Weekly Digest – 13 December 2023

Weekly Digest – 13 December 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Canada’s trade surplus grew more than expected in October

Canada recorded a larger-than-expected trade surplus of $2.97-billion in October, as exports rose marginally but imports slumped, Statistics Canada said.

Bank of Canada says immigration curbs long-term inflation, but has strained housing market

Immigration pushed a steady decline in housing vacancy rates to become a cliff, deputy governor says. Mass immigration to Canada will keep a lid on inflationary pressures in the long run, but has also strained housing markets and helped to drive rent inflation to a 40-year high.

Canada keeps bank capital requirements steady as economy weakens

Canada’s banking regulator chose not to boost capital requirements on the country’s largest lenders, signalling that officials believe banks’ balance sheets are strong enough to withstand economic turbulence.

Canada’s surging cost of living fuels reverse immigration

The dream of making it big in Canada is turning into a battle for survival for many immigrants due to the high cost of living and rental shortages, as rising emigration numbers hint at newcomers being forced to turn their back on a country that they chose to make their adopted home.

As expected, Bank of Canada holds interest rate steady at 5%

The Bank of Canada decided to keep its benchmark interest rate steady at five per cent. The move was widely expected, as after raising its trendsetting rate 10 times since early 2022 to slow down runaway inflation, the bank has been signalling recently that it thinks it may be nearing the end of that hiking cycle.

What’s in store for phase 2024 of Canada’s economic cycle?

China’s struggles, looming US federal election, and higher-for-longer rate outlook pose risks for the Great White North, says Guardian Capital LP.  As the world continues to navigate the long shadow of COVID, the tail end of a decades-high bout of inflation, the ebbing of globalization, and the legacy of historically aggressive rate hikes over the past couple of years, the word “unprecedented” will probably still get some mileage during the 2024 outlook.

Timing of Ottawa’s oil and gas emissions cap ‘unrealistically ambitious’ say analysts

The timing of Ottawa’s newly spelled-out plan to cap the oil and gas sector’s direct emissions is “simply unrealistic” without slashing production, say analysts at CIBC Capital Markets.

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