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Housing and Productivity – Are We Measuring the Problem Effectively?
Cities are, at their core, labour markets. Although they serve many other functions, they wouldn’t exist without a functioning labour market. While this may seem like a harsh statement, it’s a reality we have largely ignored. Job growth fuels the amenities and services that make cities vibrant and livable. Another key factor is scale—larger cities…
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Recession or Slowdown? Inside the Fed’s Perspective
As 2025 began, the US economy appeared to be on solid footing. Growth was expected to continue at just above 2 per cent, with core inflation slowly returning towards the Federal Reserve’s 2 per cent target. However, it’s now evident that the US economy has dropped into a lower gear. Extreme tariff policies, federal spending…
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The Affordable Housing Spin Cycle
Solving the affordable housing gap is a complex challenge. The problem is big, and it will take time to deliver new units. So, when the federal government recently announced an investment in five housing projects to deliver over 5,300 homes in Ottawa, it seemed like good progress. However, a closer look at the numbers reveals…
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The Mar-a-Lago Accord: A New Global Order?
While much of the recent focus has been on tariffs, another policy framework gaining attention in financial markets is being dubbed the Mar-a-Lago Accord. This framework seeks to put downward pressure on the US dollar to boost exports and bring manufacturing jobs back to the US. Under this policy, the US will offer aligned countries…
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Is CMHC Moving the Goalposts?
Launched in 2017, the National Housing Strategy (NHS) was promoted as a significant federal initiative to address affordable housing after more than two decades of neglect. Initially set at $40 billion, subsequent budget commitments have increased the strategy’s funding to $115 billion over 10 years. As of September 2024, $57.57 billion in funding has been…
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Tariffs – Sharing the Misfortune
Tariffs drive up prices, slow economic growth, increase unemployment, weaken productivity, cut into profits and escalate global tensions. Other than that, they’re fine. While consumers haven’t yet felt the full impact, the effects of tariffs are already taking hold in the US. The New York Times spoke with small business owners about the challenges they’re…
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Are Toronto Region Cities Building Faster?
Ontario has committed to building 1.5 million new homes by 2031 and has assigned housing targets to the province’s 50 largest municipalities to help achieve this goal. To incentivize progress, the province has introduced a $1.2 billion Building Faster Fund, offering funding to municipalities that reach at least 80 per cent of their annual housing…
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