By Ketki Saxena
Investing.com — Key Canadian economic data this week included a higher-than-expected CPI (up 5.1% in January) and key housing data including record new home sales (1% m/ m), housing stock (-11% m/m) and house price growth (2.9% m/m and 28% y/y, according to the MLS House Price Index). Other important Canadian data included wholesale trade and manufacturing sales.
At the provincial level, key announcements included Ontario’s latest economic and fiscal update. Highlights include $2.3 billion in new investment in response to the Omicron variant. For the 2021-22 fiscal year, Ontario is now projecting a deficit of $13.1, an improvement of $8.4 billion from the deficit previously projected in the Fall Economic Statement, primarily due to improved economic performance leading to higher than expected revenues.
Other notable economic events include the meeting of G-20 finance ministers and central bankers, including Canadian Finance Minister Chrystia Freeland. The group’s statement agreed on a cautious and coordinated hike in interest rates or the removal of other measures to minimize the impact on global, especially developing countries, and global financial markets.
Canadian Economic Data: Weekly Recap
: CPI accelerated to 5.1% y/y in January from 4.8% in December. Inflation is widespread and high in all categories.
Wholesale Trade: Wholesale sales rose 0.6% in December to $76.2 billion, marking the 5th consecutive month of growth. The month was marked by strong movement in automobiles, including parts and accessories, as well as machinery and equipment.
: Canadian manufacturing sales rose 0.7% m/m in December, slightly less than Statistics Canada’s estimate of a 0.08% increase.
Door-to-door sales and inventory: Existing home sales in Canada rose in January, rising 1% m/m to 55,000 units. This is the highest level of activity since May 2021. New listings fell 11% m/m. Only 1.6 months of inventory was available for purchase in January, tied with December for the lowest on record.
: Canadian housing starts fell 3% m/m to 230,754 units in January 2022, missing market expectations of 245,000 units
Teranet Home Price Index: Home Prices in Canada climb 1.3% from December, or 16.6% y/y
The MLS® Home Price Index (HPI), another home price benchmark, Pink 2.9% m/m and 28% y/y – both records
All currencies are , unless otherwise specified.
Merged media or anyone involved with Fusion Media will accept no liability for any loss or damage resulting from reliance on the information, including data, quotes, charts and buy/sell signals contained in this website . Please be fully informed of the risks and costs associated with trading in the financial markets, it is one of the riskiest forms of investment possible.