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☆ Canada's B.C. province sets high emissions bar for new LNG projects
▼ + stars: | 2023-03-17 | by ( Nia Williams | ) www.reuters.com time to read: +4 min

[1/2] The entrance to Shell's LNG Canada project site is shown in Kitimat in northwestern British Columbia on April 12, 2014. While the tougher regulation will not impact the huge Shell-led (SHEL.L) LNG Canada project already under construction, a proposed export terminal adjoining the small-scale Tilbury LNG facility and the early-stage Ksi Lisims LNG project in northern B.C will fall under the new rule. The province will start exporting 14 million tonnes per annum (MTPA) when LNG Canada enters service in 2025. "That (net-zero requirement) is a very high bar and a high hurdle to pass," said Mark Zacharias, executive director of think-tank Clean Energy Canada, adding the new framework rounds out B.C. 's new regulations also include an oil and gas emissions cap and plans to accelerate the electrification of the economy.

☆ Canada annual inflation rate remains at 6.9% in October on gasoline and mortgage interest
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +1 min

Nov 16 (Reuters) - Canada's annual inflation rate held at 6.9% in October, largely on higher gasoline prices and mortgage interest, Statistics Canada said on Wednesday. Analysts polled by Reuters had expected the annual rate to remain at 6.9% in October from September. Percent changesMonth-on-month Year-on-yearOct Sep Oct SepCPI - all items +0.7 +0.1 +6.9 +6.9CPI - common n/a n/a +6.2 +6.2CPI - median n/a n/a +4.8 +4.7CPI - trim n/a n/a +5.3 +5.2Bank of Canada core +0.4 +0.4 +5.8 +6.0All items ex food/energy +0.3 +0.3 +5.3 +5.4Goods +1.2 -0.1 +8.4 +8.2Services +0.2 +0.3 +5.4 +5.6Energy +6.2 -4.4 +16.2 +14.0Seasonally adjusted +0.6 +0.4 n/a n/aCore CPI, SA +0.2 +0.4 n/a n/aNOTE: Analysts in a Reuters survey had on average forecast October CPI to be 6.9% annualized, and to be up 0.7% on the month. CPI Core was expected to be 6.0%. (Reporting by Dale Smith; Editing by Julie Gordon)((julie.gordon@tr.com))Keywords: CANADA ECONOMY/INFLATIONOur Standards: The Thomson Reuters Trust Principles.

☆ High interest rates bring winter gloom to Canada's housing market
▼ + stars: | 2022-11-15 | by ( Julie Gordon | Megan Rowling | ) www.reuters.com time to read: +4 min

[1/2] A for sale sign is displayed outside a home in Toronto, Ontario in Toronto, Ontario, Canada December 13, 2021. REUTERS/Carlos Osorio/File PhotoOTTAWA, Nov 15 (Reuters) - Canada's housing market has gone cold, with buyers sidelined by soaring borrowing costs and sellers holding off listing in hopes of a spring rally, while higher interest rates mean prices need to fall more before any rebound materializes, experts say. "We do have quite a bit of fundamental demand still out there ... but the market just can't clear at current prices because of where interest rates have gone," said Robert Kavcic, senior economist at BMO Capital Markets. Variable rate mortgages - home loans in which the interest rate fluctuates based on market conditions - have more than tripled since March, with strict stress tests making qualification even tougher. "If investors aren't interested in buying condos, the whole market starts to slow down," he said.

☆ Lower-income Canadians to be hit harder by economic slowdown- BoC's Macklem
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: 1 min

OTTAWA, Nov 14 (Reuters) - Lower-income Canadians will be disproportionately affected by the slowdown in economic activity that is needed to rebalance supply and demand to ease inflationary pressures, Bank of Canada Governor Tiff Macklem said on Monday. "Slowing economic growth will disproportionately affect our most vulnerable households," he said in opening remarks at the Conference on Diversity, Equity and Inclusion in Economics, Finance and Central Banking. "But once we rebalance demand and supply, growth will pick up, our economy will grow solidly, and the benefits of low and predictable inflation will be restored," he added. Reporting by Steve Scherer and Julie Gordon in OttawaOur Standards: The Thomson Reuters Trust Principles.

