Economic Insights
Recent Developments in the Canadian Economy: Spring 2017

by Guy Gellatly and Elizabeth Richards
Analytical Studies Branch

Release date: April 20, 2017

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This article in the Economic Insights series provides users with an integrated summary of recent changes in output, employment, household demand, international trade and prices. Organized as a statistical summary of major indicators, the report is designed to inform about recent developments in the Canadian economy, highlighting major changes in the economic data during the second half of 2016 and early 2017. This article is also accompanied by a presentation, which highlights trends related to economic growth and labour market conditions since oil prices began to decline in mid‑2014. Unless otherwise noted, the tabulations presented in this report are based on seasonally adjusted data available in CANSIM on April 7, 2017.

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Overview

Economic activity strengthened during the second half of 2016 as household spending and exports supported growth. However, business investment continued to detract from growth as outlays on machinery and equipment, non‑residential structures, and intellectual property trended lower. Goods production, supported by non‑conventional oil extraction, manufacturing and construction, strengthened, while services advanced steadily on gains in finance, transportation and warehousing, and real estate.

Higher energy prices bolstered exports in late 2016, as Canada posted merchandise trade surpluses in November and December. Energy exports in the second half of 2016 totalled $40.8 billion, up from $30.8 billion during the first six months of the year. Total non‑energy exports edged up in the second half of the year. The economy posted a third consecutive merchandise trade surplus in January 2017.

Employment strengthened markedly in the second half of 2016, led by private‑sector gains. Employment among core‑age workers rose during the fourth quarter, while full‑time employment increased at year end and in early 2017. Employment gains were concentrated in Quebec, Ontario and British Columbia.

Overall, the pace of output and employment growth accelerated during the second half of 2016. Measured year‑over‑year, real gross domestic product (GDP) growth was 2.1% in December, while employment growth rose to 1.3%, the largest year‑over‑year increase since August 2013. Overall, both output and employment growth continued to strengthen in early 2017 (Chart 1).

Chart 1 Output and employment

Data table for Chart 1
Data Table for Chart 1
Table summary
This table displays the results of Data Table for Chart 1 Real gross domestic product and Employment, calculated using year-over-year change (percent) units of measure (appearing as column headers).
Real gross domestic product Employment
year-over-year change (percent)
2007 January 1.4 2.5
February 1.7 2.4
March 1.8 2.3
April 1.9 2.1
May 2.3 1.7
June 2.8 2.0
July 2.6 2.3
August 2.8 2.3
September 2.7 2.4
October 2.6 2.6
November 2.5 2.5
December 1.4 2.2
2008 January 2.0 2.0
February 1.3 2.1
March 1.2 1.8
April 1.2 2.0
May 0.8 1.8
June 0.7 1.5
July 1.1 1.1
August 0.7 1.2
September 0.9 1.3
October 0.7 1.1
November -0.4 0.3
December -1.4 0.1
2009 January -2.2 -0.8
February -2.6 -1.3
March -3.5 -1.4
April -4.0 -1.7
May -4.1 -1.9
June -4.2 -1.9
July -4.4 -1.9
August -4.4 -1.9
September -3.7 -2.1
October -3.5 -2.2
November -1.9 -1.1
December -0.3 -1.0
2010 January 0.8 0.0
February 1.9 0.4
March 3.2 0.6
April 3.4 1.3
May 4.0 1.6
June 4.1 2.1
July 4.1 2.0
August 4.5 2.1
September 3.7 1.7
October 4.1 1.8
November 3.9 1.5
December 4.4 1.8
2011 January 4.0 1.9
February 3.3 1.8
March 3.1 1.8
April 3.3 1.6
May 2.6 1.4
June 2.8 1.2
July 3.4 1.4
August 3.6 1.5
September 3.9 1.7
October 3.4 1.4
November 3.1 1.2
December 2.9 1.2
2012 January 2.6 0.7
February 2.5 0.7
March 2.4 1.1
April 2.7 1.5
May 2.9 1.4
June 2.5 1.3
July 2.1 1.0
August 1.3 1.2
September 1.0 1.3
October 1.0 1.5
November 1.2 1.7
December 0.7 1.8
2013 January 1.3 2.0
February 2.0 2.2
March 2.2 1.5
April 2.1 1.1
May 2.4 1.5
June 1.9 1.4
July 2.2 1.5
August 2.8 1.4
September 3.2 1.2
October 3.8 1.2
November 3.5 1.0
December 3.0 0.7
2014 January 2.5 0.7
February 2.6 0.6
March 2.4 0.9
April 2.6 0.7
May 2.8 0.4
June 3.5 0.5
July 2.9 0.7
August 2.3 0.4
September 2.4 0.5
October 2.3 0.8
November 2.1 0.7
December 2.9 0.6
2015 January 2.5 0.7
February 1.9 0.8
March 1.7 0.7
April 1.1 0.7
May 0.5 1.1
June 0.6 1.0
July 0.9 0.9
August 1.2 1.1
September 0.2 0.9
October -0.1 0.8
November 0.3 0.7
December 0.2 0.9
2016 January 1.0 0.7
February 0.9 0.6
March 0.8 0.7
April 1.0 0.8
May 0.5 0.6
June 0.8 0.6
July 1.0 0.4
August 1.1 0.5
September 2.1 0.9
October 1.9 0.9
November 2.0 1.1
December 2.1 1.3
2017 January 2.3 1.5
February 1.6
March 1.5

Households supported growth in late 2016 as exports moderated

Output strengthened during the second half of 2016, as the economy rebounded from the impact of the wildfires in Northern Alberta earlier in the year and the impact of the decline in global oil prices moderated. Real GDP increased 0.6% (quarter over quarter) in the fourth quarter, following a 0.9% gain in the third. Previously, output had increased 0.7% in the first quarter of 2016 and contracted 0.3% in the second. In the United States, real GDP growth slowed to 2.1% (annualized) in the fourth quarter, down from 3.5% in the third.

Consumer spending in Canada continued to support growth in the second half of 2016. Household final expenditures rose 0.6% in the fourth quarter, after advancing 0.7% in the third (Chart 2). Spending on durables strengthened late in the year as automotive purchases rose in the fourth quarter, following two consecutive quarterly declines. Expenditures on furnishings and household equipment also strengthened in late 2016. Spending on services moderated in the fourth quarter.

For 2016 as a whole, household final consumption expenditures increased by 2.2%, up from 1.9% in 2015. Spending on durables, supported by auto sales, rose 3.6% in 2016, compared to 2.8% in 2015.

Chart 2 Real gross domestic product, selected aggregates

Data table for Chart 2
Data Table for Chart 2
Table summary
This table displays the results of Data Table for Chart 2 Household expenditure, Government current expenditure, Non-residential business investment, Goods exports and Housing, calculated using index (Q1 2007=100) units of measure (appearing as column headers).
  Household expenditure Government current expenditure Non-residential business investment Goods exports Housing
index (Q1 2007=100)
2007 Quarter 1 100.0 100.0 100.0 100.0 100.0
Quarter 2 101.5 100.5 100.5 101.6 100.6
Quarter 3 102.4 101.9 100.9 99.7 100.3
Quarter 4 104.3 101.9 102.7 96.9 100.7
2008 Quarter 1 105.1 102.8 106.4 95.5 99.5
Quarter 2 105.2 105.1 106.6 96.3 97.2
Quarter 3 105.3 105.0 106.6 95.2 95.0
Quarter 4 104.0 106.5 101.3 89.9 89.5
2009 Quarter 1 103.7 106.6 85.7 81.4 83.7
Quarter 2 104.5 107.4 82.1 77.3 86.7
Quarter 3 105.7 108.0 82.8 80.1 90.2
Quarter 4 106.4 108.8 85.2 82.1 95.8
2010 Quarter 1 107.6 109.8 89.8 84.0 98.5
Quarter 2 108.5 109.7 94.1 87.3 97.3
Quarter 3 109.4 110.1 97.6 87.1 95.5
Quarter 4 110.4 110.8 102.5 89.5 94.8
2011 Quarter 1 110.6 110.9 105.4 89.8 96.8
Quarter 2 111.1 111.4 108.0 87.7 96.6
Quarter 3 111.5 111.8 108.4 93.3 99.1
Quarter 4 112.2 112.1 111.5 94.5 100.1
2012 Quarter 1 112.9 112.2 114.2 94.1 104.4
Quarter 2 113.0 111.9 117.8 93.9 103.9
Quarter 3 113.7 112.7 118.1 93.2 103.1
Quarter 4 114.3 112.6 120.6 93.1 103.0
2013 Quarter 1 115.0 111.5 122.5 95.2 102.3
Quarter 2 116.0 111.0 123.7 96.8 104.0
Quarter 3 116.9 111.5 124.5 95.9 103.4
Quarter 4 117.7 112.2 126.4 97.4 103.3
2014 Quarter 1 118.2 112.2 126.2 96.5 102.6
Quarter 2 119.4 112.6 128.1 102.7 105.3
Quarter 3 120.1 112.5 130.3 104.2 107.8
Quarter 4 120.9 112.3 128.4 104.0 108.3
2015 Quarter 1 120.9 113.7 119.4 103.7 109.3
Quarter 2 121.5 113.9 114.6 105.3 109.7
Quarter 3 122.4 114.3 111.9 107.0 110.3
Quarter 4 122.9 114.4 107.8 106.3 110.8
2016 Quarter 1 123.6 115.3 105.4 108.6 113.6
Quarter 2 124.2 116.9 104.5 103.5 113.5
Quarter 3 125.0 116.4 105.2 105.9 112.2
Quarter 4 125.9 117.0 100.3 106.2 113.5

Growth in export volumes moderated in late 2016. Exports edged up (+0.3%) in the fourth quarter, after increasing 2.3% in the third. Energy volumes rose 3.5% in the fourth quarter, as higher exports of crude oil and crude bitumen were offset by lower exports of refined petroleum energy products. Volumes of motor vehicles and parts fell 4.3% in late 2016 on lower exports of passenger cars and light trucks. Exports of cars and light trucks declined for three consecutive quarters, after notable gains in late 2015 and early 2016. Exports of metal and non‑metallic mineral products increased during the second half of the year, while forestry products moderated in late 2016 on lower exports of pulp and paper.

For 2016 as a whole, export volumes rose 1.1%, following a 3.4% increase in 2015. Exports of services rose 4.0% in 2016, while goods exports edged up 0.5%.

Import volumes weakened towards the end of 2016. Following a 1.2% gain in the third quarter, goods imports fell 4.1% in the fourth on notable declines in energy products and industrial machinery and equipment. Lower energy imports in late 2016 partly reflected scheduled maintenance activities at refineries in Eastern Canada, while lower imports of industrial machinery and equipment in late 2016 offset a notable third‑quarter gain due to the import of a large module destined for the Hebron project.

For 2016 as a whole, import volumes declined by 1.0%, as higher imports of services (+0.2%) moderated the decline in goods (‑1.3%). Import volumes increased 0.3% in 2015.

Business investment continued to contract in late 2016

Non‑residential business investment continued to decline during the second half of 2016. Combined business outlays on non‑residential structures and machinery and equipment fell 4.7% in the fourth quarter, the largest decline since a 7.0% drop in the first quarter of 2015 and the eighth decrease in the last nine quarters.

Following a 3.5% increase in the third quarter, outlays on non‑residential structures were down 5.9% in the fourth quarter on lower investment in engineering structures and non‑residential buildings (Chart 3). Non‑residential structures contributed notably to economic growth from 2010 to 2014, reflecting higher spending on oil and gas extraction structures. Since the recent peak reached in the third quarter of 2014, non‑residential structures have declined a total of 27.9%, a sharper and more prolonged decline than observed during the 2008‑2009 recession, when non‑residential structures fell 21.6% from the third quarter of 2008 to the second quarter of 2009.

