February 2013 Canadian Economic Fundamentals
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Canadian pensions buoyed by global equity returns, real estate
Despite lower global demand for commodities that dampened Canadian equity returns, domestic pension plans received a boost at the end of last year from global equity and real estate returns.
According to RBC Investor Services, which tracks a $410-billion pension plan universe, Canadian defined benefit pensions gained 2.5% in the fourth quarter, and the median return for the full year was 9.4%.
Read the full article here.
Despite lower global demand for commodities that dampened Canadian equity returns, domestic pension plans received a boost at the end of last year from global equity and real estate returns.
According to RBC Investor Services, which tracks a $410-billion pension plan universe, Canadian defined benefit pensions gained 2.5% in the fourth quarter, and the median return for the full year was 9.4%.
Read the full article here.
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Caisee cites market volatility in shifting hunt for "less-liquid" assets
MONTREAL ` The Caisse de DÃpÃt et Placement du QuÃbec will increase its investments in real estate, infrastructure and private equity by as much $12-billion over the next two years as it hunts for assets with intrinsic value not necessarily reflected in the `hyper short-term focus` of public markets.
Read the full article here.
MONTREAL ` The Caisse de DÃpÃt et Placement du QuÃbec will increase its investments in real estate, infrastructure and private equity by as much $12-billion over the next two years as it hunts for assets with intrinsic value not necessarily reflected in the `hyper short-term focus` of public markets.
Read the full article here.
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Canada's high credit ratings entice global investors
With the sovereign debt crisis in Europe and fiscal challenges in the U.S. casting a pall over the world, investors flocked to Canada as a safe haven last year.
`Money is coming to Canada and for good reason,` says Grant Berry, managing director and head of government finance at RBC Capital Markets. `Typically when international markets buckle a little bit, that`s when you see more participants come to Canada.`
Read the full article here.
With the sovereign debt crisis in Europe and fiscal challenges in the U.S. casting a pall over the world, investors flocked to Canada as a safe haven last year.
`Money is coming to Canada and for good reason,` says Grant Berry, managing director and head of government finance at RBC Capital Markets. `Typically when international markets buckle a little bit, that`s when you see more participants come to Canada.`
Read the full article here.
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Brand promote brokers' condo knowledge
MONTREAL ` When real-estate broker Marie-France Vachon sold an occasional condo more than 20 years ago, clients were still counting on her for basic information like descriptions of homes for sale, and the particularities of different neighbourhoods.
But with some of this information now publicly available on the Internet, and condo sales now making up the bulk of her business, Vachon said she has evolved by offering clients pointers on everything from condo insurance to the differences between divided and undivided co-ownership.
Read the full article here.
MONTREAL ` When real-estate broker Marie-France Vachon sold an occasional condo more than 20 years ago, clients were still counting on her for basic information like descriptions of homes for sale, and the particularities of different neighbourhoods.
But with some of this information now publicly available on the Internet, and condo sales now making up the bulk of her business, Vachon said she has evolved by offering clients pointers on everything from condo insurance to the differences between divided and undivided co-ownership.
Read the full article here.
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Canada's economy picked up the pace in November
OTTAWA ` Canada`s economy picked up some steam in November, overtaking expectations, thanks in good part to a rebound in the manufacturing sector.
But that late spurt is not likely to carry the economy much past the 2% growth target expected by forecasters for all of 2012.
Read the full article here.
OTTAWA ` Canada`s economy picked up some steam in November, overtaking expectations, thanks in good part to a rebound in the manufacturing sector.
But that late spurt is not likely to carry the economy much past the 2% growth target expected by forecasters for all of 2012.
Read the full article here.
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Economy grows at fastest rate in 7 months
The Canadian economy expanded at its fastest pace in more than half a year, but the bigger picture is still one of slow growth.
The country`s gross domestic product rose 0.3 per cent in November, Statistics Canada said Thursday, its strongest showing in seven months as auto makers and oil firms ramped up activity.
Read the full article here.
The Canadian economy expanded at its fastest pace in more than half a year, but the bigger picture is still one of slow growth.
The country`s gross domestic product rose 0.3 per cent in November, Statistics Canada said Thursday, its strongest showing in seven months as auto makers and oil firms ramped up activity.
Read the full article here.
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Canada job market seen flat in January, jobless rate up
OTTAWA (Reuters) - Canada's labor market likely came back to earth in January after gravity-defying job gains in the final months of 2012, with analysts predicting almost no new hiring in the month and a rise in the unemployment rate.
The average forecast in a Reuters poll of market players was for 5,000 net new jobs in December compared with 31,200 in December. Statistics Canada considers that a flat reading and well within the margin of error for its household survey.
Read the full article here.
OTTAWA (Reuters) - Canada's labor market likely came back to earth in January after gravity-defying job gains in the final months of 2012, with analysts predicting almost no new hiring in the month and a rise in the unemployment rate.
