Perspectives

The votes are (almost) in and the US President-Elect is Joe Biden. Scotiabank’s Chief Economist Jean-François Perrault examines the outlook for Canada’s biggest trading partner under Biden and the possible benefits, and drawbacks, for our economy.

Home sales activity and house prices are surging across the country, and not just in Canada’s biggest cities, despite the pandemic. We speak to Scotiabank Senior Economist Marc Desormeaux about what is driving real estate demand, whether remote work is sparking a flight to the suburbs, and how long this upward trajectory could last.

Businesses in Canada that rely on in-person customers are among the most impacted by COVID-19 related restrictions, which were eased over the summer but are now being re-introduced in several provinces as the weather cools. Scotiabank's Director of Economic Forecasting Nikita Perevalov discusses how hospitality and retail sector businesses are among those taking the biggest hit, while spending on home entertainment and digital services are at higher levels than last year. As well, he adds, the number of Canadian businesses closing up shop for good in an average month is much higher than pre-pandemic, but new businesses continue to launch despite the difficult economic climate.

Canada is seeing a new surge in COVID-19 cases, especially in Quebec and Ontario, that's leading to renewed restrictions on some kinds of economic activity. Canadians are doing their best to keep their families healthy while dealing with all kinds of financial challenges, with sectors such as hospitality hit hardest. While the latest GDP numbers from July showed some renewed strength, the months ahead will likely be more challenging. Scotiabank's Chief Economist Jean-François Perrault breaks down the pandemic's impact on Canada and its economy, how the federal government has reacted and what the coming months have in store.

Bonus episode: The Bank of Canada announced this week it would not be raising its key interest rate for the time being. This surprised quite a few people, including Scotiabank’s Chief Economist Jean-François Perrault, who last episode forecast an interest rate increase starting this week. So we've invited JF back, this time to help explain the Bank’s decision and to tell us what it means for the economy and for Canadians.