Chart 3 Business gross fixed capital formation

Data table for Chart 3
Data Table for Chart 3
Table summary
This table displays the results of Data Table for Chart 3 Total business gross fixed capital formation, Residential structures, Non-residential structures, Machinery and equipment and Intellectual property products, calculated using index (Q1 2007=100) units of measure (appearing as column headers).
  Total business gross fixed capital formation Residential structures Non-residential structures Machinery and equipment Intellectual property products
index (Q1 2007=100)
2007 Quarter 1 100.0 100.0 100.0 100.0 100.0
Quarter 2 100.6 100.6 99.8 101.3 100.7
Quarter 3 100.8 100.3 100.2 101.6 102.1
Quarter 4 102.1 100.7 100.5 105.0 104.5
2008 Quarter 1 104.0 99.5 107.2 105.4 107.6
Quarter 2 103.3 97.2 108.7 104.1 107.6
Quarter 3 102.2 95.0 109.3 103.3 105.8
Quarter 4 96.8 89.5 106.6 95.3 100.1
2009 Quarter 1 85.1 83.7 91.8 79.1 88.0
Quarter 2 83.9 86.7 85.7 77.9 85.4
Quarter 3 85.5 90.2 84.9 80.3 85.6
Quarter 4 89.0 95.8 85.7 84.3 87.7
2010 Quarter 1 92.9 98.5 93.9 84.9 91.8
Quarter 2 95.1 97.3 98.6 88.8 95.6
Quarter 3 96.5 95.5 104.7 89.2 97.6
Quarter 4 98.8 94.8 111.2 92.1 97.7
2011 Quarter 1 100.7 96.8 115.5 93.3 95.6
Quarter 2 102.6 96.6 114.6 100.2 101.0
Quarter 3 104.1 99.1 119.5 95.0 104.0
Quarter 4 106.1 100.1 124.0 96.5 104.1
2012 Quarter 1 109.1 104.4 127.3 98.3 104.7
Quarter 2 110.3 103.9 133.1 99.1 99.8
Quarter 3 110.2 103.1 133.7 99.0 100.7
Quarter 4 111.4 103.0 138.1 99.1 99.7
2013 Quarter 1 112.2 102.3 141.0 99.7 100.3
Quarter 2 113.1 104.0 143.0 99.8 97.7
Quarter 3 113.4 103.4 146.1 97.8 98.9
Quarter 4 114.4 103.3 147.4 100.4 99.1
2014 Quarter 1 113.3 102.6 149.3 97.4 93.0
Quarter 2 115.0 105.3 150.8 99.9 90.4
Quarter 3 116.9 107.8 151.6 103.9 88.4
Quarter 4 116.4 108.3 150.3 101.2 91.5
2015 Quarter 1 111.3 109.3 135.3 99.8 84.1
Quarter 2 108.8 109.7 128.9 97.0 82.9
Quarter 3 107.5 110.3 123.5 97.5 81.9
Quarter 4 105.6 110.8 118.2 95.0 81.7
2016 Quarter 1 105.2 113.6 114.3 94.4 80.9
Quarter 2 104.6 113.5 112.2 94.7 80.2
Quarter 3 104.1 112.2 116.2 91.6 76.6
Quarter 4 101.9 113.5 109.3 89.2 75.2

Business investment in machinery and equipment (M&E) also contracted in the second half of 2016. Capital outlays on M&E fell 2.7% in the fourth quarter following a 3.3% decline in the third, consistent with a downward trend that started in late 2014. Lower spending on industrial machinery and equipment contributed to the decline in both quarters.

Investments in intellectual property also trended lower during the second half of 2016 as outlays on mineral exploration and evaluation declined. Investments in mineral exploration and evaluation in the fourth quarter of 2016 were 70% lower than levels at the end of 2014.

Capital spending on residential structures (included as part of total business gross fixed capital formation) moderated declines in business investment in late 2016. Outlays on housing increased 1.2% in the fourth quarter, offsetting a decline in the third. New residential construction and renovations supported growth in late 2016 as lower re‑sale activity tempered residential investment.

For 2016 as a whole, non‑residential business investment fell 8.4%, following an 11.5% decline in 2015. Investment in housing rose 2.9% in 2016, down from an increase of 3.8% in 2015.

Business sector labour productivity improved during the second half of the year after the wildfires in Northern Alberta contributed to lower productivity in the spring. Labour productivity increased 0.4% in the fourth quarter, following a 1.2% increase in the third. Productivity increased in mining and oil and gas extraction in both quarters as output strengthened. After increasing in the third quarter, productivity in the manufacturing sector declined late in the year as output slowed. 

Improvements in the terms of trade supported increases in real gross domestic income during the second half of 2016. Nominal GDP rose 1.7% at in the fourth quarter, following a 1.5% increase in the third.

For 2016 as a whole, real GDP in Canada increased 1.4%, following economic growth of 0.9% in 2015. Household spending was the main contributor to GDP growth in 2016. In 2016, both the positive contribution to growth from higher exports and the negative contribution to growth from lower business investment in non‑residential structures moderated (Chart 4).

In the United States, real GDP increased by 1.6% in 2016 compared to 2.6% in 2015.

Chart 4 Contributions to real GDP growth, selected components

Data table for Chart 4
Data Table for Chart 4
Table summary
This table displays the results of Data Table for Chart 4 2015 and 2016, calculated using percentage point contributions units of measure (appearing as column headers).
  2015 2016
percentage point contributions
Gross domestic product at market prices 0.942 1.433
household final consumption expenditure 1.056 1.296
Business gross fixed capital formation
- residential structures
0.264 0.216
Business gross fixed capital formation
- non-residential structures
-1.242 -0.695
Business gross fixed capital formation
- machinery and equipment
-0.136 -0.207
General governments gross fixed capital formation 0.173 0.040
Investment in inventories -0.296 -0.305
Exports - goods 0.988 0.164
Exports - services 0.096 0.210
Imports - goods -0.075 0.306
imports - services -0.039 -0.017

Resource extraction and construction supported output growth in late 2016

The output of goods industries strengthened in the second half of 2016 with gains in five of the last six months of the year. Non‑conventional oil extraction and manufacturing contributed to gains during the third quarter, while non‑conventional extraction, support activities for mining and oil and gas extraction, and construction supported growth in the fourth quarter. Manufacturing output increased in five of last six months of 2016 (Chart 5).

Construction output increased in three of the last four months of the year. The output of construction industries has trended lower since oil prices began to fall in mid‑2014, reflecting declines in engineering construction and non‑residential buildings. Following twenty four consecutive monthly declines, the output of engineering and other construction activities was stable in November and increased in December. Higher residential building and repair construction supported gains in late 2016, while non‑residential building construction continued to decline.

Chart 5 Gross domestic product, selected industries

Data table for Chart 5
Data Table for Chart 5
Table summary
This table displays the results of Data Table for Chart 5 Mining, quarrying, oil and gas, Construction, Manufacturing, Retail and Finance and insurance, calculated using index (January 2007=100) units of measure (appearing as column headers).
  Mining, quarrying, oil and gas Construction Manufacturing Retail Finance and insurance
index (January 2007=100)
2007 January 100.0 100.0 100.0 100.0 100.0
February 101.2 100.2 100.5 100.1 100.4
March 101.8 100.7 100.5 100.4 100.2
April 99.4 101.1 100.8 102.0 100.4
May 101.2 102.1 100.0 102.6 101.2
June 101.7 102.3 100.2 102.4 101.8
July 100.2 102.4 99.3 102.5 102.8
August 102.4 102.8 99.0 103.9 103.0
September 101.5 102.8 98.7 102.9 102.3
October 99.3 102.0 98.7 103.3 102.8
November 98.4 102.2 98.5 104.7 102.5
December 97.4 103.4 95.9 106.4 101.6
2008 January 98.7 104.8 95.6 107.0 101.7
February 97.4 105.1 95.9 106.1 100.5
March 99.0 104.8 94.3 106.2 101.2
April 98.6 103.7 95.6 106.6 101.2
May 96.7 105.1 96.1 106.5 99.9
June 98.3 104.7 95.5 106.9 99.6
July 101.0 104.7 95.9 106.4 99.5
August 100.2 104.5 94.2 106.6 99.0
September 98.4 105.1 94.2 107.4 99.7
October 99.2 105.8 92.8 106.3 101.0
November 97.5 104.3 91.2 104.0 98.7
December 94.2 102.1 87.2 101.3 98.8
2009 January 97.0 98.8 84.1 103.1 98.6
February 93.5 97.5 83.2 102.9 98.6
March 88.2 96.3 82.0 102.7 99.0
April 85.4 95.7 80.7 102.6 99.3
May 85.8 96.4 79.7 103.1 98.9
June 86.6 96.5 79.0 103.3 99.0
July 85.5 96.8 79.6 103.4 99.1
August 83.9 97.5 80.0 103.5 98.4
September 87.0 98.6 80.9 104.1 99.5
October 87.0 99.6 80.5 104.0 99.1
November 88.2 101.5 81.8 102.3 99.9
December 87.2 102.5 81.4 104.0 99.5
2010 January 90.0 104.3 82.3 105.6 99.2
February 92.8 104.8 83.4 105.6 98.7
March 94.0 105.2 84.7 107.8 99.7
April 93.6 105.6 84.6 105.4 100.1
May 98.3 105.4 85.0 105.0 101.1
June 97.7 105.9 86.1 105.7 100.3
July 97.5 106.1 86.1 106.0 101.0
August 97.1 106.8 86.0 106.4 101.9
September 95.5 107.1 85.4 106.4 102.2
October 98.9 107.5 85.3 106.0 102.8
November 100.1 107.8 84.8 107.7 103.7
December 102.4 108.0 86.2 107.1 104.1
2011 January 100.0 109.0 87.0 106.8 104.4
February 99.5 109.4 86.3 106.8 104.5
March 101.8 108.8 86.9 105.3 104.4
April 102.5 108.6 86.9 106.5 103.9
May 98.8 108.4 86.4 106.5 104.0
June 100.5 109.5 86.8 107.9 104.9
July 103.6 110.3 88.1 106.9 104.1
August 107.3 111.1 87.9 106.8 106.3
September 107.6 111.6 88.9 107.1 105.4
October 105.9 111.8 89.1 107.8 105.2
November 105.2 112.3 89.6 107.8 104.8
December 105.6 113.5 91.1 109.5 104.2
2012 January 106.2 114.7 90.8 108.4 105.2
February 102.9 115.6 89.2 107.3 105.6
March 102.6 117.3 89.6 107.8 105.6
April 103.0 118.7 90.3 106.7 104.6
May 102.2 118.5 89.9 107.0 106.4
June 100.4 119.2 89.9 107.1 106.7
July 99.4 119.4 89.9 108.2 107.3
August 97.3 119.7 89.5 107.3 107.4
September 97.8 120.4 88.4 107.7 107.8
October 99.4 121.4 87.4 107.5 107.3
November 101.6 121.9 88.3 108.2 106.7
December 102.0 122.5 87.2 108.1 107.9
2013 January 102.6 122.4 88.3 110.8 107.6
February 105.2 122.9 88.7 110.3 108.1
March 106.3 123.8 89.0 110.9 108.8
April 105.9 124.4 88.4 112.0 110.3
May 105.2 124.9 88.5 114.0 110.9
June 103.9 122.3 88.4 112.7 111.2
July 106.1 124.8 88.1 113.9 111.8
August 107.6 125.1 88.5 115.1 111.0
September 108.3 125.0 89.7 115.1 110.7
October 109.3 125.4 90.6 116.3 111.1
November 108.8 125.7 90.3 116.5 112.2
December 109.0 124.6 88.4 115.8 111.8
2014 January 109.9 125.1 89.0 115.7 111.9
February 111.5 125.7 90.7 115.9 111.4
March 113.5 125.3 90.0 116.3 111.4
April 116.7 125.3 90.3 116.9 112.2
May 116.9 127.0 91.8 117.0 112.3
June 117.4 127.9 92.5 118.1 112.9
July 114.3 128.7 92.8 118.5 113.4
August 109.9 127.9 91.6 118.2 114.4
September 113.6 128.0 92.3 118.4 115.6
October 115.4 128.7 92.5 118.5 116.9
November 116.1 128.5 91.7 119.2 116.6
December 114.4 127.5 93.5 119.2 118.6
2015 January 113.6 125.5 92.3 116.9 118.9
February 112.1 123.6 91.3 118.7 119.3
March 109.5 122.6 92.1 120.0 119.5
April 108.2 121.6 91.6 118.9 118.7
May 108.0 122.0 91.3 119.1 118.2
June 111.2 121.1 90.8 120.2 119.2
July 113.3 120.4 91.5 120.5 120.3
August 113.6 120.7 92.5 120.2 120.3
September 107.2 119.9 91.5 121.2 120.3
October 107.3 119.1 91.1 120.7 120.6
November 109.0 118.7 91.9 122.4 120.5
December 109.1 118.4 92.4 120.9 121.3
2016 January 109.9 118.7 92.9 121.6 122.6
February 108.9 118.5 92.2 123.5 122.4
March 107.2 117.9 91.9 122.6 123.3
April 104.0 118.1 92.0 122.9 124.1
May 98.3 116.9 90.6 122.9 124.0
June 101.9 116.5 92.0 121.9 125.2
July 106.9 116.4 92.3 122.0 126.1
August 109.4 115.7 92.4 122.1 125.9
September 112.2 116.5 92.9 122.5 126.0
October 111.9 115.6 91.3 123.5 125.3
November 114.3 117.0 93.0 124.4 127.0
December 113.7 117.9 93.4 123.5 127.5
2017 January 115.9 118.4 95.2 125.3 127.5

The output of service industries increased steadily in the second half of 2016, as finance and insurance, transportation and warehousing, real estate, and retail trade advanced. 

