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.
COVID-19 timeline
- The Government of Nunavut announced on October 1st it had extended the territory's public health emergency until October 14th. On October 14th, the public health emergency was extended until October 28th. On October 28th, the Government extended the public health emergency until November 11th.
- The Government of Nova Scotia announced on October 1st it was renewing the state of emergency, effective October 3rd, until October 17th. On October 15th, the state of emergency was renewed until October 31st. On October 29th, the Government renewed the state of emergency until November 14th.
- The Government of the Northwest Territories announced on October 12th it had extended the territory-wide Public Health Emergency until October 26th. On October 26th, the Government extended the Public Health Emergency until November 9th.
- The Government of Manitoba announced on October 21st that the provincewide state of emergency under the Emergency Measures Act would expire effective immediately as the order is no longer required to help the province protect Manitobans from the impacts of COVID-19.
Selected COVID-19 responses
- On October 1st, the Government of Manitoba announced that to increase COVID-19 preparedness and address the fourth wave the province was taking three new steps to help reduce COVID-19 transmission:
- Moving to the restricted (orange) level on the Pandemic Response System;
- Introducing additional public health orders that expand requirements for proof of immunization and reduce gathering sizes when unvaccinated individuals are present; and
- Implementing new patient protocols to ensure additional health system capacity when needed.
- The Government said that unvaccinated individuals who are eligible to be vaccinated will now be more restricted in their activities and that this would include:
- Limiting private indoor gatherings for households to guests from one other household when any unvaccinated person who is eligible to be vaccinated is present on the property;
- Limiting private outdoor gatherings for households to 10 guests when any unvaccinated person who is eligible to be vaccinated is present on the property;
- Reducing indoor public gathering group sizes to 25% capacity for gatherings that include unvaccinated people who are eligible to be vaccinated, including weddings and funerals.
- The Government also said that fully immunized Manitobans and those under 12 who are not eligible for the vaccine may gather without capacity limits in each of these areas. The Government added that public health orders would also, as of October 5th:
- Reduce all outdoor public gathering sizes to 50 people; and
- Move retail capacity to 50% in the Southern Health-Santé Sud health region.
- On October 25th, the Government of Manitoba announced that current public health orders had been extended for an additional three weeks, until November 16th. The Government also announced on October 25th that people in Manitoba who are fully vaccinated can now apply to receive a pan-Canadian proof of vaccination credential, which can be used when travelling domestically or internationally.
- On October 1st, the Government of Saskatchewan announced that, effective immediately, proof of COVID-19 vaccination or a negative test result would be required for public access to a range of businesses, event venues, as well as for all Government of Saskatchewan ministry, crown and agency employees.
- On October 15th, the Government announced a new Public Health Order would come into effect on October 18th that would add some businesses and retail outlets now requiring Proof of Vaccination or Negative Test for public access and that the order would apply primarily to non-essential businesses such as:
- Restaurants, nightclubs, bars, taverns;
- Liquor stores that have been issued standalone retail store permits issued by the Saskatchewan Liquor and Gaming Authority;
- Cannabis stores that have been issued standalone retail store permits by the Saskatchewan Liquor and Gaming Authority;
- Conference centres, meeting rooms, and banquet facilities;
- Theatres, cinemas, bingo halls, casinos, and other gaming establishments;
- Concerts and live-music venues;
- Fitness centres and gyms; and
- Facilities hosting sporting events where tickets are required.
- On October 1st, the Government of Prince Edward Island announced that the PEI Vax Pass, a time-limited measure, would begin October 5th until the risk of COVID-19 to Prince Edward Island is reduced. The Government said residents and visitors to the province who are 19 years of age and older would be asked to present both their vaccination record along with their government-issued identification to access certain businesses, events, and other areas requiring proof of immunization.
- On October 5th, the Government of New Brunswick announced that effective October 8th a circuit breaker would be put in place in certain areas of the province for 14 days and that restrictions would include:
- People must limit their contacts to their single household;
- No private indoor or outdoor gatherings are permitted;
- Travel to or from circuit breaker regions is restricted; and
- All schools will remain open however sports and extra-curricular activities will be paused for those 12 and under;
- The Government said that businesses, entertainment centres, and events may remain open and can continue to admit people who show proof of full vaccination.
- On October 21st, the Government announced that the circuit breaker that had been in effect since October 8th would be extended for at least seven more days. The Government also said that Zone 5 (Campbellton region) would enter a 14-day circuit breaker beginning October 22nd.
