House prices correction continues despite better activity

National house prices declined for an eighth consecutive month. Since the start of the correction, prices nationally have fallen by 10%. However, the correction has been bigger in some markets, especially those with the most significant post-pandemic gains. In Alberta, housing market activity eased but remained robust by historical standards.

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Insolvencies eased in September

Insolvencies eased in September. However, the decline comes after an unusually strong increase in August. Nevertheless, the reduction in September does not alter the trend.

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The economy slows to a crawl

Economic insight provided by Alberta Central Chief Economist Charles St-Arnaud.  Bottom line Today’s release of the GDP for August confirms that growth has slowed rapidly in the second half of…
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The Bank of Canada slows its pace and hikes by 50bp

The Bank of Canada increased its policy rate by 50bp, in line with our expectations, to 3.75%, its highest level since February 2008. The central bank also announced that it would continue quantitative tightening (QT). So far this year, the BoC has increased its policy rate by 350bp, the fastest pace since the mid-1990s.

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Retail sales may have peaked

Retail sales rose in August after some weakness in July. Nevertheless, with the preliminary estimate suggesting a decline in September, retail sales likely peaked in June. Adjusted for inflation, retail sales have barely changed, suggesting that consumers are not increasing their consumption level.

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