After sharp declines in the spring, which reflected maintenance at upgrader facilities and the wildfire evacuations in Northern Alberta, non‑conventional oil extraction rose from June to November before contracting in December (Chart 6). Non‑conventional output at year end was 6.0% above levels at year end 2015. Businesses that provide support activities for mining and oil and gas extraction, including rigging and drilling services, increased output from August to December, advancing 19% month‑over‑month at year end. Nevertheless, the output of this sector has contracted markedly since oil prices began to decline in mid‑2014; output at year end was 40% below levels at the end of 2014.

More recently, real GDP rose 0.6% in January 2017, supported by gains in manufacturing, mining and oil and gas extraction, wholesale trade and retail trade.

Chart 6 Real Gross domestic product, selected industries

Data table for Chart 6
Data Table for Chart 6
Table summary
This table displays the results of Data Table for Chart 6 Conventional oil and gas extraction, Non-conventional oil extraction, Support activities for mining and oil and gas extraction, Crude oil and other pipeline transportation and Petroleum refineries, calculated using index (January 2007=100) units of measure (appearing as column headers).
Conventional oil and gas extraction Non-conventional oil extraction Support activities for mining and oil and gas extraction Crude oil and other pipeline transportation Petroleum refineries
index (January 2007=100)
2007 January 100.0 100.0 100.0 100.0 100.0
February 100.2 108.1 98.8 97.7 99.8
March 100.3 112.5 95.5 96.6 100.7
April 103.4 102.3 80.3 96.8 102.7
May 103.7 100.0 88.1 96.1 100.6
June 105.5 94.4 95.1 93.2 101.5
July 99.5 101.6 100.9 96.6 104.6
August 100.8 110.6 94.9 95.3 102.1
September 101.0 106.4 94.1 94.8 101.6
October 99.4 105.1 90.8 94.0 101.4
November 98.3 101.8 93.4 93.6 98.9
December 97.9 93.2 91.6 91.7 100.3
2008 January 95.7 104.9 94.3 92.3 99.8
February 94.7 102.5 92.2 91.7 97.4
March 95.9 105.7 93.3 90.6 91.6
April 97.5 101.6 89.4 89.4 97.6
May 95.4 97.9 90.3 91.7 98.3
June 93.5 105.2 106.8 89.4 97.9
July 97.2 107.9 111.6 86.8 96.4
August 94.5 110.9 111.6 87.6 94.0
September 94.4 106.3 108.2 86.1 93.9
October 95.9 107.3 112.2 89.8 96.1
November 93.6 109.4 110.0 88.1 97.9
December 91.1 112.9 89.7 90.7 98.2
2009 January 92.1 115.1 91.7 88.3 100.2
February 91.4 121.6 86.4 85.2 102.4
March 88.5 118.2 64.7 84.3 103.0
April 85.9 111.9 69.9 83.2 98.2
May 82.4 124.7 68.1 80.7 103.6
June 85.8 127.2 67.2 84.3 101.2
July 86.3 128.8 62.4 83.4 100.7
August 81.7 122.8 68.7 82.8 100.4
September 82.1 127.7 72.7 86.4 95.1
October 81.3 130.1 70.2 87.3 94.6
November 82.9 130.4 80.3 87.8 98.4
December 81.2 120.8 92.0 85.7 99.6
2010 January 83.6 113.8 90.3 82.0 100.9
February 82.4 127.1 98.0 81.4 94.6
March 83.6 131.8 89.6 87.6 94.5
April 83.8 135.1 87.2 85.8 91.4
May 85.4 144.8 97.8 87.9 94.4
June 85.3 145.7 94.3 87.8 98.3
July 86.1 140.3 94.2 89.8 95.2
August 88.4 136.5 88.7 90.0 93.7
September 87.3 131.9 81.0 80.1 96.9
October 86.6 139.0 92.8 82.6 84.0
November 86.7 148.9 92.9 87.7 89.1
December 88.4 153.5 97.6 87.6 92.0
2011 January 88.4 146.5 89.1 97.8 88.0
February 86.3 148.5 88.9 102.6 87.6
March 87.6 146.8 104.3 99.2 88.6
April 88.1 151.6 101.8 95.2 89.9
May 86.9 135.6 102.8 94.5 78.8
June 85.4 145.7 103.2 96.5 83.3
July 87.7 151.0 105.1 100.9 84.0
August 89.5 154.0 123.7 106.1 86.7
September 89.9 155.4 123.9 106.2 95.1
October 89.1 151.4 124.1 106.2 91.1
November 87.9 151.7 123.7 104.0 89.3
December 88.0 153.1 120.6 105.7 88.4
2012 January 87.8 160.8 121.7 110.9 87.4
February 86.0 154.8 124.0 109.0 89.7
March 85.6 145.8 127.2 109.9 86.6
April 84.8 157.4 117.8 113.5 90.8
May 82.4 162.9 108.7 117.1 88.5
June 79.7 158.8 108.6 117.2 86.8
July 78.4 162.0 104.5 115.3 91.4
August 76.6 159.1 102.8 113.4 89.6
September 76.5 156.9 107.2 111.0 87.8
October 81.0 160.4 102.4 104.8 94.3
November 83.1 156.9 105.2 109.4 93.5
December 81.6 162.6 107.7 114.9 93.1
2013 January 82.1 161.1 112.2 115.9 94.3
February 83.0 163.0 118.5 116.2 90.4
March 83.7 168.9 114.1 119.0 91.3
April 83.6 167.0 115.0 117.2 91.2
May 85.1 162.5 109.9 114.8 82.2
June 85.5 161.9 104.7 115.7 95.4
July 86.9 163.9 110.7 114.7 89.1
August 87.0 170.8 115.7 118.1 91.2
September 87.2 171.8 116.7 119.4 94.7
October 85.9 173.4 119.3 124.5 88.8
November 85.7 178.9 111.1 123.9 92.9
December 86.8 180.1 108.2 117.6 87.7
2014 January 87.0 177.6 119.7 120.5 87.8
February 88.0 175.6 124.5 122.6 92.8
March 87.9 181.0 132.5 124.2 82.0
April 87.5 188.9 143.6 124.6 84.2
May 88.6 194.3 137.4 132.4 88.8
June 90.2 193.9 131.6 134.0 98.6
July 89.4 183.8 126.4 131.7 93.1
August 86.0 176.9 117.0 129.5 90.2
September 88.2 189.4 117.3 132.0 83.9
October 89.7 193.1 120.3 132.4 87.6
November 90.6 189.2 127.0 133.1 91.9
December 87.6 187.6 127.0 133.9 93.1
2015 January 88.9 199.4 101.8 132.1 90.9
February 88.2 205.4 84.9 132.4 89.6
March 86.4 203.0 71.9 131.2 94.3
April 85.9 192.8 82.2 140.5 92.8
May 83.9 195.1 89.4 136.9 96.6
June 84.3 206.0 90.9 138.2 87.3
July 84.0 218.7 86.9 145.0 87.9
August 84.5 216.0 87.6 148.2 92.9
September 84.8 189.4 75.8 146.9 90.9
October 83.3 197.9 74.1 142.9 90.1
November 84.5 210.5 71.4 146.5 86.4
December 84.6 208.5 69.8 149.8 89.9
2016 January 85.6 209.4 70.0 155.9 90.6
February 84.7 206.1 67.5 152.7 89.9
March 85.0 208.2 58.8 150.0 91.3
April 86.0 191.7 55.1 144.8 94.4
May 87.6 153.0 52.9 140.1 83.7
June 87.0 173.3 53.0 139.6 90.3
July 87.9 205.9 52.4 146.1 96.9
August 89.3 210.5 55.5 151.2 91.2
September 90.6 223.1 57.9 154.0 89.7
October 87.7 223.8 60.4 153.6 84.3
November 88.1 232.4 63.9 157.0 86.8
December 85.9 221.1 76.3 153.2 86.8
2017 January 87.7 225.1 78.3 155.7 89.8

Private sector capital intentions edge lower in 2017 

Private sector organizations anticipate spending 1.6% less on capital assets in 2017, following sizable reductions in 2015 and 2016.Note 1 Private‑sector capital spending is expected to increase in Ontario and Saskatchewan but decline in Newfoundland and Labrador, Alberta, Quebec and New Brunswick.

Oil and gas extraction industries anticipate spending 2.3% more on capital assets in 2017, as lower intentions in non‑conventional oil extraction (‑27.4%) are offset by higher anticipated outlays in conventional oil and gas extraction (Chart 7). Non‑conventional oil producers expect to spend $12.0 billion on capital assets in 2017, down about two‑thirds from expenditure levels in 2014, a recent peak following significant investments in the period that followed the 2008‑2009 recession. Businesses that provide support activities for mining and oil and gas extraction anticipate capital expenditures of $1.3 billion in 2017, down about 60% from 2014 levels.

Capital spending in manufacturing is anticipated to be 4.4% lower in 2017, following a 14.9% decline in 2016. Manufacturers in Alberta, British Columbia and Quebec anticipate lower spending, while manufacturers in Ontario expect to increase outlays. 

Chart 7 Non-residential capital expenditures, selected industries

Data table for Chart 7
Data Table for Chart 7
Table summary
This table displays the results of Data Table for Chart 7 All Industries, Conventional oil and gas extraction, Non-conventional oil extraction and Manufacturing, calculated using index (2007=100) units of measure (appearing as column headers).
  All Industries Conventional oil and gas extraction Non-conventional oil extraction Manufacturing
index (2007=100)
2007 100.0 100.0 100.0 100.0
2008 106.4 99.0 122.9 97.4
2009 91.6 68.1 61.1 68.1
2010 103.9 105.6 102.0 75.8
2011 112.0 122.5 132.2 86.9
2012 118.7 132.8 156.5 86.1
2013 121.9 147.2 173.1 89.5
2014 129.6 164.8 212.9 101.7
2015 119.7 112.9 139.6 106.0
2016 113.7 77.6 99.0 90.2
2017 114.6 99.5 71.8 86.2

Public sector organizations, which include crown corporations and government business enterprises, anticipate spending 4.9% more on capital assets in 2017, after increasing spending in 2016 and 2015. Public sector expenditures are expected to increase in Quebec, Ontario and British Columbia and decline in Manitoba, Newfoundland and Labrador, and Alberta.

Employment strengthened in the second half of 2016

Total employment increased by 165,000 (+0.9%) in the last six months of 2016, supported by gains in the number of private sector employees, in part‑time work, and among workers aged 55 and over (Chart 8). Employment in services rose by 146,000 in the second half of the year on increases in other services, public administration, health care and social services, and finance and real estate (Chart 9). Following a notable decline in the first half of 2016, employment in the goods sector was little changed in the second half as levels in resource extraction and manufacturing stabilized. About one‑half of the net increase in employment during the last six months of the year was due to broad‑based gains among services in Quebec supported by increases in full‑ and part‑time work.

