TD Canada Trust provides a weekly economic highlight report that we choose to share with our clients and those who follow us. This is an easy place to stay current on the broader economic conditions in Canada and the U.S. so that you are better informed to make stronger decisions around your own real estate investments. We are always available to answer any questions or walk through your real estate investment goals for now or in the future.
- Monday’s election saw Prime Minister Trudeau holding on to power, but failing to achieve a majority parliament. There was a stark east-west divide in voting patterns.
- A formal coalition government has already been ruled out, so we are in for a return to a ‘vote-by-vote’ basis of rule for the first time in about eight years.
- Economic data this week was decent. Retail spending volumes rose a touch, while business confidence as measured by the Bank of Canada Business Outlook Survey held up despite elevated uncertainty.
- U.S. markets were in the black this week with limited economic news to digest. There was plenty of action across the pond, with an ECB rate decision and more drama on Brexit.
- The U.S. data was second tier, but housing data was consistent with a continued uptrend in the sector. However, data on durable goods orders was less encouraging.
- Next week holds a lot more action, with the Fed set to cut rates. We will also get October jobs numbers, Q3 GDP, and the October ISM, all of which will help set the tone for Q4.