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Is It Time to Lower Rates More Aggressively?
For the first time in over three years, headline inflation has returned to 2 per cent, down significantly from 2.5 per cent in July. Core inflation measures are all trending at or below 2.5 per cent over 3- and 6-month periods. Excluding mortgage interest costs, the year-over-year inflation rate was only 1.2 per cent, while…
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Bold Mortgage Reforms? Perhaps, But Further Action May be Necessary
The federal government has just announced two major policy changes for insured mortgages to support first-time home buyers, calling them the “boldest mortgage reforms in decades.” First, the price cap on insured mortgages is being increased from $1 million to $1.5 million, a limit that has been in place since 2012. Second, the eligibility for…
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What Lurks Beneath – The Hidden Infrastructure Crisis
A key responsibility of city administration is to provide and maintain infrastructure. While the condition of our roadways is visible as we drive on them, our water and sewer systems are hidden from view. These aging systems are in dire need of upgrading, and as recent events in Calgary and Montreal have shown, they can…
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Growing Signs of Economic Slack
Canada’s labour market added 22,000 jobs in August, roughly in line with expectations, with all gains coming from part-time job positions (+66,000) following losses in July. Full-time employment fell by 44,000. Labour force growth (+82,500), driven by strong population growth (+96,000), outpaced job gains, pushing the unemployment rate to 6.6 per cent – the highest…
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Affordable Housing – Moving Beyond Press Releases
The federal government recently announced plans to lease government-owned land to developers to build affordable housing. This initiative involves repurposing properties from Canada Post, National Defence and other federal offices to create new housing across the country. (This strategy was previously discussed in this space in earlier posts from February and March of this year.)…
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25 Basis Points: Going Once, Going Twice…
The US Personal Consumption Expenditures (PCE) price index increased 2.5% in July compared to the previous year, matching June’s rise, according to the Bureau of Economic Analysis. Excluding volatile food and fuel costs – the Federal Reserve’s preferred measure – the index also held steady at 2.6% annually. This marks the third consecutive benign PCE…
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A Fly in the Ointment
Pushing for greater density is a central part of the federal government’s strategy to encourage more affordable housing. Economists have found that government overregulation through zoning power is a key factor contributing to the housing shortage. Most zoning regulation happens at the local level, and generally, the more localized the zoning authority, the more restrictive…
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