August 2015 Canadian Economic Fundamentals
- Thread starter Ally
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5 minutes early is on time
I have a magic pill to sell you. It will help you make more money, be happier, look thinner, and have better relationships. It’s a revolutionary new pharmaceutical product called Late-No-More. Just one dose every day will allow you to show up on time, greatly enhancing your life and the lives of those around you.
All joking aside, being late is unacceptable. While that sounds harsh, it’s the truth and something that should be said more often. I don’t care if you’re attending a dinner party, a conference call, or a coffee meeting – your punctuality says a lot about you.
Read the full article here.
I have a magic pill to sell you. It will help you make more money, be happier, look thinner, and have better relationships. It’s a revolutionary new pharmaceutical product called Late-No-More. Just one dose every day will allow you to show up on time, greatly enhancing your life and the lives of those around you.
All joking aside, being late is unacceptable. While that sounds harsh, it’s the truth and something that should be said more often. I don’t care if you’re attending a dinner party, a conference call, or a coffee meeting – your punctuality says a lot about you.
Read the full article here.
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Interesting perspective from Macleans. Canada’s new upper class: firefighters, police officers, teachers
Eddie Francis, the mayor of Windsor, Ont., can count the number of murders his city has seen in recent years on one hand. Windsor recorded a single homicide in 2011, after famously going more than two years without one. But the border city is making headlines for another reason, and it’s hardly a source of civic pride. The number of Windsor police and staff who took home six-figure incomes came close to doubling in 2012. In January, an arbitrator awarded the police a hefty 12 per cent pay hike over four years, retroactive to 2011. As a result, 40 per cent of the force took home more than $100,000 last year. Crime may not pay. But in Windsor, fighting it sure does.
Across the river, Detroit’s highest-paid police officer—aside from the chief—took home US$53,000 last year, and probably had a much tougher job. With a violent crime rate five times the national average, Detroit in 2012 retained—for a fourth year running—its dubious title as America’s most dangerous city. Detroit’s chief of police earned $97,697, or less than half the $205,000 pocketed by Windsor chief Albert Frederick (which was about the same as Raymond Kelly earned as the police commissioner of New York City, one of the largest and busiest police forces in the world).
Read the full article here.
Eddie Francis, the mayor of Windsor, Ont., can count the number of murders his city has seen in recent years on one hand. Windsor recorded a single homicide in 2011, after famously going more than two years without one. But the border city is making headlines for another reason, and it’s hardly a source of civic pride. The number of Windsor police and staff who took home six-figure incomes came close to doubling in 2012. In January, an arbitrator awarded the police a hefty 12 per cent pay hike over four years, retroactive to 2011. As a result, 40 per cent of the force took home more than $100,000 last year. Crime may not pay. But in Windsor, fighting it sure does.
Across the river, Detroit’s highest-paid police officer—aside from the chief—took home US$53,000 last year, and probably had a much tougher job. With a violent crime rate five times the national average, Detroit in 2012 retained—for a fourth year running—its dubious title as America’s most dangerous city. Detroit’s chief of police earned $97,697, or less than half the $205,000 pocketed by Windsor chief Albert Frederick (which was about the same as Raymond Kelly earned as the police commissioner of New York City, one of the largest and busiest police forces in the world).
Read the full article here.
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And there you have it. Just as we discussed late last year in REIN. Russia submits claim for 1.2-million square kilometres of the Arctic …including the North Pole
Russia made a new bid Tuesday for a huge swath of Arctic territory — including the North Pole — putting Canada in the position of potentially having to negotiate with the country to settle overlapping claims.
Canada, Russia, the U.S., Denmark and Norway have all been trying to assert jurisdiction over parts of the Arctic, which is believed to hold up to a quarter of the planet’s undiscovered oil and gas. Rivalry for Arctic resources has intensified as shrinking polar ice is opening new opportunities for exploration.
Read the full article here.
Russia made a new bid Tuesday for a huge swath of Arctic territory — including the North Pole — putting Canada in the position of potentially having to negotiate with the country to settle overlapping claims.
Canada, Russia, the U.S., Denmark and Norway have all been trying to assert jurisdiction over parts of the Arctic, which is believed to hold up to a quarter of the planet’s undiscovered oil and gas. Rivalry for Arctic resources has intensified as shrinking polar ice is opening new opportunities for exploration.
Read the full article here.
