economic outlook
Following Bank of Canada rate cut, Macklem says it’s “reasonable” to expect more
In addition to announcing the rate cut, the Bank of Canada also released updated economic forecasts, projecting moderately slower GDP growth in 2024 than previously anticipated.
Bank of Canada rate cut grows more likely as retail sales slump
Retail sales dropped in May as Canadians cut back on spending, with early estimates suggesting the decline continued into June.
2024 recession now expected to be “shallower and shorter,” says Oxford Economics
While Canada’s economy is still expected to enter a technical recession this year, Oxford Economics now believes the downturn will be less severe than initially thought.
Market participants still expect the first Bank of Canada rate cut in April
Despite push-back from the Bank of Canada against aggressive rate-cut predictions, a majority of influential economists and analysts still expect rates to start falling by April.
Recession expected to drive home prices down another 10%: Oxford
In its economic and housing outlook released today, Oxford Economics is forecasting a mild recession by the end of the year will lead to an additional 10% decline in average house prices by early next year.
Bank of Canada offers a reprieve for mortgage borrowers, but leaves door open to more hikes
The Bank of Canada opted to leave interest rates unchanged today but maintained its hawkish bias, confirming it won’t hesitate to hike rates further if inflation doesn’t continue to trend downward.
Weak GDP data means Bank of Canada rate hikes could be “over and done”
Canada’s economy slowed more than expected in the second quarter, raising the likelihood that the Bank of Canada will leave rates unchanged at next week’s policy meeting.
Despite the BoC’s growth outlook, Canadians are bracing for recession: TransUnion
While the Bank of Canada’s latest growth forecasts remain positive for the year ahead, Canadians aren’t taking any chances.
The latest in mortgage news: Fixed rates continued to climb this week
While the pace of fixed-rate increases has slowed, lenders continued to bump mortgage rates higher this week, including three of the big banks.