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The Royal Canadian Pancake House
Canada’s struggling productivity has been under the spotlight for the past two years. On March 26, 2024, Carolyn Rogers, senior deputy governor of the Bank of Canada, called the country’s low productivity a national emergency and warned that it was “time to break the glass.” She has since stressed the need for more competition and…
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Will Modular Construction Be a Game-Changer? Part 3 – The Scale Challenge
In this final article of our three-part series, we examine why, despite its promise, modular construction faces fundamental obstacles that limit its potential to transform the housing market—and why scale remains the biggest barrier. In The Origins of Efficiency, Brian Potter explains that improvements in production efficiency—rather than singular inventions—are the main driver of abundance….
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Strong Jobs Numbers Likely to Keep Bank of Canada on Hold
Canadian payrolls continued to grow in October, building on September’s gains and more than offsetting the back‑to‑back job losses seen over the summer. Growth was concentrated in trade‑impacted sectors, with transportation and warehousing, wholesale and retail trade, and manufacturing all posting increases. However, October’s hiring spree was driven largely by part‑time work, which added 85,100…
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Will Modular Construction Be a Game-Changer? Part 2 – Lessons from the U.S. Experience
Canada’s housing crisis has renewed interest in modular construction as a way to build homes faster, more affordably, and at scale. In this second article of our three-part series, we turn to the United States to understand what decades of experimentation with modular housing can teach us. For nearly 80 years, U.S. policymakers and industry…
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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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