credit & debt THE FEDERAL GOVERNMENT BUDGET DEFICIT HAS BALLOONED as a consequence of the swift introduction of policies to assist households and businesses through the economic downturn. Households, on the other hand, have been deleveraging in the realm of non- mortgage debt, with net savings at an all-time high. demographics CANADIAN IMMIGRATION MAY TAKE YEARS TO RECOVER to its pre-pandemic targets, which in turn will have implications for growth in the country’s labour force and its capacity to realize economic growth. One consequence of this is a faster-than-expected tightening of the labour market in the short-run. housing HOME BUYING PATTERNS HAVE CHANGED IN RESPONSE TO THE PANDEMIC, with sales in the past six months shifting more towards detached homes and townhomes in the suburbs. New construction activity in Metro Vancouver has slowed after an historic high was achieved in 2019, while foreign buyers remain minimal in the region’s purchasing landscape. policy THE BANK OF CANADA’S MANDATE MAY BEGIN TO EVOLVE IN , as the bank renews its agreement with the federal government. Signs are pointing to an emphasis being placed not only on price stability, but on achieving maximum employment. Also, Canada’s mortgage deferral window is closing, creating an uncertain environment for housing supply through the rest of 2020.
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