Back to Blog

The Canadian economy is making progress in adjusting to low oil prices and recovering from the global financial crisis, Bank of Canada Governor Stephen S. Poloz said today.

In a speech to the Yukon Chamber of Commerce, Governor Poloz gave a progress report for the economy since the Bank’s last forecast in April. He reviewed the outlook in light of key risks the Bank had identified earlier, as well as the impact of the wildfires in Alberta that led to the evacuation of Fort McMurray and affected oil sands production.

While the energy industry continues to struggle, there are signs of strength in non-energy exports, even though the data have been volatile in recent months, Governor Poloz said. The past depreciation of the Canadian dollar is supporting exports, including tourism, the Governor added. “Several categories are encouraging,” he said. “Many export sectors are operating near their capacity limits, which augurs well for future investment and job creation.”

Governor Poloz also said Canadian households are remaining resilient, particularly outside resource-producing areas. Low interest rates and a solid job market have helped sustain consumer spending. “Data from the first quarter show that consumption, including big-ticket items such as motor vehicle sales and housing, has remained strong,” he said.

The Governor also elaborated on the Bank’s estimate of the economic effect of the devastating Alberta wildfires, which saw almost 90,000 people evacuated from Fort McMurray. With residents returning and some companies moving to restart production, the Bank now estimates the wildfires will reduce annualized growth in the second quarter by about 1.00 to 1.25 percentage points. This will be followed by a sizable rebound due to the restoration of oil output and the beginning of reconstruction efforts. Such a growth profile could yield average growth over the two quarters quite close to that set out in the Bank’s forecast in April, the Governor said.

Both domestic and external risks remain. “Continued patience is required, but we have the right to be optimistic,” the Governor said. “There is a resilience and flexibility among Canadians that gives me confidence that we will get through these adjustments and our economy will return to natural, self-sustaining growth.”

Simon Fraser
Market Update

Simon Fraser Condos

Altaire by Polygon

Altaire built in 2008/2009 reaches higher then any other condo building in Metro Vancouver offering panoramic views.

Novo I by Intergulf

Novo I built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Novo II by Intergulf

Novo II built in 2007 known for the amazing sight lines and views from most units and balconies up to 1000 sq ft.

Aurora by Polygon

Aurora built in 2006 with 103 condos featuring 36 unique floor plans ranging from 715 sq ft to 1500 sq ft.

One University by Millennium

One University built in 2005 is UniverCity's flagship building with luxury homes featuring semi private elevators.

Harmony by Polygon

Harmony built in 2005 was the first condo development at Univercity & as a result offers a unique setting & views.

Serenity Townhomes by Polygon

Serenity is a collection of 2 bedroom townhomes of 1100 sq ft ranging to 4 bedroom 2000+ sq ft townhomes.

The Hub by Liberty Homes

The Hub built in 2009 is set atop Nester's Grocery and steps from High Street giving these homes an urban feel.

Verdant by VanCity Enterprises

Verdant is a two storey town home building built with environmental design and stylish living spaces which complement the modern exterior of these SFU homes.

Origin by Porte Development

Origin is designed by GBL Architect & BYU Interior Designs, developed by Porte Development Corp. and marketed by Red Dot Real Estate.

Nest by Mosaic

Located on UniverCity High Street across from the new University Highlands elementary schools this refreshing building will add further depth to a growing community.

Highland House by Liberty Homes

A 12-storey concrete high-rise development and targeted towards Rental Investors and First-Time Condo Buyers.

Lift by Porte Development

Lift will be a wood frame building comprising of 56 homes. Building technologies, environmental features, and price points should be similar to Origin.

Altitude by Hungerford Group

Altitude will be a 2 tower development comprising of a 12 and 14 story building with a total of 210 strata units.

CentreBlock by Liberty Homes

CentreBlock at UniverCity atop Burnaby Mountain is the latest condo project with sales commencing early 2014. .

.page-footer-copyright a { background: url("http://www.hafezrealty.com/_media/POWERED-BY-AGENTID.png") no-repeat center center transparent; padding-top: 10px; }