- On October 28th, the Government announced that the circuit breaker would continue for another seven days in Zone 1 (Moncton Region), the Northern portion of Zone 3, all of Zone 4 (Edmundston region), and Zone 5 (Campbellton region). The Government also said that a large section of Zone 2 (Saint John region) would enter a 14-day circuit breaker on October 29th.
- On October 5th, the Government of Nunavut announced the easing of public health measures in Kinngait, and that effective immediately:
- Outdoor gatherings are limited to 100 people;
- Indoor gatherings in dwellings increase to 15 people;
- Indoor public gatherings, including places of worship, may allow 50% capacity;
- Gyms, fitness centres, swimming pools, libraries, and galleries may allow 50% capacity;
- No public places may allow group tours, group workouts, or singing;
- Gatherings in arenas are restricted to 50% capacity with a maximum of 50 spectators;
- Restaurants and licensed establishments are restricted to 50% capacity;
- Group counselling sessions may have up to 20 people; and
- Parks remain open but buildings are closed.
- On October 8th, the Government announced increased public health measures in Coral Harbour, effective immediately, and that measures include:
- Outdoor gatherings are limited to 5 people;
- Indoor gatherings in dwellings are restricted to 5 people (for emergencies only);
- Indoor public gatherings, including places of worship, gyms, libraries, and galleries are not allowed;
- Fitness centres, arenas, parks, and playgrounds are closed;
- All non-essential businesses including non-essential Government of Nunavut and hamlet offices, and personal services are closed;
- Restaurants and licensed establishments are restricted to take-out only;
- Group counselling sessions are not allowed; and
- Schools and childcare facilities are closed.
- On October 18th, the Government announced the easing of public health measures in Kinngait, and that effective October 19th:
- There is no limit to the number of people for outdoor gatherings;
- Indoor public gatherings, including places of worship, gyms, fitness centres, and swimming pools, can increase to 75%;
- Public places may allow group tours, group workouts, and singing;
- Team sports may resume;
- Restaurants and licensed establishments are restricted to 75% capacity; and
- Parks buildings may open.
- On October 21st, the Government announced the easing of public health measures in Coral Harbour and that effective immediately:
- Outdoor gatherings are limited to 25 people;
- Indoor gatherings in dwellings are restricted to 5 people, plus household members;
- Indoor public gatherings, including, gyms, fitness centres, libraries, and galleries are limited to 25% capacity;
- Schools and childcare facilities may open;
- Arenas are limited to 25% capacity and 25 spectators;
- All non-essential businesses except personal services such as beauty salons and hairdressers may open;
- Restaurants and licensed establishments are restricted to take-out only;
- Group counselling sessions are limited to 10 people; and
- Parks and playgrounds may open, but buildings remain closed.
- On October 5th, the Government of British Columbia announced it will require its 30,000 employees to be fully vaccinated by November 22, 2021.
- On October 19th, the Government announced that effective October 24th, full vaccination for everyone 12 years of age and over and presentation of a BC Vaccine Card would be required to access certain events, services, and businesses. The Government also said that effective October 25th, the provincial health order restricting capacity limits to 50% for inside organized events and gatherings would be revised to allow 100% capacity in those settings where the BC Vaccine Card is in place and proof of vaccination status is checked. The Government said that capacity limits remain in effect where regional orders are in place, including Fraser East and parts of Northern and Interior Health regions.
- On October 21st, the Government announced that due to the ongoing fourth wave of the pandemic, the province intends to introduce amendments to the COVID-19 Related Measures Act to extend it beyond the repeal day of December 31, 2021.
- On October 29th, the Government announced that British Columbians can now access the Canadian COVID-19 proof of vaccination for travel.
- On October 6th, the Government of Canada announced that federal public servants in the Core Public Administration, including members of the Royal Canadian Mounted Police, would be required to confirm their vaccination status by October 29, 2021, and that employers in the federally regulated air, rail, and marine transportation sectors will have until October 30, 2021, to establish vaccination policies that ensure employees are vaccinated. The Government also said that effective October 30, 2021, travellers departing from Canadian airports, and travellers on VIA Rail and Rocky Mountaineer trains, will be required to be fully vaccinated.
- On October 21st, the Government announced that the Canada Emergency Wage Subsidy, the Canada Emergency Rent Subsidy, and the Lockdown Support measures would expire on October 23rd and that the Government was proposing new measures targeted to support businesses, through the Tourism and Hospitality Recovery Program and the Hardest-Hit Business Recovery Program, as well as workers, through the Canada Worker Lockdown Benefit. The Government said it was proposing to make these programs available, as well extending the Canada Recovery Hiring Program, the Canada Recovery Caregiving Benefit, and the Canada Recovery Sickness Benefit, until May 7, 2022.
