October 2015 Economic Fundamentals
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Canadian economy grows again, pointing to stronger second half
The Canadian economy posted its second straight month of impressive growth in July, strengthening the case that the country’s economic fortunes have turned a corner following a trying first half of the year.
Statistics Canada reported that Canada’s real gross domestic product grew by 0.34 per cent month-over-month in July, building on the 0.44-per-cent growth posted in June. The two-month upturn marks a sharp reversal from the first five months of the year, when the economy contracted each month, bogged down by the impact of the oil shock and an unusually harsh winter. After a cumulative GDP decline of 0.9 per cent over the first five months of 2015, the economy has now rebounded by nearly 0.8 per cent over the past two months of data.
Read the full article here.
The Canadian economy posted its second straight month of impressive growth in July, strengthening the case that the country’s economic fortunes have turned a corner following a trying first half of the year.
Statistics Canada reported that Canada’s real gross domestic product grew by 0.34 per cent month-over-month in July, building on the 0.44-per-cent growth posted in June. The two-month upturn marks a sharp reversal from the first five months of the year, when the economy contracted each month, bogged down by the impact of the oil shock and an unusually harsh winter. After a cumulative GDP decline of 0.9 per cent over the first five months of 2015, the economy has now rebounded by nearly 0.8 per cent over the past two months of data.
Read the full article here.
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Goal set to see 72.5% of Canadians be homeowners by 2020, up from 69%, thus supporting demand curve further and increasing net worth of Canadians
VAUGHAN, Ont. — Conservative Party Leader Stephen Harper continued his bid for the middle class electorate on Tuesday, declaring home ownership “one of the most unmistakable marks of economic success” and vowing to increase the number of Canadian homeowners by 700,000 by 2020.
The end goal, according to the Conservative Party, is to push Canada’s homeownership rate to 72.5 per cent, up from 66 per cent in 2001, and 69.0 per cent in 2011.
Read the full article here.
VAUGHAN, Ont. — Conservative Party Leader Stephen Harper continued his bid for the middle class electorate on Tuesday, declaring home ownership “one of the most unmistakable marks of economic success” and vowing to increase the number of Canadian homeowners by 700,000 by 2020.
The end goal, according to the Conservative Party, is to push Canada’s homeownership rate to 72.5 per cent, up from 66 per cent in 2001, and 69.0 per cent in 2011.
Read the full article here.
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Canadian home prices are growing at one of the fastest paces in the world. Bring on the FEAR button crowd
The surge in Canadian home prices in the second quarter of 2015 ranked among the biggest gains in global real estate markets, a Scotiabank study said Thursday.
With an 8.2 per cent rise year over year, Canada registered the fourth highest pace of growth in the world. Ireland with a 13.3 per cent gain in prices topped the list in the bank’s Global Real Estate Trends. Sweden saw a 10.5 per cent gain and Australia, 8.3 per cent.
Read the full article here.
The surge in Canadian home prices in the second quarter of 2015 ranked among the biggest gains in global real estate markets, a Scotiabank study said Thursday.
With an 8.2 per cent rise year over year, Canada registered the fourth highest pace of growth in the world. Ireland with a 13.3 per cent gain in prices topped the list in the bank’s Global Real Estate Trends. Sweden saw a 10.5 per cent gain and Australia, 8.3 per cent.
Read the full article here.
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Approval of Enbridge’s Line 9 applauded by #Quebec refineries
The owners of the two Quebec refineries readying for shipments of Western Canadian crude say the National Energy Board’s decision to approve Enbridge Inc.’s Line 9 project will provide a long-awaited boost to their bottom lines.
“It’s a project that we’ve been waiting for,” said Julie Cusson, director of public and government affairs in Canada for Valero Energy Inc., which is looking to replace pricey feedstock imported from the U.S. Gulf Coast, as well as Europe and Africa, with cheaper Canadian crude.
Read the full article here.
