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Bank of Canada Still Expects No Rate Increases Until 2023

Published by Dr. Sherry Cooper, Chief Economist, Dominion Lending Centres For the original article, CLICK HERE. The Bank of Canada released its January Monetary Policy Report (MPR), showing they expect to keep overnight interest rates at its “effective lower bound” of 0.25% until 2023 (see chart below). To reinforce this commitment and keep interest rates low across the yield curve, the Bank will continue its Quantitative Easing (QE) program–buying $4 billion of Government of Canada bonds every week until the recovery is well underway. The central bank indicated it could pare purchases once the recovery regains its footing. According to the Bank’s press release, “The Governing Council will hold the policy interest rate at the effective lower bound until economic slack is absorbed so that the 2 percent inflation target is sustainably achieved. In our projection, this does not happen until into 2023.” Officials are apparently optimistic about the economy’s prospects …
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Canadian Real Estate Association December 2020 National Statistics

National Statistics Record December caps record year for Canadian home sales Ottawa, ON, January 15, 2021 – Statistics released today by the Canadian Real Estate Association (CREA) show national home sales set another all-time record in December 2020. SUMMARY: National home sales rose 7.2% on a month-over-month (m-o-m) basis in December. Actual (not seasonally adjusted) activity was up 47.2% year-over-year (y-o-y). The number of newly listed properties climbed 3.4% from November to December. The MLS® Home Price Index (HPI) rose 1.5% m-o-m and was up 13% y-o-y. The actual (not seasonally adjusted) national average sale price posted a 17.1% y-o-y gain in December. Home sales recorded over Canadian MLS® Systems jumped by 7.2% between November and December to set another new all-time record. (Chart A) Seasonally adjusted activity was running at an annualized pace of 714,516 units in December 2020 – the first time on record that monthly sales at seasonally …
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Could the BoC be considering a micro cut to Canada’s overnight lending rate?

The chance of a “micro-cut” to the Bank of Canada’s overnight rate has increased due to the economic impact of the coronavirus pandemic. Industry experts are anticipating a cut of less than 25 basis points. The lower the overnight rate is, the less expensive it is for consumers to borrow money. The potential decrease in the rate is due to the need for more widespread financial stimulus to the Canadian economy, says Andrew Kelvin, chief Canada strategist at TD Securities. A micro-cut like this has not occurred since the implementation of the overnight rate in February 1996. A cut to the overnight rate could increase spending, as seen in the boost to the Canadian housing market due to historically low borrowing costs. The delayed rollout of the COVID-19 vaccine as well as the decline in jobs are the main factors of a slow Canadian economy in 2021. The Bank of …
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Stay connected this winter with virtual activities in Waterloo Region

During these difficult times of being in lockdown, it is more important than ever to look after our wellness. The City of Waterloo is introducing virtual activities for senior residents from cooking lessons to gardening tips! This is an amazing way to maintain a sense of community while connecting with others of similar interests and passions. To learn more about this initiative, check out the full article from Kitchener Today below! ORIGINAL SOURCE: KitchenerToday.com The City of Waterloo is encouraging older residents to stay healthy this winter by offering a virtual series to keep their minds sharp. This follows the city’s fall wellness event, “Staying healthy and well: a virtual series for seniors,” which had 279 residents viewing and participating.  This weekly online series covers a range of topics to encourage physical and mental health in the community’s seniors. Starting next Wednesday and running the same time every week between 1:00 …
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Canadian Jobs Market Tanked in December

  Canadian employment fell 62,600 last month, a bit weaker than expected, following seven months of recovery (see chart below). The rapid rise in COVID cases and the ensuing lockdown measures in many key regions caused the net loss in jobs in the mid-December survey.  Especially hard hit were workers at restaurants and hotels who suffered a hefty 56,700 employment loss.  The jobless rate rose a tick to 8.6%–well below the peak of 13.7% in April–but still three percentage points above its pre-pandemic level. However, there were some bright spots as several sectors churned out small gains (see second chart below).  Among them were finance, insurance and real estate, as well as scientific and tech services. Manufacturing rose 15,400, and public administration reported solid gains. On a positive note, full-time jobs actually rose 36,500, and average wages pushed back up and are now 5.6% higher than one year ago. This outsized gain, …
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New mental health campaign aims to have residents share their silver linings in 2020

