Canada

  • 2019-08-21 07:56


    By Evan Ryser

    WASHINGTON (MNI) - The White House is unlikely to bring any proposal for a coordinated international economic stimulus plan to the G7 summit in Biarritz, and will not be concerned by the potential lack of a communique, Clete Willems, former U.S. sherpa and adviser to President Donald Trump, told MNI.

    "I think the administration would be very comfortable with no communique.

  • 2019-08-21 07:48


    By Evan Ryser

    WASHINGTON (MNI) - The White House is unlikely to bring any proposal for a coordinated international economic stimulus plan to the G7 summit in Biarritz, and will not be concerned by the potential lack of a communique, Clete Willems, former U.S. sherpa and adviser to President Donald Trump, told MNI.

    "I think the administration would be very comfortable with no communique.

  • 2019-08-15 11:27


    By Greg Quinn

    OTTAWA (MNI) - Vancouver home sales rose the most since 1993 in July as average prices fell below the million-dollar mark, based on data released by the Canadian Real Estate Association Thursday

    Sales rose 26.4% from June in the west coast city, according to the data. The average price fell to C$967,314 in July from C$1.02 million a year earlier, or by 5.6% -- still by far the highest among major Canadian cities.

    The sales jump echoes the housing boom in Vancouver and Toronto that led policy makers to toughen mortgage qualification rules and impose taxes aimed at curbing speculative purchases. Buyers are coming back as they adjust to last year's mortgage rule change that hit those hot cities the hardest.

  • 2019-08-14 06:49


    --U.S., Other Sherpas Push For G7 Reassurance As Global Economy Deteriorates

    LONDON (MNI) - French President Emmanuel Macron is pushing for G7 leaders to abandon their customary communique following their summit in Biarritz, France, next week in a bid to try and avoid the embarrassing disputes over wording which pitted U.S. President Donald Trump against the rest of the group's leaders at last year's Charlevoix, Canada, gathering.

    But sources close to France and the EU say that some G7 sherpas, including the U.S.

  • 2019-08-01 13:46


    By Greg Quinn

    OTTAWA (MNI) - Canada's federal housing agency says Vancouver is no longer a highly vulnerable market, leaving Toronto as the lone major city at risk after a boom that sent prices skyrocketing.

    Vancouver's level of vulnerability was lowered to moderate after 12 quarters at a high grade, Canada Mortgage and Housing Corp. reported Thursday from Ottawa.

  • 2019-07-31 08:50


    By Greg Quinn

    OTTAWA (MNI) - Canada's gross domestic product grew 0.2% in May, beating economist forecasts for a second month on manufacturing and homebuilding.

    The expansion was faster than the 0.1% median estimate in an MNI economist survey. Manufacturing climbed 1.2% following April's 0.6% contraction as auto factories ended temporary shutdowns, and construction rose 0.9% led by residential work. The gains in both industries were the fastest in four months.

    The report suggests the economy will match or beat the Bank of Canada's prediction for growth at a 2.3% annualized pace for the second quarter, giving him more scope resist matching any rate cut from the U.S. Federal Reserve.

  • 2019-07-29 03:34


    By Jay Zhao-Murray

    OTTAWA (MNI) - Canada's economy is expected to nearly halt in May on weakness in wholesale and retail sales.

    Gross domestic product will increase 0.1% in May according to the MNI economist median, following gains of 0.3% in April and 0.5% in March.

    Advance reports for May showed wholesales sales down 1.8%, the biggest drop in over three years. Retail sales fell 0.1%, but after stripping out price changes the volume of sales was far worse with a 0.5% decline. What keeps the economy growing for a third straight month is a 1.6% gain in factory sales and signs that homebuilding advanced.

  • 2019-07-25 11:46


    By Greg Quinn

    OTTAWA (MNI) - Canadian wages grew the fastest in more than a year in May, moving outside the central bank's inflation target band and evidence that domestic spending will carry the economy as foreign trade weakens.

    Average weekly earnings climbed 3.4% in May from a year earlier, the most since a 3.5% gain in February 2018, Statistics Canada reported Thursday from Ottawa. Wage gains have almost tripled from a low of 1.2% in February, suggesting consumers are gaining more spending power.

    Pay increases were lagging a job market where a hiring binge took the unemployment rate to record lows.

  • 2019-07-22 08:35


    By Greg Quinn

    OTTAWA (MNI) - Canadian wholesale sales fell the most in more than three years in May led by automobiles and equipment in the energy hub of Alberta. Inventories reached the highest since 1995 relative to sales.

    The 1.8% decline to C$63.8 billion in sales compares with the MNI economist median for a 0.5% increase. The weakness is the mirror image of April's revised 1.6% gain that was much stronger than economists projected.

    Motor vehicle and parts sales fell 4.3% to C$11.2 billion in May, more than reversing April's 2.7% increase, Statistics Canada said Monday from Ottawa. Farm supplies dropped 11.1% to C$2.2 billion.

  • 2019-07-17 08:30


    By Greg Quinn

    OTTAWA (MNI) - Canada's inflation was 2.0% in June, slowing for the first time in five months as gasoline prices tumbled.

    The consumer price index gain matched the MNI median in an economist survey, and returns price gains to the Bank of Canada's target following a surge to 2.4% in May. On a monthly basis prices fell 0.2% as gasoline dropped by 8.0%.

    The average of the central bank's three measures of core prices also slowed to 2.0% in June from a year ago, after the May average of 2.1% that was the strongest since 2012.

    The Bank of Canada held its benchmark interest rate at 1.75% a week ago and said gasoline prices would moderate inflation in the near term before it holds sustainably around its target by the middle of next year.