#Canada; #Economy; #CanadaEconomy; StatisticsCanada; #GDP; #ReutersPolls
Ottawa, Jan 31 (Canadian-Media): After Canada's economy's surprise decline in October, largely due by higher utility costs, it rebounded with 0.1 percent increase of Gross Domestic Product (GDP) in November, Statistics Canada data reported on Friday.
Statistics Canada. Image credit: Twitter handle
Statistics Canada, a federal government agency, formed in 1971 and headquartered in Ottawa, provides statistics to Canadians to better understand Canada, its population, resources, economy, society, and culture and enabling them to make informed decisions.
GDP is the quantitative measure of a nation's total economic activity and is representative of the monetary value of all goods and services produced within a nation's geographic borders over a specified period of time.
November's GDP growth in Canada Chart. Image credit: Statistics Canada.
Contrary to the forecast by analysts in a Reuters polls that there would be no change after an unexpected 0.1 percent decline in October, 15 of the 20 industrial sectors tracked by Stats Canada reported 0.1 percent gain in goods-producing industries and the services sectors.
The jump of 2.1 percent utilities in November, the largest gain in more than a year, said Statistics Canada , was due to the unseasonably cold weather in central Canada.
November's GDP gain also comes despite the decline of mining, quarrying and oil and gas extraction by 1.4 percent, and potash mining decline by 18.2 percent.
#Canada; #MortgageMarket; #CanadaMortgageMarket; #BankOfCanada; #Coronavirus
Ottawa, Jan 29 (Canadian-Media): The impact of the fear of Coronavirus and its spread on Canada's mortgage market had prompted investors to put money in safe government bonds has pushed down the yield on that debt, media reports said.
Coronavirus. Image credit: Twitter handle
One of the factors affecting the rates of fixed- and variable-rate home loans is based on the price that lenders have to pay to borrow money themselves.
Although the return of the government debts is meagre, investors feel safer than losing money on riskier investments that they buy.
For fixed-rate Canadian home loans, the benchmark that sets the price that consumer rates are based on is the five-year Government of Canada bond.
The rates of variable-rate mortgages are based on what the Bank of Canada is doing, not bond yields which means home buyers with variable-rate loans can expect some relief soon.
Canada's fear of coronavirus and its spreading is one of factors that has caused the increase in the price of bonds and a drop this year in its yield of the five-year Canadian government bond from 1.7 percent to 1.3 percent.
This drop amounting to 40-point drop in a short time is considered to be huge and it's filtering down into the mortgage market.
Fixed-rate loans are falling, according to James Laird, CEO of mortgage broker Canwise Financial and co-founder of rate comparison website RateHub.ca.
In its policy decision last week, the Bank of Canada said it would keep its benchmark interest rate where it is for now.
Bank of Canada. Image credit: Wikipedia
Laird said that rate cuts are often seen in mid-February or March, regardless of what bonds are up to, but the sudden impact of the coronavirus had caused this to happen a little earlier and a little more dramatically than anticipated.
"It's not like rates were on the rise and the coronavirus caused them to do a U-turn," he said.
"I'd say this is another area which is putting downward pressure on bond yields, and therefore downward pressure on mortgage rates."
#HousingMarket; #FortMcMurray, #Alberta; World'sCheapestHomes
Alberta, Jan 24 (Canadian-Media): After facing market struggles since a severe wildfire in 2016, the so-called home of the oil sands, the Canadian city Fort McMurray, Alberta, has the most affordable housing market in the world, media reports said.
Real Estate Global Market. Image credit: Twitter handle
The cost of a median-priced home at present is 1.8 times the median income, according to the 2020 edition of Demographia’s annual survey, up from fourth place last year.
The fluctuations in Canada's housing market is revealed by Vancouver in British Columbia having the the second least affordable global housing market.
UN racism committee calls for halt to Trans Mountain Site C, LNG pipeline without First Nations approval
#UNRacismCommittee; #TransMountainPipeline; #FirstNationsCanada
Vancouver (B.C.), Jan 7 (Canadian-Media): Canada is urged by a United Nations racism committee to immediately suspend the Trans Mountain pipeline expansion, Site C dam and Coastal GasLink pipeline without approval from affected First Nations, media reports said.
Trans Mountain pipeline. Image credit: Twitter handle
In a written directive last month, the committee of 18 experts expressed its concern by the construction of the three projects without the free, prior and informed consent of impacted Indigenous groups and by law enforcement's forced removal, harassment and intimidation against Indigenous people.
Canada was recommended by the UN committee to establish a legal and institutional framework to obtain free, prior and informed consent, and freeze present and future approval of large-scale development projects that don’t meet that level of consent.
Members of the Wet’suwet’en have attempted to block construction of the Coastal GasLink pipeline near Smithers, B.C, a part of the massive $40-billion LNG Canada project.
In a letter issued Tuesday by the hereditary chiefs with the First Nation demanded the company to vacate the premises that was being trespassed on their territory.
Being alarmed by the reported arrest and detainment of a Secwepemc demonstrator in October, the UN committee asked Canada to immediately halt the forced eviction of Secwepemc and Wet’suwet’en people and added that no force will be used against the two groups.
The RCMP and other security and police were also called by the UN Committee to withdraw from their traditional lands.
Ottawa, Jan 4 (Canadian-Media): The World Economic League Table, published by the Centre for Economics and Business Research (CEBR), states that Canada is back onto the list of the world's largest economies, media reports said.
Its ranking moved up to spot 10 in 2019 based on its GDP of $2.251 trillion in 2019 after falling to the eleventh spot in 2014 .
It is set to climb even higher in the future, moving past both Brazil and Italy to take the number eight spot by 2029, according to CEBR.
Canada's economic success is partly due to attracting skilled migrants as well as due the steady unemployment rate, which has held at 5.7 percent and therefore affected consumer spending.
The list forecasts economic growth among 180 countries over the next decade.