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August 2012 Canadian Economic Fundamentals
- Thread starter Ally
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Three Canadian cities among the world's most liveable
Three Canadian cities are among the world`s top five most liveable cities.
Vancouver, Toronto and Calgary made The Economist magazine`s 2012 list released earlier this week.
The survey ranks 140 cities based on a number of factors, including health care, stability, culture and environment, education and infrastructure ` with a score of up to 100.
Read the full article here.
Three Canadian cities are among the world`s top five most liveable cities.
Vancouver, Toronto and Calgary made The Economist magazine`s 2012 list released earlier this week.
The survey ranks 140 cities based on a number of factors, including health care, stability, culture and environment, education and infrastructure ` with a score of up to 100.
Read the full article here.
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What you need to know about rental agreements
When I was 21, I moved out of my parents` house and into my very own apartment in downtown Victoria, B.C.
Not only did I have to manage my money for the first time, but I also entered into a 12-month rental agreement with a landlord ` which I would break eight months later when I realized I hadn`t saved enough to move out on my own, and both my poor budgeting skills and $9/hour job were sinking me further and further into debt.
Leaving my rental unit before the end of my lease was a costly lesson to learn. Not only was I out the equivalent of one months` rent ($650) - the fee to break the lease - but I also lost some of my damage deposit because I couldn`t afford to wash the carpets with a steam cleaner ` a mandatory requirement for all tenants in my building upon vacating each apartment.
Read the full article here.
When I was 21, I moved out of my parents` house and into my very own apartment in downtown Victoria, B.C.
Not only did I have to manage my money for the first time, but I also entered into a 12-month rental agreement with a landlord ` which I would break eight months later when I realized I hadn`t saved enough to move out on my own, and both my poor budgeting skills and $9/hour job were sinking me further and further into debt.
Leaving my rental unit before the end of my lease was a costly lesson to learn. Not only was I out the equivalent of one months` rent ($650) - the fee to break the lease - but I also lost some of my damage deposit because I couldn`t afford to wash the carpets with a steam cleaner ` a mandatory requirement for all tenants in my building upon vacating each apartment.
Read the full article here.
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There's more to monetary policy than interest rates
Many readers are objecting to my assertions that Canadian monetary policy is excessively tight by pointing out that the overnight rate is sitting at a near-historic low of 1 per cent. This, however, is an ineffective way to measure monetary policy. As Milton Friedman said in 2000:
`We know from the past that interest rates can be a very deceptive indicator of the state of affairs. A low interest rate may be a sign of an expansive monetary policy or of an earlier restrictive policy. And similarly, a high rate may be a sign of restriction, of trying to hold things down; or it may be a sign of past inflation.`
Read the full article here.
Many readers are objecting to my assertions that Canadian monetary policy is excessively tight by pointing out that the overnight rate is sitting at a near-historic low of 1 per cent. This, however, is an ineffective way to measure monetary policy. As Milton Friedman said in 2000:
`We know from the past that interest rates can be a very deceptive indicator of the state of affairs. A low interest rate may be a sign of an expansive monetary policy or of an earlier restrictive policy. And similarly, a high rate may be a sign of restriction, of trying to hold things down; or it may be a sign of past inflation.`
Read the full article here.
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Fears of steep home price decline 'much ado about nothing,' CIBC says
A widely anticipated downturn in the housing market may not be as bad as feared because the important 25-34 age group will continue to buy houses ` some with help from their well-off parents, says a senior economist at CIBC World Markets.
The analysis takes aim at a theory that population growth won`t be strong enough to sustain demand, putting downward pressure on housing prices that have risen dramatically during a years-long period of relatively low interest rates.
Read the full article here.
A widely anticipated downturn in the housing market may not be as bad as feared because the important 25-34 age group will continue to buy houses ` some with help from their well-off parents, says a senior economist at CIBC World Markets.
The analysis takes aim at a theory that population growth won`t be strong enough to sustain demand, putting downward pressure on housing prices that have risen dramatically during a years-long period of relatively low interest rates.
Read the full article here.
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Private sector responsible for stimulating economy, Flaherty says
TORONTO ` Finance Minister Jim Flaherty says stimulating the economy ultimately falls on the heads of the private sector.
Flaherty says the government has already introduced measures in the budget to compel Canadian corporations to invest some $525 billion of dead cash back into the economy.
He cites the accelerated capital cost allowance and the mining exploration credit as examples of his government's strategies.
Flaherty adds that the government has also used the tax system to encourage businesses to use their capital.
Read the full article here.
TORONTO ` Finance Minister Jim Flaherty says stimulating the economy ultimately falls on the heads of the private sector.
Flaherty says the government has already introduced measures in the budget to compel Canadian corporations to invest some $525 billion of dead cash back into the economy.
He cites the accelerated capital cost allowance and the mining exploration credit as examples of his government's strategies.
Flaherty adds that the government has also used the tax system to encourage businesses to use their capital.
Read the full article here.
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Student rental scam warning
BY NRPS
With students returning to college and university over the next couple of weeks, fraudsters are returning to a common scam to defraud unsuspecting landlords renting to students. Suspects respond to ads by email or phone claiming to be an out-of-town student or parent of a student and offer to rent the apartment. The scam can then take a couple of forms. The suspects will forward a cheque for payment of rent for the full year. A few weeks later the suspects will claim to have decided to attend another college or university and ask for their money back, less an amount for the troubles of the landlord. The suspects will ask that the funds be returned by money transfer to an out-of-town or overseas location. Alternatively, the suspects will send a cheque in an amount greater than the rent, claiming the extra funds are for moving or transportation expenses for their `child` and ask that the funds be forwarded to a third party to assist with the move or transportation, again by money transfer.
