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The Last Rate Cut – For Now
Last week, both the Bank of Canada and the U.S. Federal Reserve cut rates by 25 basis points. Canada’s central bank lowered its overnight rate to 2.25 per cent, while the Fed reduced its benchmark lending rate to a range of 3.75 per cent to 4 per cent. The rate cuts were expected, but the…
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Will Modular Construction Be a Game-Changer?
Part 1: What We Can Learn From Wartime Housing Limited Canada’s housing crisis has revived interest in modular construction as a way to build homes faster, more affordably, and at scale. Over the next few weeks, we’ll explore this topic in a three-part series, examining whether modular housing can truly be a transformative solution. We…
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The Fed’s Next Moves
The Fed is widely expected to cut rates at its upcoming October 29 Federal Open Markets Committee (FOMC) meeting, with few surprises anticipated in its statement or forward guidance given the absence of updated economic projections. A key question is whether the Fed will move to end quantitative tightening (QT), as recent upward pressure on…
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Do House Prices Need to Fall?
Canadians are feeling the squeeze of high housing costs, and the debate over affordability is intensifying. Recently, Federal Housing Minister Gregor Robertson suggested that average house prices need to fall to restore affordability. But what does “affordable” really mean, and how can prices realistically adjust? Housing affordability is typically measured by comparing shelter costs—including mortgage…
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Looking for Cockroaches – Assessing Risk in the Private Credit Market
Last week, some of the biggest names in American finance flagged emerging challenges in the credit market. JPMorgan CEO Jamie Dimon, Citi Group CEO Jane Fraser, and Apollo’s Marc Rowan each highlighted potential risks in recent statements. Dimon opened the week with a stark warning about the private credit market, noting that “when you see…
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CMHC – Why It’s Time to Rip Off the Band-Aid
CMHC is unique among federal entities. As a Crown Corporation, it carries out securitization and insurance operations under a corporate mandate while also receiving public funding for federal policy initiatives. Once funding is allocated, CMHC reports to its board rather than the minister responsible on a day-to-day basis. This differs from the typical departmental reporting…
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Employment Rises in September Amid Mixed Trends
After two consecutive months of job losses, Canada’s labour market showed renewed signs of life in September. Statistics Canada reported that employment rose by 60,000, lifting the national employment rate 0.1 percentage points to 60.6 per cent, while the unemployment rate held at 7.1 per cent. A decline in part-time positions was offset by gains…
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