Forecasts
June 26, 2024
Provincial Housing Market Outlook: Mediocre Second Half Sales Recovery on Deck
As we had anticipated, it’s been a quiet spring selling season. Elevated borrowing costs and Bank of Canada uncertainty have kept buyers on the sidelines through May, leaving Canadian home sales at the lower end of their pre-Covid levels.
June 20, 2024
Long-Term Forecast
After a better-than-expected year for economic growth in 2023, the U.S. economy is forecast to slow to a below-trend pace in 2024 as the impact of higher interest rates weighs on demand. Following an economic slowdown in 2023 and 2024, Canadian output is expected to rebound in 2025 and 2026.
June 19, 2024
Provincial Economic Forecast
Provincial economies are performing broadly as expected. Activity is likely to remain subpar across most of Canada, as regional economies continue to absorb the impact of elevated rates. We still see scope for growth outperformances in the Atlantic Region and Prairies, with somewhat weaker expansions likely in Ontario, B.C and Quebec.
June 18, 2024
Canadian Quarterly Economic Forecast
“Let’s just enjoy the moment” was Bank of Canada Governor, Tiff Macklem’s, response when questioned about further rate cuts immediately after cutting the policy rate for the first time this cycle. The policymaker clearly wanted to focus on the good news for an economy coping with the highest policy rate in over twenty years. The sentiment applies to the global economic outlook.