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Millennial insights match our findings
HOBOKEN, New Jersey -- Aaron Boucher likes to joke that he used to hunt for apartments in Brooklyn based on their proximity to fried chicken restaurants. But these days, he's a little pickier: He wants to be close to everything.
That's why he lives in Hoboken, a 1.28-square-mile city considered one of the country's most walkable. He said he likes that every amenity he could imagine is minutes away by foot, so when, for example, on Wednesday night his wife wanted to cook Mexican food, he could walk to the corner grocery store to buy sour cream.
Read the article here.
HOBOKEN, New Jersey -- Aaron Boucher likes to joke that he used to hunt for apartments in Brooklyn based on their proximity to fried chicken restaurants. But these days, he's a little pickier: He wants to be close to everything.
That's why he lives in Hoboken, a 1.28-square-mile city considered one of the country's most walkable. He said he likes that every amenity he could imagine is minutes away by foot, so when, for example, on Wednesday night his wife wanted to cook Mexican food, he could walk to the corner grocery store to buy sour cream.
Read the article here.
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Canadian exports rebound in June with biggest gain since 2006
Canadian exports surged in June, rising at the fastest pace in almost a decade amid the first signs the nation may be rebounding from its downturn.
Exports rose 6.3 per cent from the previous month, the biggest gain since December 2006, ending five straight monthly declines, Statistics Canada said Wednesday in Ottawa. The June trade deficit narrowed to $476-million, from $3.37-billion in May.
Read the full article here.
Canadian exports surged in June, rising at the fastest pace in almost a decade amid the first signs the nation may be rebounding from its downturn.
Exports rose 6.3 per cent from the previous month, the biggest gain since December 2006, ending five straight monthly declines, Statistics Canada said Wednesday in Ottawa. The June trade deficit narrowed to $476-million, from $3.37-billion in May.
Read the full article here.
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Mortgage fraud on the decline in Canada, Genworth CEO says
Mortgage fraud has been on the decline in Canada in recent years thanks to tougher regulations, better training and new technology, the head of Canada’s largest private mortgage insurance company says.
“The industry takes misrepresentation very seriously and as a group we’ve all taken some very strong actions over the last few years to reduce instances of misrepresentation and fraud in the industry,” Stuart Levings, chief executive officer of Genworth MI Canada Inc., said in a conference call with analysts on Wednesday.
Read the full article here.
Mortgage fraud has been on the decline in Canada in recent years thanks to tougher regulations, better training and new technology, the head of Canada’s largest private mortgage insurance company says.
“The industry takes misrepresentation very seriously and as a group we’ve all taken some very strong actions over the last few years to reduce instances of misrepresentation and fraud in the industry,” Stuart Levings, chief executive officer of Genworth MI Canada Inc., said in a conference call with analysts on Wednesday.
Read the full article here.
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Canada's service industry helping drive country's trade growth
A large part of Canada’s recent trade growth has come from the service industry, according to a Conference Board of Canada report. Services now account for 44% of Canada's exports – including supply chain contributions – and 43% of foreign affiliate sales.
Read the full article here.
A large part of Canada’s recent trade growth has come from the service industry, according to a Conference Board of Canada report. Services now account for 44% of Canada's exports – including supply chain contributions – and 43% of foreign affiliate sales.
Read the full article here.
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Higher-than-expected exports could point to economic rebound in Q3
Analysts are pointing to this data as an indicator that the Canadian economy could rebound in 2015’s third quarter.
“Canada has likely skidded through the soft patch and is ready for a comeback over the next two quarters, with momentum in both consumer spending and exports underpinning our view of a rebound in economic growth,” TD Economics’ Diana Petramala said.
Read the full article here.
Analysts are pointing to this data as an indicator that the Canadian economy could rebound in 2015’s third quarter.
“Canada has likely skidded through the soft patch and is ready for a comeback over the next two quarters, with momentum in both consumer spending and exports underpinning our view of a rebound in economic growth,” TD Economics’ Diana Petramala said.
Read the full article here.
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The big appeal of smaller condos: Micro housing coming to Canada
Micro condos are coming to Canada, providing affordability for first-time buyers. Popular with students, downsizers and investors, this new housing form appeals to the consummate downtowner.
Smaller suites are the norm in places like London, Tokyo and New York, and in Canadian cities, they’ve proved enormously popular with surprisingly swift sales.
Read the full article here.
