November 2019 edition

This module provides a concise summary of selected Canadian economic events, as well as international and financial market developments by calendar month. It is intended to provide contextual information only to support users of the economic data published by Statistics Canada. In identifying major events or developments, Statistics Canada is not suggesting that these have a material impact on the published economic data in a particular reference month.

All information presented here is obtained from publicly available news and information sources, and does not reflect any protected information provided to Statistics Canada by survey respondents.


  • The Government of Alberta announced that, effective November 8, 2019, all producers can drill new conventional oil wells without being restricted by production limits, and that existing producing wells will remain under curtailment. The Government also announced that the monthly production limit for January 2020 will be set at 3.81 million barrels per day, unchanged from the December limit.
  • Calgary-based TC Energy Corporation announced on November 10th that its Keystone pipeline had returned to service following the approval of its repair and restart plan by the U.S. Pipeline and Hazardous Materials Safety Administration. TC Energy said that, as part of the restart plan, it will operate the pipeline at a reduced pressure with a gradual increase in the volume of crude oil moving through the system. TC Energy had previously announced on October 30th that it had begun the process to shut down the pipeline after detecting a drop in pressure.
  • TC Energy Corporation announced the West Path Delivery Program, a combined $1.2 billion expansion of its NOVA Gas Transmission Ltd. and Foothills Systems, which will connect with the USD $335 million GTN Xpress Project recently announced by TC PipeLines LP. The company said applications for approvals to construct and operate the facilities are expected to be filed in 2020 and, pending receipt of regulatory approvals, construction is expected to commence as early as fourth quarter 2021.
  • Calgary-based Crescent Point Energy Corp. announced it had entered into a definitive agreement to sell certain associated gas infrastructure assets in Saskatchewan, including nine natural gas gathering and processing facilities and two gas sales pipelines, to Steel Reef Infrastructure Corp., also of Calgary, for total cash consideration of $500 million. Crescent Point said the transaction is expected to close in the first quarter of 2020, subject to customary closing conditions and regulatory approvals.
  • Vernon, British Columbia-based Tolko Industries Ltd. announced it will permanently close its Kelowna, British Columbia division on January 8, 2020. Tolko later announced that its BC Operations will be taking two weeks' downtime from December 21st to January 6th.
  • Toronto-based Kirkland Lake Gold Ltd. and Detour Gold Corporation, also of Toronto, announced they had entered into a definitive agreement whereby Kirkland Lake Gold will acquire all of the issued and outstanding securities of Detour Gold for an implied equity value of approximately $4.9 billion. The companies said the transaction is expected to close by the end of January 2020, subject to shareholder, court, and regulatory approvals.
  • Toronto-based Barrick Gold Corporation announced it had reached an agreement to sell its 50% interest in Kalgoorlie Consolidated Gold Mines in Western Australia to Saracen Mineral Holdings Limited of Australia for a total consideration of USD $750 million in cash. Barrick said the transaction is expected to be completed in the fourth quarter of 2019 and is subject to customary closing conditions.
  • Saskatoon-based Nutrien Ltd. announced on November 25th that it will curtail production at its largest potash mine, Rocanville, due to the CN rail strike. The company said the mine will be shut down for two weeks, starting on December 2nd.


  • Boucherville, Quebec-based Lowe's Canada announced it is closing 34 underperforming stores in British Columbia, Alberta, Saskatchewan, Ontario, Quebec, and Nova Scotia beginning on January 31, 2020.
  • Montreal-based Alston Investments Inc. announced it has offered to acquire via an Asset Purchase Agreement a substantial portion of the assets of Bouclair Inc. Alston said that the proposed transaction is expected to be implemented through a court-supervised process, and that, to that end, Bouclair and Bouclair International Inc. have filed notices of intention to make a proposal under the Bankruptcy Protection and Insolvency Act. Alston said the completion of the sale of assets will be subject to obtaining approval from the Superior Court, and that closing is expected to take place before year's end.
  • Amazon Canada announced plans to open its first fulfillment centre in Quebec, to be located in Lachine on the island of Montreal. The company said the new site will launch in time for the 2020 holiday shopping season and will create more than 300 new, full-time jobs.


  • The Teamsters Canada Rail Conference union announced that conductors, trainpersons and yard workers (CTY) members at Canadian National Railway Company had begun a strike on November 19th. On November 26th, the Teamsters and CN Rail announced that they had reached a tentative agreement to renew the collective agreement for CTY workers, and that normal operations would resume on November 27th. CN Rail also said that there would be no job action during the ratification period, and that the results of ratification votes are expected within eight weeks.

