The Bank of Canada struck a “hawkish tone” in its latest policy rate announcement that points to the possibility of another rate hike if the situation calls for it, according to Sherry Cooper, chief economist at Dominion Lending Centres (DLC). Cooper acknowledged the slowdown in economic activity since late 2022, which has “dramatically reduced” demand […]

The Bank of Canada indicated yesterday that it’s prepared to raise interest rates again if required – but its acknowledgement that the economy is slowing substantially is a positive sign, according to Canadian Imperial Bank of Commerce (CIBC) deputy chief economist Benjamin Tal. The central bank left its policy rate untouched for a second consecutive […]

The central bank has made its second-to-last scheduled rate announcement of the year. The Bank of Canada has left its policy interest rate unchanged in its latest decision, opting not to raise rates further amid signs that the national economy is beginning to slow. The central bank announced this morning that it was holding that […]

Canada will narrowly avoid an outright recession, but the central bank’s multi-decade-high interest rates will likely restrict economic growth down to near-zero levels for a prolonged period, according to the consensus of economists recently polled by Bloomberg. The poll, which was conducted from October 13-18, also found that Canadian GDP will be essentially flat in […]

The Bank of Canada is widely expected to hold its key interest rate steady on Wednesday as the Canadian economy bends to higher interest rates and inflation resumes its downward trend. The central bank held its key interest rate steady at 5% last month but kept the door open to more rate hikes, citing concerns […]

Canada’s mortgage and housing markets have seen plenty of turbulence throughout this year amid climbing interest rates and cooler sales activity – but while challenges will persist in 2024, there’s room for optimism looking ahead. That was the message from a panel at this week’s Mortgage Professionals Canada (MPC) national conference in Toronto, convening top […]

It is the fourth of Canada’s five major banks to face penalties for such violations this year Consumer Protection BC, British Columbia’s consumer protection agency, has fined Canadian Imperial Bank of Commerce (CIBC) over $3.4 million after it was found to have violated mortgage discharge rules. According to the regulator, CIBC did not comply with […]

The annual pace of housing starts was up by 8% in September compared with the previous month, according to the national housing agency. Canada Mortgage and Housing Corporation (CMHC) said on Wednesday that September saw a seasonally adjusted annual rate of 270,466 units in September, a jump from 250,383 the previous month that was driven […]

Today’s inflation report for September was considerably better than expected, ending the three-month rise in inflation. Not only did the headline inflation rate fall, but so did the core measures of inflation on a year-over-year basis and a three-month moving average basis. This, in combination with the weak Business Outlook Survey released yesterday, suggests that the […]

Canadians continue to have trouble affording homes because of rising interest rates even as home prices have dropped in major markets across the country, as reported by Ratehub.ca. “Home values dropped in all 10 cities we looked at, yet still became less affordable. August to September data highlights how impactful even a minor rate increase […]