Micro condos are coming to Canada, providing affordability for first-time buyers. Popular with students, downsizers and investors, this new housing form appeals to the consummate downtowner.
Smaller suites are the norm in places like London, Tokyo and New York, and in Canadian cities, they’ve proved enormously popular with surprisingly swift sales.
Read the full article here.
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Five things you should know before you start your workday
People keep telling you that you’re in for a bleak retirement because our three-pillar retirement system isn’t working. The three pillars are (1) your personal savings; (2) your old-age security benefits; and (3) your Canada Pension Plan entitlement.
Fred Vettese, chief actuary at Morneau Shepell, writes in Thursday’s Financial Post that CPP needs to be enhanced, but not in the way the big unions keep telling us. (The Canadian Labour Congress proposes doubling the CPP with mandatory contributions.)
Read the full article here.
People keep telling you that you’re in for a bleak retirement because our three-pillar retirement system isn’t working. The three pillars are (1) your personal savings; (2) your old-age security benefits; and (3) your Canada Pension Plan entitlement.
Fred Vettese, chief actuary at Morneau Shepell, writes in Thursday’s Financial Post that CPP needs to be enhanced, but not in the way the big unions keep telling us. (The Canadian Labour Congress proposes doubling the CPP with mandatory contributions.)
Read the full article here.
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Great news for Canada? How a weak loonie may end up hurting the U.S. economy and helping Canada
Federal Reserve Chair Janet Yellen said less than a month ago that she expected the dollar’s drag on the American economy to dissipate. She may not have foreseen that the greenback would surge to an 11-year high against the currency of the U.S.’s biggest trading partner.
As the greenback’s advance against the euro and the yen subsided, its 5 per cent rally against the Canadian dollar this quarter may prove to be more detrimental to the world’s biggest economy. The U.S.’s northern neighbour buys about 17 per cent of America’s products, more than any other nation, data compiled by Bloomberg show. And shipments are already have declined after reaching a record last year.
Read the full article here.
Federal Reserve Chair Janet Yellen said less than a month ago that she expected the dollar’s drag on the American economy to dissipate. She may not have foreseen that the greenback would surge to an 11-year high against the currency of the U.S.’s biggest trading partner.
As the greenback’s advance against the euro and the yen subsided, its 5 per cent rally against the Canadian dollar this quarter may prove to be more detrimental to the world’s biggest economy. The U.S.’s northern neighbour buys about 17 per cent of America’s products, more than any other nation, data compiled by Bloomberg show. And shipments are already have declined after reaching a record last year.
Read the full article here.
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Is oil headed for a price drop?
Morgan Stanley has been pretty pessimistic about oil prices in 2015, drawing comparisons with the some of the worst oil slumps of the past three decades. The current downturn could even rival the iconic price crash of 1986, analysts had warned—but definitely no worse.
Read the full article here.
Morgan Stanley has been pretty pessimistic about oil prices in 2015, drawing comparisons with the some of the worst oil slumps of the past three decades. The current downturn could even rival the iconic price crash of 1986, analysts had warned—but definitely no worse.
Read the full article here.
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More data needed in Chinese investment in Canadian real estate, paper says
A research paper out of the University of Alberta is calling for more information on foreign investment in Canadian housing and raises the spectre that money laundering may be part of the residential real estate market.
Read the full article here.
A research paper out of the University of Alberta is calling for more information on foreign investment in Canadian housing and raises the spectre that money laundering may be part of the residential real estate market.
Read the full article here.
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Are millennials better off renting?
In a report from the St. Louis Fed, titled “The Demographics of Wealth,” the authors raise concerns that buying a home too early is putting young families on a trajectory to be poorer than all previous generations. It was released earlier this year and is based on data collected from 40,000 households between 1989 and 2013.
Delaying home ownership is a solution that they put forth, suggesting that millennials “delay purchase of a home with its attendant debt burden until it (is) possible to buy a house that (does) not make the family’s balance sheet dangerously undiversified and highly leveraged.”
Read the full article here.
In a report from the St. Louis Fed, titled “The Demographics of Wealth,” the authors raise concerns that buying a home too early is putting young families on a trajectory to be poorer than all previous generations. It was released earlier this year and is based on data collected from 40,000 households between 1989 and 2013.
Delaying home ownership is a solution that they put forth, suggesting that millennials “delay purchase of a home with its attendant debt burden until it (is) possible to buy a house that (does) not make the family’s balance sheet dangerously undiversified and highly leveraged.”
