Pipelines, Rates, and Housing: What to Watch in Canadian Business This Week
Alberta Premier Danielle Smith and Ontario Premier Doug Ford will meet in Calgary on Monday to discuss Canada's economic future. The two leaders are expected to talk about how Canada builds, transports, and sells its energy resources globally.
Their discussion comes ahead of a key report from Statistics Canada, which is set to release the country's gross domestic product (GDP) figures for July on Tuesday. Preliminary estimates suggest that real GDP was essentially unchanged in July, with increases in the real estate and rental sector offset by decreases in retail trade and manufacturing.
Bank of Canada senior deputy governor Carolyn Rogers will give a speech in Victoria on Thursday, where she is expected to provide insight into the central bank's recent decision to keep its key interest rate at 2.25 per cent. Financial markets have raised the odds of a rate hike later this year, which could impact consumer borrowing and spending.
Regional home sales results for September are expected to start coming in towards the end of the week, including numbers for Calgary and Vancouver. National home sales in August were down 6.9 per cent compared to the same month last year, a trend that could continue if interest rates rise further.