We are so proud of the work our agents do professionally and personally – we’re a very community-focused and people-first team.  Jenn Price, you are doing a wonderful job of sharing and encouraging hope.  You KNOW you’ve got our support! ORIGINAL SOURCE:  GuelphToday.com Two women are launching an online campaign to help residents focus on the silver linings they’ve experienced in 2020. Share Your Silver Lining…Save A Life is a mental health initiative encouraging residents to post a positive moment that they experienced this year online through #ShareYourSilverLining.  The creators of the campaign are Claire Knight and Jenn Price, who hope to provide an outlet which will encourage and inspire people who are struggling with mental health. “This is a platform where we’re encouraging people of all  genders and ages to share the positives,” said Knight. Sitting on the board for Suicide Awareness Council, Knight mentions they have seen the effects that …
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Support Local Business – Cambridge Chamber of Commerce Member Restaurant List

Support these fantastic local restaurants by visiting their websites and/or giving them a call! Bookmark your favourites.  Follow their accounts on social.  Share the list.  There are SO many ways to support our community businesses right now ❤️️ Original Source:  Cambridge Chamber of Commerce   Ben Thanh Viet Thai Restaurant 10 Pinebush Rd. Unit #3 Cambridge, ON Visit website   Bingemans 425 Bingemans Centre Dr. Kitchener, ON Visit website     Black Badger, The 55 Water St. N. Cambridge, ON Visit website   Blackshop Restaurant. 595 Hespeler Road Cambridge, ON Visit website     Cafe du Monde Creperie 614 Coronation Blvd. Unit 302 Cambridge, ON Visit website   Cambridge Mill 100 Water St. N. Cambridge, ON Visit website     Cazs Fish & Chip Shoppe 10 Pinebush Rd. Unit #2 Cambridge, ON Visit website   Classic Catering R.R. #1, 1386 Cooper Rd. Cambridge, ON Email for Info     Country Girl Family Restaurant 561 Hespeler …
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Federal Fiscal Update–Finance Minister Freeland’s Debut

Justin Trudeau’s government, which has delivered the biggest COVID-19 fiscal response in the industrialized world, announced plans for another dose of stimulus and vowed to continue priming the pump as long as needed. Finance Minister Chrystia Freeland unveiled $51.7 billion of new spending over two years in a mini-budget Monday, led by an enhanced wages subsidy for business. Freeland also pledged, without detailing, another $70 billion to $100 billion of additional stimulus over three years to spur the recovery. But the finance minister clearly heeded calls for fiscal prudence. She put off any major structural spending announcements, promised any additional stimulus will be temporary and introduced new taxes on digital giants including Netflix, Amazon, and Airbnb, to help pay for it all. “Our government will make carefully judged, targeted and meaningful investments to create jobs and boost growth,” Freeland said. It will provide “the fiscal support the Canadian economy needs to operate at …
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Ontario shuts schools until September because of COVID-19 pandemic

Overnight summer camps are also cancelled, province confirms CBC News · Posted: May 19, 2020 7:58 AM ET | Last Updated: 8 hours ago   Ontario Premier Doug Ford announced Tuesday that the province is cancelling in-person learning for the school year because of the COVID-19 pandemic. “The safety of our children is my top priority,” Ford said. The province said in a news release that the decision was made after consultation with the chief medical officer of health and an assortment of medical experts.  “We cannot open schools at this time,” Ford said. “I’m just not going to risk it.” Ford told reporters that learning will continue online. The province said in its news release that all students “who were on track to graduate” from high school before schools were shuttered in March will be able to graduate, and all students will receive report cards. Education Minister Stephen Lecce said a full plan for reopening the …
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Ontario Announces Additional Workplaces that Can Reopen

Additional seasonal, retail and household businesses must follow public health guidelines May 14, 2020 1:30 P.M. Office of the Premier Original Source:  NEWSROOM ONTARIO TORONTO — Today, the Ontario government announced the retailers, seasonal businesses and health and community service providers who will be permitted to open or expand their services on Tuesday, May 19, 2020 at 12:01 a.m., provided that the general trend on health indicators continues to improve as part of the first stage of the government’s reopening framework. The workplaces opening as part this stage are well-positioned to put workplace safety measures in place and get more people back to work, while not overburdening public transit and other services. The government also announced additional seasonal services and activities will be permitted to open as early as Saturday May 16, 2020 at 12:01 a.m., in time for the Victoria Day long weekend, as key public health indicators continue …
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