The average forecast in a Reuters poll of market players was for 5,000 net new jobs in December compared with 31,200 in December. Statistics Canada considers that a flat reading and well within the margin of error for its household survey.
Read the full article here.
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'Outright decline' a risk for Canada's labour market as job gains seen hitting soft patch
OTTAWA ` Canada`s labour market likely came back to earth in January after gravity-defying job gains in the final months of 2012, with analysts predicting almost no new hiring in the month and a rise in the unemployment rate.
The average forecast in a Reuters poll of market players was for 5,000 net new jobs in December compared with 31,200 in December. Statistics Canada considers that a flat reading and well within the margin of error for its household survey.
Read the full article here.
OTTAWA ` Canada`s labour market likely came back to earth in January after gravity-defying job gains in the final months of 2012, with analysts predicting almost no new hiring in the month and a rise in the unemployment rate.
The average forecast in a Reuters poll of market players was for 5,000 net new jobs in December compared with 31,200 in December. Statistics Canada considers that a flat reading and well within the margin of error for its household survey.
Read the full article here.
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Canadian Forces can't compete with oilsands salaries
The Canadian Forces is finding it difficult to attract new recruits in Alberta, where a thriving energy sector is competing for the same demographic of skilled young people.
Canadian Forces Capt. Isabelle Jean said military pay doesn't match the range of pay available to oil and gas workers.
Read the full article here.
The Canadian Forces is finding it difficult to attract new recruits in Alberta, where a thriving energy sector is competing for the same demographic of skilled young people.
Canadian Forces Capt. Isabelle Jean said military pay doesn't match the range of pay available to oil and gas workers.
Read the full article here.
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Ottawa gives nod to west-to-east oil pipeline
The federal government is firming up its support of two projects that would see oil from Alberta piped to Atlantic Canada.
Natural Resources Minister Joe Oliver said he gave a tentative nod to one proposal in a meeting with industry giant Irving Oil.
Read the full article here.
The federal government is firming up its support of two projects that would see oil from Alberta piped to Atlantic Canada.
Natural Resources Minister Joe Oliver said he gave a tentative nod to one proposal in a meeting with industry giant Irving Oil.
Read the full article here.
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Report suggests office activity to surge in 2013
Growth is the key word in a report outlining Calgary`s office, industrial, commercial and multi-residential sectors from one of Canada`s leading fully integrated real estate organizations.
In Morguard`s 2013 Canadian Economic Outlook and Market Fundamentals Research Report, Calgary was singled out as one of the best markets in the country, with the organization predicting even more expansion in the coming year.
Read the full article here.
Growth is the key word in a report outlining Calgary`s office, industrial, commercial and multi-residential sectors from one of Canada`s leading fully integrated real estate organizations.
In Morguard`s 2013 Canadian Economic Outlook and Market Fundamentals Research Report, Calgary was singled out as one of the best markets in the country, with the organization predicting even more expansion in the coming year.
Read the full article here.
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Ottawa's bum steer on retirement savings
Our unhealthy obsession with home ownership is never more clearly seen than it is in a well-used federal government program called the Home Buyers' Plan.
The HBP allows first-time homebuyers to withdraw up to $25,000 from a registered retirement savings plan to help cover a down payment. Somehow, we've decided that houses come before retirement savings. That's a mistake and it needs to be corrected by winding down the HBP
Read the full article here.
Our unhealthy obsession with home ownership is never more clearly seen than it is in a well-used federal government program called the Home Buyers' Plan.
The HBP allows first-time homebuyers to withdraw up to $25,000 from a registered retirement savings plan to help cover a down payment. Somehow, we've decided that houses come before retirement savings. That's a mistake and it needs to be corrected by winding down the HBP
Read the full article here.
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Non-mortgage debt rose 6% at year end
While mortgage debt growth has been slowing, Canadian consumers are still borrowing at record levels to buy cars, finance home repairs and pay for furniture, new data shows.
The average consumer`s non-mortgage debt rose nearly 6 per cent in the last three months of 2012 compared to the same period a year earlier, according to TransUnion, one of Canada`s largest credit bureaus.
Read the full article here.
While mortgage debt growth has been slowing, Canadian consumers are still borrowing at record levels to buy cars, finance home repairs and pay for furniture, new data shows.
The average consumer`s non-mortgage debt rose nearly 6 per cent in the last three months of 2012 compared to the same period a year earlier, according to TransUnion, one of Canada`s largest credit bureaus.
Read the full article here.
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Toronto high-rises see biggest drop, but building hits new record
Welcome to `the new normal.`
Anyone who followed Toronto`s new-home and condo market last year won`t be surprised to hear it: 2012 saw a significant decrease in sales from the year prior. Representatives of the Building Industry and Land Development Association (BILD) and market research firm RealNet Canada revealed the final 2012 market results in a press conference on Jan. 23.
Read the full article here.