Read the full article here.
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More data needed on Chinese investment in Canadian real estate
A research paper out of the University of Alberta is calling for more information on foreign investment in Canadian housing and raises the spectre that money laundering may be part of the residential real estate market.
The paper from Kerry Sun, a research associate at the China Institute, an Edmonton-based think-tank that is part of the University of Alberta, also looks at how other jurisdictions have dealt with the issue of foreign investment in property.
Read the full article here.
A research paper out of the University of Alberta is calling for more information on foreign investment in Canadian housing and raises the spectre that money laundering may be part of the residential real estate market.
The paper from Kerry Sun, a research associate at the China Institute, an Edmonton-based think-tank that is part of the University of Alberta, also looks at how other jurisdictions have dealt with the issue of foreign investment in property.
Read the full article here.
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Economic analysis: Canadian jobs all part-time, U.S. sees job gains
The divergence between the Canadian and U.S. economies continues as the July employment data reveal Canadian weakness and U.S. strength. The Canadian economy added 6,600 jobs last month as services-related sectors continued to offset job losses in manufacturing and natural resources. The gains reflected more self-employed and part-time work, with the number of full-time jobs falling 17,300. The unemployment rate was unchanged at 6.8 per cent.
Professional services is a pocket of strength for Canada, but weakness in manufacturing employment has been puzzling to policymakers given the fall in the Canadian dollar, which should make manufactured products more competitive. Factories shed 4,600 workers in July in a sector that has had no net new employment growth in the past 12 months. Manufacturing export strength was supposed to offset the job losses in the oil patch, but to date, there has been little evidence of this hope.
Read the full article here.
The divergence between the Canadian and U.S. economies continues as the July employment data reveal Canadian weakness and U.S. strength. The Canadian economy added 6,600 jobs last month as services-related sectors continued to offset job losses in manufacturing and natural resources. The gains reflected more self-employed and part-time work, with the number of full-time jobs falling 17,300. The unemployment rate was unchanged at 6.8 per cent.
Professional services is a pocket of strength for Canada, but weakness in manufacturing employment has been puzzling to policymakers given the fall in the Canadian dollar, which should make manufactured products more competitive. Factories shed 4,600 workers in July in a sector that has had no net new employment growth in the past 12 months. Manufacturing export strength was supposed to offset the job losses in the oil patch, but to date, there has been little evidence of this hope.
Read the full article here.
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Oil woes mean Calgary, Toronto share 6.6% jobless rate
One symbol of how the Canadian economic landscape has been dramatically transformed by the oil shock is the unemployment rate in Calgary, the heart of the energy patch, now matches that of Toronto, home to financial services and manufacturing.
It’s the first time in more than 15 years that Calgary’s rate has not been lower than Toronto’s as Alberta’s energy sector has cut spending and jobs in the face of a global oversupply of crude.
Read the full article here.
One symbol of how the Canadian economic landscape has been dramatically transformed by the oil shock is the unemployment rate in Calgary, the heart of the energy patch, now matches that of Toronto, home to financial services and manufacturing.
It’s the first time in more than 15 years that Calgary’s rate has not been lower than Toronto’s as Alberta’s energy sector has cut spending and jobs in the face of a global oversupply of crude.
Read the full article here.
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The perfect storm to create a rental unit in your property
One area that money could get funnelled into is secondary rental units, like basement apartments, which are also set to get a major lift because ofchanges made by Canada Mortgage and Housing Corp.
“I think people do a fair amount of it,” said Peter Norman, chief economist of Altus Group, referring to how much of the annual $68 billion renovation market goes into creating income suites. “(A new tax credit) obviously comes into play into the renovation numbers, but it’s a small amount. There are lot of reasons why someone might create a basement apartment suite and lots of reasons not to.”
Read the full article here.
One area that money could get funnelled into is secondary rental units, like basement apartments, which are also set to get a major lift because ofchanges made by Canada Mortgage and Housing Corp.
“I think people do a fair amount of it,” said Peter Norman, chief economist of Altus Group, referring to how much of the annual $68 billion renovation market goes into creating income suites. “(A new tax credit) obviously comes into play into the renovation numbers, but it’s a small amount. There are lot of reasons why someone might create a basement apartment suite and lots of reasons not to.”
Read the full article here.