Canada

  • 2019-02-21 13:57


    By Courtney Tower

    OTTAWA (MNI) - Following are the key points from a speech by Bank of Canada Governor Stephen Poloz on Thursday, to the Chamber of Commerce of Metropolitan Montreal, saying that the Bank's stated goal of future policy rate hikes is on a highly uncertain path:

    - The BOC has judged that the target for the overnight rate must rise from its present 1.75% to a neutral range, seen as between 2.5% and 3.5%.

  • 2019-02-21 09:54


    By Yali N'Diaye

    OTTAWA (MNI) - Canadian wholesale sales unexpectedly rebounded 0.3% to C$63.1 billion in December, boosted by autos and parts, data released Thursday by Statistics Canada showed.

    The 12-month growth rate picked up to 1.7% in December from 1.1% in November.

    Despite the positive headline, which also showed real sales rose 0.3% on the month, details of the report were on the weak side, and did not bode well for wholesale trade contribution to fourth quarter GDP growth.

    The sales estimate for November was revised down to -1.1% from -1.0%.

    For the fourth quarter of 2018, overall sales contracted 0.4%, the largest drop since the first quarter of 2016, following a 0.6% increase the previous quarter.

  • 2019-02-15 11:07


    By Yali N'Diaye

    OTTAWA (MNI) - Canada's existing home sales unexpectedly rebounded in January, rising 3.6% after three months of declines, the Canadian Real Estate Association reported Friday.

    However, the rebound might not reflect a turnaround just yet, as details of the report suggest.

    On a 12-month unadjusted basis, existing home sales were still down 4.0%, the weakest month of January since 2015. Sales plunged 39.3% in Greater Vancouver, and edged down 0.2% in Greater Toronto.

    Furthermore, despite the monthly sales recovery, year-over-year price growth further slowed in December, with the MLS Home Price Index up 0.8%, the smallest increase since June 2018.

  • 2019-02-15 09:37


    By Yali N'Diaye

    OTTAWA (MNI) - Foreign investors rebalanced their portfolio holdings of Canadian securities in December to cut exposure to bonds while further adding to Canadian equities, Statistics Canada reported Friday.

    Overall, foreign investors reduced their holdings of Canadian securities by C$19.0 billion in December, the largest divestment since October 2007.

    For 2018 as a whole, their investment in Canadian securities rose C$69.6 billion, not even half the C$189.2 billion investment recorded in 2017.

    Meanwhile, Canadian investors reduced their portfolios' exposure to foreign securities by C$0.4 billion, bringing down the investment to C$58.1 billion in 2018 from C$84.7 billion in 2017.

  • 2019-02-14 10:02


    By Yali N'Diaye

    OTTAWA (MNI) - Canada's new housing prices were flat for the fifth consecutive month in December, leaving the 12-month growth rate unchanged as well, Statistics Canada reported Thursday.

    In 2018, prices were flat in nine out of 12 months, including the last five months.

    House and land prices were also flat on the month. The former fell 0.3% year-over-year, the same as in November, while the latter increased 0.4%.

    For the fourth quarter, nationwide prices were flat, after appreciating by 0.2% in the third quarter, with prices up 0.2% in Ontario but down 0.1% in British Columbia and 0.3% in Alberta.

  • 2019-02-14 09:39


    --5 Things We Learned From the Canadian Monthly Manufacturing Survey

    OTTAWA (MNI) - The following are the key points from the December data on Canadian manufacturing sales released Thursday by Statistics Canada, featuring a large -1.3% drop in sales overall.

    - Manufacturing sales fell to C$56.4 billion in December as a major fall below the -0.2% expected in an MNI survey of analysts. The principal cause was a 10.4% decline in the petroleum and coal product industry, with volumes falling about 5.2% or half of that decline. It was the second consecutive month of decline for the petroleum and coal industry in Canada. There also was a 2.3% decline in food manufacturing sales after two consecutive monthly increases.

  • 2019-02-08 11:07


    --Correcting January SAAR in First Graph To 207,968

    OTTAWA (MNI) - Canadian housing starts fell 2.7% in January from December, to a seasonally adjusted annual rate of 207,968 units, continuing a monthly decline while holding steady on a six-month trend basis, Canada Mortgage and Housing Corporation reported Friday.

    Urban starts fell 2.1% to 190,912 units. That was made up of multiple urban starts decreasing by 0.7% to 146,353 units, while single-detached home starts fell by 10.4% to 44,559 units.

    Market expectation had been for a decline to 205,000 units.

  • 2019-02-08 10:58


    By Courtney Tower

    OTTAWA (MNI) - Canadian housing starts fell 2.7% in January from December, to a seasonally adjusted annual rate of 207,698 units, continuing a monthly decline while holding steady on a six-month trend basis, Canada Mortgage and Housing Corporation reported Friday.

    Urban starts fell 2.1% to 190,912 units. That was made up of multiple urban starts decreasing by 0.7% to 146,353 units, while single-detached home starts fell by 10.4% to 44,559 units.

    Market expectation had been for a decline to 205,000 units.

  • 2019-02-08 10:05


    By Yali N'Diaye

    OTTAWA (MNI) - The Canadian economy added 66,800 jobs in January, with more signs that the wage growth slowdown that started in the spring of last year is over, data published Friday by Statistics Canada showed.

    The report reflected a robust labor market picture, although details showed more weakness in oil-rich provinces.

    Gains in private sector services were behind the overall improvement, with youth employment particularly benefitting.

    Employment was stronger than the 5,000 gain expected by analysts in a MNI survey, and was evenly split between full-time (+30,900) and part-time (+36,000).

    The unemployment rate rose to 5.8% from 5.6%, while analysts had forecast 5.7%.

  • 2019-02-06 12:05


    By Yali N'Diaye

    OTTAWA (MNI) - The Canadian Ivey Purchasing Managers Index edged down five points to 54.7 in January, still holding above the 50.0 mark indicative of an expanding economic activity, according to data released Wednesday by the Richard Ivey School of Business.

    The decline was consistent with a lower price index, since the PMI reflects the value change of firms' purchases rather than the volume. The price index fell to 57.4 from 64.6.

    The 3-month average for the Ivey PMI index has been trending down since reaching a peak at 65.7 in June 2018.

    The employment index was also down in January, to 51.8 from 54.0, with 18.5% of respondents reporting higher employment and 23.9% reporting lower employment.