Great Economic News for Canada

Statistics Canada announced this morning that 107,000 new jobs, led by health care were created in September, ten times more than expected. Although many of these jobs are part time, the total number of jobs created demonstrates the strength of the Canadian economy. Also, Stats Canada reported that the monthly trade surplus swelled to $5.8 billion in August from $4.2 billion in July. The surplus exceeded economist expectations.

CMHC announced this morning that they have allocated $25 billion to purchase as an investment, insured mortgage debt from Canadian banks. This has a significant positive effect on our Canadian banks willingness and ability to lend to Canadians. It is expected that tightening of lending policies that we have seen in the last 2 weeks will begin to ease as will interest rates.

The world economic stage recognizes Canada to be the most stable and Canadian banks are on a solid foundation, leading industrialized nations. Our economy is expected to lead the Group of Seven countries in growth next year.