Chart 8 Employment, by class of worker

Data table for Chart 8
Data Table for Chart 8
Table summary
This table displays the results of Data Table for Chart 8 Private sector employees, Public sector employees and Self-employed, calculated using year-over-year change (thousands of persons) units of measure (appearing as column headers).
Private sector employees Public sector employees Self-employed
year-over-year change (thousands of persons)
2007 January 388.8 6.6 5.3
February 341.8 14.3 26.7
March 287.9 45.1 47.5
April 226.9 59.3 49.7
May 95.9 46.7 139.5
June 95.5 75.0 165.2
July 163.3 63.1 149.8
August 146.7 104.3 127.1
September 156.2 144.5 97.7
October 116.2 174.7 140.6
November 117.5 204.0 98.9
December 52.3 219.9 87.2
2008 January 83.7 179.3 68.2
February 117.4 180.9 57.4
March 92.2 148.1 51.9
April 118.3 159.1 49.4
May 186.6 126.1 -4.1
June 138.9 110.8 -5.1
July 48.5 125.8 19.0
August 53.1 100.0 51.2
September 78.7 42.8 99.0
October 60.9 60.5 72.1
November -14.6 -10.1 80.4
December -2.7 -3.3 27.3
2009 January -186.7 -4.2 61.6
February -238.3 -23.0 33.7
March -254.9 -19.3 43.8
April -314.5 -18.6 40.0
May -359.5 8.4 27.3
June -416.0 4.2 85.2
July -389.4 4.4 67.6
August -327.8 -26.2 26.2
September -401.7 37.6 2.7
October -382.1 -27.2 27.1
November -286.0 61.8 44.0
December -277.3 29.3 83.5
2010 January -77.2 55.7 26.4
February -56.8 89.4 42.1
March -6.9 75.1 37.2
April 146.6 48.3 30.3
May 215.2 31.6 19.2
June 333.7 50.2 -38.3
July 315.7 35.4 -14.7
August 248.4 89.5 4.3
September 276.8 46.3 -43.9
October 317.8 57.0 -68.0
November 282.4 21.5 -46.5
December 340.9 49.0 -82.0
2011 January 296.5 67.8 -48.9
February 287.5 52.7 -45.2
March 291.8 54.9 -41.4
April 242.3 68.8 -46.1
May 196.8 59.4 -23.3
June 177.7 65.0 -32.4
July 242.2 33.8 -37.4
August 255.7 25.3 -29.9
September 238.5 41.5 14.6
October 179.5 37.2 22.6
November 176.4 48.8 -22.6
December 153.4 5.7 41.8
2012 January 103.7 4.2 14.0
February 152.4 -22.4 -7.1
March 188.4 4.5 1.2
April 255.2 3.3 -7.7
May 216.8 -3.1 33.0
June 126.0 22.7 73.8
July 118.1 60.6 0.6
August 164.7 52.2 -16.3
September 180.3 24.9 21.9
October 165.7 60.3 40.7
November 173.5 65.2 62.7
December 237.0 90.2 -15.2
2013 January 248.8 69.5 33.1
February 222.2 93.8 61.6
March 102.5 77.3 73.2
April 7.5 97.0 88.3
May 73.5 117.7 62.4
June 169.4 46.6 20.2
July 175.1 -17.5 97.9
August 163.1 -28.4 112.6
September 147.8 17.8 51.3
October 175.1 30.8 0.7
November 213.5 -17.7 -12.3
December 99.1 1.9 29.9
2014 January 149.7 -9.0 -11.3
February 135.0 -12.2 -8.8
March 195.5 -15.0 -19.8
April 173.3 -50.6 -3.3
May 155.2 -57.3 -31.0
June 110.5 -28.2 3.9
July 75.9 88.3 -41.1
August 21.8 57.4 -11.9
September 75.0 51.7 -34.3
October 142.1 -34.8 31.2
November 46.3 23.1 46.2
December 81.8 10.2 16.2
2015 January 52.8 14.9 62.6
February 35.8 45.4 53.4
March 24.2 70.7 36.7
April 65.1 64.9 2.7
May 119.9 40.8 35.2
June 103.5 82.3 -9.8
July 65.9 36.9 58.6
August 122.0 70.8 1.2
September 77.6 19.5 63.4
October 33.5 100.5 6.0
November 40.2 54.4 27.7
December 29.5 38.1 84.7
2016 January 26.9 59.5 34.1
February 62.0 12.7 36.3
March 116.4 -14.2 26.8
April 108.2 14.3 17.6
May 45.3 63.6 -5.5
June 64.6 -0.5 45.2
July 105.1 -46.5 6.9
August 97.0 0.0 -12.5
September 113.1 25.2 14.8
October 119.4 12.1 33.5
November 179.8 38.9 -21.6
December 229.0 75.0 -74.8
2017 January 256.5 67.7 -48.0
February 253.0 77.9 -42.8
March 220.1 67.1 -10.8

Chart 9 Employment, by sector

Data table for Chart 9
Data Table for Chart 9
Table summary
This table displays the results of Data Table for Chart 9 Total employed, all industries, Goods-producing sector and Services-producing sector, calculated using year-over-year change (thousands of persons) units of measure (appearing as column headers).
Total employed, all industries Goods-producing sector Services-producing sector
year-over-year change (thousands of persons)
2007 January 400.7 81.5 319.2
February 382.8 23.4 359.3
March 380.5 1.6 378.8
April 335.9 -34.2 370.0
May 282.2 -16.4 298.6
June 335.6 -17.9 353.6
July 376.2 12.3 363.9
August 378.2 45.2 333.0
September 398.4 8.8 389.6
October 431.5 -9.0 440.5
November 420.3 -35.6 456.0
December 359.4 -62.7 422.0
2008 January 331.3 -47.5 378.8
February 355.6 -10.9 366.5
March 292.1 4.7 287.4
April 326.7 26.2 300.6
May 308.6 22.9 285.7
June 244.6 28.7 215.9
July 193.1 5.3 187.8
August 204.2 -7.8 212.0
September 220.5 16.9 203.6
October 193.5 5.3 188.2
November 55.7 -26.1 81.8
December 21.3 -28.6 49.9
2009 January -129.4 -149.5 20.1
February -227.4 -212.3 -15.1
March -230.3 -221.5 -8.8
April -292.9 -269.1 -23.8
May -323.9 -315.5 -8.4
June -326.6 -308.0 -18.6
July -317.3 -301.2 -16.2
August -327.8 -303.2 -24.6
September -361.3 -280.4 -80.9
October -382.2 -267.6 -114.7
November -180.2 -225.1 44.9
December -164.5 -216.8 52.3
2010 January 4.9 -118.8 123.7
February 74.7 -65.9 140.5
March 105.4 -55.1 160.6
April 225.1 -5.3 230.4
May 266.0 51.7 214.3
June 345.6 66.7 278.9
July 336.3 50.0 286.4
August 342.3 47.3 295.0
September 279.1 0.9 278.2
October 306.8 18.1 288.8
November 257.4 35.1 222.3
December 307.9 55.0 252.8
2011 January 315.4 78.2 237.2
February 294.9 86.1 208.9
March 305.4 104.8 200.5
April 265.0 91.1 173.9
May 232.9 76.1 156.9
June 210.2 67.4 142.9
July 238.8 73.1 165.7
August 250.9 72.9 178.0
September 294.6 84.3 210.2
October 239.3 63.7 175.6
November 202.6 70.7 131.9
December 200.8 59.9 141.0
2012 January 121.9 22.0 99.8
February 122.9 31.7 91.2
March 194.0 36.0 158.0
April 250.7 81.5 169.2
May 246.7 73.1 173.5
June 222.7 84.0 138.6
July 179.2 91.0 88.1
August 200.6 92.5 108.1
September 227.2 110.8 116.5
October 266.7 107.6 159.0
November 301.4 96.2 205.2
December 312.1 103.6 208.5
2013 January 351.4 92.5 259.0
February 377.6 75.6 302.0
March 253.0 58.6 194.4
April 192.9 28.3 164.5
May 253.6 32.4 221.2
June 236.0 21.7 214.3
July 255.5 14.0 241.6
August 247.4 16.2 231.2
September 216.8 -0.9 217.7
October 206.6 18.2 188.5
November 183.5 -10.6 194.1
December 130.9 -50.1 181.0
2014 January 129.4 2.7 126.8
February 114.0 -7.4 121.3
March 160.7 17.9 142.8
April 119.4 -27.3 146.8
May 66.8 -45.8 112.6
June 86.2 -19.9 106.2
July 123.1 -20.9 144.0
August 67.3 -43.8 111.0
September 92.4 -24.4 116.8
October 138.5 -12.5 151.0
November 115.5 -9.2 124.8
December 108.2 25.2 83.0
2015 January 130.3 0.9 129.2
February 134.7 -32.4 167.2
March 131.6 -57.2 188.9
April 132.7 -29.3 162.0
May 196.1 6.8 189.3
June 176.1 -10.3 186.3
July 161.5 -26.7 188.2
August 194.1 -10.3 204.5
September 160.5 -25.5 186.0
October 140.0 -58.4 198.4
November 122.4 -6.7 129.0
December 152.4 -18.8 171.2
2016 January 120.5 -46.8 167.4
February 110.9 26.9 84.0
March 129.0 1.6 127.3
April 140.2 -31.0 171.2
May 103.3 -32.3 135.6
June 109.3 -71.2 180.5
July 65.3 -61.3 126.6
August 84.3 -47.8 132.1
September 153.1 -35.3 188.3
October 165.0 1.0 164.0
November 197.1 -57.7 254.8
December 229.0 -53.5 282.6
2017 January 276.1 -22.1 298.2
February 288.1 -77.2 365.3
March 276.4 -24.2 300.6

The national unemployment rate edged down to 6.9% in late 2016, after holding steady at 7% from July to October. Quebec’s unemployment rate was 6.5% at year‑end, 1.3 percentage points lower than in December 2015. Alberta’s unemployment rate continued to increase in the second half of the year, reaching 9% in November, the province’s highest rate since mid‑1994, before edging down at year end. The unemployment rates in Ontario and British Columbia were 6.4% and 5.8%, respectively, at the end of 2016.

For 2016 as a whole, total employment increased by 229,000, the largest December‑to‑December gain since 2012. Employment among core‑aged workers rose by 105,000 in 2016, after edging lower in 2015. All of the net increase in 2016 was in services (+283,000) and gains were split evenly between Quebec, Ontario and British Columbia. The number of employees working in the private and public sector increased by 304,000 in 2016, following gains of 100,000 or less in each of the previous three years.

Full‑time gains in late 2016 and early 2017

After little net gain through much of 2016, full‑time employment strengthened at year end and in early 2017 (Chart 10). Following an increase of 71,000 in December and a small upturn in January, full‑time employment rose by just over 100,000 in February, more than offsetting losses in part‑time work. Gains in Ontario and British Columbia accounted for most of the full‑time increase in recent months. The national unemployment rate edged down to 6.6% in February, the lowest level since January 2015.

Total employment was little changed in March (+19,000) as the unemployment rate edged up to 6.7%. Employment in March was up 276,000 on a year‑over‑year basis, largely on gains in full‑time work.

Chart 10 Type of employment

Data table for Chart 10
Data Table for Chart 10
Table summary
This table displays the results of Data Table for Chart 10 Full-time and Part-time, calculated using year-over-year change (thousands of persons) units of measure (appearing as column headers).
Full-time Part-time
year-over-year change (thousands of persons)
2007 January 287.7 113.0
February 324.8 58.0
March 308.7 71.8
April 247.1 88.8
May 160.5 121.6
June 332.8 2.8
July 314.7 61.6
August 267.5 110.7
September 299.5 98.9
October 270.1 161.4
November 296.1 124.3
December 265.0 94.4
2008 January 279.7 51.6
February 311.5 44.1
March 249.1 43.0
April 289.7 37.1
May 204.1 104.5
June 83.2 161.4
July 86.0 107.2
August 139.9 64.3
September 114.5 106.1
October 124.7 68.9
November 23.2 32.5
December -50.2 71.5
2009 January -185.2 55.8
February -365.5 138.1
March -369.0 138.7
April -391.4 98.5
May -416.0 92.2
June -436.9 110.3
July -402.7 85.2
August -482.6 154.8
September -372.1 10.8
October -364.1 -18.3
November -221.0 40.8
December -166.0 1.5
2010 January -67.4 72.3
February 118.4 -43.7
March 89.3 16.1
April 138.3 86.7
May 230.7 35.2
June 303.0 42.6
July 118.4 218.0
August 206.9 135.4
September 134.8 144.3
October 159.5 147.3
November 113.6 143.9
December 180.3 127.5
2011 January 209.7 105.6
February 96.4 198.5
March 260.8 44.5
April 236.1 28.9
May 193.8 39.2
June 186.6 23.6
July 382.9 -144.1
August 353.2 -102.2
September 360.4 -65.8
October 232.8 6.5
November 269.2 -66.7
December 231.2 -30.2
2012 January 190.4 -68.5
February 229.0 -106.1
March 212.3 -18.2
April 250.8 -0.1
May 225.5 21.2
June 237.4 -14.8
July 213.0 -33.9
August 203.5 -2.9
September 188.4 38.8
October 288.2 -21.4
November 253.4 48.0
December 273.2 38.8
2013 January 289.5 62.1
February 327.2 50.4
March 195.4 57.6
April 183.2 9.7
May 275.1 -21.6
June 199.9 36.3
July 159.2 96.4
August 153.5 93.8
September 167.6 49.2
October 172.5 34.1
November 136.4 47.2
December 52.4 78.5
2014 January 64.7 64.7
February 72.0 42.0
March 105.6 55.2
April 52.2 67.2
May -70.5 137.4
June 27.5 58.6
July 22.3 100.8
August -6.2 73.4
September 24.1 68.3
October 28.1 110.4
November 67.1 48.3
December 145.5 -37.4
2015 January 108.3 21.9
February 136.4 -1.7
March 122.9 8.6
April 168.1 -35.3
May 238.4 -42.3
June 242.9 -66.8
July 262.1 -100.7
August 317.7 -123.5
September 200.4 -39.9
October 183.5 -43.5
November 202.6 -80.2
December 144.7 7.8
2016 January 167.6 -47.1
February 59.4 51.5
March 118.2 10.8
April 82.7 57.3
May 112.5 -9.2
June 27.2 82.2
July -43.1 108.5
August -35.2 119.6
September 54.6 98.5
October 23.6 141.4
November -25.5 222.6
December 73.5 155.6
2017 January 86.2 189.9
February 235.4 52.7
March 223.1 53.3

Merchandise trade surpluses in late 2016

Canada posted a merchandise trade surplus of $1.1 billion in November 2016, the first monthly trade surplus since September 2014, as the energy surplus increased and the deficit on non‑energy commodities narrowed. Larger energy surpluses, supported by higher prices, also contributed to merchandise trade surpluses at year end and in January 2017 (Chart 11).