In October, the economy added a net 108,300 jobs, and wages growth climbed to 5.5%, even as the economy began to stall. Up until a few months ago, Kriska's 1,200 employees were too few to keep up with demand, Seymour said. Dennis Darby, who heads Canadian Manufacturers and Exporters business lobby, says there are still some 80,000 vacancies in manufacturing. Reuters GraphicsONE MILLION JOBSCanada has nearly a million open jobs and just over a million unemployed people. As global supply chain bottlenecks dissipate, labor demand will rebound in sectors that have a backlog of orders due to forced production cuts.

Instead, "the onus is still squarely, fully, 100% on the Bank of Canada to tighten," he said. The BoC's policy rate is seen peaking at 4.5% in early 2023. "I think they're going to struggle to see any improvement in the coming fiscal year," said Doug Porter, chief economist at BMO Capital Markets, adding that the fiscal measures were working at a slight crosscurrent to monetary policy. The fact that Prime Minister Justin Trudeau's government depends on the left-leaning New Democrats to pass legislation like the fiscal update helps explain the new spending, said Jimmy Jean, chief economist at Desjardins. ($1 = 1.3499 Canadian dollars)Reporting by Steve Scherer; Editing by Paul SimaoOur Standards: The Thomson Reuters Trust Principles.

☆ Canada posts blowout job gain in October, unemployment rate unchanged
▼ + stars: | 2022-11-04 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

[1/2] A help wanted sign at a store along Queen Street West in Toronto Ontario, Canada June 10, 2022. The economy added a net 108,300 jobs last month, easily beating forecasts for 10,000 new jobs, while the jobless rate was unchanged at 5.2%. The blowout gain was entirely in full-time work, spread across both the goods and services sectors. The Bank of Canada raised its policy rate by 50 basis points to 3.75% last week and said while more increases would still be needed, it was nearing the end of its tightening campaign. The core-age unemployment rate stands at 4.2%, slightly above July's record low, but in a historically tight range last seen in the 1970s.

☆ Canada cuts 2022/23 deficit forecasts, pledges targeted new spending
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

The finance ministry said the deficit for this fiscal year would be C$36.4 billion, down more than 30% from the C$52.8 billion forecast in April. The ruling Liberals also forecast a small surplus in 2027/28, in what would be their first balanced budget forecast since 2015. Growth is slowing sharply as the Bank of Canada hikes rates to calm hot inflation. The fiscal update document forecast Canada's debt-to-GDP ratio would be 42.3% in 2022/23, versus 45.1% forecast in April, falling to 37.3% in 2027/28. (Reporting by Julie Gordon and Steve Scherer in Ottawa, Editing by Deepa Babington) ((julie.gordon@tr.com))Keywords: CANADA BUDGET/SPENDINGOur Standards: The Thomson Reuters Trust Principles.

Inflation has edged down over the last three months to 6.9% in September from 8.1% in June. The fiscal update showed "significantly weaker growth" next year that previous forecast, but the baseline numbers did not foresee a recession. It also cut its deficit forecast for this fiscal year by almost a third to C$36.4 billion from the C$52.8 billion deficit forecast in April. The update also included a tax on corporate stock buybacks similar to a measure introduced by United States. The fiscal update document forecast Canada's debt-to-GDP ratio would be 42.3% in 2022/23, versus 45.1% forecast in April, falling to 37.3% in 2027/28.

