Daily Market Update

Bank of Canada governor says Fed rate rises do not set its policies… Canadians stressed by personal debt… Canada’s wealthiest cities are not the ‘big three’… US housing data expected to be more positive…


Bank says they are not bound by Fed rate rise

The governor of the Bank of Canada has made it clear that the US Federal Reserve does not control what happens in Canada. At a conference attended by finance decision makers from all over the world, held at Jackson Hole in Wyoming, Stephen Poloz said that the BoC is “quite capable of being fully independent.” The Fed chair Janet Yellen’s speech at the conference once again raised expectations that the US would see interest rate rises sooner than previously expected, but Mr Poloz clarified that there is no set process of Canada following its neighbour. That said, current expectations are that both banks will raise interest rates sometime next year, most likely in the second half. Read the full story.


Canadians are stressed by their debts

A new BMO report says that Canada’s levels of personal debt are a real concern for many, especially the younger demographic. Those aged 18-34 say that are most ashamed at their debt levels, with 60 per cent saying it’s a major personal issue. Those in the next age group, 35-54 have the highest levels of personal debt, averaging more than $92,000. The ‘boomers’ of over 55 still have growing debt often to pay for their children’s weddings or house purchases. Average debt in the next year is predicted to grow by almost $20,000. Read the full story.


The wealth diversity of Canada’s cities

The gap between the cities with the highest and lowest incomes has been highlighted in a new study by Statistics Canada. The figures show that Calgary has the highest median figure at $98,000; well above the national average which comes in at $73,000. Edmonton, Ottawa-Gatineau, Saskatoon and Regina are all home to higher incomes. The other end of the scale takes in Canada’s three largest cities. Toronto, Vancouver and Montreal all lag well behind Calgary. This is partly affected by immigrant families who choose the largest urban areas but struggle to secure higher wages when they first move here. Read the full story.


US housing data expected to show optimism

The latest figures on the US housing market are due this week and experts are predicting that things will be improving after the cold winter. The S&P / Schiller index in May was poor, with far lower numbers than forecast but there is hope that things may have improved since; figures are out tomorrow. Other data releases in recent weeks have shown both sales volume and prices trending up and today the US Census Bureau will release its latest new home sales report. Read the full story.


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