The owners of the two Quebec refineries readying for shipments of Western Canadian crude say the National Energy Board’s decision to approve Enbridge Inc.’s Line 9 project will provide a long-awaited boost to their bottom lines.
“It’s a project that we’ve been waiting for,” said Julie Cusson, director of public and government affairs in Canada for Valero Energy Inc., which is looking to replace pricey feedstock imported from the U.S. Gulf Coast, as well as Europe and Africa, with cheaper Canadian crude.
Read the full article here.
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Canada manufacturing activity shrinks to lowest on record in office
OTTAWA, (Reuters) - Business conditions in the Canadian manufacturing sector fell to a record low in August as demand for new business weakened and new export orders stagnated as the country continues to feel the effect of cheap oil prices, data showed on Thursday.
The RBC Canadian Manufacturing Purchasing Managers' index (PMI), a measure of manufacturing business conditions, fell to a seasonally adjusted 48.6 last month from 49.4 in August. It was the lowest level in the survey's five-year history and the second month in a row the index has been below the 50 threshold showing the sector contracted.
Read the full article here.
OTTAWA, (Reuters) - Business conditions in the Canadian manufacturing sector fell to a record low in August as demand for new business weakened and new export orders stagnated as the country continues to feel the effect of cheap oil prices, data showed on Thursday.
The RBC Canadian Manufacturing Purchasing Managers' index (PMI), a measure of manufacturing business conditions, fell to a seasonally adjusted 48.6 last month from 49.4 in August. It was the lowest level in the survey's five-year history and the second month in a row the index has been below the 50 threshold showing the sector contracted.
Read the full article here.
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Canada’s economy puts recession behind it with second straight month of growth
OTTAWA — Well, so much for Canada’s recession.
After pulling back for two straight quarters, the economy is showing new resilience — rebounding in subsequent months and providing hope of more growth for the rest of the year.
Read the full article here.
OTTAWA — Well, so much for Canada’s recession.
After pulling back for two straight quarters, the economy is showing new resilience — rebounding in subsequent months and providing hope of more growth for the rest of the year.
Read the full article here.
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Canadian economy grows again, pointing to stronger second half
The Canadian economy posted its second straight month of impressive growth in July, strengthening the case that the country’s economic fortunes have turned a corner following a trying first half of the year.
Statistics Canada reported that Canada’s real gross domestic product grew by 0.34 per cent month-over-month in July, building on the 0.44-per-cent growth posted in June. The two-month upturn marks a sharp reversal from the first five months of the year, when the economy contracted each month, bogged down by the impact of the oil shock and an unusually harsh winter. After a cumulative GDP decline of 0.9 per cent over the first five months of 2015, the economy has now rebounded by nearly 0.8 per cent over the past two months of data.
Read the full article here.
The Canadian economy posted its second straight month of impressive growth in July, strengthening the case that the country’s economic fortunes have turned a corner following a trying first half of the year.
Statistics Canada reported that Canada’s real gross domestic product grew by 0.34 per cent month-over-month in July, building on the 0.44-per-cent growth posted in June. The two-month upturn marks a sharp reversal from the first five months of the year, when the economy contracted each month, bogged down by the impact of the oil shock and an unusually harsh winter. After a cumulative GDP decline of 0.9 per cent over the first five months of 2015, the economy has now rebounded by nearly 0.8 per cent over the past two months of data.
Read the full article here.
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Goal set to see 72.5% of Canadians be homeowners by 2020, up from 69%, thus supporting demand curve further and increasing net worth of Canadians
VAUGHAN, Ont. — Conservative Party Leader Stephen Harper continued his bid for the middle class electorate on Tuesday, declaring home ownership “one of the most unmistakable marks of economic success” and vowing to increase the number of Canadian homeowners by 700,000 by 2020.
The end goal, according to the Conservative Party, is to push Canada’s homeownership rate to 72.5 per cent, up from 66 per cent in 2001, and 69.0 per cent in 2011.
Read the full article here.