OTTAWA, Nov 3 (Reuters) - Canada's government will outline its new fiscal forecasts and update its spending plans on Thursday against the backdrop of a stalling economy brought on by a steep rise in interest rates. The financial market turmoil caused by Britain's now-abandoned tax-cut plan, still-high inflation and rising interest rates are reasons for Canada to be very cautious about adding stimulus, analysts said last month. The Liberal government's updated fiscal plans come as the economy is sinking into three quarters of near-zero growth, according to Bank of Canada forecasts, and as the central bank continues its historic tightening campaign. Inflation in Canada has slowed to 6.9% in September from a peak of 8.1% earlier in the year, but core measures remain sticky. "Policy risk is particularly elevated with still-high inflation and an uncertain interest rate path that has markets on edge," said Rebekah Young, an economist at Scotiabank.

☆ Canada to set up tax credits for clean tech, launch growth fund
▼ + stars: | 2022-11-03 | by ( Rachel Parsons | ) www.reuters.com time to read: +2 min

OTTAWA, Nov 3 (Reuters) - Canada will introduce refundable tax credits for clean technologies worth up to 30% of investment costs, in a bid to close competitive gaps with the United States in scaling up green technologies, the government said on Thursday. The clean-tech tax credits will be offered for investors in net-zero technologies, battery storage and clean hydrogen, according to the so-called fall economic statement (FES) presented to the House of Commons by Finance Minister Chrystia Freeland. The tax will generate an estimated C$2.1 billion over five years and will come into force on Jan 1, 2024. "In terms of trying to foster business investments, I don't think it's well targeted," said Robert Asselin, senior vice president of policy at the Business Council of Canada. In next year's budget, Canada will introduce new measures to increase advanced manufacturing competitivness, the document said.

OTTAWA, Nov 1 (Reuters) - The Bank of Canada has not ruled out another oversized interest rate hike to fight sky-high inflation, governor Tiff Macklem said on Tuesday, acknowledging Canadians feel "ripped off" by fast rising prices. The Bank of Canada surprised markets with a smaller-than-expected 50-basis point increase last week, lifting the policy rate to 3.75%. "It's been a long time since we had high inflation and we're rediscovering that it corrodes the social fabric," he added. And that's one of the big problems with inflation and it's an important reason why we got to get it back down." Earlier he reiterated the Bank of Canada would need still higher rates to fight stubborn inflation.

☆ Bank of Canada sets out path for regulating digital payment providers
▼ + stars: | 2022-11-02 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

OTTAWA, Nov 2 (Reuters) - The Bank of Canada on Wednesday said it would take a flexible, risk-based approach in its nascent role as a digital payment regulator, aiming to ensure confidence in the safety and reliability of the fast-growing electronic payment segment. The central bank became the regulator for payment service providers (PSPs) like card networks, digital wallets and money transfer services under Canadian law last year. "We’re not going to use a blanket supervisory approach to the task at hand," Rob Morrow, Bank of Canada's executive director of Retail Payments Supervision, said in a prepared speech. "We will take a risk-based approach that will focus on end-user impacts and the efficiency of payment services." The Bank of Canada estimates more than 2,500 entities will fall under its supervision once the rules come into force.

☆ Bank of Canada reiterates that rates need to rise to fight inflation
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Nov 1 (Reuters) - The Bank of Canada needs to hike interest rates further to fight stubbornly high inflation, Governor Tiff Macklem said on Tuesday, reiterating that "we are getting closer, but we are not there yet." In opening remarks to the Senate's banking, trade and economy committee, he said the central bank was still far from the goal of low, stable and predictable inflation. Last week the Bank of Canada announced a smaller-than-expected interest rate hike and forecast the economy would stall over the next three quarters. Inflation in Canada has slowed to 6.9% from a peak of 8.1%, but core measures remain broad-based and persistent. The central bank revised its inflation outlook a touch lower and said it sees a return to the 2% target by end-2024.