Welcome to `the new normal.`
Anyone who followed Toronto`s new-home and condo market last year won`t be surprised to hear it: 2012 saw a significant decrease in sales from the year prior. Representatives of the Building Industry and Land Development Association (BILD) and market research firm RealNet Canada revealed the final 2012 market results in a press conference on Jan. 23.
Read the full article here.
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TransCanada says east route eases oil discount
Crude from Alberta`s oil sands sells at a 30% discount to its U.S. counterpart. TransCanada Corp. Chief Executive Officer Russ Girling plans to narrow that gap whether or not his Keystone XL pipeline to the Gulf of Mexico wins approval from the Obama administration.
Canada`s second-largest pipeline company proposes to ship oil 3,000 miles (4,825 kilometers) to the Atlantic Coast, allowing producers to send it by tanker to the Gulf, Girling said Wednesday in an interview at Bloomberg`s New York headquarters. While he expects U.S. passage of Keystone `very soon,` the East Coast route makes sense in any event because of rising production from Alberta, Girling said.
Read the full article here.
Crude from Alberta`s oil sands sells at a 30% discount to its U.S. counterpart. TransCanada Corp. Chief Executive Officer Russ Girling plans to narrow that gap whether or not his Keystone XL pipeline to the Gulf of Mexico wins approval from the Obama administration.
Canada`s second-largest pipeline company proposes to ship oil 3,000 miles (4,825 kilometers) to the Atlantic Coast, allowing producers to send it by tanker to the Gulf, Girling said Wednesday in an interview at Bloomberg`s New York headquarters. While he expects U.S. passage of Keystone `very soon,` the East Coast route makes sense in any event because of rising production from Alberta, Girling said.
Read the full article here.
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Flaherty promises balanced budget by 2015, no new taxes
In a speech to the Economic Club of Canada in Ottawa on Wednesday, Finance Minister Jim Flaherty said the objectives for Budget 2013 and beyond will stick to the plan of balanced budgets and low taxes, focusing on jobs and economic growth.
Noting that Canada has recovered from the global economic downturn faster and with the best job growth record over the recovery and lowest net debt-to-GDP ratio among the G-7 countries, he said the government expects to eliminate the deficit by the time of the next election in 2015.
Read the full article here.
In a speech to the Economic Club of Canada in Ottawa on Wednesday, Finance Minister Jim Flaherty said the objectives for Budget 2013 and beyond will stick to the plan of balanced budgets and low taxes, focusing on jobs and economic growth.
Noting that Canada has recovered from the global economic downturn faster and with the best job growth record over the recovery and lowest net debt-to-GDP ratio among the G-7 countries, he said the government expects to eliminate the deficit by the time of the next election in 2015.
Read the full article here.
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Policy uncertain, U.S. political gridlock could threaten Canada's economic recovery
VANCOUVER, BC`Economic policy uncertainty in Canada and the United States has surged since 2008, hindering recovery from the recession, argues a new report from the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.
`Much of Canada`s current economic policy uncertainty is due to contagion from the United States, given the integrated and interdependent nature of the Canadian and American economies,` writes Nicholas Bloom, Stanford University professor of economics, co-director of the Productivity, Innovation and Entrepreneurship Program at the National Bureau of Economic Research, and author of Killing the Economic Engine: Is Policy Uncertainty Stalling U.S. and Canadian Economic Growth?
Read the full article here.
VANCOUVER, BC`Economic policy uncertainty in Canada and the United States has surged since 2008, hindering recovery from the recession, argues a new report from the Fraser Institute, an independent, non-partisan Canadian public policy think-tank.
`Much of Canada`s current economic policy uncertainty is due to contagion from the United States, given the integrated and interdependent nature of the Canadian and American economies,` writes Nicholas Bloom, Stanford University professor of economics, co-director of the Productivity, Innovation and Entrepreneurship Program at the National Bureau of Economic Research, and author of Killing the Economic Engine: Is Policy Uncertainty Stalling U.S. and Canadian Economic Growth?
Read the full article here.
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Flaherty takes hard line on spending as Ottawa feels the oil-price pinch
Ottawa`s finances are taking a hit from discounted prices for Canadian oil, and Finance Minister Jim Flaherty says this will force him to hold a harder line on spending as he prepares the 2013 budget.
The Finance Minister said lower commodity prices and persistently low inflation are combining to have a negative effect on government revenues. Still, the minister insists he expects to balance the books before the 2015 election without dramatic spending cuts.
Read the full article here.
Ottawa`s finances are taking a hit from discounted prices for Canadian oil, and Finance Minister Jim Flaherty says this will force him to hold a harder line on spending as he prepares the 2013 budget.
The Finance Minister said lower commodity prices and persistently low inflation are combining to have a negative effect on government revenues. Still, the minister insists he expects to balance the books before the 2015 election without dramatic spending cuts.
Read the full article here.