Nevertheless, for 2016 as a whole, Canada’s trade deficit widened to $26.1 billion, up from $23.0 billion in 2015, reflecting declines in the value of energy exports.

More recently, Canada posted a trade deficit of $972 million in February, reflecting widespread declines in exports.

Chart 11 Merchandise trade balance, energy and non-energy commodities

Data table for Chart 11
Data Table for Chart 11
Table summary
This table displays the results of Data Table for Chart 11 Total, Energy and Non-Energy, calculated using millions of dollars units of measure (appearing as column headers).
Total Energy Non-Energy
millions of dollars
2007 January 4647.9 3661.8 986.1
February 4037.6 4812.4 -774.8
March 4441.1 4193.0 248.1
April 5570.9 4438.5 1132.4
May 5337.1 4136.4 1200.7
June 3770.9 3548.1 222.8
July 2559.8 3207.4 -647.6
August 3788.6 3916.3 -127.7
September 2612.9 3965.4 -1352.5
October 3092.5 4618.3 -1525.8
November 3773.7 4567.6 -793.9
December 1961.5 4089.5 -2128.0
2008 January 2484.8 4284.3 -1799.5
February 3784.1 5327.5 -1543.4
March 5727.2 6351.2 -624.0
April 4976.0 6000.4 -1024.4
May 5623.7 6998.3 -1374.6
June 5060.8 6496.8 -1436.0
July 5592.2 6548.1 -955.9
August 5679.9 6605.1 -925.2
September 3447.8 5803.9 -2356.1
October 2610.1 4741.2 -2131.1
November 386.6 4169.8 -3783.2
December -1703.6 2902.7 -4606.3
2009 January -1767.1 3093.6 -4860.7
February -44.7 3250.4 -3295.1
March 1079.3 3801.7 -2722.4
April -676.2 2969.5 -3645.7
May -1543.6 2700.0 -4243.6
June 97.3 3649.4 -3552.1
July -782.4 3160.4 -3942.8
August -1561.3 3269.5 -4830.8
September -821.4 3775.6 -4597.0
October 360.0 4086.1 -3726.1
November -334.5 4354.9 -4689.4
December -778.8 4014.9 -4793.7
2010 January 394.0 4346.7 -3952.7
February 61.2 4467.2 -4406.0
March -1255.8 3732.8 -4988.6
April 109.6 3842.6 -3733.0
May -860.2 3779.8 -4640.0
June -1396.2 3765.0 -5161.2
July -2071.0 3452.0 -5523.0
August -1771.5 2890.1 -4661.6
September -2333.8 3439.4 -5773.2
October -1182.5 3685.1 -4867.6
November -512.8 3775.6 -4288.4
December 1115.7 4789.2 -3673.5
2011 January 744.1 4842.6 -4098.5
February -48.5 4431.9 -4480.4
March -999.5 3881.3 -4880.8
April -239.7 4494.0 -4733.7
May -1086.0 4053.7 -5139.7
June -1114.5 4526.6 -5641.1
July 148.8 4678.2 -4529.4
August 208.8 4744.0 -4535.2
September 1097.8 5199.1 -4101.3
October -840.1 4877.8 -5717.9
November 575.3 5305.7 -4730.4
December 2121.1 6015.9 -3894.8
2012 January -34.7 5887.1 -5921.8
February -1.0 5450.7 -5451.7
March -1162.1 5013.9 -6176.0
April -740.9 5081.4 -5822.3
May -1386.6 4092.9 -5479.5
June -2337.8 4804.3 -7142.1
July -3042.0 3771.5 -6813.5
August -1076.3 4301.2 -5377.5
September -1051.1 4810.8 -5861.9
October -379.3 4837.1 -5216.4
November -1673.3 4729.1 -6402.4
December -404.0 4718.1 -5122.1
2013 January -882.6 4880.9 -5763.5
February -690.4 5275.8 -5966.2
March -183.1 5617.8 -5800.9
April -153.1 5437.0 -5590.1
May -820.4 5240.3 -6060.7
June -444.0 5383.7 -5827.7
July -1656.5 5890.5 -7547.0
August -797.6 6641.7 -7439.3
September -35.1 6693.6 -6728.7
October -371.7 6469.5 -6841.2
November -1267.6 5840.2 -7107.8
December -843.3 6154.7 -6998.0
2014 January -514.9 7299.1 -7814.0
February 784.7 8278.6 -7493.9
March 1594.1 8556.4 -6962.3
April 287.1 7318.5 -7031.4
May 492.1 7457.4 -6965.3
June 1231.0 7377.6 -6146.6
July 1159.0 6905.9 -5746.9
August 667.4 7077.2 -6409.8
September 125.9 6707.6 -6581.7
October -489.0 6759.0 -7248.0
November -457.6 6062.5 -6520.1
December -1029.9 5339.2 -6369.1
2015 January -1901.9 5020.9 -6922.8
February -1624.2 5230.9 -6855.1
March -3143.5 4499.6 -7643.1
April -2458.2 4609.8 -7068.0
May -2745.9 4562.1 -7308.0
June -558.0 4817.9 -5375.9
July -962.2 4455.3 -5417.5
August -2285.3 4085.9 -6371.2
September -2056.0 3998.1 -6054.1
October -2266.9 4272.7 -6539.6
November -2081.1 3585.4 -5666.5
December -918.4 3849.5 -4767.9
2016 January -1269.2 3485.4 -4754.6
February -2258.6 3015.1 -5273.7
March -3188.1 2821.3 -6009.4
April -3199.8 3191.2 -6391.0
May -3856.9 2781.7 -6638.6
June -4005.1 2817.9 -6823.0
July -2203.6 2895.0 -5098.6
August -1951.6 3621.0 -5572.6
September -4243.6 3903.5 -8147.1
October -1355.8 4380.8 -5736.6
November 1088.0 4983.8 -3895.8
December 374.9 6239.9 -5865.0
2017 January 421.4 5996.7 -5575.3
February -972.1 5739.2 -6711.3

Total exports in the second half of 2016 were 4.7% higher than in the first six months of the year, as higher energy exports accounted for over three‑quarters of the advance. Exports of metal and non‑metallic mineral products also supported gains, up 7.3% in the second half, reflecting higher prices for unwrought precious metals and precious metal alloys, including gold and silver. Lower exports of motor vehicles and parts, down 3.2% in the second half, moderated gains as auto exports declined from the recent peak in early 2016. Motor vehicle manufacturers modernized plants in early 2015 (Richards 2017), contributing to higher exports in late 2015 and early 2016 (Chart 12).

Chart 12 Merchandise exports by commodity group

Data table for Chart 12
Data Table for Chart 12
Table summary
This table displays the results of Data Table for Chart 12 Total, Energy, Metal ores and non-metallic minerals and Motor vehicles and parts, calculated using index (January 2007=100) units of measure (appearing as column headers).
Total Energy Metal ores and non-metallic minerals Motor vehicles and parts
index (January 2007=100)
2007 January 100.0 100.0 100.0 100.0
February 98.3 109.9 107.1 96.6
March 102.1 110.4 104.9 103.2
April 102.6 111.0 116.0 99.8
May 100.6 110.0 128.4 93.6
June 97.3 104.4 93.9 87.8
July 95.9 98.3 133.6 90.6
August 96.1 106.0 106.8 85.5
September 93.7 109.3 93.4 86.4
October 92.5 111.1 103.8 84.3
November 95.1 115.9 127.8 84.8
December 91.0 117.4 78.8 76.8
2008 January 95.0 128.2 132.4 70.0
February 98.5 138.8 119.2 80.7
March 101.4 150.2 118.3 76.9
April 103.2 159.9 123.1 73.7
May 108.7 170.9 189.2 70.5
June 110.3 184.0 177.4 75.6
July 112.5 185.3 177.5 74.3
August 108.4 168.2 203.9 72.9
September 105.5 158.8 174.4 70.4
October 105.2 147.6 196.3 66.0
November 96.7 120.3 185.4 68.1
December 85.3 93.5 139.3 61.9
2009 January 77.2 88.9 112.3 38.2
February 81.7 89.9 104.4 49.3
March 81.0 91.3 119.0 48.5
April 76.6 83.6 94.1 51.4
May 70.3 79.0 93.4 40.4
June 74.1 94.4 91.8 41.3
July 77.6 95.2 117.9 52.4
August 74.0 94.7 97.6 53.3
September 75.9 96.2 96.5 60.3
October 78.4 103.5 117.1 60.5
November 79.6 108.5 112.9 60.0
December 81.1 113.0 120.9 65.5
2010 January 81.7 113.1 131.1 59.4
February 83.6 112.3 144.3 64.9
March 82.6 108.2 136.4 65.8
April 83.1 105.0 131.3 65.8
May 85.2 107.4 132.4 71.7
June 84.3 100.2 134.3 73.4
July 83.5 101.6 133.3 69.6
August 85.7 100.8 141.8 72.7
September 84.0 99.1 132.7 69.1
October 86.4 100.5 155.8 67.5
November 87.7 106.6 172.1 62.6
December 92.3 124.2 164.7 63.1
2011 January 94.8 129.6 164.5 77.0
February 90.1 119.3 172.0 67.0
March 91.8 125.1 172.5 68.9
April 93.0 130.5 155.1 68.0
May 92.6 128.7 172.0 68.0
June 91.7 126.4 169.1 62.5
July 95.1 126.1 173.2 68.3
August 97.8 127.6 183.4 65.2
September 100.7 138.8 188.6 69.5
October 98.7 138.1 169.7 72.2
November 101.4 147.7 192.0 71.7
December 105.6 149.3 187.5 78.6
2012 January 100.2 149.0 148.9 85.4
February 100.0 146.3 165.7 78.6
March 96.8 134.7 163.0 75.2
April 97.4 131.9 166.3 79.4
May 97.3 126.1 160.4 79.1
June 96.4 125.4 158.2 83.9
July 94.7 118.8 178.5 81.5
August 95.9 125.7 142.7 82.3
September 95.6 127.7 165.5 78.2
October 96.7 133.5 130.7 79.2
November 97.2 136.3 145.6 81.8
December 97.2 132.3 160.6 77.1
2013 January 97.5 136.7 152.2 69.9
February 99.7 139.5 153.6 78.7
March 101.1 142.4 154.1 82.7
April 102.4 140.4 155.5 81.7
May 100.1 138.1 161.1 78.5
June 99.8 138.0 152.8 83.0
July 97.6 141.7 135.9 77.7
August 102.7 160.1 151.0 80.9
September 103.7 160.2 147.5 81.6
October 101.8 152.8 152.5 77.7
November 101.4 141.7 149.8 83.5
December 102.3 152.0 152.5 81.8
2014 January 102.6 166.0 152.3 69.6
February 109.0 185.1 154.5 81.8
March 112.0 190.3 141.1 83.6
April 110.2 165.0 163.9 86.5
May 114.4 173.1 165.3 95.0
June 113.2 169.8 160.9 89.4
July 113.8 169.6 159.8 93.4
August 113.1 163.8 160.2 84.4
September 112.7 158.8 158.4 91.0
October 112.6 151.1 167.5 90.6
November 110.6 147.2 148.3 89.9
December 110.1 129.6 162.4 92.2
2015 January 107.9 115.4 164.8 90.9
February 107.8 119.6 154.5 83.2
March 109.2 109.7 171.9 95.9
April 108.5 114.1 164.5 97.2
May 108.2 114.4 150.4 100.8
June 113.9 116.7 164.2 100.3
July 114.9 112.1 144.1 106.6
August 112.4 103.8 171.5 109.7
September 111.2 98.2 165.6 106.4
October 108.7 97.8 147.0 105.8
November 109.5 90.1 184.5 112.4
December 113.5 90.1 148.2 117.3
2016 January 114.5 85.3 151.5 121.2
February 109.7 70.4 154.4 120.0
March 105.0 73.7 128.5 112.7
April 105.1 77.7 124.3 110.4
May 104.4 81.0 123.5 109.6
June 104.5 83.8 124.4 108.8
July 109.1 87.4 127.6 116.6
August 110.4 94.9 147.3 109.6
September 109.7 94.5 127.6 109.9
October 110.8 104.5 134.2 112.3
November 116.6 113.6 166.0 109.8
December 116.7 129.3 147.3 102.5
2017 January 117.3 130.6 157.8 110.3
February 114.5 127.2 144.3 111.1

For 2016 as a whole, exports declined 0.7% on lower prices for energy products. Total exports of energy products were down 14.5% in 2016. Despite upturns in energy prices in the second half of the year, the value of energy exports in late 2016 remained well below 2014 levels. Total exports of metal ores and non‑metallic minerals were down 14.2% in 2016, reflecting lower exports of potash, as weaker demand from Asia led to lower potash prices during the year. These resource‑based declines were partly offset by higher annual exports of motor vehicles and parts, up 9.5% in 2016, supported by the recent peak early in the year.