Canada now expects to welcome 465,000 new permanent residents in 2023, up 4% from a previous target, and 485,000 in 2024, up 7.5%. "This year's immigration levels plan will help businesses find the workers they need," said Fraser in a statement. He added the new targets would also allow Canada to fulfil commitments to help those fleeing violence and war in their home countries. A record number of Canadians are now retiring, hastening a mass exodus of Canada's most highly skilled workers and leaving businesses scrambling. In a statement on Tuesday, the Business Council of Canada called for "bolder targets" in economic immigration.

[1/5] Volunteers fill boxes with donated food at the Ottawa Food Bank warehouse in Ottawa, Ontario, Canada October 27, 2022. Demand has surged 33% at the Ottawa Food Bank from pre-COVID-19 pandemic levels, with visits up as spiraling grocery, gas and rent prices, along with fast-rising borrowing costs, leave more Canadians struggling to make ends meet. "That's because the cost of food has risen ... but also because of the number of people that are turning to a food bank right now," said Wilson. "Our wholesalers are definitely more tentative about spending money," said Farnell. "Everyone's nervous ... Will people be spending money?

[1/3] Manuela Teixeira, who runs six businesses in Old Chelsea village, stands at the counter of her cafe Biscotti & Cie, which she says faces a dire labor shortage, in Old Chelsea, Quebec, Canada, October 3, 2022. Canada has the worst labor shortages in the Western world, according to the latest OECD data from late 2021. Quebec's immigration ministry didn't respond to a query on the arrival caps and labor challenges for this article. The new census data showed 28.7% of recent immigrants to the province spoke French as their first language, up from 25.7% in 2016. When company workers had to isolate after arriving from Tunisia during COVID-19, people in the town rallied to help with supplies, she said.

OTTAWA, Oct 26 (Reuters) - The Bank of Canada announced a smaller-than-expected interest rate hike on Wednesday and said it was getting closer to the point where rate hikes could end, as it forecast the economy could possibly slip into a slight recession. The central bank increased its policy rate by half a percentage point to 3.75%, coming up short on calls for another 75 basis points move. Macklem added that the central bank was still far from its goal of low, stable and predictable inflation at 2%, but was trying to balance the risks of under- and over-tightening. Inflation in Canada has slowed to 6.9% in September from a peak of 8.1% in June, but core measures remain broad-based and persistent. The central bank revised downward its inflation outlook a touch on lower commodity prices and easing supply chain disruptions.

☆ Canada home price tumble in September shattering record -Teranet
▼ + stars: | 2022-10-20 | by ( ) www.reuters.com time to read: +1 min

The index, which tracks repeat sales of single-family homes in major Canadian markets, showed prices dropped a record 3.1% in September from August, led by sharp declines in Toronto and Hamilton, Ontario. The major market index is now 7.0% below the May peak, with Hamilton down 13.5% and Toronto down 11.1%. Prices are still higher than a year ago, up 6.0% from September 2021, but gains are slowing. The Teranet index tracks closings, so it typically lags realtor sales data by three to five months. Register now for FREE unlimited access to Reuters.com RegisterReporting by Julie Gordon in Ottawa; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.

☆ Canada recession may be ‘necessary evil’ as central bank queues big hike
▼ + stars: | 2022-10-20 | by ( Julie Gordon | ) www.reuters.com time to read: +4 min

Register now for FREE unlimited access to Reuters.com RegisterThat may be just what the central bank is looking for, said analysts. Inflation in Canada edged down to 6.9% in September, below June's peak of 8.1%, though still well above the Bank of Canada's 2% target. A majority of Canadian firms, meanwhile, think a recession is now likely in the next 12 months, a Bank of Canada survey showed this week. This means the central bank will not start cutting rates until inflation is "within shouting distance" of the 1-3% control range, he said. "I don't think they necessarily are aiming for a recession," said Andrew Kelvin, chief Canada strategist at TD Securities.

