Canada may post a bigger budget surplus than forecast in the 2015-2016 fiscal year and its manufacturers will be aided by a currency that the central bank head says may weaken, Finance Minister Jim Flaherty said.
“Yes, we’ll balance and it won’t be close, we’re in good shape,” Flaherty said in an interview broadcast Sunday on CTV’s “Question Period.” “We could have a larger surplus than we anticipated but we will have a surplus,” he said. Flaherty didn’t elaborate on how large the surplus could be.
TORONTO — Scotiabank says Canada’s housing market is in the process of transitioning to slower growth and will remain on a “subdued trajectory” over the next several years, imposing a modest drag on output growth as the effects make their way through the broader economy.
In a new report, bank senior economist Adrienne Warren says residential investment began to stall last year as affordability constraints tempered home sales and builders scaled back the number of new developments.
It's been three months since Janet Yellen dismissed some worrisome inflation data was "noisy." And it looks like she might've been right to ignore it and keep monetary policy easy. But what's next? On Tuesday, the Federal Reserve will kick off its latest two-day FOMC meeting, culminating in its latest monetary policy announcement at 2 pm ET on Wednesday, following by a press conference from Federal Reserve chair Janey Yellen at 2:30 pm ET.
OTTAWA – Prime Minister Stephen Harper’s government has introduced a cautious budget that promises to end years of deficits by the time Canadian voters go to the polls in 2015 and contains some surprises – ranging from a tax hike on cigarettes to a tax credit for search and rescue volunteers.
In the House of Commons Tuesday, Finance Minister Jim Flaherty introduced a fiscal blueprint defined by four broad themes: fiscal prudence; training and apprenticeship for workers; industrial innovation; and consumer protection.
TORONTO — Toronto ranked as the fastest growing economy in the country last year, but a new study from CIBC suggests Canada’s biggest city will be hard pressed to maintain that growth trajectory.
The report on the economic strength of major Canadian cities, released Thursday, found Toronto ranked tops amongst its peers in the first nine months of 2012, helped by a recovery in the manufacturing sector and a surge in condo sales.
But those two factors could also be significant pressures on future growth in 2013.
Home prices in Canada’s oil capitals will suffer a correction this year as plunging oil prices turn the nation’s housing market upside-down, say TD economists.
Prices are on track to fall as much as 10% in Calgary, Edmonton and St. John’s Newfoundland over 2015 and into 2016 as the collapsing oil industry hits growth, incomes and employment.
John Dolstra’s eyes welled up with tears. He can’t believe it, doesn’t want to accept it and doesn’t know quite what to say, because it is “too awful.” Standing here, in a bitter April wind, stout front of the Abilities Centre, in Whitby, Ont., while his old friend, Jim Flaherty, the former Finance Minister, the statesman, the guy with the steady hand on the country’s economy, is lying inside in a casket.
When I looked over the invitees to the Treasury Department's forum on housing policy today, I noticed one of the names that wasn't there: The Center for Economic and Policy Research's director, Dean Baker.