Read the full article here.
BY NRPS
With students returning to college and university over the next couple of weeks, fraudsters are returning to a common scam to defraud unsuspecting landlords renting to students. Suspects respond to ads by email or phone claiming to be an out-of-town student or parent of a student and offer to rent the apartment. The scam can then take a couple of forms. The suspects will forward a cheque for payment of rent for the full year. A few weeks later the suspects will claim to have decided to attend another college or university and ask for their money back, less an amount for the troubles of the landlord. The suspects will ask that the funds be returned by money transfer to an out-of-town or overseas location. Alternatively, the suspects will send a cheque in an amount greater than the rent, claiming the extra funds are for moving or transportation expenses for their `child` and ask that the funds be forwarded to a third party to assist with the move or transportation, again by money transfer.
Read the full article here.
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Our debt troubles aren't as dire as we think
Canada`s household debt problem is not quite as bad as we think it is.
By some measures, growth in debt has stalled or slowed this year. Take credit cards ` outstanding balances are flat on a year-over-year basis. And where borrowing is rising the most ` car loans ` you can argue that people are making rational economic decisions to replace aging vehicles.
Read the full article here.
Canada`s household debt problem is not quite as bad as we think it is.
By some measures, growth in debt has stalled or slowed this year. Take credit cards ` outstanding balances are flat on a year-over-year basis. And where borrowing is rising the most ` car loans ` you can argue that people are making rational economic decisions to replace aging vehicles.
Read the full article here.
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CIBC says governments to boost economy less than bank of Canada expects
TORONTO - Economists at CIBC say the Bank of Canada's forecast could be too rosy when it comes to how big a boost government spending will give to the country's economy.
"Just as we warned that the Bank was too optimistic in its initial 2012 call, its 2013 forecast also looks to be counting its government spending chickens well before they will be hatched," said CIBC chief economist Avery Shenfeld.
Read the full article here.
TORONTO - Economists at CIBC say the Bank of Canada's forecast could be too rosy when it comes to how big a boost government spending will give to the country's economy.
"Just as we warned that the Bank was too optimistic in its initial 2012 call, its 2013 forecast also looks to be counting its government spending chickens well before they will be hatched," said CIBC chief economist Avery Shenfeld.
Read the full article here.
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Canadian housing market to slow in 2013
OTTAWA - Canada Mortgage and Housing Corp. is forecasting a moderate slowdown in new-home construction starts as well as sales of existing housing.
The Ottawa-based federal agency isn't calling for a major decline, but its latest forecast suggests next year will be somewhat softer than estimates CMHC issued in June while 2012 may be somewhat stronger than previously expected.
Read the full article here.
OTTAWA - Canada Mortgage and Housing Corp. is forecasting a moderate slowdown in new-home construction starts as well as sales of existing housing.
The Ottawa-based federal agency isn't calling for a major decline, but its latest forecast suggests next year will be somewhat softer than estimates CMHC issued in June while 2012 may be somewhat stronger than previously expected.
Read the full article here.
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Canadians more optimistic about job security this labour day
TORONTO - A new Labour Day survey suggests Canadians are more optimistic this year about their job security as well as hiring and growth prospects at their companies `and many expect a raise.
The Bank of Montreal poll finds nearly two-thirds, or 64 per cent, of respondents are comfortable with their job security.
The survey suggests 41 per cent believe their company is growing and will be hiring.
Both measures are up 13 percentage points from the number of employees who expressed confidence last Labour Day.
Read the full article here.
TORONTO - A new Labour Day survey suggests Canadians are more optimistic this year about their job security as well as hiring and growth prospects at their companies `and many expect a raise.
The Bank of Montreal poll finds nearly two-thirds, or 64 per cent, of respondents are comfortable with their job security.
The survey suggests 41 per cent believe their company is growing and will be hiring.
Both measures are up 13 percentage points from the number of employees who expressed confidence last Labour Day.
Read the full article here.
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Canada to be among tiny elite to keep AAA status
As debt crises and an aging population put pressure on government spending around the world, Canada will be part of a small, elite group of countries to retain a top-notch credit rating, says a new report from Citibank.
`Canada and the Scandinavian countries are the only countries covered in our Sovereign Ratings Outlook that we believe rating agencies will maintain a `AAA Stable` status both in the near- and longer-term,` a group of Citibank economists wrote last week in a client note obtained by The Huffington Post Canada.
Read the full article here.
As debt crises and an aging population put pressure on government spending around the world, Canada will be part of a small, elite group of countries to retain a top-notch credit rating, says a new report from Citibank.
`Canada and the Scandinavian countries are the only countries covered in our Sovereign Ratings Outlook that we believe rating agencies will maintain a `AAA Stable` status both in the near- and longer-term,` a group of Citibank economists wrote last week in a client note obtained by The Huffington Post Canada.
Read the full article here.
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Alberta and Saskatchewan top labour market in North America
A new Fraser Institute labour survey turned up no real surprises in finding Alberta and Saskatchewan are leading North America in job creation and growth.
Alberta ranks first and Sasktchewan is second, while Ontario lags behind at 16th place.
The report found Alberta had the highest average total employment out of all the provinces.
Read the full article here.
A new Fraser Institute labour survey turned up no real surprises in finding Alberta and Saskatchewan are leading North America in job creation and growth.
Alberta ranks first and Sasktchewan is second, while Ontario lags behind at 16th place.
The report found Alberta had the highest average total employment out of all the provinces.
Read the full article here.