Commentaries
May 15, 2025
Canadian Existing Home Sales (April 2025)
April was yet another subdued month for home sales, as economic uncertainty likely continued to keep potential buyers sidelined. With last month's soft showing (and weak momentum heading into the quarter) we're currently tracking another decline in Canadian home sales in Q2 following their sizeable first quarter contraction.
May 15, 2025
Canadian Housing Starts (April 2025)
Canadian housing starts came in at 278.6k annualized units in April, marking a 30% month-on-month (m/m) jump from March's relatively low level. This marked the highest print since June 2023. Meanwhile, the six-month moving average of starts increased 2.4% m/m to 240.9k units.
April 30, 2025
Canadian Monthly GDP (February 2025)
Canadian GDP fell by 0.2% month-on-month (m/m) in February, unwinding part of the strong gain the month prior. The reading was a touch softer than Statistics Canada and consensus expectations for flat growth. For March, Statistics Canada's flash guidance points to modest GDP growth of 0.1% m/m.
April 07, 2025
Bank of Canada Business Outlook Survey and Canadian Survey of Consumer Expectations (2025 Q1)
According to the Bank of Canada Business Outlook Survey (BOS), Canadian business sentiment dropped almost a full point in the first quarter of 2025 (to -2.14), reversing five consecutive quarters of improvement.
April 02, 2025
U.S. Liberation Day Binds The World To High Tariffs
The U.S. administration announced broad reciprocal tariffs today, targeting all trading partners, and not just the countries that run large trade surpluses with the U.S. The tariffs will be implemented under the International Emergency Economic Powers Act (IEEPA) of 1977.
March 27, 2025
U.S. Imposes 25% Auto Tariffs
President Trump announced that on April 3rd, the U.S. will place 25% tariffs on all imported passenger cars and light trucks. However, imported vehicles from Canada and Mexico that are compliant with the USMCA will face the 25% tariff only on the value of content produced outside of the U.S.
February 26, 2025
Capital and Repair Expenditure Survey (2025)
Statistics Canada released the results of its latest 2025 survey of non-residential capital and repair expenditures (a.k.a., the CAPEX survey). The survey was taken between September 2024 and January 2025, meaning that it misses the bulk of the more recent ramp up in tariff threats by President Trump.
February 12, 2025
Update on U.S. Steel and Aluminum Tariffs
The White House has announced the restoration of Section 232 Tariffs on Steel and Aluminum that were originally imposed in 2018. The rate on steel will return to the 25% implemented in 2018, while the rate on aluminum will rise to 25%, from 10% previously.