Higher petroleum prices bolstered manufacturing sales

Following a decline in the first half of 2016, total manufacturing sales rose 2.2% in the second half of the year, supported by higher prices for refined petroleum products (Chart 13). Higher sales by petroleum and coal manufacturers accounted for about one‑half of the increase in total manufacturing sales over the last six months of the year. Higher sales of food products, chemical products and primary metals also contributed to the growth. Lower motor vehicle sales partly offset the gain. Sales of auto manufacturers remained below the recent peak reached in the first quarter of 2016, and declined 4.2% in the second half of 2016.

Chart 13 Manufacturing sales, selected industries

Data table for Chart 13
Data Table for Chart 13
Table summary
This table displays the results of Data Table for Chart 13 Manufacturing, Food products, Petroleum and coal products and Motor vehicles, calculated using index (January 2007=100) units of measure (appearing as column headers).
Manufacturing Food products Petroleum and coal products Motor vehicles
index (January 2007=100)
2007 January 100.0 100.0 100.0 100.0
February 99.8 100.0 107.5 99.5
March 102.1 98.5 112.0 106.4
April 102.3 100.5 115.1 98.7
May 100.4 101.3 114.6 93.6
June 98.9 100.9 112.1 84.4
July 98.7 100.3 114.7 93.0
August 98.0 102.5 113.0 85.3
September 97.6 99.1 114.1 95.2
October 97.2 99.3 115.9 94.5
November 98.2 98.0 127.6 96.3
December 94.9 100.6 132.6 65.7
2008 January 95.0 102.3 132.7 65.9
February 97.9 102.9 137.2 76.3
March 96.5 103.0 138.9 67.8
April 98.1 105.1 148.4 68.8
May 101.1 107.0 161.9 68.8
June 103.3 107.8 171.1 73.9
July 105.5 108.4 173.0 77.5
August 101.7 107.1 154.4 72.9
September 100.8 108.5 152.2 69.8
October 99.2 111.5 136.5 62.2
November 93.2 110.7 107.5 69.4
December 84.6 109.9 87.6 53.9
2009 January 80.3 112.2 93.9 30.5
February 82.3 112.2 94.2 39.4
March 79.6 112.2 95.0 45.2
April 80.3 111.8 86.7 52.6
May 76.2 111.0 95.9 41.7
June 78.3 112.2 106.7 40.9
July 82.1 112.1 104.0 60.5
August 80.9 114.4 107.5 55.0
September 82.1 115.0 104.6 62.6
October 81.9 112.0 107.2 63.2
November 83.2 114.5 111.0 60.5
December 84.3 113.4 114.4 66.1
2010 January 85.0 110.8 116.8 65.0
February 85.5 114.8 111.6 66.2
March 86.2 118.6 110.7 67.0
April 87.5 113.0 115.8 68.5
May 88.5 118.8 116.2 70.1
June 88.4 114.8 116.0 71.1
July 87.3 115.8 114.8 64.0
August 88.1 112.0 113.3 73.5
September 88.2 115.3 118.2 65.8
October 89.3 115.7 119.8 67.0
November 88.0 116.1 120.2 57.2
December 90.1 115.4 127.4 64.9
2011 January 93.3 115.6 129.4 79.1
February 91.5 116.0 132.0 69.4
March 92.6 116.1 134.1 73.3
April 92.1 119.2 136.1 62.0
May 91.0 115.4 131.6 60.9
June 90.5 117.1 124.2 62.3
July 93.5 116.2 132.2 65.1
August 94.7 120.5 135.9 66.6
September 96.5 118.9 148.6 69.6
October 96.9 119.4 142.3 73.7
November 97.6 118.9 146.4 74.9
December 99.5 120.8 140.1 82.7
2012 January 98.2 119.1 144.3 93.1
February 96.1 115.2 145.8 76.8
March 97.7 116.0 156.0 80.4
April 98.4 118.4 150.7 84.6
May 98.6 119.1 147.5 85.2
June 97.4 119.1 128.8 85.3
July 96.2 119.6 138.5 81.3
August 96.6 119.1 143.7 86.2
September 96.3 117.7 147.6 82.9
October 95.5 116.6 150.2 79.7
November 97.0 116.9 152.5 81.1
December 95.6 119.9 150.0 71.2
2013 January 95.9 119.7 148.6 74.9
February 98.1 123.5 149.3 79.9
March 97.4 122.8 143.6 79.7
April 96.7 121.1 133.7 84.3
May 96.8 120.9 127.1 81.4
June 95.9 118.9 134.5 83.2
July 96.0 118.5 140.3 79.2
August 97.3 117.0 146.6 80.6
September 97.4 118.5 146.5 85.4
October 98.8 124.6 143.6 83.8
November 99.6 123.9 143.2 87.1
December 98.2 122.4 150.2 82.1
2014 January 98.5 125.1 151.7 74.4
February 101.7 125.7 158.2 82.1
March 101.6 128.2 154.7 83.7
April 101.4 130.4 141.9 83.2
May 103.2 128.6 149.2 94.1
June 103.2 132.6 151.2 85.5
July 105.1 130.9 148.4 93.4
August 102.0 131.3 143.0 81.5
September 104.1 132.4 135.2 90.5
October 103.7 133.2 134.2 91.7
November 101.8 130.6 133.4 87.2
December 103.4 132.7 115.0 97.3
2015 January 99.3 131.4 101.0 89.0
February 98.5 131.3 109.6 77.9
March 101.6 136.3 111.8 90.4
April 99.2 130.3 103.9 86.4
May 100.3 128.1 112.4 90.3
June 101.4 132.6 111.0 93.8
July 103.3 136.0 109.4 100.1
August 102.4 136.7 101.9 105.4
September 100.9 136.5 95.5 95.9
October 99.5 135.9 90.6 98.4
November 100.8 136.7 88.9 103.3
December 102.1 136.3 86.7 107.8
2016 January 104.2 138.7 82.0 124.0
February 99.8 138.7 70.8 108.4
March 99.0 137.6 80.5 104.1
April 100.5 137.9 88.7 109.3
May 99.9 140.4 87.0 101.9
June 100.9 139.9 86.9 103.5
July 100.9 141.9 88.3 104.7
August 102.0 144.1 91.4 102.1
September 102.3 143.8 90.9 103.6
October 101.9 143.1 91.0 103.5
November 104.1 143.7 95.9 103.2
December 106.3 143.3 105.3 106.5
2017 January 107.0 144.3 112.7 110.7

For 2016 as a whole, manufacturing sales increased 1.0%, as higher sales of motor vehicles and food products offset price‑related declines in petroleum and coal manufacturing. Sales of motor vehicle manufacturers rose 11.9% in 2016, following a 9.0% gain in 2015. As noted previously, Canadian auto manufacturers invested in modernizing plants in early 2015, which contributed to notable gains in late 2015 and early 2016. Despite the gains in 2016, annual sales for the manufacturing sector remained below 2014 levels.

Most recently, manufacturing sales increased 0.6% in January, posting a third consecutive gain on higher sales of petroleum and coal products, as well as chemical products.

Higher gasoline prices supported retail sales in late 2016

Total retail sales were 1.3% higher in the second half of 2016 than in the first six months of the year, reflecting price‑led gains among gasoline stations and continued strength among motor vehicle and parts dealers. Excluding sales at gasoline stations, total retail sales rose 0.6% during the second half of the year. Higher sales in Ontario, Quebec and British Columbia accounted for the bulk of the growth in the second half of 2016.

For 2016 as a whole, retail sales rose 3.7%, reflecting higher sales among motor vehicle and parts dealers. Most sub‑sectors posted higher sales in 2016. New motor vehicle sales continued at record levels in 2016, on account of sustained increases in the demand for sport utility vehicles and pick‑up trucks. Ontario, British Columbia and Quebec led the growth in 2016, while Alberta, down 1.6%, was the only province with lower annual sales.

Early in 2017, retail sales advanced on broad‑based gains, including continued strength in new motor vehicles sales. Sales advanced 2.2% for the sector in January.

Home prices edged down in Vancouver and rose in Toronto

Home prices continued to increase in the second half of 2016, although at a slower pace than during the first half of the year. According to estimates from the Aggregate Composite MLS Home Price Index, home prices were up 14.8% on a year‑over‑year basis in December 2016 and continued to increase in early 2017, up 16.0% in February (Chart 14).Note 2

Following notable price increases during the first half of the year, home prices in Greater Vancouver edged lower in the second half of 2016, coinciding with new provincial legislation which came into effect in August 2016, as residential purchases by foreign nationals in Metro Vancouver were subject to an additional property transfer tax rate of 15%. On a year‑over‑year basis, home prices in Vancouver slowed to 17.8% in December, down from 32.1% in June 2016. 

Home prices in the Greater Toronto area continued to accelerate in the second half of 2016, increasing from 16.0% on a year‑over‑year basis in June to 21.2% in December. Prices in Toronto continued to strengthen in early 2017. By contrast, home prices in Calgary continued to trend lower in recent months, and are at their lowest levels since early 2014.