- The Government also announced on October 21st that, in collaboration with provinces and territories, a standardized Canadian COVID-19 proof of vaccination is now available to residents of Newfoundland and Labrador, Northwest Territories, Nova Scotia, Nunavut, Ontario, Quebec, Saskatchewan, and Yukon, and would be available in the other provinces soon. The Government said it was engaging with international partners to obtain recognition and acceptance abroad, so the proof can also be used to facilitate travel around the world.
- On October 6th, the Government of Nova Scotia announced that all 11,000 direct employees of the provincial government would be required to be fully vaccinated by November 30th.
- On October 27th, the Government announced that starting November 1st, all domestic travellers to Nova Scotia who are age 12 and older will have self-isolation requirements based on their own vaccination status and that people who were fully vaccinated at least 14 days before arriving do not have to isolate, but testing is recommended. The Government said that people who are not fully vaccinated must isolate for at least seven days and get two negative test results in Nova Scotia to stop isolating after seven days.
- On October 7th, the Government of Newfoundland and Labrador announced it had launched its vaccine passport that will allow access to a business or venue for non-essential and recreational activities.
- On October 8th, the Government of Ontario announced that effective October 9th, capacity limits would be lifted to allow 100% capacity in the following settings where proof of vaccination is required:
- Concert venues, theatres, and cinemas;
- Spectator areas of facilities for sports and recreational fitness (not including gyms or personal training);
- Meeting and event spaces, however indoor meeting and event spaces would still need to limit capacity to the number that can maintain physical distancing;
- Horseracing tracks, car racing tracks, and other similar venues; and
- Commercial film and television productions with studio audiences.
- On October 22nd, the Government released A Plan to Safely Reopen Ontario and Manage COVID-19 for the Long-Term, which outlines the province's gradual approach to lifting remaining public health and workplace safety measures, including the provincial requirement for proof of vaccination and wearing of face coverings in indoor settings, by March 2022. The Government also said that effective October 25th, it would lift capacity limits in the majority of settings where proof of vaccination is required, such as:
- Restaurants, bars, and other food or drink establishments;
- Indoor areas of sports and recreational facilities such as gyms;
- Casinos, bingo halls, and other gaming establishments;
- Indoor meeting and event spaces; and
- Certain outdoor settings.
- The Government said it would also allow other settings to lift capacity limits and physical distancing requirements if they choose to require proof of vaccination, including:
- Personal care services (e.g., barber shops, salons, body art);
- Indoor areas of museums, galleries, aquariums, zoos, science centres, landmarks, historic sites, botanical gardens, and similar attractions;
- Indoor areas of amusement parks;
- Indoor areas of fairs, rural exhibitions, festivals;
- Indoor clubhouses at outdoor recreational amenities; and
- Open house events provided by real estate agencies.
- On October 12th, the Government of the United States announced that in November it would begin allowing travellers from Canada and Mexico who are fully vaccinated for COVID-19 to enter the U.S. for non-essential purposes via land and ferry border crossings. The Government said that in early January 2022, it would require all inbound foreign national travellers crossing U.S. land and ferry ports of entry – whether for essential or non-essential reasons – be fully vaccinated for COVID-19 and provide related proof of vaccination.
- On October 20th, the Government confirmed that starting November 8th, travellers from Canada and Mexico who are fully vaccinated may enter the U.S. for non-essential travel via land and ferry ports of entry.
- On October 13th, the Government of Quebec announced that the deadline for the compulsory vaccination of health and social services workers had been extended to November 15th.
- On October 14th, the Government announced that in restaurants and bars, effective November 1st:
- There will no longer be a capacity limit;
- It will be possible to reduce the distance between tables to one metre;
- Normal opening hours would apply; and
- A maximum of 10 people per table or the occupants of three private residences per table would be allowed.
- On October 18th, the Government announced that effective immediately, proof of vaccination meeting the new pan-Canadian standard was available for travelers who have to travel outside Quebec, and can be used in all Canadian provinces, as well as in several American states and countries around the world.
- On October 15th, the Government of the Yukon announced that it will require all Yukon government employees and all frontline health care workers in the territory to be fully vaccinated. The Government said employees will have until November 30, 2021, to receive two doses of vaccine.
- On October 18th, the Government of the Northwest Territories announced that as of November 30th, Government employees will need to be fully vaccinated against COVID-19.
- On October 22nd, the Government of Alberta announced that starting October 25th, Albertans need to provide proof of two COVID-19 vaccine doses to access many restaurants, movies, sporting events, and other businesses provincewide.
