Canada Data

  • 2020-02-25 12:15

    --Lane Says Digital Currency May Be Needed In Future

    OTTAWA (MNI) - The Bank of Canada is mapping out how it might issue a digital currency in case the decline of cash or new private forms of money shake up the financial system, Deputy Governor Tim Lane said Tuesday.

    There are no current plans to issue a digital currency and the government would have to alter legislation to permit such a change, Lane said.

    The speech and a 17-page discussion paper is the strongest signal yet about Canada may deal with the popularity of digital payments and challenges to sovereignty from private alternatives like Facebook's Libra and bitcoin.

  • 2020-02-14 10:11

    By Greg Quinn

    OTTAWA (MNI) - Canada's housing market remained tight in January with average prices rising the most since mid-2016 and measures of the inventory of properties for sale the lowest in more than a decade.

    The average price of $504,350 was up 11.2% from a year earlier, the Canadian Real Estate Association said Friday from Ottawa. The Toronto area is among the hottest markets while declines in Vancouver are fading, with quality-adjusted prices in both cities up more than 50% from five years ago.

    The return of housing market strain is a big reason the BOC is reluctant to cut the G7's highest interest rate of 1.75%, because faster growth now could come at the expense of a bigger setback down the road.

  • 2020-02-05 12:15

    By Greg Quinn and Anahita Alinejad

    OTTAWA (MNI) - The Bank of Canada is studying a nominal GDP target and putting more weight on past inflation during a review of its 2% inflation goal that's up for renewal next year, Senior Deputy Governor Carolyn Wilkins said Wednesday.

    The global use of tools like QE and negative rates is also being studied, and it's still unclear what their long-term effects are, Wilkins said in a speech in Toronto. Canada avoided most of those extraordinary tools in the 2008 financial crisis, and some of them are still in use abroad more than a decade later.

  • 2020-01-27 11:50

    --Statistics Canada Makes Annual Revision to Labour Force Survey

    OTTAWA (MNI) - Canada's job market wasn't as bad as thought late last year with revisions Monday showing the November decline is no longer the steepest in a decade, a potential relief to a central bank that signaled it may cut rates because of persistent weakness.

    Statistics Canada published annual revisions paring the November drop in jobs to 54,400 from the original report of 71,200, which was the largest since the last recession in 2009. The revised figure is now the largest job decline since January 2018, according to MNI calculations using StatsCan's data.

    The December job gain was marked down to 27,300 from 35,200, Statistics Canada said.

  • 2020-01-22 10:00

    By Greg Quinn

    OTTAWA (MNI) - Text of the BOC decision released Wednesday from Ottawa:

    The Bank of Canada today maintained its target for the overnight rate at 1.75 percent. The Bank Rate is correspondingly 2 percent and the deposit rate is 1.50 percent.

    The global economy is showing signs of stabilization, and some recent trade developments have been positive. However, there remains a high degree of uncertainty and geopolitical tensions have re-emerged, with tragic consequences. The Canadian economy has been resilient but indicators since the October Monetary Policy Report (MPR) have been mixed.

    Data for Canada indicate that growth in the near term will be weaker, and the output gap wider, than the Bank projected in October.

  • 2020-01-22 10:00

    By Greg Quinn and Anahita Alinejad

    OTTAWA (MNI) - The Bank of Canada held its key interest rate at 1.75%, dropping a phrase about borrowing costs being appropriate to say it's watching for signs that slower-than-expected growth will persist.

    Geopolitical and trade tensions remain high and may be spreading into Canada's resilient domestic economy, adding slower job growth and consumer spending to already shaky investment and exports. The slowdown that started in the fourth quarter will extend into the first quarter of this year and move the economy away from full output, the Ottawa-based BOC said Wednesday.

  • 2020-01-20 12:04

    --Railway Strike Curbed Shipments Following UAW Strike

    OTTAWA (MNI) - Canada will likely report the fifth decline in factory sales in six months for November, with shipments disrupted again by labor strikes.

    Sales declined 0.4% according to the MNI economist median, following a 0.7% October decline. While the previous report showed disruptions from a UAW strike that hit auto production, November is hurt by a CN railway worker strike.

    The declines could again pull down GDP on the month and take fourth-quarter growth further away from the BOC's estimate to below a 1% annualized pace.

  • 2020-01-15 11:19

    --Sales-To-New-Listings Ratio At Lowest Since 2004, Realtors Say

    OTTAWA (MNI) - Canada's home price gains are poised to quicken this year with the supply of properties for sale at its lowest in more than a decade, which could raise alarms for a central bank wary of froth returning to the market.

    The 4.2 months of inventory of homes for sale in December was the lowest since mid-2007, and more than a month below the long-run average, the Canadian Real Estate Association said Wednesday.

    "Its current reading suggests that sales negotiations are becoming increasingly tilted in favor of sellers," the CREA report said.

  • 2020-01-08 10:09

    By Greg Quinn

    OTTAWA (MNI) - The Bank of Canada will publish a new consumer sentiment survey starting on Monday to help figure out if policy makers are meeting their mandate of keeping inflation at 2%.

    The first quarterly survey will be released at 10:30am EST alongside its Business Outlook Survey, the BOC said in a statement Wednesday from Ottawa. It will cover questions about inflation expectations, the job market and household finances, and the format is similar to polling done by the New York Fed.

    Survey results about price expectations fill a gap with more general questions in other private surveys of the consumer outlook.

  • 2019-12-12 12:40

    OTTAWA (MNI) - Following is the text of a speech by Bank of Canada Governor Stephen Poloz Thursday in Toronto:

    Big Issues Ahead: The Bank's 2020 Vision


    It has become a tradition for me to give a speech at the end of the year about the major issues affecting the Canadian economy. I will only get to say this once, so I hope you will permit meToday, I want to focus on the Bank's 2020 vision. I want to walk you through some of the major forces acting on the economy and indicate what the Bank will be doing about them. I touched on some of these issues back in September at the Changing Fortunes Round Table at Spruce Meadows, in Calgary. Since then, I've been working to formalize those ideas in a paper, which the Bank is publishing today.