Chart 14 Multiple listing service home price index, selected cities

Data table for Chart 14
Data Table for Chart 14
Table summary
This table displays the results of Data Table for Chart 14 Aggregate, Greater Vancouver, Calgary and Greater Toronto, calculated using index (January 2005=100) units of measure (appearing as column headers).
Aggregate Greater Vancouver Calgary Greater Toronto
index (January 2005=100)
2005 January 100.0 100.0 100.0 100.0
February 100.9 100.6 100.9 100.9
March 101.9 101.1 102.3 101.8
April 102.8 101.6 103.6 102.7
May 103.8 103.1 105.0 103.4
June 104.8 104.7 106.2 103.9
July 105.4 106.1 107.0 104.0
August 106.1 107.5 108.1 104.3
September 107.0 109.3 109.4 104.6
October 107.6 110.0 111.0 104.9
November 108.1 110.8 112.2 105.1
December 108.6 111.7 114.0 105.2
2006 January 110.0 113.8 117.1 105.8
February 111.9 116.2 122.9 106.6
March 114.0 118.3 130.8 107.7
April 116.1 120.8 139.1 108.6
May 118.3 123.2 149.3 109.2
June 120.2 125.2 158.8 109.2
July 121.4 126.2 165.4 109.1
August 122.3 127.4 170.3 109.0
September 123.1 128.3 172.9 109.2
October 123.4 128.3 174.2 109.2
November 123.5 128.3 174.1 109.0
December 123.2 128.0 172.5 108.7
2007 January 124.3 129.8 173.9 109.1
February 126.0 131.2 177.0 110.7
March 127.9 132.5 181.7 111.9
April 129.9 134.5 186.3 113.0
May 131.8 136.4 190.6 114.2
June 133.4 138.2 193.0 115.2
July 134.4 139.4 194.3 115.7
August 135.1 140.8 194.5 116.1
September 135.5 141.9 194.0 116.6
October 135.8 142.6 192.6 117.3
November 135.9 143.3 190.2 117.6
December 135.8 143.9 187.7 117.6
2008 January 136.5 145.1 186.1 118.0
February 137.9 146.7 186.3 119.1
March 139.1 148.0 187.0 119.8
April 139.7 148.5 187.1 120.3
May 139.8 148.8 185.4 120.5
June 139.6 149.2 183.7 120.2
July 138.6 146.6 181.5 119.7
August 137.7 144.8 180.0 119.2
September 136.6 142.9 178.0 118.5
October 135.0 139.0 176.0 117.8
November 133.1 135.1 173.5 116.4
December 131.0 131.3 170.3 114.9
2009 January 129.5 130.4 166.3 112.9
February 128.7 129.3 164.0 112.3
March 128.7 128.4 162.6 113.1
April 129.5 130.2 161.8 114.4
May 130.6 132.1 162.4 115.9
June 131.9 134.1 163.6 117.8
July 133.4 136.3 165.0 119.7
August 134.9 138.5 166.5 121.5
September 136.4 141.0 167.8 123.3
October 137.6 142.2 169.0 125.0
November 138.8 144.0 170.0 126.5
December 139.6 145.5 171.2 127.3
2010 January 141.0 147.1 172.2 128.7
February 142.9 148.8 174.7 130.6
March 144.5 150.6 177.5 132.1
April 145.4 151.6 178.8 132.9
May 145.6 151.4 180.4 132.8
June 145.4 150.6 181.3 132.0
July 144.5 149.2 179.8 131.0
August 143.8 148.5 177.1 130.5
September 143.5 148.0 175.2 130.8
October 143.4 147.6 173.6 131.1
November 143.4 148.0 172.1 131.5
December 143.6 148.0 171.6 132.5
2011 January 144.3 149.3 170.7 133.4
February 145.9 150.7 171.3 135.7
March 147.5 153.4 172.2 137.2
April 149.0 156.8 173.3 138.7
May 150.0 158.4 173.9 140.0
June 150.5 159.6 174.9 140.4
July 150.8 160.2 174.6 141.1
August 151.0 160.3 174.1 141.7
September 151.0 159.9 173.1 142.0
October 151.1 159.2 172.6 142.7
November 150.9 158.8 171.8 142.9
December 150.6 158.1 170.3 143.6
2012 January 150.9 158.2 169.9 143.7
February 152.3 159.6 171.3 145.6
March 154.3 161.3 172.8 147.9
April 155.6 162.4 174.2 149.6
May 156.6 163.4 175.9 151.0
June 156.8 162.1 177.1 151.2
July 156.5 160.9 177.7 150.6
August 156.1 159.2 178.0 150.1
September 155.8 158.3 177.9 150.0
October 155.5 157.6 177.5 149.9
November 155.0 156.4 177.2 149.4
December 154.6 154.8 177.1 149.0
2013 January 154.5 154.2 177.9 148.8
February 155.6 154.8 179.6 149.8
March 157.1 155.5 181.3 151.9
April 158.5 156.7 183.8 153.8
May 159.7 156.9 185.6 155.0
June 160.2 157.8 186.8 155.8
July 160.3 157.8 187.7 155.7
August 160.4 157.7 188.6 155.9
September 160.6 157.8 189.2 156.1
October 161.1 157.6 191.2 156.6
November 161.5 158.1 192.2 157.9
December 161.4 158.2 192.8 158.4
2014 January 162.1 159.1 194.0 159.4
February 163.5 159.8 196.3 160.8
March 165.3 161.3 199.1 163.0
April 166.7 162.3 202.0 164.7
May 167.9 163.7 205.0 166.1
June 168.9 164.7 207.1 167.8
July 169.1 164.8 208.0 168.1
August 169.1 165.6 208.5 168.0
September 169.3 166.1 209.1 168.2
October 169.9 167.0 209.5 169.3
November 169.9 167.1 209.3 169.9
December 170.1 167.4 209.2 170.4
2015 January 170.4 168.2 209.5 171.1
February 171.7 170.3 208.9 173.3
March 173.5 173.2 208.4 175.8
April 175.3 176.3 207.4 178.7
May 176.9 179.4 207.8 181.0
June 178.1 181.9 208.5 182.7
July 179.0 183.6 208.4 183.9
August 179.5 185.7 208.2 184.9
September 180.5 189.2 208.4 185.9
October 181.2 192.7 207.2 186.7
November 182.2 197.1 206.0 187.4
December 182.6 199.4 205.0 187.9
2016 January 183.6 202.9 203.0 188.4
February 186.4 208.1 201.5 192.2
March 189.7 213.4 200.6 196.6
April 193.8 221.1 200.1 201.6
May 199.4 232.7 199.7 208.4
June 202.8 240.2 200.0 211.9
July 204.9 243.5 199.7 214.5
August 206.2 244.2 199.6 216.7
September 207.2 242.5 199.7 219.4
October 208.5 240.6 198.9 223.6
November 209.0 237.7 197.9 225.5
December 209.7 234.9 197.5 227.7
2017 January 211.2 234.5 197.2 231.0
February 216.2 237.3 197.7 238.0

Monthly housing starts averaged 198,000 (seasonally adjusted at annual rates) during the second half of 2016, little changed from the first half of the year. Average starts in the second half declined in British Columbia and edged up in Alberta and Quebec. Ground‑breaking on new homes picked up in early 2017 on higher multi‑family starts in Ontario. Monthly starts in Ontario (seasonally adjusted at annual rates) rose from about 80,000 at year end to 100,000 in January. Higher starts in Toronto and Ottawa contributed to the gains.

Investments in new housing construction, measured year‑over‑year, continued at a robust pace in late 2016. Higher spending on singles, which accelerated to 14.9% on a year‑over‑year basis in December, supported the gains. Investment spending on apartments slowed in late 2016.

Headline inflation edged up in early 2017

Consumer price inflation, measured year‑over‑year, averaged 1.3% during the last six months of 2016. During this period, price declines for food were offset by price movements in transportation and shelter. 

Food prices declined on a year‑over‑year basis in late 2016 while energy prices strengthened (Chart 15). October’s year‑over‑year decline in food prices, led by lower prices for fresh fruit, meat and dairy, was the first year‑over‑year decrease in the food index since January 2000. Food prices continued to fall year‑over‑year from November 2016 to February 2017. Energy prices rose in the twelve months to October, marking the first year‑over‑year increase in the energy index in two years, and continued to increase from November to February.

Excluding food and energy, consumer price inflation averaged 1.9% in the second half of 2016, matching the average increase observed in the first half of the year. 

Chart 15 Consumer price index

Data table for Chart 15
Data Table for Chart 15
Table summary
This table displays the results of Data Table for Chart 15 Food, Energy and All-items excluding food and energy, calculated using year-over-year change (percent) units of measure (appearing as column headers).
Food Energy All-items excluding food and energy
year-over-year change (percent)
2007 January 2.3 -5.7 1.7
February 4.1 0.0 1.8
March 3.7 4.5 1.8
April 3.8 0.1 2.0
May 3.5 1.6 1.9
June 3.1 1.2 2.2
July 2.8 -1.7 2.4
August 2.4 -3.7 2.2
September 1.9 6.1 2.1
October 1.4 8.6 2.0
November 1.1 10.3 1.8
December 1.6 8.7 1.7
2008 January 1.4 11.0 1.3
February 0.2 9.7 1.3
March 0.4 5.4 1.0
April 1.2 8.0 1.1
May 1.9 11.5 1.2
June 2.8 18.0 1.2
July 3.7 21.1 1.2
August 4.5 20.2 1.2
September 5.6 18.2 1.0
October 6.1 9.7 0.9
November 7.4 -4.2 1.6
December 7.3 -11.0 1.5
2009 January 7.3 -10.9 1.2
February 7.4 -8.8 1.3
March 7.9 -11.2 1.4
April 7.1 -17.5 1.2
May 6.4 -18.3 1.3
June 5.5 -19.0 1.3
July 5.0 -23.4 1.0
August 4.0 -19.1 0.9
September 2.8 -18.7 0.9
October 2.3 -12.7 1.3
November 1.7 1.3 0.8
December 1.7 5.9 0.6
2010 January 1.4 8.2 1.2
February 1.2 4.0 1.4
March 1.3 5.8 0.9
April 1.0 9.8 1.2
May 0.8 6.2 1.0
June 0.7 1.3 0.9
July 1.1 7.9 1.3
August 1.6 5.0 1.3
September 2.1 5.6 1.4
October 2.2 9.1 1.7
November 1.5 6.7 1.5
December 1.7 10.5 1.6
2011 January 2.1 9.0 1.6
February 2.1 10.6 1.2
March 3.3 12.8 2.1
April 3.3 17.1 1.7
May 3.9 16.6 2.0
June 4.3 15.7 1.4
July 4.3 12.9 1.2
August 4.4 13.4 1.5
September 4.3 12.5 1.9
October 4.3 11.7 1.5
November 4.8 9.1 1.6
December 4.4 6.0 1.3
2012 January 4.2 6.5 1.6
February 4.1 7.2 1.7
March 2.2 5.1 1.5
April 2.5 1.1 1.9
May 2.5 -1.6 1.5
June 2.0 -0.8 1.7
July 2.1 -1.2 1.3
August 2.2 0.8 1.1
September 1.6 2.9 0.8
October 2.0 1.7 1.0
November 1.7 -0.2 0.9
December 1.5 -0.5 0.9
2013 January 1.1 -1.7 0.6
February 1.9 2.0 1.1
March 1.8 0.3 0.9
April 1.5 -1.9 0.5
May 1.3 1.0 0.5
June 1.2 4.1 0.9
July 0.8 5.3 1.1
August 1.0 2.4 0.9
September 1.2 1.5 0.9
October 0.9 -1.6 0.9
November 1.1 2.3 0.7
December 1.0 4.6 0.9
2014 January 1.1 4.8 1.2
February 1.1 1.6 1.1
March 1.5 4.6 1.2
April 1.9 8.4 1.4
May 2.3 8.4 1.5
June 2.9 6.7 1.6
July 2.9 4.7 1.5
August 2.2 3.3 2.0
September 2.7 2.7 1.9
October 2.8 4.2 2.0
November 3.1 -0.6 2.0
December 3.7 -6.4 1.9
2015 January 4.6 -12.9 1.9
February 3.9 -10.8 1.8
March 3.8 -10.4 2.0
April 3.6 -13.5 1.9
May 3.8 -11.8 1.8
June 3.4 -9.0 1.8
July 3.2 -7.4 2.0
August 3.6 -7.2 1.8
September 3.5 -10.8 1.8
October 4.1 -10.4 1.7
November 3.4 -6.4 1.8
December 3.7 -3.6 1.7
2016 January 4.0 -0.4 1.8
February 3.9 -7.2 1.7
March 3.6 -7.8 1.7
April 3.2 -3.2 1.9
May 1.8 -3.6 2.1
June 1.3 -4.4 2.1
July 1.6 -7.4 2.1
August 1.1 -5.8 1.9
September 0.1 -1.3 2.0
October -0.7 2.5 1.9
November -0.7 0.2 1.7
December -1.3 4.0 1.8
2017 January -2.1 12.1 2.2
February -2.3 12.3 2.0

Higher prices for owned accommodation contributed to increases in the consumer price index during the second half of 2016. The homeowner’s replacement cost index, which reflects changes in new housing prices, edged above 4% year‑over‑year during the last three months of the year.

After accelerating in the spring, the change in the durable goods index, which includes prices for passenger vehicles, decelerated in late 2016, slowing to 2.2% year‑over‑year in November and December. Prices for non‑durables declined year‑over‑year in four of the last six months of 2016.

The Bank of Canada’s preferred measures of core inflation—CPI-trim, CPI-median, and CPI-common—were all below 2% at the end of 2016.Note 3

For 2016 as a whole, the annual average increase in the consumer price index was 1.4%.

More recently, headline consumer inflation edged up to 2.1% in January 2017, as the year‑over‑year increase in energy prices accelerated to 12.1%, partly reflecting lower prices for crude oil in early 2016. Headline inflation was 2.0% in February 2017.

Equities rally in the second half of 2016 on energy and financials   

Toronto stock prices (S&P/TSX composite index) continued to strengthen in the second half of 2016, after rebounding from lows early in the year. The composite index rose to 15,288 at year end, up 8.7% from June and 17.5% from year end 2015. Energy, financials and industrials posted notable gains in the second half of the year, while the gold index declined following gains in the first half.

More recently, equity prices continued to strengthen in early 2017. After edging up in January, The S&P/TSX composite index reached a record high on February 21st, before edging down to 15,399 at month end. The composite index closed at 15,548 at the end of March.

Yields on benchmark Government of Canada bonds increased in late 2016 and early 2017. Yields on five‑year bonds were at 1.16% at the end of 2016, up from 0.74% a year earlier. Yields on ten‑year bonds were at 1.73% in December, up 33 basis points from December 2015.

