percent since 1961. Taxes have grown much more rapidly than any other single expenditure for the average Canadian family: expenditures on shelter increased by 1,375 percent, clothing by 620 percent, and food by 546 percent from 1961 to 2013.
The 1,832 percent increase in the tax bill has also greatly outpaced the increase in the Consumer Price Index (682 percent), which measures the average price that consumers pay for food, shelter, clothing, transportation, health and personal care, education, and other items. In fact, the average Canadian family now spends more of its income on taxes than it does on basic necessities such as food, shelter, and clothing. In 2013, 41.8 percent of the average family`s income went to pay taxes while in 1961, only 33.5 percent of the family`s income went to taxes.
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Commercial real estate slows
Canada`s office market has softened in the past year, while the U.S. market is picking up, says a report by Avison Young.
Despite rising from 8% in 2013, Canada`s average vacancy of 9.2% shows the ongoing health of the market. That`s better than the U.S., which has a rate of 13.5%. The gap between these two rates has narrowed during the past year, as the American rate was previously 14.2%.
Read the full article here.
Canada`s office market has softened in the past year, while the U.S. market is picking up, says a report by Avison Young.
Despite rising from 8% in 2013, Canada`s average vacancy of 9.2% shows the ongoing health of the market. That`s better than the U.S., which has a rate of 13.5%. The gap between these two rates has narrowed during the past year, as the American rate was previously 14.2%.
Read the full article here.
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StatsCan glitch puts a hold on new EI claims
OTTAWA ` An error in the jobs report issued last week by Statistics Canada has resulted in a freeze on new employment insurance claims.
Government officials said Wednesday that new EI claims were being put on hold until the agency fixes the mistake.
Read the full article here.
OTTAWA ` An error in the jobs report issued last week by Statistics Canada has resulted in a freeze on new employment insurance claims.
Government officials said Wednesday that new EI claims were being put on hold until the agency fixes the mistake.
Read the full article here.