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Wealth, Housing and Retail Show How Canada’s Economy Is Healing
Bloomberg 3/13/2021 Shelly Hagan
(Bloomberg) A year into the pandemic, Canada’s economy is showing clear signs it’s on a path to a full recovery.
The country added 259,200 jobs in February, more than three times what economists were expecting, Statistics Canada reported Friday. That follows other data this month indicating Canada’s economy is on pace to fully repair damage from the pandemic at least one year ahead of what most analysts were expecting only weeks ago.
And that’s despite lockdowns that closed large parts of the economy in December and January. In just two months, the policy debate has turned from whether to provide additional stimulus, to when to pull back on support.
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Canada’s housing market is in a “huge bubble” after months of runaway price gains, according to economist David Rosenberg, who was bearish on U.S. real estate before it crashed nearly 15 years ago.
Homes sold in the Toronto region topped $1 million (US$792,000) on average for the first time last month, with some suburbs and smaller cities recording price increases of 20 per cent or more from February 2020. On Vancouver’s west side, detached homes sold for a median price of $3.3 million in the first two months of the year.
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We don t see bitcoin dislodging gold : Agnico Eagle CEO
Shane McNeil, BNN Bloomberg VIDEO SIGN OUT
One major Canadian gold producer said that while investors are flocking to bitcoin in record numbers, digital gold will never replace the precious metal itself.â
Agnico Eagle Mines Ltd. Chief Executive Officer Sean Boyd said in an interview Friday that while his company is certainly aware of the competition posed by cryptocurrencies at a board level, he doesnât see it posing an immediate threat.
âI think you have to have those conversations, but you look at the liquidity in bitcoin. Itâs a small market,â Boyd said. âSure, you may get other cryptocurrencies, but there still are issues around cryptocurrencies as far as security goes. So, we donât see bitcoin dislodging gold and goldâs importance.â