VAUGHAN, Ont. — Conservative Party Leader Stephen Harper continued his bid for the middle class electorate on Tuesday, declaring home ownership “one of the most unmistakable marks of economic success” and vowing to increase the number of Canadian homeowners by 700,000 by 2020.
The end goal, according to the Conservative Party, is to push Canada’s homeownership rate to 72.5 per cent, up from 66 per cent in 2001, and 69.0 per cent in 2011.
Read the full article here.
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Everyone NEEDS clarity: International Investors ‘urge’ Alberta to speed up royalty regime, climate policy: Notley
International investors have “urged” the Alberta government to move quickly on royalty regime and climate change policy changes, Premier Rachel Notley said Tuesday.
“They were certainly very interested in what we have to say — it was not surprising but also encouraging,”, after her meeting with energy investors in New York earlier in the day.
Read the full article here.
International investors have “urged” the Alberta government to move quickly on royalty regime and climate change policy changes, Premier Rachel Notley said Tuesday.
“They were certainly very interested in what we have to say — it was not surprising but also encouraging,”, after her meeting with energy investors in New York earlier in the day.
Read the full article here.
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TransAlta cuts 239 head office employees in Calgary to save money
Earlier this year, TransAlta “improved productivity” at its Canadian coal and mining business unit by reducing the head count by 247 employees and optimizing mine operations, changes which are expected to reduce annual costs by approximately $22 million, it said in a news release.
“These are important steps in the context of a very competitive Alberta market and they will ensure sustainable cost reductions into the future,” said chief financial officer Donald Tremblay in the latest release.
Read the full article here.
Earlier this year, TransAlta “improved productivity” at its Canadian coal and mining business unit by reducing the head count by 247 employees and optimizing mine operations, changes which are expected to reduce annual costs by approximately $22 million, it said in a news release.
“These are important steps in the context of a very competitive Alberta market and they will ensure sustainable cost reductions into the future,” said chief financial officer Donald Tremblay in the latest release.
Read the full article here.
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Alberta recession not stopping Canadians from moving to province
Between April and June, more than 31,000 people came to Alberta from other provinces, said Hirsch, citing Statistics Canada numbers released Tuesday. About 23,000 packed up and left for greener pastures elsewhere in Canada during the same period, leaving a net gain of 8,264 new Albertans. That number outpaced the average quarterly gain of 7,000 over the past five years, said Hirsch.
“The fact that Alberta is still gaining thousands of net interprovincial migrants presents a bit of a puzzle,” Hirsch wrote in a commentary.
Read the full article here.
Between April and June, more than 31,000 people came to Alberta from other provinces, said Hirsch, citing Statistics Canada numbers released Tuesday. About 23,000 packed up and left for greener pastures elsewhere in Canada during the same period, leaving a net gain of 8,264 new Albertans. That number outpaced the average quarterly gain of 7,000 over the past five years, said Hirsch.
“The fact that Alberta is still gaining thousands of net interprovincial migrants presents a bit of a puzzle,” Hirsch wrote in a commentary.
Read the full article here.
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Only two recessions in Calgary since 1987 and both more severe than 2015 forecast. History of binge and purge
“It’s going to be a recession, but by no means I don’t think is this going to be the worst one the city or the province has ever seen,” said Todd Hirsch, chief economist with ATB Financial. “Where most individuals start to notice it is in the job market. All these other indicators like output and manufacturing, or the real GDP, where people will feel it is when they’re laid off.
“(In) 1989, or even earlier in the 1980s, we had double-digit unemployment rates in the city and in the province. This time around I don’t think we’re going to get anywhere near to double-digits.”
Read the full article here.
“It’s going to be a recession, but by no means I don’t think is this going to be the worst one the city or the province has ever seen,” said Todd Hirsch, chief economist with ATB Financial. “Where most individuals start to notice it is in the job market. All these other indicators like output and manufacturing, or the real GDP, where people will feel it is when they’re laid off.
“(In) 1989, or even earlier in the 1980s, we had double-digit unemployment rates in the city and in the province. This time around I don’t think we’re going to get anywhere near to double-digits.”