Finance and insurance
- Quebec City-based Cominar Real Estate Investment Trust announced it had entered into an arrangement agreement to be acquired by Iris Acquisition II LP, an entity created by a consortium led by Canderel Real Estate Property Inc. of Montreal for an enterprise value of $5.7 billion. Cominar said the transaction is expected to close in the first quarter of 2022, subject to receipt of Cominar unitholder, court, and required regulatory approvals as well as satisfaction of customary closing conditions.
- Toronto-based Sun Life Financial Inc. announced that it, through its U.S. business, had entered into a definitive agreement to acquire DentaQuest of Massachusetts for approximately $3.1 billion. Sun Life said the transaction is expected to close in the first half of 2022, subject to regulatory approvals and customary closing conditions.
Other news
- The Bank of Canada announced it held its target for the overnight rate at the effective lower bound of 0.25%. The target for the overnight rate was reduced by 150 basis points during March 2020. The Bank also said that in light of the progress made in the economic recovery, it had decided to end quantitative easing and keep its overall holdings of Government of Canada bonds roughly constant.
- Manitoba's minimum wage increased from $11.90 per hour to $11.95 per hour on October 1st.
- Saskatchewan's minimum wage increased from $11.45 per hour to $11.81 per hour on October 1st.
- Newfoudland and Labrador's minimum wage increased from $12.50 per hour to $12.75 per hour on October 1st.
- The Government of New Brunswick announced on October 29th that the Canadian Union of Public Employees (CUPE) had gone on strike, affecting schools, correctional facilities, ferries, and adult and child protection services provided by social workers.
- Toronto-based George Weston Limited announced it had signed a definitive agreement to sell its Weston Foods fresh and frozen bakery business to affiliated entities of FGF Brands Inc. of Toronto for aggregate cash consideration of $1.2 billion. The company said it expects to close the transaction before the end of the first quarter of 2022, subject to receipt of all regulatory approvals and satisfaction of customary transaction closing conditions.
- Toronto-based Purolator Inc. announced it was increasing staff by 15%, hiring 2,400 new employees across Canada this holiday season.
United States and other international news
- The European Central Bank (ECB) announced (i) the interest rates on the main refinancing operations, the marginal lending facility, and the deposit facility will remain unchanged at 0.00%, 0.25% and -0.50%, respectively; (ii) net purchases under the asset purchase programme (APP) will continue at a monthly pace of €20 billion; and (iii) the Governing Council will continue to conduct net asset purchases under the pandemic emergency purchase programme (PEPP) with a total envelope of €1,850 billion until at least the end of March 2022. The Governing Council said it continues to judge that favourable financing conditions can be maintained with a moderately lower pace of net asset purchases under the PEPP than in the second and third quarters of this year.
- The Bank of Japan (BoJ) announced it will apply a negative interest rate of -0.1% to the Policy-Rate Balances in current accounts held by financial institutions at the BoJ and that it will purchase a necessary amount of Japanese government bonds (JGBs) without setting an upper limit so that 10-year JGB yields will remain at around zero percent.
- The Reserve Bank of Australia (RBA) maintained the targets for the cash rate and the yield on 3-year Australian Government bonds at 0.10%. The last change in the target for the cash rate was a 15 basis points reduction in November 2020. The RBA also said it would continue to purchase government securities at the rate of AUD $4 billion a week until at least mid-February 2022.
- The Reserve Bank of New Zealand (RBNZ) increased the Official Cash Rate (OCR), its main policy rate, by 25 basis points to 0.50%. The last change in the OCR was a 75 basis points reduction in March 2020.
- OPEC and non-OPEC members announced they had decided to adjust upward the monthly overall production by 0.4 mb/d for the month of November 2021.
- Japan-based Toyota Motor Corporation announced it will invest approximately USD $3.4 billion in automotive batteries in the United States through 2030, specifically for developing and localizing automotive battery production, including those for battery electric vehicles. Toyota also said it will establish a new company and build an automotive battery plant in the U.S., with production aiming to start in 2025 and resulting in the creation of 1,750 new American jobs.
Financial market news
- West Texas Intermediate crude oil closed at USD $83.57 per barrel on October 29th, up from a closing value of USD $75.03 at the end of September. Western Canadian Select crude oil traded in the USD $62 to $70 per barrel range throughout October. The Canadian dollar closed at 80.75 cents U.S. on October 29th, up from 78.49 cents U.S. at the end of September. The S&P/TSX composite index closed at 21,037.07 on October 29th, up from 20,070.25 at the end of September.