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The Bank of Canada Holds Rates Steady Even As the Fed Promises to Push Higher
As expected, the central bank held the overnight rate at 4.5%, ending, for now, the eight consecutive rate increases over the past year. The Bank is also continuing its policy of quantitative tightening. This is the first pause among major central banks.
In the fourth quarter of 2022, the BCREA Commercial Leading Indicator (CLI) dropped to 148 from 149, and the six-month moving average continued its downward trajectory. Compared to the same quarter in 2021, the index was down by 2 percent.
It is important to note that the environment for commercial real estate remains...
Below-average home sales allow inventory to inch upwards
February listing data show a continued reluctance among prospective home sellers to engage in Metro Vancouver’s housing market, leading to below-average sales activity. With sales remaining well-below historical norms, the number of available homes for sale in the region has continued inching...
Canadian real GDP declined 0.1 percent in December, the first monthly decline since January of 2022. The decline in GDP was concentrated among goods-producing industries (-0.6 percent) while services were flat. Canadian real GDP is now roughly 2.7 percent above its pre-pandemic, February 2020 level. Prelimi...
Statistics Canada released the real gross domestic product (GDP) figure for the final quarter of 2022 this morning, showing a marked slowdown in economic activity. This will undoubtedly keep the central bank on the sidelines when they announce their decision on March 8. The Bank had estimated the Q4 growt...