Read the full article here.
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Canadian home prices are growing at one of the fastest paces in the world
The surge in Canadian home prices in the second quarter of 2015 ranked among the biggest gains in global real estate markets, a Scotiabank study said Thursday.
With an 8.2 per cent rise year over year, Canada registered the fourth highest pace of growth in the world. Ireland with a 13.3 per cent gain in prices topped the list in the bank’s Global Real Estate Trends. Sweden saw a 10.5 per cent gain and Australia, 8.3 per cent.
Read the full article here.
The surge in Canadian home prices in the second quarter of 2015 ranked among the biggest gains in global real estate markets, a Scotiabank study said Thursday.
With an 8.2 per cent rise year over year, Canada registered the fourth highest pace of growth in the world. Ireland with a 13.3 per cent gain in prices topped the list in the bank’s Global Real Estate Trends. Sweden saw a 10.5 per cent gain and Australia, 8.3 per cent.
Read the full article here.
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Approval of Enbridge’s Line 9 applauded by #Quebec refineries
The owners of the two Quebec refineries readying for shipments of Western Canadian crude say the National Energy Board’s decision to approve Enbridge Inc.’s Line 9 project will provide a long-awaited boost to their bottom lines.
“It’s a project that we’ve been waiting for,” said Julie Cusson, director of public and government affairs in Canada for Valero Energy Inc., which is looking to replace pricey feedstock imported from the U.S. Gulf Coast, as well as Europe and Africa, with cheaper Canadian crude.
Read the full article here.
The owners of the two Quebec refineries readying for shipments of Western Canadian crude say the National Energy Board’s decision to approve Enbridge Inc.’s Line 9 project will provide a long-awaited boost to their bottom lines.
“It’s a project that we’ve been waiting for,” said Julie Cusson, director of public and government affairs in Canada for Valero Energy Inc., which is looking to replace pricey feedstock imported from the U.S. Gulf Coast, as well as Europe and Africa, with cheaper Canadian crude.
Read the full article here.
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Canadian banks ranked world’s soundest for 8th straight year Economic stability of country plays role
Canada’s banks were ranked the world’s soundest by the World Economic Forum for the eighth year in a row, even as rising housing prices may present a risk.
The country’s banking system, which includes Toronto- Dominion Bank, Royal Bank of Canada and Bank of Nova Scotia among others, ranked No. 1 in the Global Competitiveness Report released by the organization Wednesday in Geneva. Finland’s system ranked second of 140 countries surveyed and Australia’s third. The U.S. came in 39th place, compared with 49th a year earlier, according to the report.
Read the full article here.
Canada’s banks were ranked the world’s soundest by the World Economic Forum for the eighth year in a row, even as rising housing prices may present a risk.
The country’s banking system, which includes Toronto- Dominion Bank, Royal Bank of Canada and Bank of Nova Scotia among others, ranked No. 1 in the Global Competitiveness Report released by the organization Wednesday in Geneva. Finland’s system ranked second of 140 countries surveyed and Australia’s third. The U.S. came in 39th place, compared with 49th a year earlier, according to the report.
Read the full article here.
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Canada signs on to huge Trans-Pacific trade deal
Canada has signed on to the Trans-Pacific Partnership trade deal, which creates the largest trading bloc in the world. The federal government will also spend billions of dollars to support Canadian farmers as part of an accord that will have immediate implications on the election campaign.
Prime Minister Stephen Harper made the announcement in Ottawa Monday morning, calling it a “historic day for Canada” that will have significant long-term benefits for the economy.
Read the full article here.
Canada has signed on to the Trans-Pacific Partnership trade deal, which creates the largest trading bloc in the world. The federal government will also spend billions of dollars to support Canadian farmers as part of an accord that will have immediate implications on the election campaign.
Prime Minister Stephen Harper made the announcement in Ottawa Monday morning, calling it a “historic day for Canada” that will have significant long-term benefits for the economy.
Read the full article here.