☆ Former BoE, BoC Governor Carney: UK crisis shows risk of policies at cross purposes
▼ + stars: | 2022-10-20 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

OTTAWA, Oct 20 (Reuters) - The political crisis in the UK shows the importance of fiscal and monetary policies not working at cross purposes, particularly in the current economic environment, said former Bank of England Governor Mark Carney on Thursday. "The UK experience underscores that it's counterproductive for fiscal and monetary policies to work at cross purposes," he told a Canadian Senate committee. "Colloquially, if one foot is on the brake, and that's monetary policy," then the other should not "stomp on the gas." "One of the lessons is that sound monetary and credible fiscal policy will be rewarded, but mistakes will be punished," Carney said. Carney, Bank of England Governor from 2013 to 2020 and Governor of the Bank of Canada from 2008 to 2013, noted the importance of an independent central bank, along with inclusive policy, saying the UK tax cuts mostly benefited the wealthy.

☆ Canada's inflation beat boosts chances of 75 bps rate hike
▼ + stars: | 2022-10-19 | by ( Julie Gordon | ) www.reuters.com time to read: +3 min

OTTAWA, Oct 19 (Reuters) - Canada's annual inflation rate edged down but exceeded forecasts in September while underlying price pressures were largely unchanged, data showed on Wednesday, amplifying calls for another hefty rate hike by the central bank next week. Inflation was 6.9%, ahead of forecasts of 6.8% and down from 7.0% in August. All three of the Bank of Canada's core measures of inflation, its preferred yardsticks for underlying inflation, were flat in September, with the average of the three matching August's upwardly revised 5.3%. The bank has hiked rates by 300 bps since March and made clear more increases are coming. But it was lower gasoline prices that edged the annual inflation rate down, while consumers paid 11.4% more for their groceries, the largest gain since August 1981.

☆ Canada's inflation beat boosts chances for 75-bp rate hike
▼ + stars: | 2022-10-19 | by ( Julie Gordon | ) www.reuters.com time to read: +2 min

Canadian inflation edged down to 6.9% in September, a notch ahead of forecasts of 6.8% and down from 7.0% in August. "So I think it keeps the Bank of Canada on track to deliver another so-called supersized hike." The Bank of Canada is widely expected to raise its policy rate at its next decision on Oct. 26. "I think that the Bank of Canada should hike by 75 (bp) next week," he added. On the month, Canada's consumer price index rose 0.1%, slightly ahead of forecasts that it would remain flat.

☆ Canada's annual inflation rate eases slightly to 6.9% on cheaper gas
▼ + stars: | 2022-10-19 | by ( Julie Gordon | ) www.reuters.com time to read: +1 min

OTTAWA, Oct 19 (Reuters) - Canada's annual inflation rate inched down to 6.9% in September, the third consecutive monthly deceleration, as lower prices at the gas pump offset another 41-year high in food costs, Statistics Canada data showed on Wednesday. The headline inflation number was a notch ahead of analyst forecasts of 6.8% but down from 7.0% in August. Excluding food and energy, prices rose 5.4% from a rise of 5.3% in August. It now stands at 3.25%On the month, Canada's consumer price index rose 0.1%, slightly ahead of forecasts that it would remain flat. The Canadian dollar was trading 0.2% lower at 1.3760 to the greenback, or 72.67 U.S. cents.

☆ Business sentiment softens in Canada as recession fears mount: BoC survey
▼ + stars: | 2022-10-17 | by ( ) www.reuters.com time to read: +1 min

OTTAWA, Oct 17 (Reuters) - Business sentiment has softened in Canada, with many firms expecting slower sales growth amid rising interest rates and cooling demand, and a majority now think a recession is likely in the next 12 months, a Bank of Canada survey showed on Monday. While there are early signs that pressures on prices and wages are easing, business inflation expectations remain high, the third quarter Business Outlook Survey showed. Consumers, meanwhile, expect faster rising prices in the near term, though longer-term expectations have eased, a separate survey found. Firms linked to housing activity expect higher rates to hurt their sales, while others now anticipate a slower - though still healthy - pace of sales growth, the survey found. The majority of consumers also expect a recession in the next 12 months.

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