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The Loonie Hour
Provincial Governments Urge Bank of Canada to Stop Rate Hikes
Sep 1, 2023
Canadian banks' rising loan loss provisions, undercounting non-permanent residents in Canada, BC government pleads with Bank of Canada, softening US labor market
01:00:17
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Quick takeaways
- The Canadian government has been undercounting non-permanent residents, leading to a gross underestimation of the housing crisis and its implications for the economy.
- The recent earnings reports from Canadian banks reveal increasing provisions for bad loans, indicating growing difficulty for households and businesses in repaying loans and suggesting a potential economic slowdown.
Deep dives
Canadian housing crisis exacerbated by undercounting non-permanent residents
According to research by C.I.B.C. economist Benjamin Tal, the Canadian government has been undercounting non-permanent residents, leading to a gross underestimation of the housing crisis. The federal government has admitted their mistake and is promising a revised methodology. This error has serious implications for housing affordability and the overall state of the Canadian economy.
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