Economic Outlook Archives - Page 9 of 10

20Oct

Government lowering small business tax rate to 9% over two years

[Source: CTV News, October 16, 2017] OTTAWA – The federal government is reducing the small business tax rate from 10.5% to 9%, to be phased in over two years, as it begins to unveil changes to its contentious tax reform proposal. The small business tax rate will drop to 10%, effective Jan. 1, 2018, and then to 9% effective Jan. 1, 2019. The rate reduction comes alongside other tweaks to the Liberal proposal to cut tax loopholes for businesses. The government is going [...]

Canada, Economic Outlook

20Oct

B.C. the ‘bright light’ for Canada’s economy

[Source: Journal of Commerce, October 20, 2017] Economic indicators are looking good for British Columbia, Canada and the world. At a provincial level, the economy is in great shape, Central 1 deputy chief economist Bryan Yu said at the recent CanaData West conference in Vancouver. "British Columbia is doing phenomenal regarding the economy and the outlook going forward is positive," Yu said. The province's economy is showing strong job growth and consumer demand as well as positive indicators for wages, population and [...]

British Columbia, Canada, Economic Outlook, International Influence, Vancouver Real Estate

20Oct

OSFI sets new mortgage rules beginning January 1, 2018

[Source: BIV, October 18, 2017] Starting January 1, 2018, Canadian homebuyers will need to meet stiffer guidelines in order to qualify for a mortgage with a federally regulated mortgage lender. As expected, Canada’s banking watchdog, the Office of the Superintendent of Financial Institutions Canada (OSFI), confirmed October 17 that starting next year, all borrowers – even those who have down payments of 20% or higher and do not require mortgage insurance – will need to qualify for mortgages that are two [...]

British Columbia, Canada, Economic Outlook

18Oct

“Breaking Bad – News” – Big Changes Ahead

[Source: Synergy Mortgage, October 18, 2017] Stringent NEW Canadian Mortgage Rules take affect January 1st, 2018. Office Of The Superintendent Of Financial Institutions (OFSI) has finalized NEW mortgage rules applicable on all federally regulated banks. The new rules officially start January 1, 2018. This will dramatically change the lending landscape. The new rules apply to all bank mortgages and will make borrowing more difficult even for clients who have substantial down payments, strong income and excellent credit. Alternative lenders with relaxed qualification [...]

British Columbia, Canada, Economic Outlook, Mortgage Education Centre, Remodel + Renovation, Vancouver Real Estate

07Sep

Bank of Canada raises overnight rate to 1 per cent

[Source: CTV News, September 6, 2017] OTTAWA -- The Bank of Canada is once again raising its benchmark interest rate as it sees the economy's powerful performance pointing to broader, more self-sustaining growth. The central bank hiked its rate Wednesday by one-quarter point to 1.0 per cent, its second 25-basis-point increase since July. The move, which will likely be a surprise for some, came less than a week after the latest Statistics Canada numbers showed the economy expanded by an impressive 4.5 [...]

Bank of Canada announcements, Economic Outlook

07Aug

‘Disproportionate’ growth still flowing into housing as B.C. economy revised upward: BCBC

[Source: BIV, July 12, 2017] Higher than expected job growth and consumer spending helps the BCBC revise an earlier economic forecast from 2.2% growth in 2017 to 2.7% A “disproportionate” amount of growth is still flowing into the B.C. housing sector this year even as business investment remains soft, according to a report from the Business Council of British Columbia. Meanwhile, higher than expected job growth and consumer spending also helped the BCBC revise an earlier economic forecast from 2.2% real GDP [...]

British Columbia, Economic Outlook

31May

Canada’s economy accelerates on consumer, business spending

[Source: Globe and Mail, May 31,2017] Canada’s economy accelerated strongly in the first quarter, driven by consumer spending and a rebound in business investment. Gross domestic product grew at an annualized 3.7 per cent pace, Statistics Canada said on Wednesday, slightly below economists’ expectations for 3.9 per cent, and following upwardly revised annualized growth of 2.7 per cent in the fourth quarter. The economy also appeared to be on solid footing ahead of the second quarter with growth rising by a better-than-expected [...]

Canada, Economic Outlook

12Apr

Pressure is growing for the Bank of Canada to raise interest rates

[Source: Maclean's, April 7, 2017] Bank of Canada Governor Stephen Poloz insists the economy is weaker than it appears, but that argument is now in trouble. Bank of Canada governor Stephen Poloz used a history lesson Tuesday to make a case for a policy mix frequently promoted by the federal government -- an openness to more foreign investment, immigration and free trade. In a prepared speech, Poloz said Canada has seen these ingredients produce positive economic results in its past, including [...]

Bank of Canada announcements, Canada, Economic Outlook

12Apr

Bank of Canada leaves key interest rate steady at 0.5%

[Source: CBC, April 12, 2017] The Bank of Canada today left its benchmark rate unchanged, at 0.5 per cent, saying it is too early to conclude that the economy is on a "sustainable growth path" despite a recent rebound that led it to bump up its 2017 outlook. "During the rest of this year and into 2018 and 2019, growth in Canada is expected to moderate but remain above potential," the bank said Wednesday. Economists had widely predicted that the bank would [...]

Bank of Canada announcements, Canada, Economic Outlook

12Apr

BoC signals earlier rate hike, upgrades growth forecast

[Source: The Globe and Mail, April 12, 2017] The Bank of Canada is signalling that its first interest rate hike since 2010 could be less than a year away as the Canadian economy continues to grow faster than expected. The central bank once again kept its key overnight rate unchanged Wednesday at 0.5 per cent, where it has stood since July 2015. But the bank acknowledged what most economists have been saying for months – that the Canadian economy is gaining traction, [...]

Bank of Canada announcements, Canada, Economic Outlook