More recently, yields on ten‑year bonds rose to 1.82% in January 2017 before declining in February and March

Chart 16 S&P/TSX, selected indexes

Data table for Chart 16
Data Table for Chart 16
Table summary
This table displays the results of Data Table for Chart 16 S&P/TSX composite index, Canadian energy index and Canadian financial index, calculated using index (January 2007=100) units of measure (appearing as column headers).
S&P/TSX composite index Canadian energy index Canadian financial index
index (January 2007=100)
2007 January 100.0 100.0 100.0
February 100.1 98.1 100.4
March 101.0 101.2 102.2
April 102.9 103.7 102.4
May 107.8 111.1 104.3
June 106.7 110.7 101.7
July 106.4 109.8 98.5
August 104.8 104.0 100.6
September 108.2 107.4 102.5
October 112.2 111.6 104.5
November 105.0 101.5 101.4
December 106.1 108.7 96.2
2008 January 100.9 101.1 92.1
February 104.2 111.0 89.1
March 102.4 110.9 87.5
April 106.9 122.4 90.6
May 112.9 135.5 91.4
June 111.0 137.7 82.9
July 104.3 118.1 85.4
August 105.7 124.6 86.2
September 90.2 97.9 85.3
October 74.9 78.5 71.8
November 71.1 75.6 65.9
December 69.0 67.2 59.4
2009 January 66.7 63.7 54.9
February 62.3 61.0 48.8
March 66.9 67.2 54.9
April 71.5 72.9 63.5
May 79.6 85.0 69.5
June 79.6 82.2 73.5
July 82.8 81.7 81.4
August 83.4 81.1 81.9
September 87.4 89.7 84.0
October 83.7 87.9 77.5
November 87.8 88.7 80.7
December 90.1 92.3 82.2
2010 January 85.1 86.4 78.0
February 89.2 87.9 82.3
March 92.4 89.7 88.1
April 93.7 93.1 87.7
May 90.2 88.8 82.8
June 86.7 84.4 78.1
July 89.9 87.6 82.7
August 91.4 84.5 79.0
September 94.9 88.4 82.6
October 97.3 89.4 83.8
November 99.4 92.6 84.3
December 103.1 100.3 85.9
2011 January 104.0 105.6 86.4
February 108.5 112.6 91.8
March 108.3 110.8 93.2
April 107.0 107.9 91.6
May 105.9 104.3 91.4
June 102.0 98.1 89.4
July 99.3 96.4 84.0
August 98.0 88.4 83.0
September 89.2 75.0 79.5
October 94.0 84.9 80.9
November 93.6 85.0 77.5
December 91.7 83.4 79.4
2012 January 95.5 87.5 81.3
February 97.0 89.5 84.2
March 95.1 81.9 87.5
April 94.3 82.0 86.8
May 88.3 73.1 80.4
June 89.0 73.1 81.0
July 89.5 76.6 80.5
August 91.7 78.4 82.6
September 94.5 80.6 84.4
October 95.3 80.4 85.4
November 93.9 77.4 87.6
December 95.4 77.2 89.2
2013 January 97.3 79.0 92.0
February 98.4 78.9 94.6
March 97.8 78.6 92.3
April 95.6 76.4 91.7
May 97.1 78.4 93.3
June 93.1 75.6 92.2
July 95.8 78.9 96.0
August 97.1 80.2 97.4
September 98.1 81.9 99.1
October 102.5 84.0 105.2
November 102.8 83.1 107.8
December 104.5 84.7 108.9
2014 January 105.1 83.9 104.3
February 109.0 87.6 108.6
March 110.0 92.1 110.4
April 112.4 98.3 111.7
May 112.0 97.3 112.7
June 116.2 103.6 115.7
July 117.6 98.6 120.7
August 119.9 101.0 120.8
September 114.8 90.8 118.0
October 112.1 80.9 117.9
November 113.1 71.5 122.5
December 112.3 68.6 118.3
2015 January 112.6 67.1 108.4
February 116.9 68.9 116.6
March 114.3 67.5 114.7
April 116.8 73.5 118.3
May 115.2 68.3 116.3
June 111.7 63.8 114.5
July 111.0 58.1 114.1
August 106.3 56.8 110.4
September 102.1 51.7 109.7
October 103.8 55.6 113.2
November 103.3 55.0 114.4
December 99.8 50.3 110.3
2016 January 98.4 49.3 108.5
February 98.7 47.7 105.3
March 103.5 53.0 113.0
April 107.0 58.1 115.6
May 107.9 59.0 116.6
June 107.9 58.8 112.8
July 111.9 58.5 116.0
August 112.0 60.8 118.6
September 113.0 62.0 119.1
October 113.5 63.3 121.7
November 115.7 68.4 127.6
December 117.3 68.6 131.7
2017 January 118.0 62.7 134.2
February 118.1 61.2 135.6
March 119.3 62.0 135.1

The Canadian dollar edged lower against the U.S dollar during the second half of 2016, ending the year at 75.0 cents U.S.Note 4 This followed notable fluctuations in the exchange rate during the first half of 2016, as the dollar had traded as low as 68.69 cents U.S in early 2016, before rising to over 79 cents U.S in late April.Note 5

Chart 17 Exchange rates

Data table for Chart 17
Data Table for Chart 17
Table summary
This table displays the results of Data Table for Chart 17 Exchange rate and CERI excluding US$ (RHS), calculated using CAN$/US$ units of measure (appearing as column headers).
Exchange rate CERI excluding US$ (RHS)
CAN$/US$
2007 January 0.850 109.68
February 0.854 109.32
March 0.856 110.11
April 0.882 113.74
May 0.913 118.59
June 0.939 119.26
July 0.952 117.35
August 0.945 118.12
September 0.975 122.63
October 1.025 127.11
November 1.034 119.20
December 0.997 121.49
2008 January 0.989 117.37
February 1.001 118.06
March 0.998 109.43
April 0.986 112.99
May 1.001 114.64
June 0.984 111.23
July 0.987 110.94
August 0.948 111.27
September 0.945 114.01
October 0.844 104.92
November 0.821 103.79
December 0.810 101.03
2009 January 0.815 103.86
February 0.803 104.25
March 0.791 102.69
April 0.817 107.46
May 0.869 111.51
June 0.888 105.43
July 0.891 112.14
August 0.919 110.11
September 0.924 111.28
October 0.948 109.93
November 0.944 109.85
December 0.948 115.30
2010 January 0.959 114.11
February 0.946 116.02
March 0.978 121.50
April 0.995 122.82
May 0.962 123.32
June 0.963 120.15
July 0.959 119.34
August 0.960 117.02
September 0.968 116.27
October 0.982 114.95
November 0.987 118.47
December 0.992 119.83
2011 January 1.006 117.49
February 1.013 120.31
March 1.024 119.38
April 1.044 118.53
May 1.033 117.69
June 1.024 118.01
July 1.047 118.21
August 1.017 115.76
September 0.997 114.38
October 0.981 117.03
November 0.975 116.46
December 0.977 118.55
2012 January 0.987 118.19
February 1.003 120.43
March 1.006 119.44
April 1.007 120.30
May 0.990 119.87
June 0.973 119.74
July 0.986 122.48
August 1.008 123.16
September 1.022 121.44
October 1.013 119.96
November 1.003 121.26
December 1.011 121.58
2013 January 1.008 121.05
February 0.990 120.32
March 0.976 122.64
April 0.982 122.67
May 0.981 122.17
June 0.969 119.87
July 0.961 121.07
August 0.961 118.65
September 0.967 119.73
October 0.965 117.65
November 0.953 116.74
December 0.940 116.14
2014 January 0.914 111.70
February 0.905 110.95
March 0.900 111.53
April 0.910 111.96
May 0.918 113.35
June 0.923 114.85
July 0.931 114.33
August 0.915 115.76
September 0.908 115.98
October 0.892 116.38
November 0.883 117.53
December 0.867 118.41
2015 January 0.825 111.31
February 0.800 113.64
March 0.792 114.61
April 0.811 117.86
May 0.821 116.16
June 0.809 115.00
July 0.777 111.23
August 0.761 109.82
September 0.754 108.54
October 0.765 111.07
November 0.753 112.01
December 0.730 107.13
2016 January 0.703 107.06
February 0.725 109.67
March 0.756 110.76
April 0.780 112.85
May 0.773 111.48
June 0.775 112.20
July 0.766 111.47
August 0.770 111.41
September 0.763 111.05
October 0.755 111.26
November 0.744 116.08
December 0.750 117.16
2017 January 0.758 118.46
February 0.763 116.60
March 0.747 114.59

On a trade‑weighted basis, the Canadian dollar strengthened against major non‑U.S. currencies during late 2016, advancing against the euro and the U.K. pound sterling.

More recently, the Canadian dollar appreciated against the U.S. dollar in January and February, before declining to 74.7 cents U.S. in March.

Gains in energy supported commodity prices   

After rebounding in the first half of 2016, overall commodity prices edged higher in the second half of the year, bolstered by higher prices for energy products. At year end, commodity prices were up 23% on a year over year basis, supported by a 46.6% increase in energy prices.

Excluding energy, commodity prices edged up 2.9% on a year over year basis, as fish, forestry, and metals and minerals advanced.

Overall, commodity prices at the end of 2016 remained about 15% lower than price levels two years earlier.

More recently, commodity prices edged higher in January and February before declining 3.4% in March 2017.

Equities and housing supported higher household net worth  

The net worth of households rose 1.0% in the fourth quarter of 2016, following a 2.8% gain in the third. Increases in the values of equity and investment fund shares led gains in both quarters, while increases in the value of residential structures and land also contributed to higher household net worth in the second half of the year. Total household assets in the fourth quarter were valued at $12.3 trillion, while household financial liabilities amounted to $2.05 trillion. 

Chart 18 Change in household net worth

Data table for Chart 18
Data table for Chart 18
Table summary
This table displays the results of Data table for Chart 18 Net worth, Non-financial assets, Financial assets and Financial liabilities, calculated using billions of dollars units of measure (appearing as column headers).
Net worth Non-financial assets Financial assets Financial liabilities
billions of dollars
2007 Quarter 1 164.0 93.2 92.1 -21.2
Quarter 2 144.6 86.8 100.3 -42.4
Quarter 3 67.7 56.7 48.1 -37.1
Quarter 4 -5.5 40.9 -15.9 -30.5
2008 Quarter 1 111.6 75.2 62.7 -26.2
Quarter 2 155.3 70.9 124.0 -39.6
Quarter 3 -278.8 33.6 -279.8 -32.6
Quarter 4 -218.1 -50.4 -150.2 -17.4
2009 Quarter 1 -61.5 -32.5 -21.8 -7.2
Quarter 2 248.6 70.9 212.2 -34.6
Quarter 3 224.3 84.0 168.5 -28.2
Quarter 4 89.0 65.7 52.1 -28.9
2010 Quarter 1 135.8 87.3 59.3 -10.8
Quarter 2 -0.8 62.0 -29.0 -33.7
Quarter 3 223.8 35.7 209.5 -21.3
Quarter 4 167.1 49.0 140.0 -21.9
2011 Quarter 1 191.5 91.8 107.4 -7.7
Quarter 2 84.5 85.9 31.0 -32.4
Quarter 3 -58.9 72.6 -107.1 -24.4
Quarter 4 136.7 48.3 110.2 -21.9
2012 Quarter 1 241.5 102.7 145.1 -6.3
Quarter 2 70.8 98.8 -1.8 -26.2
Quarter 3 174.5 58.1 141.0 -24.6
Quarter 4 120.4 38.8 96.6 -14.9
2013 Quarter 1 218.5 70.7 151.8 -4.0
Quarter 2 -8.6 87.8 -70.7 -25.7
Quarter 3 165.1 89.9 100.9 -25.6
Quarter 4 262.7 63.7 213.7 -14.7
2014 Quarter 1 241.4 73.9 175.1 -7.6
Quarter 2 211.4 94.5 144.3 -27.4
Quarter 3 104.8 61.2 71.9 -28.3
Quarter 4 145.2 42.8 119.3 -16.8
2015 Quarter 1 282.9 54.5 236.5 -8.1
Quarter 2 29.0 103.4 -37.9 -36.6
Quarter 3 -7.5 86.9 -61.6 -32.8
Quarter 4 114.8 33.7 103.9 -22.9
2016 Quarter 1 138.0 95.9 55.4 -13.3
Quarter 2 228.4 114.6 151.6 -37.9
Quarter 3 277.3 83.1 219.2 -25.0
Quarter 4 105.4 52.9 77.3 -24.7

The ratio of household credit market debt to disposable income rose to 167.3% in the fourth quarter, while the household debt service ratio, which includes obligations on principal and interest owing, edged down to 14.0%.Note 6 The ratio of household debt to household assets was 16.7% in late 2016 and has generally trended lower since peaking above 19% during the 2008‑2009 recession.

References

Richards, E. 2017. Motor Vehicle Manufacturers Reposition in 2015. Economic Insights, no. 68. Statistics Canada Catalogue no. 11‑626‑X. Ottawa: Statistics Canada.

Richards, E. 2017. Recent Developments in the Canadian Economy. A presentation series from Statistics Canada about the economy, environment and society. Statistics Canada Catalogue no. 11‑631‑X. Ottawa: Statistics Canada.

Statistics Canada. Bank of Canada’s preferred measures of core inflation. Last updated November 18, 2016. Available at: http://www23.statcan.gc.ca/imdb-bmdi/document/2301_D63_T9_V1-eng.htm (accessed March 22, 2016).

Notes

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