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Canada

Canada January 2025

1/13/2025

 
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  • „The unemployment rate fell to 6.7% in December after rising to 6.8% in November.
  • „Unemployment reached a record low of 4.9% in June and July 2022, and peaked during the pandemic.
  • „The economy added 91,000 new jobs. Job growth was more than triple the 25,000 new jobs expected.
  • Most of the jobs added were full-time positions.
  • „Employment increased or held steady in most provinces.
  • „Average hourly wages increased 3.8% to $35.77 an our after rising to $35.59 per hour in November. It was the slowest rate of increase since 2022.
 
Consumer Prices Rise 1.9%
The Consumer Price Index (CPI) rose 1.9% year over year in November after rising 2.0% in October, according to Statistics Canada. Price growth was broad-based in November. The cost of groceries continues to outpace headline inflation.
 
Housing and Construction News
Housing starts continued trending upwards in November, rising 8% for the second consecutive month in October after rebounding in September. The seasonally adjusted annual rate of housing starts rose to 262,443 units in November after being flat in October. The six-month moving average of the seasonally adjusted annual rate of housing starts was down 0.3% at 243,268 units in November.
 
Canadian home sales rose 2.8% in November, reaching the highest level since April 2022. Sales were up 26% from November 2023. A total of 37,855 homes were sold. The national average sale price for November rose 7.4% from November 2023 to $694,411. There were just over 160,000 properties listed for sale across the Canada at the end of November, up 8.9% year over year but still below seasonal historical averages. 
 
GDP Rises 0.3%
GDP rose a higher-than-expected 0.3% in October, but preliminary estimates suggests that the economy shrank 0.1% in November despite two consecutive rate cuts from the Bank of Canada. October’s monthly gain was driven mainly by mining, quarrying, and oil and gas extraction. Real estate and rental leasing rose by 0.5%, the sixth consecutive increase and the largest monthly gain since January. Much of the gain was driven by higher home sales in Toronto and Vancouver, with the industry's activity level in October hitting its highest point since April 2022. The construction sector rose for the third month in a row by 0.4%,  led by non-residential building construction. The rise in GDP beat economists’ forecast of 0.2%, with 10 of the economy's 12 sectors expanding.
 
Interest Rates
The Bank of Canada cut interest rates by half a percentage point in mid-December to 3.25%. The central bank signaled that the pace of interest rate cuts would slow going forward as the economy enters a period of uncertainty due to tariffs threatened by the incoming US administration and population growth. It was the BoC’s fifth consecutive rate cut since June and the second consecutive cut of half a point. The BoC justified the cut by pointing to tepid economic growth and a weakening labour market.
 
Retail Sales
Retail sales increased 0.6% to $67.6 billion in October after rising to $66.9 billion in September. Sales were up in five of nine subsectors and were led by increases at motor vehicle and parts dealers. Core retail sales, which exclude gasoline stations and fuel vendors and motor vehicle and parts dealers, were up 0.2% in October after rising 1.2% in September. In volume terms, retail sales were unchanged in October.
 
Retail Ecommerce Sales

On a seasonally adjusted basis, retail ecommerce sales were up 1.5% to $4.2 billion in October after rising to $4.1 billion in September, according to Statistics Canada. October ecommerce sales accounted for 6.2% of total retail trade.
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