Other news

  • The Government of Ontario released its 2019 Ontario Economic Outlook and Fiscal Review on November 6th, which included additional investments for small- and medium-sized hospitals, public health units, and child care, as well as a proposal to reduce the small business Corporate Income Tax rate to 3.2% from 3.5% beginning on January 1, 2020. The Government forecasts a deficit of $9.0 billion in 2019-2020 and economic growth of 1.4% in 2019.
  • The Government of Quebec released its Fall Economic and Fiscal Update on November 7th, which included additional investments related to family allowance payments and childcare services, along with targeted initiatives totalling more than $1.4 billion over five years. The Government forecasts a surplus of $1.4 billion in 2019-2020 and economic growth of 2.4% in 2019.
  • On November 5th, the Canadian Meat Council announced that after four months of temporary suspension imposed on Canadian pork and beef, China has reopened its doors to Canadian meat products.
  • Sweden's Riksbank announced on November 13th that it had recently sold holdings of bonds issued by the Province of Alberta and the Australian states of Queensland and Western Australia as sustainability aspects will be given consideration in its investment decisions.
  • The European Investment Bank announced on November 14th that it will end financing for fossil fuel energy projects from the end of 2021 and that future financing will accelerate clean energy innovation, energy efficiency and renewables.
  • California-based Charles Schwab Corporation and TD Ameritrade Holding Corporation of Nebraska announced they had entered into a definitive agreement for Schwab to acquire TD Ameritrade in an all-stock transaction valued at approximately USD $26 billion. The companies said they expect the transaction to close in the second half of 2020, subject to customary closing conditions, including receipt of applicable regulatory approvals and approval by the stockholders of both companies.
  • Toronto-based De Havilland Aircraft of Canada Limited announced that lessor Palma Holding Limited of the United Arab Emirates had signed a Letter of Intent to purchase 20 Dash 8-400 aircraft. De Havilland also announced that ACIA Aero Capital Limited of France had signed a conditional purchase agreement to acquire three Dash 8-400 aircraft. The company also announced that Aurora of Russia and the Republic of Ghana had also respectively signed Letters of Intent for the Dash 8-400.

United States and other international news

  • The Bank of England's Monetary Policy Committee voted to maintain the Bank Rate at 0.75% and the stock of UK government bond purchases, financed by the issuance of central bank reserves, at £435 billion. The last change in the Bank Rate was a 25 basis-point increase in August 2018.
  • The Reserve Bank of Australia maintained the cash rate at 0.75%. The last change in the cash rate was a 25 basis point reduction in October 2019.
  • The Reserve Bank of New Zealand left the Official Cash Rate, its main policy rate, unchanged at 1.0%. The last change in the Official Cash Rate was a 50 basis point reduction in August 2019.
  • On November 14th, the United States Trade Representative (USTR) announced that it welcomed China's decision to lift its ban on U.S. poultry and poultry products. The USTR said China has banned all U.S. poultry since January 2015.
  • California-based Fitbit, Inc. announced it had entered into a definitive agreement to be acquired by Google LLC at a fully diluted equity value of approximately USD $2.1 billion. Fitbit said the transaction is expected to close in 2020, subject to customary closing conditions, including approvals by Fitbit's stockholders and regulatory approvals.
  • California-based PayPal Holdings, Inc. announced it had agreed to acquire Honey Science Corporation, a California-based technology platform for shopping and rewards, for approximately USD $4 billion. PayPal said the transaction is expected to close in the first quarter of 2020, subject to customary closing conditions.
  • France-based LVMH Moët Hennessy Louis Vuitton SE and Tiffany & Co. of New York announced that the companies had entered into a definitive agreement whereby LVMH will acquire Tiffany for an equity value of approximately USD $16.2 billion. The companies said the transaction is expected to close in the middle of 2020, subject to customary closing conditions, including approval from Tiffany's shareholders and the receipt of regulatory approvals.

Financial market news

  • West Texas Intermediate crude oil closed at USD $55.17 per barrel on November 29th, up from a closing value of USD $54.18 at the end of October. Western Canadian Select crude oil traded in the USD $35 to $40 per barrel range during November. The Canadian dollar closed at 75.25 cents U.S. on November 29th, down from 75.99 cents U.S. at the end of October. The S&P/TSX composite index closed at 17,040.20 on November 29th, up from a closing value of 16,483.16 at the end of October.
Date modified: